Economics 201(01) & (02)

ESSENTIALS OF MICROECONOMICS

Spring 2012

Instructor: Dr. Donald J. Oswald

Office Hours: M, W: 3:00 - 6:00

Office: BDC, Rm. 259A

Phone: 654-2465/3406

E-Mail: doswald@csub.edu


COURSE MATERIALS:

Michael Parkin, Microeconomics, 10th ed., 2012

MyEconLab Website: www.pearsonmylab.com

Instructor's Web Site: http://www.csub.edu/~doswald

COURSE OBJECTIVES

1. Develop critical thinking and analytical skills used by economists, which includes acquiring an understanding of the basic terms and perspectives, whether quantitative or qualitative, common to microeconomics.

2. Develop an understanding that the basic units of the micro-economy, individuals, businesses, and governments inevitable make choices that directly influence how society’s scarce resources are to be employed.

3. Understand the theoretical framework and the concepts that micro-economists employ to determine how the behavior of households and firms affect the functioning and performance of a market economy.

4. Understand the theoretical framework and the concepts that micro-economists use to explain how product and factor markets are organized and function.

5. Study and reflect on the economic role, and the present controversies surrounding the role, of government in a free, market-based economy.

6. To equip students to better appreciate the methodology of microeconomics together with its strengths and weaknesses.

7. To ascertain whether the tools of microeconomics can be used to shed light on important aspects surrounding diversity issues.

COURSE REQUIREMENTS

1. Read all assigned materials.

2. Attendance: Attendance will be regularly taken. Experience has repeatedly shown that students who frequently miss class do not succeed in this course.

3. Satisfactory completion of the following:

Quizzes (10 @ 30 pts. ea.). . . . . .. . . . . . . . . 300 points

Homework Assignments (3 @ 30 points ea.) .   90 points

Mid-term examination . . . . . . . . . . . . . . . . . . 150 points

Final examination . . . . .. . . . . . . . . . . . . . . . .  200 points

TOTAL . . . . . . . . . . . . . . . . . .  . . . . . . .      740 points

In addition, you may choose to take five additional online, bonus quizzes for a possible total of 30 bonus points. To earn the bonus points on these quizzes, you must get at least 70% of the multiple-choice questions correct.

4. There will be no make-up quizzes. Your top 10 scores will be used in calculating your final grade.

5. Students unable to take a examination at the prescribed time must arrange to take a make-up examination. However, a ten-percent penalty will be assessed for make-up exams in the event a verifiable excuse is not provided. Make-up examinations will not be allowed after examination papers are returned to the class.

6. Final course grades will be based on the following grading scale:

A . . . . . 100 - 88%

B . . . . .   87 - 77%

C . . . . .   76 - 66%

D . . . . .   65 - 51%

F . . . . .   50% & below

Plus and minus signs will be assigned to grades where appropriate.

COURSE OUTLINE AND READING SCHEDULE

Dates, Subjects, and Reading Assignments

I. INTRODUCTION TO ECONOMICS: 4/2, 4

A. Review Course Syllabus

B. What is Economics  Ch. 1*

C. The Economic Problem  Ch. 2*

II. HOW MARKETS WORK: 9, 11, 16, 18, 23, 25, 30

A. Demand and Supply  Ch. 3*

B. Elasticity  Ch. 4*

C. Efficiency and Equity  Ch. 5*

D. Global Markets in Action  Ch. 7**

05/07 ******MID-TERM EXAM****** Chapters 1, 2, 3-5, & 7

III. FIRMS AND MARKETS: 05/2, 09, 14, 16, 21, 23, 30

A. Organizing Production  Ch. 10*

B. Output and Costs  Ch. 11**

C. Perfect Competition   Ch. 12*

D. Monopoly   Ch. 13*

E. Monopolistic Competition   Ch. 14*

          F. Oligopoly   Ch. 15* 

IV. FACTOR MARKETS:  6/4

    Markets for Factors of Production  Ch. 18*

V. MARKET FAILURES AND GOVERNMENT:  6/6, 11

          A. Public Choices   Ch. 16*

          B. Economics of the Environment   Ch. 17**

          C. Government Actions in Markets   Ch. 6**

          D. Economic Inequality   Ch. 19**

* There are required quizzes available online at MyEconLab for these chapters.

** There are bonus quizzes available online at MyEconLab for these chapters.

June 13, 2012 ***FINAL EXAM*** 2:00 - 4:30 p.m.

June 13, 2012 ***FINAL EXAM*** 8:00 - 10:30 p.m.