The study guide offers a short synopsis of each chapter and a set of questions.
The homework sets booklet offers still more questions. We learn new material and
skills by practicing over and over again. Sammy Sosa didn't become a home run hitter
after swinging a bat for a few hours one day. He has been taking batting practice
almost every day of his life since he was a little boy.
The computer programs consist of three parts. One part is a an interactive tutor,
another is a test bank for testing yourself, the third is a simulation that relies on your
ability to use economic concepts to answer 'real world' problems.
Goals of the Course: Microeconomic Principles will acquaint you with some of the
basic models used by economists to explain the everyday behavior of individuals and firms.
The science of economics is built on a specialized vocabulary. If you don't learn the
vocabulary, then you won't learn the science. Mastery of the science of economics will
involve learning to manipulate the vocabulary in order to systematically describe
behavioral outcomes. We then try to generalize these outcomes as 'laws' or models. The
'laws' of economics are the basis of all of the other business disciplines. Most of the
founding and noteworthy scholars in the other disciplines received their initial training
in economics.
The fundamental result that you MUST keep with you throughout the rest of your academic
and working careers is that firms and individuals make decisions at the margin. That
notion was formalized more than 200 years ago by Adam Smith2. Adam Smith
proposed that we choose that course of action which resulted in the greatest net
incremental benefit. The principle was understood by one of our founding fathers and
local luminary, Ben Franklin. Franklin recommended that one divide a page in half,
listing the costs on one side and the benefits on the other. The correct course of action
would then be dictated by weighing the costs and benefits and looking for the greatest net
gain.
Words to the Wise: Attendance is not required, but I strongly recommend it. Indeed,
how can you garner the 15% of your grade allocated to participation if you are not in
class? Also remember that learning is hard work. It can be fun, but it is still hard work.
Class time, reading assignments, and homework exercises are all part of the learning
process. To paraphrase the wisdom of Confucious:
Timetable,
readings and assignments |
| Date |
Topic
Text Reading
Chapter numbers are the same in the text and in the student guide. |
Optional1 Hwk from B/S
"Homework Sets" , Discussion Questions and Additional Reading |
Web Tutorials |
Homework from Web site REQUIRED |
August 31
September 2
4 |
Introduction
Scarcity and Choice, Ch 1 and 2 |
*Sets I-1 and I-2 * Introduction
* Scarcity |
Graphs: Slopes and Intercepts Graphs: Down and to the Right?
Production Possibility Frontiers: Movements
and Shifts |
Production Possibilities,
due 9/9/98 and Answer Key |
September 7 |
No Class - - Labor Day |
September 9
11 |
Demand and Supply, Ch 3 and 4 |
* Set I-3 |
1. A change in the quantity demanded, 2.
A change in demand
3. The effect of a
change in demand, on equilibrium
4. A change in
the quantity supplied,
5. A change
in supply
6. The effect of a
change in supply on equilibrium
Measuring Consumer Surplus
Measuring Producer Surplus |
Supply and Demand Shifts
and Answer Key Consumer Surplus: Tarif Vert and Answer Key |
September 14
16
18 |
Equilibrium, Ch 4 Elasticity, Ch 5 |
* The Price
System * Privatizing
PA's Liqour Stores
Demand for hotel rooms in Philly |
Elasticity: Part 1 and Part 2 and Part 3 The Incidence of Taxation
Efficiency and Taxes |
Equilibrium, due 9/16,
answer key Elasticity, due 9/18, answer key |
September 21
23
25 |
Consumer Choice, Ch 6 Theory of the Firm, Ch 7 |
* Set I-4 * Marginal Analysis
* Real Firms |
How
Many Should You Buy Getting the Most
for Your Money |
Utility Maximization and
key Indifference
Curves, extra credit |
September 28
30 |
Production and Costs, Ch 8 |
* Set I-5 * Inputs and Profit Maximization
The PPF, Production and Resource
Constraints |
Production from one variable input Fixed, Variable and
Total Costs
Production, and Average and Marginal Costs |
Production from one
input and answer key |
October 2 |
First Hour Exam: Exam with answers shown |
October 5
7
9 |
Perfect Competition, Ch 9 |
* Set I-6 * Competition |
- |
The Competitive Paradigm |
October 12
14
16 |
Monopoly, Ch 10 |
* Set I-7 * Monopoly
Microsoft and Monopoly |
|
Price and Output under Monopoly |
October 19
21
23 |
Strategic Behavior, Ch 11 |
* Imperfect
Competition |
- |
A middle ground: Monopolistic
Competition |
October 26
28
30 |
Antitrust, Ch 12 |
* Antitrust
Microsoft's Antitrust Woes
The Mock Trial |
- |
- |
November 2
4 |
Regulation, Ch 12 |
* Set I-8 * Regulation
Deregulating Electricity |
- |
Antitrust or Regulation Monopoly, Competition and Regulation, extra credit |
November 6 |
Second Hour Exam, with answers shown |
November 9
11
13 |
Labor Markets, Ch 13 and 14 |
* Factor
Markets * Discrimination in
Baseball |
- |
The Demand for Labor Wage Determination, extra credit
Labor Demand, extra credit |
November 16
18
20 |
Income, Its Distribution and Poverty, Ch 15 and
16 |
* Set I-9 * The Living Wage and
Philadelphia |
|
|
November 23
25
27 |
Market Failure, Public Finance and
Public Choice, Ch 17 and 18 |
* Set I-10 * Market Failure |
- |
- |
November 27 |
No Class - -
Thanksgiving |
November 30
December 2
4 |
The Environment, Ch 19 Health Econ, Ch 20
International Trade, Ch 21 |
* Set II-10 * Health Care for the Poor |
- |
Two Country Trade,
due 12/7 |
December 7
9
11 |
International Trade, Ch 21 |
1. Foreign Exchange 2. The Euro
3. The World Financial
Crisis of 1998
4. NAFTA after 5 Years |
|
- |
| No Class - - Study
Day |
| In class review. Be sure to come with
all of your questions! |
| December 14 |
Final Exam; answer key |