Introduction to Microeconomics

Transcription

1 Introduction to Microeconomics Course Number: ECO 201 Term: Summer, 2018 Instructor * : Amin Mohseni Dates: July 9th August 7th Institution: American University Meeting Times: M, T, W, Th, F amohseni@american.edu Office Hours: TBD and by appointment *Additional instructor information available on final page I. Course Description: This course introduces the discipline and fundamental tools of economics. It is designed to help students build an understanding of the economics of the market place. In particular students focus on principles that demonstrate the role and limitations of both competitive and imperfectly competitive markets in motivating efficient consumer, business, and public sector choices. Students are introduced to microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy. II. Learning Objectives: Upon successful completion of the course, the student should be able to: - Demonstrate an understanding of the nature of scarcity as the basis of economic decision making. - Exhibit knowledge of the basic demand and supply model of the workings of the market. - Explain consumer behavior using utility as well as the indifference curve analysis. - Understand the nature of elasticity and its practical applications. - Understand how firms organize production and the underlying interplay of costs and production. - Explain how firms set prices and amount to produce under different market structures such as perfect competition, monopoly, monopolistic competition and oligopoly. - Understand the role of government in the free market. - Know about the role of taxes, subsides and provision public goods.

2 - Explain the nature of economic inequities and their determinants and effects on the society. III. Required Textbook and Course Materials: Title: Principles of Microeconomics Edition: 7 th Author: N. Gregory Mankiw ISBN: IV. Language of Instruction: This course is taught entirely in English, including lectures, homework, assignments and examinations. Teaching assistants will be fluent in both English and Mandarin. V. Course Prerequisites: None. Attendance University Policies Summer courses are very intensive and in order to be successful, students need to attend every class. Attendance is required for all lectures and in class activities. If you need to miss a day of class, make sure you speak with the course instructor first. Otherwise the absence will be unexcused. If you need to miss class due to illness, please bring a doctor s note. Unexcused absences will negatively impact your grade, and university policy states that students with three or more unexcused absences will be referred to the Dean s office and face automatic failure of this course. Academic Dishonesty All cases of academic dishonesty will be diligently pursued. Academic dishonesty includes representing the work of another as one s own work or cheating by any means. Academic dishonesty also includes aiding, abetting, concealing or attempting such activity. The penalty is automatic failure of the course and possible suspension from the university. Grading Scale Student grades will be determined using the following grading scale:

3 Grading Scale (%) A C A C A C B D B D B D F Homework Instructor Policies Homework problems will be assigned daily. Homework will be handed out in class a week prior to the due date. The purpose of the homework is to prepare you for the exams. The homework is a very important part of the course. No matter how well you think you understand the material presented in class, you won t really learn it until you do the problems. Quizzes In-class quizzes will be given daily (with exception of mid-term and final exam dates). The quizzes will cover material assigned for the previous and current class days. Exams No make-ups will be given after the exam. The use of the textbook or any other written reference is not allowed during the exams. Calculators are allowed. More information on the content will be given in class as the time for the exams approaches. Student Responsibilities Come to class regularly and on time. - Demonstrate respect for your fellow students and professor by avoiding the following actions in class: - Chatting with others in class when not related to class discussion - Talking or texting on your cell phone - Sleeping

4 - Coming to class late - Leaving class early without prior permission from instructor - Listening to mp3 players or ipods - Eating in class These are actionable choices that equate to an absence. Grade Components Quizzes 25% Mid-term Exam 30% Final Exam 35% Attendance 10% Total 100% Tentative Course Schedule Date Week One July 09 July 13 Week Two July 16 July 20 Week Three July 23 July 27 Lecture Topics Ch. 1. Ten Principles of Economics Ch. 2. Thinking Like an Economist Ch. 4. The Market Forces of Supply and Demand Quiz 1 Ch. 5. Elasticity and its Application Ch. 6. Supply, Demand, and Government Policies Ch. 7. Consumer, Producers, and the Efficiency of the Markets Quiz 2 Ch. 8. Application: The Cost of Taxation Ch. 9. Application: International Trade Ch. 10. Externalities Mid-term Exam

5 Week Four July 30 August 03 Week Five August 06 August 07 Ch. 11. Public Goods and Common Resources Ch. 13. The Cost of Production Ch. 14. Firms in Competitive Markets Ch. 15. Monopoly Quiz 3 Ch. 16. Monopolistic Competition Ch. 18. The Markets for Factor of Production Ch. 20. Income Inequality and Poverty Final Exam Meet your Instructor Amin Mohseni-Cheraghlou Biography: Institution: American University Education Background: Ph.D. American University MA American University Professor Mohseni is an Assistant Professor of Economics at American University. His research interests include development macroeconomics, social economics, political economy of the Middle East, and Islamic finance/economics. He has taught courses on micro/macroeconomics, history of economic thought, development economics, and mathematical economics. He is the co-author of a 2010 book titled The Militarization of the Persian Gulf: An Economic Analysis.