ECON 0100 Spring Term 2012 (2124) Lectures: L9 Clapp Hall MW 1:00 1:50 PM Office hours: 4926 Posvar Hall, MW 10:00 11:30 AM

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1 Intro. Microeconomic Theory Prof. Frank Giarratani ECON 0100 Spring Term 2012 (2124) Lectures: L9 Clapp Hall MW 1:00 1:50 PM Office hours: 4926 Posvar Hall, MW 10:00 11:30 AM Course description: This course is designed to introduce students to the principles of microeconomics. It focuses on the structure and functions of markets, by examining some of the basic economic decisions made by consumers and firms. Students may use this course as a gateway to a wide variety of applied economics courses and as a foundation for more advanced study. It also provides information that is basic to inquiry in many other disciplines. Course Web Site: The course web site provides complete information concerning examinations and other required elements of the course. It is designed to assist you in organizing your work and keeping track of your progress in the course. Use it to good advantage: Required Textbook: N. Gregory Mankiw, Principles of Microeconomics, Sixth Edition (South-Western CENGAGE Learning, 2012). Prerequisites: The course presumes a good working knowledge of high-school algebra as well as the ability to understand and use graphs. To gauge your ability in pre-requisite skills, read the Appendix (Graphing: A Brief Review) in Chapter 2 of the required textbook. Grading policy: Two mid-term exams and a final exam will be offered. The mid-term exams are not cumulative. One part of the final exam is cumulative, and one part is not cumulative. There are two scheduled quizzes in the course. One or more unannounced quizzes may be offered as extra credit opportunities. The weights of exams and quizzes in the final course grade are as follows: Component Percentage Weight Required Chapters Mid-term Exam 1 25 CH 1 6 Mid-term Exam 2 25 CH 7 11 Scheduled Quizzes (2) 5 CH 13 14, CH Final Exam Part 1 30 CH Final Exam Part 2 15 CH 1 11, Total 100 Make-up policy: Make-up exams are permitted only for documented illness or emergency. On-line quizzes cannot be made up and must be taken on the day they are offered. For make-up exams, the format and type of problems required may not be similar to those on the originally scheduled exam. Homework: It is essential that students are adequately prepared for each lecture, and students are expected to read assigned material in preparation for each lecture. Required homework includes the multiple-choice problems for each chapter that are available in the Homework content area of the course web site. The Homework content area also includes a set of problems that are drawn from the Problems and Applications section at the end of each chapter in the textbook. These problems are highly recommended and often are used in developing questions for the examinations. Final Exam: Saturday, April 28, 2:00 3:50 PM

2 Intro. Microeconomic Theory Prof. Frank Giarratani ECON 0100 Fall Term 2011 (2121) Lectures: 216 CL TH 2:30 3:45 PM Office hours: 4926 Posvar Hall, TH 12:30 2:00 PM Course description: This course is designed to introduce students to the principles of microeconomics. It focuses on the structure and functions of markets, by examining some of the basic economic decisions made by consumers and firms. Students may use this course as a gateway to a wide variety of applied economics courses and as a foundation for more advanced study. It also provides information that is basic to inquiry in many other disciplines. Course Web Site: The course web site provides complete information concerning examinations and other required elements of the course. It is designed to assist you in organizing your work and keeping track of your progress in the course. Use it to good advantage: Required Textbook: N. Gregory Mankiw, Principles of Microeconomics, Sixth Edition (South-Western CENGAGE Learning, 2012). Prerequisites: The course presumes a good working knowledge of high-school algebra as well as the ability to understand and use graphs. A multiple-choice quiz that will test prerequisite skills is available in the Homework content area of the course web site. Although your score on this quiz will not be included in the calculation of your grade, all students must take the quiz before September 9, 2011, which is the last day of the Add/Drop period. Students who fail to take the prerequisite quiz by the end of the Add/Drop period will be penalized by a one-point reduction of their overall weighted average at the end of the term. See also Chapter 2, Appendix, Graphing: A Brief Review. Grading policy: Two mid-term exams and a final exam will be offered. The mid-term exams are not cumulative. One part of the final exam is cumulative, and one part is not cumulative. There are three essay assignments and two scheduled quizzes in the course. One or more unannounced quizzes may be offered as extra credit opportunities. The weights of exams, quizzes, and essays in the final course grade are as follows: Component Percentage Weight Required Chapters Mid-term Exam 1 25 CH 1 6 Mid-term Exam 2 25 CH 7 11 Essays (3) 10 All course material Scheduled Quizzes (2) 5 CH 13 14, CH Final Exam Part 1 25 CH Final Exam Part 2 10 CH 2 11, Total 100 Make-up policy: Make-ups are permitted only for documented illness or emergency. For make-up exams and quizzes, the format and type of problems required may not be similar to those on the standard exam or quiz. Homework: It is essential that students are adequately prepared for each lecture, and students are expected to read assigned material in preparation for each lecture. Required homework includes the multiple-choice problems for each chapter that are available in the Homework content area of the course web site. The Homework content area also includes a set of problems that are drawn from the Problems and Applications section at the end of each chapter in the textbook. These problems are highly recommended and are used in developing questions for the examinations.

3 1 ECON 0110 (11044): INTRODUCTORY MACROECONOMICS T H 1:00 TO 1:50 LAWRN 121 FALL, 2011 TERM: 2121 AUG DEC INSTRUCTOR: DR. JAMES L. KENKEL 4709 WWPH kenkel@pitt.edu Office Hours: TU & TH: 8 AM to 9:15 AM and 11 AM to 11:50 AM TEXT: Macroeconomics, A Contemporary Introduction, William A. McEachern, 9 th Edition, Thompson Southwestern. The Study Guide is not required, but is recommended. GRADING SYSTEM: Mid-term exam 1: 250 points Mid-term exam 2: 250 points Final exam: 500 points Total 1,000 points GRADE SCALE: A+: 975 TO 1000 A: 925 TO 974 A-: 900 TO 924 B+: 875 TO 899 B: 825 TO 874 B-: 800 TO 824 C+: 775 TO 799 C: 725 TO 774 C-: 700 TO 724 D+: 675 TO 699 D: 625 TO 674 D-: 600 TO 624 EXTRA CREDIT: There is no extra credit available in this course. STRUCTURE OF THE COURSE Two hours of lecture and one hour of recitation per week. Mid-term Test 1: Mid-term Test 2: Final exam: Approximately 25 multiple choice questions: 250 total points Approximately 25 multiple choice questions: 250 total points Approximately 75 multiple choice questions: 500 total points No quizzes or tests in recitations. Your test and exam grades will be posted on Courseweb. After your grades have been posted, you have 10 days to request a correction. Otherwise, your grade will remain unchanged. 1

4 2 ECON 0110 (11044): INTRODUCTORY MACROECONOMICS T H 1:00 TO 1:50 LAWRN 121 AUG DEC INSTRUCTOR: DR. JAMES L. KENKEL 4709 WWPH kenkel@pitt.edu Office Hours: TU & TH 8:00 AM to 9:15 AM & 11:00 AM to 11:50 AM SECRETARY: LAUREE GRAHAM 4706 WWPH lauree@pitt.edu TEACHING ASSISTANTS: Mr. Hansoo Choi 4909 WWPH hac46@pitt.edu Mr. Jae Won Kang 4523 WWPH jwk31@pitt.edu Ms. Yue Li 4513 WWPH yul57@pitt.edu RECITATIONS: TH 4 PM FKART 203 Li TH 5 PM FKART 203 Li F 10 AM WWPH 5200 Choi F 11 AM WWPH 5200 Choi F 11 AM CL 363 Li F 12 PM CL 363 Li F 12 PM CL 206 Kang F 1 PM CL 206 Kang 2

5 3 SYLLABUS AND LECTURE NOTES ARE ON COURSEWEB All class material is available on Courseweb. To get access to the material, proceed as follows: 1. Log onto Courseweb at courseweb.pitt.edu 2. Click on the appropriate course. 3. Click on "Course Documents" 4. Under "1. All course documents" you should see all the course materials listed. 5. Click on any item and print out the material. If you wish, you might want to reformat the lecture notes to condense them to save paper. PEOPLESOFT NUMBER: Your tests will be multiple choice and your answers will be recorded on scantrons. In order for the computer to record your scores, you must fill in your PEOPLESOFT NUMBER on the scantron. The following instructions show how to access your PEOPLESOFT NUMBER. HOW TO ACCESS YOUR PEOPLESOFT NUMBER 1. Login to my.pitt.edu 2. Login with your user name and password 3. Click on the link PittPAY Login at the right of the screen 4. Your seven-digit Peoplesoft ID number will appear directly next to your name at the top left of the page (below the Pitt seal) in the gold band If you cannot find your number, let me know because I have access to the numbers for all students enrolled in the class. 3

6 4 WHAT IS MACROECONOMICS? The course helps explain how the US economy works. Topics covered include factors which influence the level of output and our standard of living in the economy; determinants of the inflation rate & unemployment rate; the stock market, the bond market, the behavior of interest rates, the social security system, the US tax system, theories which explain the consumption and saving behavior of households, the behavior of business firms, how the Federal government influences the economy, the deficit and national debt, the money supply, the banking system, the Federal Reserve System, and how fiscal policy and monetary policy influence the economy. STUDY TIME REQUIREMENTS There is a lot of material to be covered in this course. Be prepared to spend a couple of hours per day reading the book or you will find yourself hopelessly behind at test or exam time. PREREQUISITES No Economics prerequisites. Good knowledge of college algebra. Calculus is not required. THE TEXTBOOK Some lectures present material not covered in the book. Syllabus shows what material will be covered in each lecture. CLASS PREPARATION Read the assigned sections of the text before coming to class. Many lectures cover topics not covered in your book. Take lots of notes. COURSEWEB: The syllabus, lecture notes, practice homeworks and practice tests are posted on Courseweb. ALL the material is posted under Course Documents. That is, even the syllabus is listed under Course Documents. MISSING A TEST OR EXAM Dates for the mid-term exams are tentative and may be moved back slightly depending on how quickly we have covered the assigned material. The exact date for each test will be announced in class at least one week in advance. You need a valid reason to delay an exam, (serious illness, death in the family, etc.) Contact me in class, by , or by phone BEFORE the exam, so we can discuss a suitable arrangement for a make-up exam. 4

7 5 TESTS AND EXAMS ARE CLOSED BOOK: You will need a calculator. RECITATIONS 1. The syllabus shows what will be covered during each recitation. 2. TAs may cover new material not covered in class lectures. 3. TAs will answer questions about the practice homework problems, if asked. 4. No quizzes or tests will be given during recitations. GETTING HELP If you need help, first see me in the classroom just before or after class. Usually I can answer your questions in a minute or two. Alternatively, for help, contact me or your TA during our office hours, by telephone, by , or make an appointment. ADD-DROP A COURSE: Enrollment Forms and Drop Forms are available in the Registration Office, G-1 Thackeray Hall. COURSE WITHDRAWAL: To withdraw from a course after the official end of the add/drop period, you must process a Monitored Withdrawal Request form. It can be obtained through the dean s office in Thackeray Hall ( ). Approval for you to withdraw from a course is at the discretion of the dean. There is no tuition reimbursement associated with a course withdrawal. W, G, AND I GRADES INSTRUCTORS CANNOT GIVE W GRADES; YOU MUST SEE THE DEAN. The University has cut-off dates for W grades. G grades are given only when students who have been attending a course and have been making regular progress are prevented by EXTENUATING CIRCUMSTANCES (usually illness) from completing the course after it is too late to withdraw. CAS requires that G grades be completed within the next term. I: I grades are for graduate thesis research. ACADEMIC INTEGRITY It is your responsibility to do your own work. Do not look around during tests and keep your work covered. Honest conduct means that one neither take credit for the work of others nor knowingly allow others to do so. Cheating on exams and quizzes is forbidden, and suspected violations will be dealt with in accordance with the University's Guidelines on Academic Integrity. 5

8 6 ECON 0110 (11044): INTRODUCTORY MACROECONOMICS T H 1:00-1:50 LAWRN 121 AUG DEC 2011 THE LISTED MID-TERM TEST DATES ARE TENTATIVE. THE ACTUAL DATES WILL BE ANNOUNCED IN CLASS AT LEAST ONE WEEK IN ADVANCE. DATE TUE TH SUBJECT AUG 30 1 INTRODUCTION, TOPICS STUDIED IN MACRO CH 1, 2, 3, 5 NO RECITATION DURING FIRST WEEK SEP 6 8 MACROECONOMIC POLICY GOALS, ECONOMIC FALLACIES, TYPES OF ECONOMIC STATEMENTS CH 1, 2, 3, 5 NO RECITATION THIS WEEK SEP PRODUCTION POSSIBILITY CURVE, OPPORTUNITY COST CH. 2, 7 RECITATION: DIFFERENT ECONOMIC SYSTEMS CH. 2 SEP GAINS FROM TRADE, COMPARATIVE ADVANTAGE INTERNATIONAL TRADE CH. 2, 18 RECITATION: SAME SEP LEGAL ORGANIZATION OF BUSINESS FIRMS, TAXES, STOCK MARKET, BOND MARKET, PRESENT VALUE, NOTES RECITATION: PRODUCTION POSSIBILITY CURVE COMPARATIVE ADVANTAGE OCT 4 6 LEGAL ORGANIZATION OF BUSINESS FIRMS, TAXES, STOCK MARKET, BOND MARKET, PRESENT VALUE, SOCIAL SECURITY, U.S TAX SYSTEM KENKEL NOTES RECITATION: MEASURING GDP CH. 7 OCT 11 NO LECTURE CLASS AND NO TUESDAY RECITATION Monday recitation meets on Tuesday OCT 13 MEASURING NOMINAL GDP BY THE EXPENDITURE APPROACH REAL GDP CH. 6 RECITATION: SAME OCT EMPLOYMENT, UNEMPLOYMENT, INFLATION CH. 7 RECITATION: SAME 6

9 7 OCT 25 EMPLOYMENT, UNEMPLOYMENT, INFLATION CH. 7 RECITATION: SAME OCT 27 MID-TERM EXAM 1 (DATE IS TENTATIVE) ALL MATERIAL UP TO AND INCLUDING INFLATION YOU WILL NEED A CALCULATOR NOV 1 THE CONSUMPTION FUNCTION CH. 9 RECITATION: SAME NOV 3 AGGREGATE EXPENDITURE AND EQUILIBRIUM OUTPUT EXPENDITURE MULTIPLIERS CH. 9, 10 NOV 5 AGGREGATE EXPENDITURE AND EQUILIBRIUM OUTPUT EXPENDITURE MULTIPLIERS CH. 9, 10 RECITATION: SAME NOV 7 THE FEDERAL BUDGET AND FISCAL POLICY CH. 12, 13 RECITATION: EXPENDITURE MULTIPLIERS NOV 15 U.S. TAX SYSTEM KENKEL NOTES RECITATION: EXPENDITURE MULTIPLIERS NOV 17 MID-TERM EXAM 2 (DATE IS TENTATIVE) CUMULATIVE INCLUDING EXPENDITURE MULTIPLIERS YOU WILL NEED A CALCULATOR NOV 22 TIMING PROBLEMS WITH FISCAL POLICY, AUTOMATIC STABILIZERS, REFINANCING THE DEBT, SUPPLY SIDE ECONOMICS, THE LAFFER CURVE: KENKEL NOTES NOV 24 THANKSGIVING, NO CLASS NO RECITATIONS ON WED., THUR., OR FRIDAY NOV 29 1 MONEY AND THE BANKING SYSTEM CH. 14, 15 THE FEDERAL RESERVE SYSTEM CH. 14, 15 RECITATION: SAME DEC 6 8 THE FEDERAL RESERVE SYSTEM CH. 14, 15 RECITATION: SAME FINAL EXAM NOTE THAT THE EXAM IS AT A SPECIAL TIME SAT. DEC :00 AM TO 11:50 AM REGULAR CLASSROOM FINAL EXAM IS CUMULATIVE (APPROXIMATELY 60 TO 80 MULTIPLE CHOICE QUESTIONS): YOU WILL NEED A CALCULATOR (FINAL EXAM TOTAL = 500 POINTS) 7

10 University of Pittsburgh Department of Economics CRN: Econ 0100: Intro to Microeconomics Syllabus Lecturer: Svitlana Maksymenko, Ph.D. Office: 4703 Posvar Hall Tel: Fax: Class meets Mondays and Wednesdays 12:00-12:50 pm at 120 Lawrence Hall. Office hours Mondays 1:45-2:45 pm. Additional hours are available by appointment and must be scheduled at least a day in advance via . Communication is the preferred method of out-of-classroom communication. I will make every effort to answer all s within 24 hours. Please feel free to give me a call during my office hours, or leave a message if I am not in. I will employ a CourseWeb ( option to report grades, exam statistics and notify students about changes in a course calendar (if any). It is a student s responsibility to check the University account on a regular basis, and keep it under the quota. Help The material of the course is highly cumulative. If you do not understand something, please seek help immediately. You are welcome to come to my office with questions about a theoretical material presented during my lectures. Teaching assistants are available during their office hours to help you develop problem-solving skills required to complete homework assignments and perform well during exams. TA Phone Office Office hours Tekin Kose tek11@pitt.edu Posvar 4521 Thur 11:30-1:30 Fri 2:00-4:00 Ray Miller hrm19@pitt.edu Posvar 4923 Tue 11:00-1:00 Wed 1:00-3:00 Course Description

11 This course introduces students to the theory of microeconomics. Upon completion of this course students will have a deep understanding of: What Microeconomics is about The economic problem and efficiency Laws of demand and supply Elasticity Organization of production and costs Structure of markets Economic models that explain firms decisions in perfectly competitive environment, monopoly, monopolistic competition, and oligopolistic markets Factor markets Externalities and public goods Fundamentals of international trade Prerequisites Competence in basic algebra and geometry (graphing, linear equations, and slope of linear graphs) and a willingness to work hard. Text and Instructional Support Required: Microeconomics (with Myeconlab website access code) by Michael Parkin, 10th ed, published by Pearson, copyright ISBN: The Myeconlab access code (valid for a semester) is required in order to access on-line homework assignments. The hardcopy textbook (with Myeconlab access code) is available in the bookstore. The e-version of the text is available through Myeconlab website. At this website, you can also purchase a new code separately from the text for extra fee. Recommended: 1. the Study Guide, 9 th ed, by Mark Rush to accompany the text. Publisher: Pearson, copyright 2009, ISBN: the companion website for the text gives access to practice quizzes, chapter summaries, and answers to the end-of-chapter questions. Class rules Your presence in a lecture is required. You must arrive and be at your seat before class starts. Please don t come to the class late. If you face an emergency, notify your TA as soon as possible by phone or . While in class, I will not allow students to make noise or otherwise distract their classmates. If you want to ask a question, raise your hand and I will call on you. The use of cellular phones, pagers, and other similar devices is prohibited. Students with disabilities Any student with a need for special accommodation due to disability should inform me of this. The Disability Resources and Services Office (216 William Pitt Union, ) will coordinate the needed accommodations. 2

12 Class cancellations Any class cancellations due to bad weather are determined by the university administration and are announced on the university web site. Exams Dates of exams are contained in the detailed plan below. Usually exams include multiple choice questions, and a problem solving section. All exams are not cumulative. I will not offer make-up exams, with one exception: if you notify me or the department secretary as soon as possible of a serious reason (such as hospitalization) for missing an exam. This notification should be given prior to the exam. In case of no notifications, the keys to the exam will be posted on a CourseWeb an hour after the test, and no make-up will be allowed. Assignments All homework assignments are on-line assignments. Use the access code (in your textbook) to register in my class at (Step-by-step instructions are posted on the CourseWeb). The homework assignments are posted under Homeworks tab. You can work on the assignment until you are happy with your score (for the questions you missed, click on the link try similar exercise ). After the due date, assignments are no longer accessible. I recommend printing and reviewing assignments prior to exams. Students are encouraged to study in groups: it will make studies productive and fun. However, remember: all assignments must be submitted individually. In the very end of the course, I will transfer your Myeconlab homework score to the Courseweb Gradebook, and will use it for computing final course grade. Academic Integrity Students in this course are expected to comply with the University of Pittsburgh s Policy on Academic Integrity. Any student suspected of violating this obligation will be required to participate in the procedures outlined in the University Guidelines on Academic Integrity. Definition of plagiarism can be found on the University website. Grading Attendance of lectures and recitations is required. Remember: missing classes will seriously compromise your performance in this course. Participation in problem solving sessions during recitations will give you a chance to get a higher course grade if you end up on a border. There will be no curving. Your course grade will be computed with the following weights: Homework assignments 25 percent Exam 1: 25 percent Exam 2: 25 percent Exam 3: 25 percent 3

13 No letter grade will be given for tests. After each exam, I will post scores on a CourseWeb Grade Book and provide students with test statistics (i.e. class average, class highest, and class lowest scores). The course letter grade will be determined as follows: after the final exam I will compute course scores incorporating scores earned on tests, recitations, and group assignments weighted as indicated above a student fails the class if a so determined course score is below 60 the rest are graded based on the following scale: A range B range C range D range Course Calendar Week Dates Lecture 1 Aug 29 Aug 31 Introduction Ch 1: What is Microeconomics? 2 Sept 5 Sept 7 Labor day (University closed) Ch 2: Production Possibilities Frontier (PPF). Comparative Advantage 3 Sept 12 Sept 14 Ch 3: Demand and Supply Market Equilibrium 4 Sept 19 Ch 4: Elasticity Sept 21 5 Sept 26 Sept 28 Ch 5: Economic Efficiency Ch 6: Government Actions in Markets 6 Oct 3 Oct 5 Homework Assignments of Ch 1-6 are due 11:59 am Overview Ch 1-6 Exam 1 7 Oct 10 Oct 11 Oct 12 Fall Break (Monday classes meet Tuesday) Ch 10: Organizing Production Ch 11: Output and Costs 8 Oct 17 Ch 12: Firms in Perfectly Competitive Market Oct 19 9 Oct 24 Ch 13: Monopoly Oct Oct 31 Nov 2 Ch 14: Monopolistic Competition Ch 15: Oligopoly 11 Nov 7 Nov 9 Homework Assignments Ch are due 11:59 am Overview Ch Exam 2 12 Nov 14 Ch 7: International Trade Nov Nov 21 Nov 23 Ch 16: Public Choices and Public Goods Thanksgiving recess 14 Nov 28 Ch 17: Economics of the Environment 4

14 Nov Dec 5 Dec 7 Final exam Thursday, Dec 15 Ch 18: Factor Markets Ch 18: Factor Markets (cont) Homework Assignments Ch 7, are due 11:59am Overview Ch 7, Study days 4:00-5:50pm Room: TBA 5

15 Economics 0100 Spring Term 2124 Introduction to Microeconomic Theory Professor: Dr. Shirley Cassing Telephone: (412) Office: 4915 WWPH Office Hours: T 11-12, W cassing@pitt.edu Course Website: Textbook: Principles of Microeconomics, by N. Gregory Mankiw, 6 th Edition, South-Western Cengage Learning Publishers. You are strongly encouraged to read the textbook before coming to class. Course Grade: Homework 20%; Three Exams 25% each; Paper 5%. Exams will be given in class. Alternative scheduling of the exams will be provided only in the case of an emergency. In order to schedule a makeup exam, you must submit the Missed Exam Form available on the Course Documents content area of CourseWeb. Homework: Nine of the eleven homework assignments will count toward your homework grade. The homework sets are to be completed on CourseWeb. You will find the multiple-choice problems which make up the homework for each week in the Homework content area of CourseWeb. These problems are designed to help you learn to apply concepts presented in the textbook and lecture, and prepare for exams. The graded homework sets have a firm due date and time listed in the Reading and Homework Assignment Schedule which is on the second page of this syllabus. Paper Assignment: The short paper will be no more than 500 words in length. You will be asked to use a principle or principles from class to pose and answer a question about some event or behavior that you have personally observed. The title of your paper must be a question. A paper assignment sheet will be provided during the term. Recitations: The best way to learn the principles of economics is to actively use them by solving problems that both test and extend your understanding. In addition to the graded homework sets the Course Outline & Review Sheet in the Course Documents content area on CourseWeb also contains problem sets that are highly recommended and are used in developing questions for the exams. The problem sets will not be collected and graded so your main source of feedback on them will be provided in recitations. Your TA will discuss answers to the problem sets and offer suggestions on how to set up and solve them. But, you should try to complete the problems yourself before attending recitation because as you learn economics, you will find yourself capable of understanding an explanation of how a problem is solved long before you can actually solve it yourself. So be careful: The fact that your TA s answers make sense to you is no proof that you are ready to solve the same kinds of problems on an exam. The only way to acquire this ability is to attempt the problems before you see the answers. But if you cannot solve the problem before recitation; you should return to it after recitation and make sure that you can solve it on your own. The Course Outline & Review Sheet also reviews core ideas and key terms covered in class. This should be helpful in preparing for exams.

16 READING AND HOMEWORK ASSIGNMENT SCHEDULE: WEEK DATES TOPIC READING HOMEWORK PART ONE: SUPPLY, DEMAND, PRICE DETERMINATION AND MARKETS 1 Jan 5 Introduction to Class Ch 1 2 Jan Jan Jan Jan 31 Feb 2 Introduction to Core Principles Gains from Trade Competitive Markets: The Demand and Supply Model Elasticity Ch 2 Ch 3 Ch 4 Ch 5 HW1 complete by Jan17, 10:00 am HW2 complete by Jan 24, 10:00 am Government Policies: Price Controls and Taxes Ch 6 HW3 complete by Jan 31, 10:00 am Review Exam 1, February 2 PART TWO: MARKET EFFICIENCY AND POLICY ANALYSIS 6 Feb Feb Feb Feb 28 Mar 1 How Markets Benefit Buyers and Sellers Welfare Effects of Tax Policy Ch 7 Ch 8 HW4 complete by Feb 14, 10:00 am Using Demand and Supply: International Trade Ch 9 HW5 complete by Feb 21, 10:00 am Using Demand and Supply: Externalities Using Demand and Supply: Public Goods Paying for Government Intervention: Tax Policy Exam 2, March 1 10 Spring Break Week March 4-11 PART THREE: FIRM BEHAVIOR, MARKET STRUCTURE AND FACTOR MARKETS Ch 10 Ch 11 Ch 12 HW6 complete by Feb 28, 10:00 am 11 Mar Mar Mar Apr Apr Apr Revisiting Supply: Production and Costs Ch 13 HW7 complete by Mar 20, 10:00 am Firms in Competitive Markets Ch 14 HW8 complete by Mar 27, 10:00 am Monopoly Firms Ch 15 HW9 complete by Apr 3, 10:00 am Firms in Monopolistically Competitive Markets Oligopoly Ch 16 Ch 17 HW10 complete by Apr 10, 10:00 am Factor Markets Ch 18 HW11 complete by Apr 19, 10:00 am Using Demand and Supply: Explaining Wage Differentials Ch 19 Review FINAL EXAM SATURDAY, APRIL 28, 2-3:50 University Policies: We will adhere to the university s Academic Integrity Policy in this class. See the University of Pittsburgh s Undergraduate Bulletin or the Guidelines on Academic Integrity: Student and Faculty Obligations and Hearing Procedures at for full details on this. The Office of Disability Resources and Services, 140 William Pitt Union (412) is available for students who have or may request an accommodation for a disability. If needed, please contact the office as early as possible in the term.

17 ECON 0100: Introduction to Microeconomic Theory Spring 2012 Lecturer: Yilan Xu Office: Posvar 4515 Phone: Please put ECON 0100 in the title of your . Office Hours: Wednesday 3-5pm or by appointment Class : CL 208B, Wednesday 6-8:30pm TEXTBOOK: Modern Principles: Microeconomics by Tyler Cowan and Alex Tabarrok. Worthand Publishers, 1 st edition. Course Overview: ECON 0100 is an introductory course in microeconomic theory for students with minimum economics background. Microeconomics investigates how individual agents, such as consumers, households and firms, make (rational) decisions. The aim of this course is to introduce the student to the fundamental concepts in microeconomics and the basic tools economists use to analyze individual decision-making and how these individual choices interact in markets to determine the outcomes of the economy. Upon finishing the course, a student will be able to Define and explain the basic concepts in microeconomics. Analyze simple real-life economic situations using the tools introduced in the course. Develop a better understanding of the role of economics in operation of the society. Course Delivery: The course will be taught through weekly 150-minute lectures. The lecture periods will be used for exposition of the material and discussion of previous homework assignments. Specific readings for each class are listed in the course schedule below. The lecturer will be available for consultation during advertised office hours or by appointment. 1

18 Assessment: The course will be assessed by three exams (25% for two midterms, 30% for the final), 10 homework assignments (20%). You are expected to complete assignments and take examinations on the dates specified in the course schedule below. Late submissions of work or resits of examinations are only acceptable in extreme circumstances, such as severe illness/injury/death in immediate family/jury duty. A health certificate from a doctor or other evidence will be required. If for any such reason you cannot meet a deadline you must IMMEDIATELY inform the instructor by BEFORE the deadline to arrange make-up work. It is your responsibility to keep the instructor informed of any problems you are having in meeting deadlines. There is no schedule for the quizzes and make-ups are not allowed. You are advised to attend every recitation. Note: All work submitted for this course must be your own. Any evidence of cheating and/or plagiarism in any exam or assignment will be dealt with as specified by the Academic Integrity Policy, as discussed in the University s Undergraduate Bulletin. The Office of Disability Resources and Services (216 William Pitt Union, ) is available for students who have requested or wish to request accommodation for a disability. If needed please contact the office as early as possible in the term. Grading Scale: All grades will be given as percentages out of 100. Final average grades will be calculated by weighting each score according to the weights indicated above and will be rounded to the nearest integer : A : A 90 91: A : B : B 80 81: B : C : C 70 71: C : D : D 60 61: D- 0 59: F 2

19 Course Schedule Week Date Topic 0 1/4 No class 1 1/11 Introduction to Class Introduction to Economics (Ch. 1) 2 1/18 Competitive Market Model, Demand and Supply (Ch. 2) 3 1/25 Competitive Market Equilibrium (Ch. 3) Elasticity of Demand and Supply (Ch. 4) 4 2/1 The Importance of Prices (Ch. 5) Price Ceilings (Ch. 6) and Price Floors (Ch. 7) 5 2/8 Taxes and Subsidies (Ch. 7) International Trade and Trade Protection (Ch. 8) 6 2/15 Review, HW 1-4 Midterm 1. You will need a calculator. 7 2/22 Costs and Economic Profit under Competition (Ch 10) 8 2/29 Long Run Decision under Competition (Ch. 10) Monopoly (Ch. 11) 9 3/7 Spring Break Homework HW 1 due at noon HW 2 due at noon HW 3 due at noon HW 4 due at noon HW 5 due at noon 10 3/14 Price Discrimination (Ch. 12) HW 6 due at noon Cartels and Network Goods (Ch. 13) 11 3/21 Labor Market (Ch. 14) HW 7 due at noon Responding to Incentives (Ch. 15) 12 3/28 Review, HW 5-8 HW 8 due at noon Midterm 2. You will need a calculator. 13 4/4 Externalities (Ch. 9) Public Goods (Ch. 17) 14 4/11 Public Policy (Ch. 18) HW 9 due at noon Political Economy (Ch. 19) 15 4/18 Review HW 10 due at noon 16 4/25 Final exam. You will need a calculator. 3

20 Economics 0100 Introduction to Microeconomic Theory Monday & Wednesday 11am- 1:15pm Posvar Hall 4900 Summer 2012 (2 nd 6- week session) Instructor: Daniel Jones TA: Siying Liu Office: Posvar Hall 4513 Office: Posvar Hall 4522 Office Hours: Thurs. 9:30-11:30am Office Hours: Thurs. 3-5pm Textbook: Microeconomics, by Paul Krugman & Robin Wells, 3 rd Edition. (But the 2 nd edition is fine too ) Grades: - Homework 20% - Quizzes 15% - Test 1 (July 16) 30% - Test 2 (August 1) 35% Tests: Tests will be taken in class on the dates indicated above (and in the schedule below). Tests will consist of multiple choice questions and short answer questions. Test 2 (the final ) will not be cumulative and will only test material covered after the first test. (However, concepts in this course build on each other throughout the semester, so knowledge of material from the first half of the class is necessary to do well on the second test.) Make- up tests are only possible under very special circumstances. If a make- up test is absolutely necessary, please get in touch with me at least one week prior to the test so that we can make alternative arrangements. Homework: There will be a total of four homework assignments the due dates are indicated on the schedule below. You must submit each homework prior to 11am on the date indicated on the schedule. They will be completed and submitted online through Courseweb ( The Courseweb system will not allow late homework assignments. Each assignment is broken up into sections corresponding to chapters from the textbook. You have two opportunities to complete each chapter s section. Every student must submit their own homework assignment, but feel free to discuss the assignments and work together with your classmates. Given the short length of this class and the large amount of material we will cover each week, the homeworks will sometimes be lengthy; it would be a good idea to start these relatively early.

21 Quizzes: There will be four quizzes. They will take place during recitations on the dates indicated below. The goal of these quizzes is simply to provide an additional way to check your understanding of the material between tests. The lowest quiz grade will be dropped there will be no makeup quizzes. Recitations: This course includes a recitation that is scheduled for Mondays from 1:30-2:50. Each week, we will assign an additional set of problems from the end of the relevant chapters of the textbook; the TA will go over the problems and answer any questions about them during recitation. These problems will not be turned in, have no impact on your grade, and are intended to provide you with additional practice. However, it is highly recommended that you work on these problems prior to recitation. The goal of the recitations is to make sure that you fully understand how to solve these problems (which is particularly important given that the problems discussed in recitation will be relatively similar to short answer test questions), so knowing in advance which concepts you are having trouble with make the recitations much more useful for you. Tentative schedule for the course: (Note that we may not follow this schedule exactly. However, dates for tests, quizzes, and homeworks are firm.) Week Dates Topics Chapters Homework Quiz Dates Intro to Class; Incentives, opportunity June 25 1, 2 costs, production 1 June 27 Supply & demand 3, 4 2 July 2 Price & quantity controls, Elasticity 5, 6 Quiz 1 July 4 NO CLASS HW 1 (ch 1-4) July 9 Taxes, International trade 7, 8 3 July 11 Decision making & consumers, Review for Test 9, 10 Quiz 2 (in class) 4 July 16 First Half: TEST 1 Second Half: Production 11, 12 HW 2 (ch 5-8) July 18 Market structures 12, 13, 15 5 July 23 July 25 Oligopolies, Externalities & non- private goods Economics of the Welfare State, Income distribution & factor markets 14, 16, 17 Quiz 3 18, 19 HW 3 (ch 9-15) 6 July 30 Uncertainty & risk, Review 20 Quiz 4 Aug 1 TEST 2 HW 4 (ch 16-20)

22 Academic Integrity: Cheating/plagiarism will not be tolerated. Students suspected of violating the University of Pittsburgh Policy on Academic Integrity, from the February 1974 Senate Committee on Tenure and Academic Freedom reported to the Senate Council, will be required to participate in the outlined procedural process as initiated by the instructor. A minimum sanction of a zero score for the quiz or exam will be imposed. Disability Services: If you have a disability for which you are or may be requesting an accommodation, you are encouraged to contact both your instructor and the Office of Disability Resources and Services, 216 William Pitt Union, / (TTY), as early as possible in the term. Disability Resources and Services will verify your disability and determine reasonable accommodations for this course.

23 Intro. Microeconomic Theory Prof. Frank Giarratani ECON 0100 Fall Term 2012 (2131) Lectures: 363 CL MW 3:00 4:15 PM Office hours: 4916 Posvar Hall, MW 1:00 2:30 PM Course description: This course is designed to introduce students to the principles of microeconomics. It focuses on the structure and functions of markets, by examining some of the basic economic decisions made by consumers and firms. Students may use this course as a gateway to a wide variety of applied economics courses and as a foundation for more advanced study. It also provides information that is basic to inquiry in many other disciplines. Course Web Site: The course web site provides complete information concerning examinations and other required elements of the course. It is designed to assist you in organizing your work and keeping track of your progress in the course. Use it to good advantage: Required Textbook: N. Gregory Mankiw, Principles of Microeconomics, Sixth Edition (South-Western CENGAGE Learning, 2012). Prerequisites: The course presumes a good working knowledge of high-school algebra as well as the ability to understand and use graphs. See also Chapter 2, Appendix, Graphing: A Brief Review. Grading policy: Two mid-term exams and a final exam will be offered. The mid-term exams are not cumulative. One part of the final exam is cumulative, and one part is not cumulative. There are two essay assignments and two scheduled quizzes in the course. The weights of exams, quizzes, and essays in the final course grade are as follows: Component Percentage Weight Required Chapters Mid-term Exam 1 25 CH 1 6 Mid-term Exam 2 25 CH 7 11 Essays (2) 10 All course material Scheduled Quizzes (2) 5 CH 13 14, CH Final Exam Part 1 25 CH Final Exam Part 2 10 CH 2 11, Total 100 Make-up policy: Make-ups are permitted only for documented illness or emergency. For make-up exams and quizzes, the format and type of problems required may not be similar to those on the standard exam or quiz. Homework: It is essential that students are adequately prepared for each lecture, and students are expected to read assigned material in preparation for each lecture. Required homework includes the multiple-choice problems for each chapter that are available in the Homework content area of the course web site. The Homework content area also includes a set of problems that are drawn from the Problems and Applications section at the end of each chapter in the textbook. These problems are highly recommended and are used in developing questions for the examinations.

24 Economics 0100 Fall Term 2131 Introduction to Microeconomic Theory Professor: Dr. Shirley Cassing Telephone: (412) Office: 4915 WWPH Office Hours: T 11-12, W cassing@pitt.edu Course Website: Textbook: Microeconomics, 3 rd edition by Paul Krugman and Robin Wells, Worth Publishers. Course Grade: Homework 20%; Three Exams 25% each; Paper 5%. Exams will be given in class. Alternative scheduling of the exams will be provided only in the case of an emergency. In order to schedule a makeup exam, you must submit the Missed Exam Form available on the Course Documents content area of CourseWeb. Homework: Nine of the eleven homework sets assigned will count toward your homework grade. The homework sets are to be completed on CourseWeb. You will find the multiple-choice problems which make up the homework for each week in the Homework content area of CourseWeb. These problems are designed to help you learn to apply concepts presented in the textbook and lecture, and prepare for exams. The graded homework sets have a firm due date and time listed in the Reading and Homework Assignment Schedule which is on the second page of this syllabus. Paper Assignment: The short paper will be no more than 500 words in length. You will be asked to use a principle or principles from class to pose and answer a question about some event or behavior that you have personally observed. The title of your paper must be a question. A paper assignment sheet will be provided during the term. Recitations: The best way to learn the principles of economics is to actively use them by solving problems that both test and extend your understanding. In addition to the graded homework sets the Course Outline & Review Sheet in the Course Documents content area on CourseWeb also contains problem sets that I highly recommend that you complete and will be used in developing questions for the exams. The problem sets will not be collected and graded so your main source of feedback on them will be provided in recitations. Your TA will discuss answers to the problem sets and offer suggestions on how to set up and solve them. But, you should try to complete the problems yourself before attending recitation because as you learn economics, you will find yourself capable of understanding an explanation of how a problem is solved long before you can actually solve it yourself. So be careful: The fact that your TA s answers make sense to you is no proof that you are ready to solve the same kinds of problems on an exam. The only way to acquire this ability is to attempt the problems before you see the answers. But if you cannot solve the problem before recitation; you should return to it after recitation and make sure that you can solve it on your own. The Course Outline & Review Sheet also reviews core ideas and key terms covered in class. This should be helpful in preparing for exams.

25 READING AND HOMEWORK ASSIGNMENT SCHEDULE WEEK DATES TOPIC READING HOMEWORK PART ONE: SUPPLY, DEMAND, PRICE DETERMINATION AND MARKETS 1 Aug Sept 4 Sept 6 3 Sept Sept Sept Oct 2 Oct 4 Introduction to Class Introduction to Economics/Simple Economic Models Production Possibilities Frontier (PPF) and Trade Competitive Market Model (Demand and Supply) Gains from Trade and Economic Efficiency Government Policies: Price and Quantity Controls Ch 1 Ch 2 Ch 2 Ch 3 Ch 4 Ch 5 HW1 complete by Sept 11, 10 am HW2 complete by Sept 18, 10 am Elasticity: Measuring the Response to Price Changes Ch 6 HW3 complete by Sept 25, 10 am Taxes Ch 7 HW4 complete by Oct 2, 10 am Review EXAM 1, OCTOBER 4 PART TWO: MARKET STRUCTURE AND MARKETS 7 Oct Oct Oct Oct 30 Nov 1 11 Nov 6 8 FALL BREAK NO TUESDAY CLASS Marginal Analysis and Making Decisions at the Margin Ch 9 Behind the Supply Curve Perfect Competition Perfectly Competition (cont d) Monopoly Monopolistic Competition Oligopoly Review EXAM 2, NOVEMBER 8 Ch 11 Ch 12 (p ) Ch 12 (p ) Ch 13 Ch 15 Ch 14 HW5 complete by Oct 16, 10 am HW6 complete by Oct 23, 10 am HW7 complete by Oct 30, 10 am HW8 complete by Nov 6, 10 am PART THREE: MARKETS AND GOVERNMENT INTERVENTION 12 Nov Nov Nov Dec 4 6 International Trade Ch 8 HW9 complete by Nov 20, 10 am Externalities Ch 16 HW10 complete THANKSGIVING BREAK Nov 29, 10 am Externalities (cont d) Public Goods and Goods with Special Characteristics Factor Markets and Income Distribution Review Ch 16 Ch 17 Ch 19 HW11 complete by Dec 6, 10 am FINAL EXAM, SATURDAY, DECEMBER 15 8:00-9:50 AM University Policies: We will adhere to the university s Academic Integrity Policy in this class. See the University of Pittsburgh s Undergraduate Bulletin or the Guidelines on Academic Integrity: Student and Faculty Obligations and Hearing Procedures at for full details on this. The Office of Disability Resources and Services, 216 William Pitt Union (412) is available for students who have or may request an accommodation for a disability. If needed, please contact the office as early as possible in the term.

26 Lecturer: Svitlana Maksymenko, Ph.D. Office: 4703 Posvar Hall Tel: Fax: University of Pittsburgh Department of Economics CRN: 11005, Econ 0100: Intro to Microeconomics Syllabus Class meets Mondays and Wednesdays at 120 Lawrence Hall: CRN :00-12:50pm CRN :00-1:50pm Office hours Mondays and Wednesdays 2:00-2:45 pm. Additional hours are available by appointment and must be scheduled at least a day in advance via . Communication I will employ a CourseWeb ( option to report grades, exam statistics and notify students about changes in a course calendar (if any). It is a student s responsibility to check the University account on a regular basis, and keep it under the quota. Should you have any questions about this course, textbook, lecture material, or homework assignment, your recitation instructor (my teaching assistant) (further in a text - TA) directly. The TA contact information is presented in table below. TA Phone Office Ho-Ching Mak hom11@pitt.edu Posvar 4520 Elena Smirnova els121@pitt.edu Posvar 4518 Conor Lennon cjl55@pitt.edu Posvar 4911 Katie Jo Black kas332@pitt.edu Posvar 4518 Siying Liu sil18@pitt.edu Posvar 4931 Help The material of the course is highly cumulative. If you do not understand something, please seek help immediately. As the first step, read the chapter and visit your recitation instructor (TA) during his/her office hours. The TAs will clarify lecture material. They will also help you to develop problem-solving skills required to complete homework assignments and perform well during exams. If after a consultation with my TAs you still do not feel solid with the course material, as the last resort, you are welcome to come to my office and talk about the gaps in theoretical material you experience. Course Description This course introduces students to the theory of microeconomics. Upon completion of this course students will have a deep understanding of: What Microeconomics is about

27 The economic problem and efficiency Laws of demand and supply Elasticity Organization of production and costs Structure of markets Economic models that explain firms decisions in perfectly competitive environment, monopoly, monopolistic competition, and oligopolistic markets Factor markets Externalities and public goods Fundamentals of international trade Prerequisites Competence in basic algebra and geometry (graphing, linear equations, and slope of linear graphs) and a willingness to work hard. Text and Instructional Support Required: Microeconomics (with Myeconlab website access code) by Michael Parkin, 10th ed, published by Pearson, copyright ISBN: The Myeconlab access code (valid for a semester) is required in order to access on-line homework assignments. The hardcopy textbook (with Myeconlab access code) is available in the bookstore. The e-version of the text is available through Myeconlab website. At this website, you can also purchase a new code separately from the text for extra fee. Recommended: 1. the Study Guide, 9 th ed, by Mark Rush to accompany the text. Publisher: Pearson, copyright 2009, ISBN: the companion website for the text gives access to practice quizzes, chapter summaries, and answers to the end-of-chapter questions. Class rules Your presence in a lecture is required. You must arrive and be at your seat before class starts. Please don t come to the class late. If you face an emergency, notify your TA as soon as possible by phone or e- mail. While in class, I will not allow students to make noise or otherwise distract their classmates. If you want to ask a question, raise your hand and I will call on you. The use of cellular phones, pagers, and other similar devices is prohibited. Students with disabilities Any student with a need for special accommodation due to disability should inform me of this. The Disability Resources and Services Office (216 William Pitt Union, ) will coordinate the needed accommodations. Class cancellations Any class cancellations due to bad weather are determined by the university administration and are announced on the university web site. Exams 2