Course Assessment MyEconLab Assignments (due dates to be announced)... 10% Midterm I (Thursday 16 June 2011)... 30% Midterm II (Thursday 14 July 2011)

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1 e Economics 1220 Department of Economics Summer 2011 Fulton Tom Office B147h Telephone: PRINCIPLES OF MICROECONOMICS Economics is the painful elaboration of the obvious. Anonymous Pleasure and pain are undoubtedly the ultimate objects of the Calculus of Economics. To satisfy our wants to the utmost with the least effort--to procure the greatest amount of what is desirable at the expense of the least that is undesirable--in other words, to maximise pleasure, is the problem of Economics. W. Stanley Jevons The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists. Joan Robinson The difficulty in life is the choice. George Eliot Learning Outcomes By the end of this course, successful students will be able to Understand and use the language of economics. Analyze real life situations using economic models. Apply economic principles to real life situations involving consumers and businesses. Illustrate economic principles and real life situations using graphs. Use basic mathematics to measure and describe economic phenomena. Describe the basic economic problem. Explain how markets operate. Calculate and interpret elasticities. Explain how a consumer makes choices. Explain a firm s production and costs. Analyze the behaviour of firms operating under different market structures. Use game theory to examine strategic behaviour. Determine whether a market is efficient. Office Hours Tuesdays & Thursdays: 12:30-13:20; 16:30-17:00 Wednesdays: 11:30 13:30 To meet with me at other times, please make an appointment. Textbooks/Course Resources Christopher T. S. Ragan and Richard G. Lipsey. Microeconomics, Thirteenth Canadian Edition. Toronto: Pearson Canada, Paul T. Dickinson and Gustavo Indart. Study Guide, Thirteenth Canadian Edition. Toronto: Pearson Canada, MyEconLab Additional readings may be assigned during the semester. You are also encouraged to read a major Canadian newspaper such as The Globe and Mail, The National Post or The Vancouver Sun for articles concerning microeconomics. Behaviour Standards Please familiarise yourself with e s policy regarding Academic Conduct (see You are forewarned: cheating is unacceptable and cheaters will be penalized.

2 Course Assessment MyEconLab Assignments (due dates to be announced)... 10% Midterm I (Thursday 16 June 2011)... 30% Midterm II (Thursday 14 July 2011)... 30% Final Examination (date to be announced)... 30% Your letter grade for the course will be assigned on the following basis: % A+ Distinguished Achievement 90-94% A Distinguished Achievement 85-89% A- Distinguished Achievement 80-84% B+ Above Average Achievement 75-79% B Above Average Achievement 70-74% B- Above Average Achievement 65-69% C+ Satisfactory Achievement 60-64% C Satisfactory Achievement 55-59% C- Satisfactory Achievement 50-54% D Marginal Performance 0-49% F Failure mylangara Portal I will post announcements, links to articles and websites, and copies of documents including overheads used in class on mylangara. To access these items, log onto mylangara; click on mycourses; click on Course Tool; and click on Principles of Microeconomics. Documents including overheads are found under Files. If you have questions about the course, please pose them using Message Board in mylangara so that all students can have the opportunity to respond and to view responses. If you have questions about a private matter, please me using your mylangara account or see me in my office. Classes You are expected to attend all classes and are encouraged to read relevant sections of the textbook prior to class. Absence from class does not absolve you from your responsibilities in the course. The overheads used in class are posted in mylangara. Bring a copy of the overheads to class; the blanks in the overheads can be filled by attending class. Be aware that the overheads are very brief. You are encouraged to read the textbook and complement the overheads with your own notes. You can find out whether I have cancelled classes by logging onto mylangara. Exercises To succeed in this course, you will need to do exercises from the Study Guide, MyEconLab and the textbook as well as ones that I provide. MyEconLab Assignments Assignments will be conducted through MyEconLab. If you miss the deadline for an assignment, you forfeit the mark. Instructions for registering and enrolling in your MyEconLab course are shown on the last page. You can choose not to do the MyEconLab assignments. If you do so, each exam is worth 33.33% of your overall grade. However, I would not recommend that you choose this option. Midterms If you miss a midterm due to a valid and documented reason (ie illness or bereavement), you can write a substitute examination. If possible, please contact me prior to missing the exam. Otherwise, contact me within 48 hours of missing the exam to indicate your intention to continue with the course. The date of the substitute exam may be as late as Wednesday 10 August 2011.

3 Final Examination If you miss the final examination without a valid and documented reason, you will receive the letter grade, "N", for the course. Instructions for Examinations Turn off and put away all electronic communication devices. Graphing calculators, cell phones, audio devices, books, notes, and formula sheets are prohibited. Do not share calculators. Do not communicate with other students during the exam. Keep your eyes on your own exam. Do not expose your exam answers to other students. Leave beverage containers, pencil cases, bags and backpacks at the side of the classroom. The only tools that you require are a pen or pencil, an eraser, a ruler, and a basic calculator. Remove headwear with brims or turn them so that the brim faces backward. Remove hoods and any headwear covering your ears. Use washroom facilities before the exam. If you leave the classroom for any reason, you will not be allowed to continue writing the exam. If medical conditions prevent you from remaining in the classroom for the duration of the exam, you will need to get an assessment from Disability Services. Regrading of Exams To have your exam regraded, submit your request in writing (an is acceptable) stating precisely which question(s) you want re-examined and why you believe you deserve a different mark. A request that indicates only the question(s) you want re-examined will be rejected. Exams submitted for regrading will be re-evaluated in their entirety. As a result, your mark can increase, decrease, or remain unchanged. How to Succeed in this Course Read the relevant textbook chapter before class. Attend classes. Sit near the front of the classroom. Take effective notes. Review and edit your notes within 24 hours. Do exercises on a timely basis. Do homework. Ask questions in and out of class. Anticipate exam questions and answer them. Meet deadlines. Use the instructor s office hours. Form study groups and explain the course content to your classmates. Learn how to learn; determine your preferred learning style (see

4 Course Schedule (subject to change) Weeks 1 & 2: Introduction to Economics The basic economic problem. The production possibilities model. Types of economic systems. Course overview. Positive vs. normative statements. Economic theories and models. Graph review. Chapters 1 & 2 Weeks 2-5: Markets - Chapters 3, 4, & 5 Weeks 2 3: Demand and supply. Market equilibrium and comparative statics analysis. Week 4: Elasticity. Week 5: Price controls. Market efficiency. Economic surplus. Output quotas. Week 6: Midterm I: Thursday 16 June 2011 Weeks 6 & 7: Consumer Behaviour - Chapter 6 (excluding Appendix to Chapter 6) Utility theory. Income and substitution effects. Consumer surplus. Weeks 7 & 8: Production and Cost Chapters 7, 13: Section 13.2 only (pages ) & 8 (excluding Appendix to Chapter 8) Economic profit. Production in the short run. Optimal input use. Costs in the short run. Demand for factors. Production in the long run. Week 8: Last day to withdraw - Thursday 30 June 2011 Weeks 9 & 10: Competitive Markets Chapter 9 Overview of market structures. Analysis of the perfectly competitive firm. Week 10: Midterm II - Thursday 14 July 2011 Week 11: Monopoly Chapter 10 Analysis of the single-price monopoly. Barriers to entry. Cartels. Price discrimination. Week 12: Imperfect Competition Chapter 11 Concentration ratios. Monopolistic competition. Oligopoly. Game theory and the Prisoners Dilemma. Oligopolistic behaviours. Barriers to entry. Week 13: Economic Efficiency Chapter 12: Section 12.1 only (pages ) & 16: Section 16.3 only (pages ) Productive and allocative efficiency. Producer surplus. Deadweight loss of monopoly. Externalities. Other topics if time permits. Final Examination - date to be announced

5 How to Register and Enroll in Your MyEconLab Course Welcome to MyEconLab! Your instructor has set up a MyEconLab course for you. Textbook: Ragan/Lipsey, Microeconomics, 13ce Course Name: ECON Summer 2011 Course ID: XL0O E1NG 401Y 1Z72 Note: In the Course ID, 0 is the number zero and O is the letter O. To join your instructor's course, please complete the following two steps: 1. REGISTER for MyEconLab, and, 2. ENROLL in your instructor's course To register, you will need: 1. A valid address, and, 2. The access code that came with your MyEconLab Access Kit If you don't have an access kit, you can purchase access online at You will have the choice to purchase access with or without a full e-text. Once enrolled in your professor's course, you will also have the option to purchase a discounted version of your text. Step 1: Register for MyEconLab 1. Go to and click the Students button, in the Register section. 2. Follow the on-screen instructions for choosing author and title. 3. Choose Register with an Access Kit/Code if an access kit was included with your book. If you need to purchase access online, click Purchase Access. 4. Follow the instructions to set up your login and password and register for your course. Step 2: Enroll in your instructor's course 1. Log in to MyEconLab at with your newly created Login Name and Password 2. Enter your Course ID: XL0O E1NG 401Y 1Z72 Note: In the Course ID, 0 is the number zero and O is the letter O. If you purchased access, visit the Student Center inside your Instructor's Course for additional purchase options. Note: If you are taking two MyEconLab courses simultaneously you will need two separate login accounts. Need Help? For assistance, please visit

Economics 201 Principles of Microeconomics Fall 2010 MWF 10:00 10:50am 160 Bryan Building

Economics 201 Principles of Microeconomics Fall 2010 MWF 10:00 10:50am 160 Bryan Building Professor: Dr. Michelle Sheran Office: 445 Bryan Building Phone: 256-1192 E-mail: mesheran@uncg.edu Office Hours: