Introduction to Microeconomics

This course is an introduction to microeconomics. We will become familiar with the mode of reasoning in economics as we analyze the working of a market economy, especially the US. This study will enable us (1) to understand what economics is and what economists do, and (2) to gain a frame of analysis for a critical understanding of the scope and nature of current issues in the American economy and the controversies that surround them.

Readings

The required readings are:

Campbell R. McConnell and Stanley L. Brue, Microeconomics, 15th edition, McGraw-Hill, 2002.
The Economist. Subscription is acquired through enrollment in the course at a special student bulk rate. The cost of subscription is $20.04 for 12 weeks ($1.67 per copy). Please give your check to Judy Thompson, Room 201 Knapp Hall, by Friday, September 6. (Checks should be payable to The Economist.) You will receive the first issue of The Economist on Wednesday, September 11.
Other readings will be handed out in class.

Recommended: Campbell R. McConnell and Stanley L. Brue, A Study Guide to accompany Microeconomics, 15th edition, McGraw-Hill, 2002

Readings for each class are expected to be read before class.

Office Hours

MW: 10:30-11:20
F: 10:30-11:20 & 1:30-2:25

And by appointment. (You are always welcome to drop in.)

Students who need an accommodation based on the impact of a disability should contact me privately as soon as possible. I rely on the communication from Office of Academic Support (104 Doane) to make the necessary accommodation.

Schedule of exams and assignments

Economist papers Mondays (see below for details)
Exam I Friday, September 27
Exam II Friday, October 18
Exam III Friday, November 15
Final Exam See the University's calendar of finals

Requirements and Grades:

Attendance: Regular attendance is required. I expect you in class in body and soul every class day, and on time! There is penalty for missing classes, and for coming late to class.

Grades will be given on the following basis:

Hourly exam I 100 points
Hourly exam II 100
Hourly exam III 100
The Economist papers (7 @ 20 points each) 140
Class contribution* 50
Final exam 150
Total** 640

* The grade for class contribution is not for attendance. It is for your thoughtful and active participation in class discussions.

** Occasional quizzes (5 to 10 points each) may be given. The grade for quizzes will be added to the total points for the course.

Exams

Exams will consist of short essays and problems. All exams are comprehensive (i.e., they are over the material covered in the course up to the time of the exam).

The Economist

On Wednesdays, in class, you will receive your new issue of The Economist. I distribute the magazine in class so that you can get it at the lowest possible price. The magazine arrives around 10:30 Monday morning. You may stop by my office and pick it up during my office hour on Mondays.

Class Discussion of The Economist: Each week, I would like you to look through your new issue of The Economist and choose an article that has an economic dimension. Read it critically. You may consider its possible policy implications, examine its analysis or claims in the context of the theory that we have learned in this course, find any analytical flaws, or identify the overt or implied ideological biases of the article. On the following Monday I will ask one or two students to share with the class their thoughts about the article that they have read. Other students will ask questions or express their views about the issue. On Mondays, everyone is expected to be prepared to discuss an article from The Economist of the previous week.

Economist papers: You will write seven papers in the course of the semester about the articles in The Economist. The choice of article is yours. The only restriction is that it must have an economic content or implication. These papers should be analytical and NOT descriptive summaries. That is, I would like you to write a critique of the article of your choice. You will be graded for the rigor and clarity of your analysis and for your creative thoughtfulness. Choose an article that gives you a chance for critical analysis.

It is up to you which weeks you write your Economist papers but please note:

Papers are due on Mondays, before the start of the class.
Each paper must be on an article in the last issue of The Economist.
No more than one paper may be submitted on any Monday.
No papers may be submitted on Monday December 16 (Finals Week)
I do not accept late papers.

You must keep the graded copy of your paper just in case your count of the number of papers is different from mine. Economist papers will be in one page (400-450 words), typed (11/2 spaced) with graphs (if any) on the back of the sheet. No coversheet, please.

Course Outline

The Working of the Market: MICROECONOMICS and the dynamics of capital accumulation

#	Topic	Assigned Readings
1	Introduction	Chapters 1 and 2
2	Supply and demand	Chapter 3
3	Elasticities	Chapter 7
4	Production and cost	Chapter 9
5	Pure Competition	Chapter 10
6	Pure Monopoly	Chapter 11
7	Monopolistic competition & Oligopoly	Chapter 12
8	Externalities	Chapter 17
9	Regulation and deregulation	Chapter 19
10	Poverty and inequality	Chapter 21

When/why did we start calling all this Microeconomics?