Principles of Microeconomics s3

ECO 202 Section 12 Principles of Microeconomics Fall 2002 MWF 10:30 – 11:20 am CBC C-217

Instructor Bernard Malamud Office: BEH 502 Phone: 895 –3294 FAX: 895 - 1354 Office Hours: MWF 9:00 – 9:30 am; 11:30 – 12; W 4:30 – 5:30 pm; and by appointment. Email: [email protected] Website: www.unlv.edu/faculty/bmalamud General Nature of the Course Course objectives: This course will familiarize you with some important features of our market economy: the operation of markets; the efficiency of competitive markets and the ways that government intervention distorts competitive markets; the costs of production and business decision – making in competitive, monopolistic, and oligopolistic markets; and the operation of markets for factors of production (labor and capital). Equally as important, this course will get you thinking about efficiency and “profit” maximization, concepts that are fundamental to effective management in business and the public sector. Course design: Much of this course involves LEARNING BY DOING. Each major topic that we study will be introduced in a lecture that covers assigned readings in your textbook. Much class time, however, will be devoted to problems and to quizzes. Many sessions will begin with a lecture, followed by discussion of assigned problems in your textbook and/or a 15-point quiz based on the lecture and prior lectures. The session will end with an instructor-led discussion of correct answers. In addition to these quizzes, there will be three 40 point classroom exams and a 80 point final exam.

Text and Supplemental Readings Required Text: N. Gregory Mankiw, Principles of Microeconomics, 2nd edition (Dryden Press). Supplements: Mankiw’s website: www.harcourtcollege.com/econ/mankiw/ Wall Street Journal (Available at student rates) Business Week, The Economist, The Nightly Business Report Examinations and Grading Nine 15 - point quizzes, three 40 - point classroom exams, and an 80 – point comprehensive final exam consisting of multiple choice (including true/false) questions and problems similar to those discussed in class will be given this semester. You must bring a Scantron and notepaper to each quiz and a Scantron to each exam. Your final grade will be based on your top six quiz scores, your scores on the classroom and final exams, and on your attendance. Top 6 Quizzes 90 points Classroom Exam, Sep. 23 40 points Classroom Exam, Oct. 28 40 points Classroom Exam, Nov. 25 40 points Final Examination, Dec. 9 80 points

Maximum test score 290 points Your overall percentage score for the semester will be adjusted for attendance by one-half percentage point for every unexcused absence. This score will increase if you have fewer than three absences; it will decrease if you have more than three absences; it will be unchanged if you have exactly three absences. Absences are documented by missed quizzes and exams, by failure to pick up quizzes and exams when they are returned to you, and by other attendance checks. The attendance adjusted percentage score on which your final grade will be based is then Your overall percentage score on quizzes, classroom exams, and final + ( ½ percentage point ) x ( 3 – Documented absences). Note, fewer than three documented absences will increase this percentage, more than three documented absences will decrease this percentage. Excused absences: Absence owing to illness, family emergency, religious observance, or participation in UNLV activities, including but not limited to athletics, will not affect your grade. You are, of course, responsible for any missed material. Your final grade will depend on your attendance adjusted percentage score and the following approximate grade distribution: Approximate Grade Distribution Attendance adjusted % score FINAL GRADE 85 percent Borderline A- 75 percent Borderline B- 65 percent Borderline C- 55 percent Borderline D- Make-up Policy: Make-up classroom exams may be scheduled at mutual convenience. There will be no make-up quizzes or final exam. Class Conduct Your instructor and classmates deserve courtesy. If you must arrive late or leave early, do so quietly. Inform me beforehand if you must leave class early. Smoking and eating in class are prohibited. Disruptive behavior in class constitutes grounds for dismissal from the course. While this probably need not be said, anyone found engaging in any act of academic dishonesty will be punished in accordance with university policies. Other Information If you have a documented disability that may require assistance, you will need to contact the Disability Resource Center for coordination of your academic accommodations. The DRC is located in the Reynolds Student Services Complex in Room 137. Their phone is 895-0866.

Course Outline Date Topic Readings Aug 26 Introduction : Some elementary principles of economics Chapter 1 Aug 28, 30 Production Possibilities: Scarcity, Tradeoff, Choice Chapter 2 Problem 2/4 Sep 2 Labor Day Recess Sep 4, 6 Gains from Trade Chapter 3 Problem 3/8 Sep 6 Quiz 1: Chapters 1,2,3 Sep 9, 11, 13 Supply and Demand / Market Equilibrium Chapter 4 Problem 4/11 Sep 13 Quiz 2: Chapter 4 Sep 16, 18, 20 Elasticity Chapter 5 Problems 5/3,5 Sep 20 Quiz 3: Chapter 5 Sep 23 Classroom Exam, Chapters 1,2,3,4,5 - 40 points Sep 25, 27, 30 Price Controls/Tax Incidence Chapter 6 Problems 6/3,4 Sep 30 Quiz 4 : Chapter 6 Oct 2, 4 Market Efficiency Chapter 7 Problems 7/3,4 Oct 7, 9, 11 International Trade Chapter 9 Problem 9/2 Oct 11 Quiz 5: Chapters 7,9 Oct 14, 16, 18, Theory of the Firm: Costs of Production Chapter 13 21 Problems 13/5,9 Oct 21 Quiz 6: Chapter 13 Oct 23 Problem and Review Session Oct 25 Nevada Day Recess Oct 28 Classroom Exam, Chapters 6,7,9,13 - 40 points Oct 30 Competitive Markets Chapter 14 Nov 1, 4, 6 Problems 14/2,6,9,10 Nov 6 Quiz 7: Chapter 14 Nov 8, 13, 15 Monopoly Chapter 15 Problems 15/8,10,16a – d Nov 15 Quiz 8: Chapter 15 Nov 11 Veterans Day Recess Nov 18, 20, 22 Oligopoly Chapter 16 Problem 16/9 Nov 25 Classroom Exam, Chapters 14, 15, 16, 18 – 40 points Nov 27 Factor Markets Chapter 18 Dec 2, 4 Problems 18/8,9 Dec 4 Quiz 9: Chapter 18 Nov 30 Thanksgiving Recess Dec 6 Review Dec 9 Comprehensive Final Examination, 10:10 am – 12:10 pm – 80 points