Economics 102 Spring 2005 Office: P-17 E
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Economics 102 Spring 2009 Office: P-17 E
Loren A. Lee Extension 2419
or
Principles of Microeconomics
Course Objective
Microeconomics is the study of the behaviors of the basic units of an economy; consumers, businesses, workers, and governments. Their behaviors are analyzed within the context of a market system. At the end of the term, one should have a good understanding of economists' theories of the behaviors of each of these units, theories that have been developed over the past 200 years. One should also have a good understanding of the workings of a market system.
Pre-requisites: None. Economics 101 and 102 may be taken in any order.
Office Hours: Mondays through Thursdays 8.00 – 9.20
Mondays and Wednesdays 11.00 – 12.20
Tuesdays and Thursdays 11.00 – 2.00
Texts: Lee Principles of Microeconomics (Required)
The book is available online at
Go to Microeconomics.
An old copy of the book is also available for purchase.
Readings: Reading assignments for each class period are noted below. Each chapter has a set of objectives to let you know what you are expected to know. A Glossary and Practice Quizzes and Old Examinations are available online and in the text. The Glossary also tells you the pages in the text where that concept will be found.
Evaluation Procedures:
There will be three examinations given during the semester at dates that will be announced. Answers
will be partially multiple choice and partially written. In preparing for these examinations, you should answer all of the study questions are provided in the Objectives to each chapter. Unless otherwise informed, you are responsible for all of these questions. Each examination is worth 100 points and will take approximately 60 minutes. An old examination (all written) is available on the web site. Anyone who believes he or she cannot finish the exam in the required time needs to see the instructor before the examination. Make-up examinations are given to those who miss the examination with proper justification. Make-up examinations are all written. The total points for the examinations is 300.
There will be approximately 6 quizzes given on dates that will be announced and are listed on the schedule below. These will be worth 10 to 15 points each and will involve multiple choice questions. If a quiz is missed, it may be made up. Make-up quizzes are all written. The total points for the quizzes is 80.
There will be a final examination that will cover the entire course. The date is printed in the class schedule. 100 points will be for multiple choice questions and 100 points will be for a series of written questions. You will see the written questions in advance of the examination. An old multiple choice examination is on the web site.The total points for the final examination is 200.
Attendance and homework will be a large part of the grade. Two points will be awarded for attendance on days on which there is no quiz, no examination, and no homework due. The points will be based on participation in in-class activities, as shown by the turning in of in class activities.
Homework will be assigned in certain classes to be turned in at an assigned time. Homework assignments will be worth 10 to 20 points each. There will be no penalty for the first homework assignment that is turned in late. The 2nd and 3rd assignment that is turned in late will receive a two- point penalty. After the 3rd late homework assignment, no homework assignment will be accepted late. (Those missing assignments due to illness or other compelling reason should consult the instructor.) In no case will a late assignment be accepted later than two weeks after the date it was due. The homework alone is worth 140 total points.
Grading is set so that 90%+ is an A, 80-89% is a B, 60-79% is a C, and 50-59% is a D. There is no curve used. curve used. The total points for the entire course equals 720 plus the points for in class participation.
Anyone missing the first day of class will be dropped from the course.
Classroom Etiquette
1. You are expected to attend all class meetings and are responsible for all material presented and for any announcements made. Anyone wishing to drop the course must initiate the procedure, as drops will NOT be initiated by the instructor. FW grades will be given only to people who stop attending the class before the first midterm examination.
2. Please turn off all cell phones and pagers before the class begins. Ringing phones and pagers are distracting to the class. Anyone text messaging during the class time will be asked to leave the classroom.
3. Please do not leave the class until the class period is over. It is distracting when someone gets up and walks out of the classroom. If you know that you must leave the class early, please inform the instructor. You will be asked to sit close to the door so as not to distract the class when you leave.
4. Be on time. It is distracting when someone walks in late. If something occurs to make you late, do come in to the classroom. But try to be as unobtrusive as you can be.
Economics 102 Tentative Dates Monday/Wednesday Classes
Date Topic Assigned Reading
Class #1 (January 21) Introduction Chapter 1
Class #2 (January 26) The Nature of an Economy
Rational Decision Making Chapter 2
Class #3 (January 28 The Law of Demand
Price Elasticity of Demand Chapter 4
Class #4 (February 2) Quiz #1 Covering Chapters 1, 2, and 4
Determinants of Demand Chapter 5
Class #5 (February 4) Homework Assignment #1 Due
Supply; Equilibrium Chapter 6
Class #6 (February 9) Cases Using Demand and
Supply Analysis Chapter 7
Class #7 (February 11) Quiz #2 Covering Chapters 5, 6, and 7
Homework #2 Covering Chapters 5, 6, and 7 is Due
Price Floors and Ceilings Chapter 8
The Invisible Hand Chapter 9
February 16 Presidents; Day Holiday
Class #8 (February 18) Examination #1
Class #9 (February 23) Review Examination #1
The Role of Government Chapter 10
Class #10 (February 25) The Role of Government Chapter 10
Class #11 (March 2) Homework #3 Covering Chapter 10 is Due
Public Choice Chapter 11
Economics of Health Care Chapter 12
Class #12 (March 4) Quiz #3 (Covers Chapters 10, 11, and 13)
Consumer Decision Making Chapter 13
Valuing Nature
Costs of Production Chapter 14
Class #13 (March 9) Homework #4 is Due Covering Chapters 11, 13, and 14)
Costs of Production Chapter 14
Class #14 (March 11) Costs of Production in Chapter 15
the Long-run
Class #15 (March 16) Homework #5 is Due Covering Chapters 14 and 15)
Quiz #4 Covers Chapters 14 and 15
Market Structures Chapter 16
Perfect Competition
Economics 102 Tentative Dates Monday/Wednesday Classes
Date Topic Assigned Reading
Class #16 (March 18) Perfect Competition
Shut-Down Decision Chapter 16
The Supply Curve
March 23 and 25 Spring Break Holiday
Class #17 (March 30) Homework #6 is Due on Chapter 16
Finish Perfect Competition Chapter 17 (skip pp. 12-23)
Benefits to Society from Competition
Class #18 (April 1) Examination #2 (Covers Chapters 10, 11, 13-17)
Class #19 (April 6) Review Examination #2
Monopoly Chapter 18(skip pp. 8-11)
Class #20 (April 8) Political Economy Days
Class #21 (April 13) Monopoly Chapter 18
Price Discrimination Chapter 19
Class #22 (April 15) Natural Monopolies & Public Utilities Chapter 19
Monopolistic Competition Chapter 20
Class #23 (April 20) Quiz #5 (Covers Chapters 18 and 19)
Demand for Labor Chapter 22 (24 in the book)
Elasticity of Demand for Labor
Class #24 (April 22) Homework #7 is Due Covering Chapters 18, 19, 20
Supply of Labor Chapter 22 (24 in the book)
Wage Differences Chapter 23 (25 in the book)
Class #25(April 27) Wage Differences Chapter 23 (25 in the book)
Class #26 (April 29) Inequality and Poverty Chapter 25 (27 in the book)
Class #27 (May 4) Homework #8 is Due Covering Chapters 22, 23, 25
Quiz #6 Covering Chapters 22, 23, 25
International Trade Chapter 26 (28 in the book)
Class #28 (May 6) Examination #3
Classes #29 and #30 (May 11 and 13) Review Examination #3
Materials for Final Examination Distributed
International Trade Chapter 26 (28 in the book)