DEPARTMENT OF ECONOMICS
Instructor: Professor Simon Hakim
Ritter Annex R-815, Telephone (215) 204-5037
Microeconomic Principles (Econ. 1102/401), TUCC Room 408, Tuesdays
5:30-8, Office hours: Tuesdays at TUCC 4:30-5:30 or by appointment at my
office on Main Campus.
Text: David Colander Microeconomics, Irwin, McGraw Hill, N.Y., N.Y.
Required reading: Friedman, Milton and Rose, Free to Choose, Avon
Books, New York.
Work Book: Colander, David, Microeconomics Study Guide, 8th edition.
Instead, you may be able to use the Internet with a special card that provides
free access for 6 months. http://www.mhhe.com/economics/colander6.
ECON 1102: Microeconomics The course will examine
a. the use of supply, demand, equilibrium, and elasticity in analyzing
b. how households and firms maximize in the short and long run.
c. the use of opportunity cost in the allocation of scarce resources.
d. perfectly and imperfectly competitive market structures.
e. Market failure and government intervention.
Goals and methods used to attain them:
1. Learning the principles and theory of Microeconomics
Methods: Reading the textbook, lectures, and reading the Friedman
book for the powers of market forces.
2. Relating the theory to real world events
Method: Preparing “what’s new” presentations, and submitting a
written report. For the application of microeconomic theory to other
social phenomena: Friedman’s book and Gary Becker’s writing.
3. Enhance student’s independent efforts and creativity
Method: “What’s New” and the report that follows it.
Three exams will take place. First exam: Chapters 1-7. Second exam:
Chapter 8-10. Third exam: Chapter11-13. Each exam will include material
which was covered SINCE the earlier exam. Exams include:
-- The material from the text and the instructor's lectures.
-- End of chapter and study guide questions.
-- Current economic issues.
The last test includes additional questions from Friedman's book on
December 14, 2011 in our regular classroom with NO possibility to have any
other date for the exam. Attendance in all exams is required.
It is recommended that students read in advance the chapters of the week
and solve end of chapter questions on the weekend before the Tuesday and
Thursday classes. After class, students should concentrate on solving
questions from the study guide. The entire book by Friedman should be read.
Questions on the book will be part of the final exam. It is recommended to
start reading the book in the beginning of the semester and take notes.
The instructor will notify at the end of each class the chapter (s) in the book
and additional readings required for the next class. Students are suggested to
cover the material and answer in writing all ends of chapter and study guide
questions. At the beginning of each class, students are encouraged to raise
questions pertaining to unclear information for discussion.
Students are required to read the book by Friedman. Questions on the book
will be included in the final exam. It is HIGHLY recommended to start
reading the book at the beginning of the semester. In the last week of
classes, if time permits, we will discuss the book by Friedman. It is
suggested that students choose a chapter of the book for their presentations.
The discussion should be enhanced by relevant experiences supporting or
contradicting Friedman’s models. Presentations should last up to 15 minutes.
At the beginning of each class, we will spend 10 to 20 minutes discussing a
current economic topic and its relation to economic theory. Students are
requested to read an economic newspaper and/or magazine on a regular
basis, and present a detailed article that incorporates a description and
analysis of an economic trend or event. It is highly recommended that
students use PowerPoint for their presentation. Students are encouraged to
form a group of 2-3 students for a joint presentation.
Students are requested to be in the room before class starts. It is very
disturbing when students enter late. Also, please refrain from bring food to
class. Beverages are allowed. When you enter call, please MAKE SURE
THAT CELLULAR PHONES ARE TURNED OFF.
All announcements will be made in class. Non-attendance is not a
justification for not completing course requirements.
Composition of grade:
Exams 60 Percent
Homework assignments 20
Presentation of economic news, Friedman’s book & participation 20
Topics and Chapters covered in class: Chapters 1 through 13 and the book
by Milton and Rose Friedman, Free to Choose.