Utah Valley University Woodbury School of Business Fall Semester 2008 Syllabus Microeconomics: MGMT 2010 TR (Section 01) Instructor: Dr. Abdus Samad Office Room: BU 228 Office Hour: TW R 10 AM -11:30 AM + walk in or by appointment OFFICE PHONE: 863-8368 e-mail: <firstname.lastname@example.org> COURSE NUMBER: MGMT 2010 COURSE TITLE: Microeconomics REQUIRED Economics, 17th edition by McConnell and Brue TEXTBOOKS: Study Guide READING LIST: ECONOMICS by Michael Parkin, 4th edition, 1998 MICROECONOMICS by Parkin and King (optional) EONOMICS by Lipsey, Steiner, and Courant ECONOMICS by Paul Samuelson CLASS MEETS: TR WB ROOM 240 AT 8:30 – 9:45 AM COURSE OBJECTIVES: This introductory course in microeconomics familiarizes students with the economic way of thinking, economic concepts, and economic decision making. This enables students to understand economic theories that seek to predict and explain economic behavior. After completing the course, students should be able to understand: why economic questions arise from scarcity (limited resources); how prices are determined and why they change; the meaning of demand and supply elasticities and the relationship between elasticity and total revenue; the effects of price controls and taxes on goods and services traded and consumed; factors determining costs and the nature of costs; and how firms, under different market conditions, make price and output decisions. TEACHING APPROACH Concepts will be explained/discussed in class. Your participation is required. Do not miss the class. Additional materials will be handed out to you for augmenting your understanding. EXAM POLICIES There will be total of 3 exams, therefore, there is no mid term exam. Due dates of exams and the locations are provided below. If you miss any exam—regardless of the reason—will receive a maximum of 25% of the exam if the instructor is satisfied. Exam schedules: Test # Date Location Test # 1 October 2, 3 and 4 Testing Center Test # 2 November 6, 7 and 8 Testing Center Test # 3 December 11 In class Quiz Policy: There will be surprised quizzes, usually after the end of chapter/s. So, do not miss the class. There is no make up quiz. Home work Policy: There will be four homeworks. These homeworks will not be graded and are given to enhance your understanding. The homework must be turned in due date announced in the class. Solutions of homework will be given in that class. GRADING Breakdown % of Course Grade Test # 1, and Test # 2 50% Quizes 20% . Final Examination 30% 100% GRADING SCALE A: 93.0 & up B-: 80.0 – 82.9 D+: 67.0 – 69.9 A-: 90.0 – 92.9 C+: 77.0 – 79.9 D: 63.0 – 66.9 B+: 87.0 – 89.9 C: 73.0 – 76.9 D-: 60.0 – 62.9 B: 83.0 – 86.9 C-: 70.0 – 72.9 E: Below 60.0 IMPORTANT POLICIES AND EXPLANATIONS Examinations: Exams #1, 2, and 3 will be available in the Testing Center and may be taken at any time on the three days scheduled between Thursday, Friday and Saturday. You are responsible for knowing when the Testing Center is open. Allow up to two hours to take a exam. Class will be held on the day of an exam. Under exceptional circumstances, such as a death in the family, an exam may be taken late with a maximum credit of 25% , providing timely arrangements are made with the instructor. Adjust your work and family schedules according to exam date before you take this course. Progress Reports: An up-to-date Progress Report will be handed out to each of you periodically in class or in my office, if you miss class or and on my ftp side. Click on:ftp://ftp.business.uvsc.edu/samadab. This will enable you to answer the question: “How am I doing do far?”. Total scores for all tests, team project and the home work will be provided in class or on ftp. Hand out, Practice questions and other important announcement or information will be provided on ftp side. Please check regularly my ftp side. Feel free to make copies for your use. In the past, many students have benefited from working through such practice questions. ATTENTION STUDENTS WITH DISABILITIES If you have any disability which may impair your ability to successfully complete this course, please contact the Accessibility Services Department (BU-146). Academic accommodations are granted for all students who have qualified documented disabilities. Services are coordinated with the Accessibility Services Department. Policy on Academic Dishonesty: Students of this class are expected to support an environment of academic integrity, have the right to such an environment, and should avoid all aspects of academic dishonesty. Academic Honesty Academic dishonesty may be defined as the deliberate use of unethical practices in the submission or completion of work in connection with this class, and/or cheating in any form. Violators of this policy will be subject to disciplinary action. In keeping with UVSC policy, evidence of academic dishonesty may result in a failing grade in the course and disciplinary review by the college. Examples of academic dishonesty include plagiarizing, faking of data, sharing information during an exam, discussing an exam with another student who has not taken the exam, consulting reference material during an exam, and submitting a written assignment which was authored by someone other than yourself. This is not intended as an exhaustive list; additional information on this topic is published in the student handbook and is available through the UVSC office. MGMT 2010: Microeconomics COURSE OUTLINE Week Number Topics Study Guide 16th ed. Reading Sections Assignments (McConnell and Brue) 1 . LAST WEEK OF Introduction Chapter 1 August Scarcity, Choice, definition of (McConnell and economics Brue) Economic Questions pp. 3-4, 9-10 and Micro- vs. Macro-economics, appendix chapter 1 Normative VS Positive Economics 2 . WEEK 1 Wants and resources: Factors of Chapter 2 (September: Production (McConnell and The Production Possibilities Brue) Frontier (PPF) Curve pp. 22- 34 Opportunity Cost, Calculating Opportunity Cost Opportunity Cost Problems Economic system Market system Chapter 4 (McConnell and Brue) The U.S. Economy: Private and Chapter 5 Public Sector (McConnell and Brue) pp. 73-82, 85-87 3 WEEK 2 & 3 Demand & Supply Chapter 3: (September): Definitions of demand, etc. (McConnell and Law of demand Brue) Determinants of demand pp. 39-44 Demand Schedule and Curve . Why demand curve downward Sloping: Income & Substitution Effect Changes in Quantity Demanded Changes in Demand Factors for changes in demand Definition of supply pp. 45- 47 Law of supply Determinants of supply Supply Schedule and Curve Changes in Quantity Supplied Changes in Supply Factors for changes in supply 4 WEEK 4 Continue Chapter 3: (September): Equilibrium price and quantity (McConnell and Shortages & Surpluses Brue) Changes in demand alone pp. 48-52 Changes in supply alone Changes in both demand and supply 5 Continue WEEK 5 Price Ceilings and Floors Chapter 3: (September): (Price Controls) (McConnell and Algebra of Equilibrium . Brue) pp. 52-54 Chapter 5 6 Review of Exams and Week 1 (October) EXAM 1 COVERS Ch 1, 2, 3, 4 and 5 7 WEEK 1 & 2 Demand Elasticity . Chapter 7: (October) : Price Elasticity of Demand (PED) (McConnell and Total Revenue and Demand Brue) Calculation of PED pp. 112-119 Inelastic and Elastic Demand Factors that influence PED and shapes of demand curves Elasticity and total revenue Fall Break 8 . WEEK 3(October): Other Elasticities Chapter 7 continue (McConnell and Supply elasticity Brue) Income Elasticity pp.120-124 Cross-Price Elasticity Price Elasticity of Supply Elasticity Application: Sales Taxes 9 Consumer Behavior . Chapter 8 Week 4(Ocober) Income and substitution effect, Law of (McConnell and DMU, Theory of consumer behavior Brue) Preference & Utility pp. 128-135, 142-146 Indifference Curve Budget line and optimal bundle Utility Maximization ) EXAM 2 COVERS Ch 7 and 8 10 WEEK 5 Costs and Production (October): Economic Cost: Explicit and Chapter 9: implicit. . (McConnell and Economic, accounting, and Brue) normal pp. 148- 151 profits; differences and calculation Short run vs. long run Production in the Short Run: TP, MP, and AP defined Law of diminishing returns Marginal vs. Average Product 11 Continue WEEK 2 Short-Run Costs Total Costs (TC, TFC, TVC) (November) : Chapter 9: Average Cost (ATC,AVC, AFC) (McConnell and Marginal Cost (MC) Brue) pp. 154-160 Why ATC & AVC are U-shaped Relationship between product and cost curves Long-Run Costs Long Run Average Cost Curves Economies of Scale Diseconomies of Scale Production and Cost Problems - Isoquants - MRTS - Isocost - Choosing optimum inputs 12 WEEK 3 Chapter 10: (November): Pur/ Perfect Competition (McConnell and Four market Brue) Characteristics Teacher’s handout pp. 169- 188 Price Taking Behavior Demand, Price, and Revenue: Economic and Normal Profit See Lecture notes Revenue: TR, MR, and AR on ftp side 13 WEEK 4 -continued Chapter 10 (November): Firm Decisions in the short run: Continue Output decision: 2 methods Shutdown decision See Lecture notes Supply curves: firm & industry on ftp side Output, Prices, and Profit: Short-run equilibrium additional practice Effect of changes in demand problems will be Understanding normal profit assigned Three possible profit outcomes Output & Profit Calculation Problems 14 WEEK 5 -continued Chapter 10 (November): Firm Decisions in the Long Run: Continue Entry and exit Change in plant size Long-run equilibrium Firms earn only normal profit 15 WEEK 1 Pure Monopoly Chapter 11: (December): Introduction to Monopoly, See Lecture notes (McConnell and How monopoly arises i.e. Barriers to on ftp side Brue) entry pp. 194- 211. Monopoly demand, MR See handout too Output and price determination Single-price monopolies Price discrimination Monopoly vs. perfect competition Comparison for efficiency 16 WEEK 2 Monopolistic Competition See Lecture notes Chapter 12: (December): on ftp side (McConnell and Brue) pp.216-224. Technology and Efficiency Chapter 13 Govt. & Market failure Chapter 17 Revision for final exam FINAL EXAMS: Chapters for final exam will be announced in the class Note: a) Instructor reserves the right to change exam date/s. b) Instructor reserves the right to add and drop topic/s depending upon the progress and the performance of the class. I wish you the best of luck !
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