Principles of Microeconomics, Online Test Answers - DOC by jcy10708


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									                             Basic Microeconomics
ECRU1200 Fall 2007                                                   Dr. Gwendolyn Tedeschi
Sections 2 (10 AM), Section 3 (11:30 AM)                                    Tel: 718-817-3636
Office: E-520 Dealy Hall                                Email:
Office Hours: Mondays & Thursdays 4 – 5:30 PM or by appointment


This course will offer an introduction to the field of economics by examining how individuals
and firms help determine prices, exploring the government's role in economic policy and
investigating firms operating in various market situations. We will discuss economic theories,
which are sometimes abstract, and then learn how these theories are applied to the real
world. In order to further understand how these economic principles govern our everyday
actions, students will take part in classroom experiments in which they will see how the
economic concepts we cover in class influence our decision making processes.

                                        Class Materials
Our textbook for this course is Principles of Microeconomics, 4th Edition by Gregory Mankiw, a
textbook that I have used for many years. We will also be using Aplia, an online application
from economist Paul Romer. Aplia aims to get students more involved in learning economics
through on-line problem sets, experiments, and news analyses. (Payment for Aplia is not
required until 9/26/2007.)

You have three options for accessing the Mankiw text + Aplia, both of which are required.
1. Traditional: The bookstore offers a used textbook with an Aplia access card for $121.
2. Cheapest: You may purchase Aplia online for $60. Aplia offers all of the textbook
   chapters on-line, with a search feature. You can read the textbook from any computer,
   on campus and off, so long as it is connected to the Internet. As you will be unable to
   store the chapters for use off-line, you may want to either print the relevant parts of the
   text or plan on walking to the library when service in your dorm inevitably goes down.
3. Midrange: For those who prefer a non-virtual textbook, you may purchase Aplia online for
   $60, and then secure a used version of the textbook. Sources of used textbooks can be
   found all over the internet, but buy from a reputable dealer so that you get your book
   quickly. A 3rd Edition book is very similar to the 4th Edition and will be much less expensive.


                        Homework                           30%
                        Midterm Exams                      15% each
                        Final Exam (cumulative)            40%
   The exams are based mainly on problem sets and the concepts that we cover in class.
    Practice exams are available in Aplia under the heading “Course Documents.”
   If you must be absent for an exam, I will only give a makeup if I have prior notification
    (before the exam is scheduled to begin) and you have a doctor's note or other verifiable
    reason for missing the exam.
                                       Aplia Homework

   Homework assignments for each chapter are found on Aplia. Most of these assignments
    come in pairs of practice and graded problem sets, labeled I and II, respectively. Only
    the graded problem set will count toward the homework grade.
   The practice sets (“I”) give you immediate feedback about whether your answer is right
    or wrong and provides an explanation of the correct answer. Use them to check your
    understanding of the material before you move onto the graded problem set (“II”).
   Assignments are generally due at 9:00 AM on class days. You have homework for every
    chapter that we cover.
   Aplia graded assignments must be completed by the due date/time. You can change
    your answers as many times as you like before the due date has passed, but beyond the
    due date, the grade will be recorded and it will not be possible to change your answers
    or complete the assignment. The software does not care whether you have an excuse or
    not, so do these assignments early to avoid any emergencies. After the due date, you will
    be able to see the correct answers and the explanations.
   Since there are many problem sets and emergencies do occur, you might occasionally
    fail to complete a problem set. Therefore, I will drop the three lowest grades when
    calculating your homework grade.

                                   Economic Experiments

   In order to liven up the lectures and show that economic theory is based in reality, we will
    attempt several economic “experiments” over the course of the semester. Your active
    participation in these experiments, along with homework assignments based on these
    experiments, will be figured into your homework grade.
   Most experiments will be done outside of the Aplia framework, so there will be written
    problem sets that you must physically turn in to me at the beginning of class.
   If you miss class on a day in which we are having an Experiment, you may turn in the
    homework for credit. You may need to obtain the data from me or another student in
    the class to complete the homework. If possible, I will make the data available on Aplia,
    under Course Materials. The due date for the homework does not change if you miss the
    experiment itself.
                                              Course Outline
                                            (Subject to Revision)

                                    Mondays                               Thursdays

                                                            Chapter 1: Ten Principles of

                     Chapter 2:    Class WEDNESDAY
             10 – 14 Thinking like Chapter 3: Gains         Chapter 4: Demand & Supply
                     an economist from Trade
                                                            Chapter 7: Consumers, Producers &
             17 – 21 Chapter 4: Market Equilibrium
             24 – 28 Experiment: Snipe Market               Chapter 5: Elasticity
                       Chapter 6: Government Policies –
              1–5                                                          MIDTERM
                       Price Controls
                                                            Chapters 6 & 8: Government Policies
             8 – 12    No Class – Columbus Day
                                                            – Taxation

             15 – 19 Experiment: Drug Market                Chapter 10: Externalities
                       Chapter 11: Public Goods and
             22 – 26                                        Chapter 13: Costs of Production
                       Common Resources
                                                            Chapter 14: Firms in Competitive
             29 – 2    Experiment: Airplane Factory
                       Chapter 14: Firms in Competitive
              5–8                                           Chapter 15: Monopoly

                                                            Chapter 16: Oligopoly (not game
             12 – 16 Chapter 15: finish Monopolies
             19 – 23                MIDTERM                 No Class – Thanksgiving Break
                       Chapter 17: Monopolistic
             26 – 30                                        Chapter 16: Game Theory
              3–6      Chapter 22 Consumer Choice           Chapter 21: Frontiers of Economics

                       Experiment: The Market for Lemons
             10 – 14                                                     Reading Day
                       Last Day of Class
            17 (Mon) Section 3 (11:30 – 12:45) Final Exam @ 9:30 AM
            20 (Thur) Section 2 (10:00 – 11:30) Final Exam @ 9:30 AM
                                     Student Registration and Payment Instructions

Course Name: Basic Micro                         Professor: Gwendolyn Tedeschi
Start Date: 09/06/2007                           Course Key: D6MM-P5FN-YS66

You can begin working on your homework as soon as you register!
       • In this course, you will use a textbook and Aplia's website.
       • You have two purchase options.
       • You will have free access to the first four chapters of an online copy of your textbook at Aplia. You
         can access the remaining online chapters as soon as you submit a payment for your Aplia course.
       • Don't buy anything until you understand your alternatives.

Registration Instructions
     1. Connect to
     2. Click the System Configuration Test link below the Sign In and Register sections to make sure you
        can access all of the features on Aplia's website. This takes just a few seconds and tells you how to
        update your browser settings if necessary.
     3. Return to
             • If you have never used Aplia before, click the New Student button and enter your Course Key:
               D6MM-P5FN-YS66. Continue following the instructions to complete your registration.
             • If you have used Aplia before, sign in with your usual e-mail address and password and enter
               your Course Key when prompted: D6MM-P5FN-YS66. If you are not prompted for a new Course
               Key, click the Enter Course Key button to enroll in a new Aplia course. Enter your Course Key
               when you are prompted.
     4. If you understand your payment options, pay now. Otherwise, postpone your purchase decision by
        choosing the option to pay later. Your payment grace period ends at the end of the day on 09/26/2007.

Option A: Pay Aplia Directly
     • Purchase access to your course directly from Aplia on our website for $60.00 USD. The website
              - Access to an online copy of your textbook.
              - Content that has been customized for your textbook and course.
     • However, if you try using the online textbook and decide you would also like a physical textbook, you
       can order one from Aplia for $50.00 USD plus $7.50 for shipping and handling.
Option B: Purchase at Bookstore
     • Purchase a bundle from your school's bookstore, which includes:
             - An Aplia Access Card containing a Payment Code that you can enter on Aplia's website as
               payment for your Aplia course.
             - A physical textbook.

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