Economics 11



Syllabus – EC 11 - Summer

M. LeClair

This course covers the theory of the consumer and the theory of the firm. Economics in general addresses the concept of scarcity, and how economic agents act to maximize their welfare under conditions of scarcity. Consequently, our theory of the consumer will examine how consumers maximize satisfaction with limited incomes. Our theory of the firm will analyze how firms maximize production and profits with limited inputs under different market conditions.

This online version of EC11 will entail multiple components designed to assist you acquiring the fundamentals of microeconomics. We will be “zooming” twice per week. Not only will material be covered in these zoom sessions, but it will give you the opportunity to ask questions about any topic you wish. At the beginning of each week, you will be sent Powerpoint slides that cover that week’s material. In addition, I will be uploading two videos to my webpage each week. These will provide an overview of the material covered in the Powerpoint slides.

Midterms will be emailed to you on the day of the exam, due back after two hours. The final will be administered in the same fashion, only a three-hour time block will be provided. In order to take this course, you must have access to wifi and a home computer or tablet. As all material will be submitted electronically, you do not need a printer.

Learning Objectives

This is the introductory class in microeconomics. By the end of the semester, you should have a thorough understanding of optimal firm and consumer behavior. Liberal use of graphs should be anticipated, and students are expected to be able to address economic questions in a graphical framework. The linkages between course material and real world examples will be stressed, and students are expected to possess the microeconomic tools for analyzing economic issues by the end of the term. The final section of the course will cover market failure – instances where markets may not be the best way of organizing production.

Measured Learning Outcomes

The Economics Department has established the following learning outcomes:

• By the end of the semester, students in principles of economics should be able to:

o Use theory to describe economic events

o Demonstrate use of quantitative skills

o Use models to evaluate public policy or economic theory

• In addition to the above, upper-division economics students should be able to:

o Formulate and empirically testable hypothesis

o Acquire data for analysis and use of software appropriate to the task

The Department conducts periodic review of student outcomes. As part of that process, you may be asked to turn in multiple copies of some assignments.

Core Pathways

Principles of Microeconomics is part of the social science core. In terms of the Core Pathways, social science courses provide you with a solid background in quantitative reasoning, and the knowledge needed to actively connect with civic engagement.

Readings

All readings are taken from Microeconomics, by Boyes and Melvin (9th edition or later).

Distributions of Powerpoint Slides

Date Chapters Topics

5/26 1,2 Introduction, Opportunity costs and Production Possibilities Curves

5/27 3,4 Supply and Demand

Application: Government intervention in agriculture and housing

Markets

5/28 Continued

6/1 5 Elasticities and Taxation

Application: Why the government taxes liquor and cigarettes

6/2 Continued

6/3 6 Consumer Welfare

Application: Food stamps and consumer behavior

6/4 Continued + Review for midterm

6/8 Midterm 1

6/9 7,7A Production Theory

Application: Setting up a production schedule for a hot dog

Restaurant

6/10 7,7A Output, Revenue and Costs Financial & Income Statements

6/11 Continued

6/15 9 Perfect Competition

Application: Can a newspaper seller charge a different price for a

copy of the Connecticut Post

6/16 Continued + Review for second midterm

6/17 Midterm 2

6/18 10 Monopoly

Application: Aquarion Water Company, and the limits of monopoly

Power

6/22 11 Monopolistic Competition

Application: What makes one pizza more expensive than another?

6/23 11 Oligopoly

Application: Video from A Beautiful Mind

6/24 Continued

6/25 13 Market Failure, Externalities and Public Goods

Application: Living at the beach and negative externalities

6/26 Final Exam

Dates of Zoom Sessions, videos and Material Covered

Date Zoom/Video Material Covered

5/26 (Tuesday) Zoom (6:00) Introduction

5/27 (Wednesday) Video PPC’s and Supply and Demand

5/28 (Thursday) Zoom (6:00) PPC’s and Supply and Demand

6/1 (Monday) Video Elasticities

6/2 (Tuesday) Zoom (6:00) Elasticities

6/3 (Wednesday) Video Consumer Welfare and Utility

6/4 (Thursday) Zoom (6:00) Consumer Welfare and Review for Midterm

6/8 (Monday) ***Midterm***

6/9 (Tuesday) Video and Zoom (6:00) Production Theory

6/10 (Wednesday) Video Cost Curves and Maximization

6/11 (Thursday) Zoom (6:00) Cost Curves and Maximization

6/15 (Monday) Video Perfect Competition

6/16 (Tuesday) Zoom (6:00) Perfect Competition and Review for Midterm

6/17 (Wednesday) ***Midterm 2***

6/18 (Thursday) Zoom (6:00) and Video Monopoly

6/22 (Monday) Video Imperfect Competition (Monopolistic

Competition and Oligopoly)

6/23 (Tuesday) Zoom Imperfect Competition (Monopolistic

Competition and Oligopoly)

6/24 (Wednesday) Video Market Failure

6/25 (Thursday) Zoom Market Failure and Review for Final Exam

6/26 (Friday) ***Final Exam***

Evaluation

As noted in the schedule above, there will be two midterms during the course of the semester, followed by a final exam on the last day of class. In addition, students will complete four homework assignments. These will be weighted as follows:

Midterm 1 25%

Midterm 2 25%

Homework 20%

Final 30%

Students who wish to do well in the course will benefit from doing the readings prior to class. Students are encouraged to read the Wall Street Journal, Barron’s, the Economist, or other business/economics journals as a means of reinforcing the course material.

Homework

The homework assignments are on my webpage. The due dates are:

Homework 1 Supply and Demand Due 6/1 (Monday)

Homework 2 Elasticities Due 6/4 (Thursday)

Homework 3 Utility Due 6/11 (Thursday)

Homework 4 Cost Curves Due 6/15 (Monday)

Homework 5 Perfect Competition Due 6/22 (Monday)

Although, as you can tell, I am trying to work around the exams, the homework assignments cover the topics on the exams, and are excellent preparation for the tests.

Important: All homework assignments should be completed in excel and word and attached to an email. Do not due the written part of the assignment by hand, as this will create unneeded problems with scanning/photographing when you turn in the assignment.

My Webpage

As noted, both the homework assignments and the videos will be available on my website at:

faculty.fairfield.edu/mleclair

In the interest of not creating extra work for you, I will be emailing. the Powerpoint slides to each of you. Due to memory constraints, however, I cannot email the course videos, so you must go to my website to view these.

Academic Honesty

All students are expected to conform to the code of academic honesty of the University. You should read the section in the University catalogue that describes academic honesty, and make sure you understand it. Homework should be done independently, and collusion on exams will result in a failing grade on that test, and possible referral to the Dean’s Office.

Office and Office Hours

As this is an evening course, I will be available, via zoom during the ½ hour prior to class on Tuesdays and Thursdays (5:30-6:00) for questions. You can either log in early to our zoom session, or simply hold your questions until “class” begins at 6:00.

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