Econ 201 Principles of Microeconomics Fall 1996



Econ 201 Principles of Microeconomics Fall 2007

Dr. John Leadley Office Hours

Division of Business & Economics 10:00–2:00 T

105 West House 10:00–12:00 F

503–838–8719 and by appointment

leadlej@wou.edu

Course Description

Microeconomics deals with how businesses, consumers and owners of productive resources make decisions in a market economy and how those decisions affect social welfare. On the consumer side of the market, we will examine how individuals decide how much of each good to buy. On the production side, we will examine how firms decide what price to charge, how much to produce and how much of each productive resource to use, with special emphasis on the role of market structure (many small producers with easy entry or a few large ones with high barriers to entry). Throughout the course, we will apply economic models to government actions, such as environmental policy, minimum wage laws, and antitrust enforcement.

Text

Sexton, Robert L., Exploring Microeconomics, 3rd edition (South-Western, 2005).

Exams

There will be four exams, with each exam determining 1/4 of the course grade. The last exam will be given during final exam week, but will not be comprehensive.

Exam #1 Wednesday, October 10

Exam #2 Wednesday, October 24

Exam #3 Wednesday, November 14

Exam #4 Wednesday, December 5 @ 2:00

Assessment

To help assess student learning, the Economics Department is using the Test of Understanding of College (TUCE) as a pre- and post-test instrument in selected principles and intermediate theory courses. In this section of EC 201, extra credit will be awarded to students that participate.

Important Notices

Makeup exams will be provided in case of illness or other emergency. If possible, contact me before the scheduled exam time, either by phone or email.

Any student who may need an accommodation for any type of disability should make an appointment to see me during office hours the first week of the course and should contact the Office of Disability Services (838-8250v/tty) in APS 405.

Class Section Topic

1 TUCE

2 1.1, 2.1–2.6 Introduction to economics

3 1.2–1.6 Economic approach

4 Appendix 1 Using graphs

5 3.1–3.4 PPC model: opportunity cost, efficiency and growth

6 4.1–4.2 Determinants of demand

7 4.3 Demand curves

8 4.4–4.5 Determinants of supply & supply curves

9 5.1–5.2 Market equilibrium

10 5.3 Price controls

11 Review

12 Exam #1 Wednesday, October 10

13 6.1–6.2 Elasticity of demand

14 7.1 Consumer surplus and producer surplus

15 7.2 Market efficiency and welfare effects

16 8.1–8.2 Market failures: externalities and public goods

17 9.1 Consumer theory: measurement

18 9.2 Consumer theory: utility maximization

19 Review

20 Exam #2 Wednesday, October 24

21 10.1–10.2 Economic costs & short run production

22 10.3–10.4 Short run costs

23 10.5 Long run production and costs

24 11.1–11.2 Market structures & perfect competition

25 113–11.4 Perfect competition in the short-run

26 11.5–11.6 Perfect competition in the long run

27 12.1–12.3 Monopoly equilibrium

28 12.4 Is monopoly good or bad?

29 12.5 Government policy towards monopoly

30 13.1–13.3 Monopolistic competition

31 Review

32 Exam #3 Wednesday, November 14

33 13.5 Oligopoly–concentration and barriers to entry

34 13.6 Oligopoly–cooperative models

35 13.7–13.8 Oligopoly–noncooperative models

36 14.1 Input markets

37 14.2-14.3 Labor market

38 15.1–15.3 Income distribution and discrimination

39 16.1–16.3 Environmental policy

40 TUCE

Exam #4 Wednesday, December 5 @ 2:00

(for all sections of Ec 201)

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