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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