Economic Principles I - Microeconomics (ECON 201) Syllabus ...

LOYOLA UNIVERSITY Rome Center

Economics Department

Economic Principles I - Microeconomics (ECON 201) TR 3:40pm ? 4:55pm Spring 2018 Syllabus

I. GENERAL INFORMATION

Instructor: Marshall Langer

Office hours: By appointment (convenient times: R 6:15 ? 7:15pm)

Telephone: +39 347.1763096

Email:

mlanger11@

Background: Wall Street; corporate management, economic analysis, strategic planning. Wharton MBA.

II. COURSE INFORMATION

1. Course Description. The course introduces the student to the principles of microeconomics and the

microeconomic way of thinking. The course shows the student there is a certain logic and quantitative approach to examining consumer and firm behavior. Topics include supply and demand, elasticity, market efficiency, taxation and impacts, externalities, public goods and free rider problem, common resources and the tragedy of the commons, production and costs, competitive firm pricing and output, monopoly firm pricing and output, monopolistic competitive firm pricing and output, oligopoly firm pricing and output, game theory, markets for factors of production, wage earning, and poverty.

2. Learning Objectives.

A. Apply microeconomic principles to develop accurate assessments of markets and firms.

B. Grasp concepts related to public goods, taxation, and competition.

C. Think opportunistically based on real world economic principles.

D. Produce effective, realistic, economically sound quantitative analyses (in Excel).

III. LEARNING ACTIVITIES

1. Interactive class discussion. Classes are highly interactive. Instructor prompts students for response to questions posed and solicits his/her thoughts on issues discussed. Format is probing and direct. Additionally, instructor provides concrete, real-world examples to illustrate concepts. Lecture format reinforces by example appropriate methods for asking questions, gaining relevant insights, and making appropriate recommendation. (Contributes to Learning Objectives A, B, C, D)

2. Presentation of textbook readings. Textbook and other assigned readings (assigned according to the schedule in section VII of this syllabus) present relevant topics, which are covered more depthfully in class lecture. In class discussion of readings, instructor highlights most relevant reading topics and shows by example how to present data in a stimulating way, consistent with achieving course objectives. (Contributes to Learning Objectives A, B, C)

3. Case Study and/or Article Presentation. Case studies and articles are used to further illustrate real-world examples of subject topics. For all assigned cases/articles, students should be prepared to answer questions about the case/article and be able to illustrate its subtler aspects. For select cases/articles an individual written submission is due. For select cases/articles students will be selected to make a presentation. In class discussion of case studies/articles serves to highlight analytical methods, indicating specifically, ways to discern the most relevant focal points. (Contributes to Learning Objectives A, B, C, D)

-1-

ECON 201 Spring 2018

IV. ASSESSMENT

35% Midterm exam 40% Final exam 5% Presentation of case study, article 5% Homework 15% Quizzes and class participation

1. Exams. Exams will be composed of essay questions that test your ability to apply concepts discussed through the exam date. (Measures Learning Objectives A, B, C)

2. Case/Article Analyses. All cases/articles should be prepared for class. For select cases/articles, where indicated, an individual written submission is due and is assigned based on the schedule in section VII of this syllabus. Additionally, for select cases/articles students will be selected to make a presentation. Your grade for the presentation will reflect much new insight you teach the class (rather than repeat the facts). (Measures Learning Objectives A, B, C)

3. Homework. You will be assigned exercises from each chapter covered. The assignments will usually be due the following class. No late homework accepted. (Measures Learning Objectives B, C)

4. Quizzes. Short, in-class quizzes will test your comprehension of course materials to date. (Measures Learning Objectives A, B, C)

5. Class Participation. You will be graded on the quality of, and demonstrated insight of, your inclass comments, including comments related to answers to assigned problems. (Measures Learning Objectives A, B, C, D)

Attendance Policy In accordance with the JFRC mission to promote a higher level of academic rigor, all courses adhere to the following absence policy:

? For all classes meeting once a week, students cannot incur more than one unexcused absence. ? For all classes meeting twice a week, students cannot incur more than two unexcused absences. ? For all classes meeting three times a week, students cannot incur more than two unexcused

absences.

This course meets two times a week, thus a total of 2 unexcused absence(s) will be permitted. Unexcused absences beyond these will result in a lowering of your final grade.

Grading 94-100: A 90-93: A87-89: B+ 84-86: B 80-83: B77-79: C+ 74-76: C 70-73: C67-69: D+ 60-66: D 59 or lower: F

-2-

ECON 201 Spring 2018

Academic Honesty Plagiarism and other forms of academic dishonesty are unacceptable at the JFRC and will be dealt with in accordance with Loyola University Chicago's guidelines. Please familiarize yourself with Loyola's standards here: . You are responsible for understanding what constitutes plagiarism according to the LUC Student Handbook. Disabilities Students with documented disabilities who wish to discuss academic accommodations should contact me the first week of class, as well as the Senior Academic Services Advisor.

-3ECON 201 Spring 2018

V. REQUIRED COURSE READING MATERIAL

1. Required reading:

Code

Title

Obtained by student: PM Mankiw, Principles of Microeconomics, 7th Edition, Cengage, 2014

Available on Amazon @

Distributed electronically by instructor:

EM Hooke, Emerging Markets, A Practical Guide, Wiley, 2001

KR Krugman, Obstfeld, International Economics: Theory and Policy, 7th Edition, Pearson, 2005

NE Lewicki, Litterer, Negotiation, Irwin, 1993

--

Select articles and cases as detailed in Section VII

VI. SUGGESTED ADDITIONAL READINGS

1. Books.

Hill, Think and Grow Rich, St. Martin's Press, 2001 Friedman, The World is Flat, Picador, 2007 Samuelson, Economics, McGraw-Hill, 2004 Rolfe, Monkey Business, Warner Books, 2001

2. Internet Sites.

for US Bureau of Labor Statistics for public company filings (all U.S. public plus foreign public with U.S. listings) for summary company info, comparables search, etc. textbook/stathome - for straightforward explanations of statistical terms and concepts - for terms - fed operations video - Charlene Barshefsky (USA trade rep)

3. Periodicals.

Business Week, Harvard Business Review, Sloan Management Review, The Economist

-4ECON 201 Spring 2018

VII. CLASS SCHEDULE & HOMEWORK

Please note: You are not required to make a written submission unless instructed to do so. Reading should be completed prior to class. You should read the introduction at the beginning of each chapter and the conclusion as the end plus the assigned sections below.

Instruction /

Topic /

Reading Assignment

# Date

Activity

Written Assignment Due (if any)

(Read for assigned class)

INTRODUCTION TO MICROECONOMICS

1 T 01/16 Introduction

Course introduction.

--

2 R 01/18 Lecture

Introductory microeconomic concepts.

PM: 1-2, 1-3

PM: 2-1f, Table 1 p32

FUNCTIONING MARKETS

3 T 01/23 Lecture

Supply and demand forces.

PM: 4-2c, 4-3c, 4-4

4 R 01/25 Lecture

Elasticity

PM: 5-1a-b, 5-1d, e, g,

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5-2

Video

Milton Friedman on global economics

See:



Government Action

5 T 01/30 Lecture

Government intervention

PM: 6-1a-b, 6-2a-b

------------- ---------------- --------------------------------

Films

Government intervention in China markets:

-Deng Xiaoping

-

6 R 02/01 Review

Review

--

7 T 02/06 Excel

Excel

Optional Excel

reading posted

mydrive

8 R 02/08 Excel

Excel

--

Taxation

9 T 02/13 Lecture

Taxation costs.

PM: 8-1

Tax spending, laws, forms, works.

PM: 12-1

------------- ---------------- --------------------------------

Films

See:

Fed today:

Money for Nothing (49-1.02 min):

10 R 02/15 Article

IMF/World Bank article

Posted with class

------------- ---------------------- -----------------------

Videos

Life and Debt (Efficiency, government intervention in the Jamaican Economy)

notes included

IMF:

World Bank:

11 T 02/20 Guest Lecture

Shawn Slon, Former financial executive and day trader

--

Topic: Frim economic analysis and day trading

PUBLIC SECTOR ECONOMICS

12 R 02/22 Lecture

Externalities

PM: 10-1b-c, 10-2a-b

13 T 02/27 Guest Lecture

Giovanni Rizzo, Italian Ministry of Economic Development

--

Topic: Game theory

14 R 03/01 Lecture

Public goods and common resources

PM: Chapter 11 (all)

-- T 03/06 No Class

--

--

-- R 03/08 No Class

--

--

15 T 03/13 Review

Midterm Exam review.

--

16 R 03/15 Exam

Midterm Exam.

--

-5ECON 201 Spring 2018

Instruction /

Topic /

Reading Assignment

# Date

Activity

Written Assignment Due (if any)

(Read for assigned class)

FIRM BEHAVIOR AND INDUSTRY ORGANIZATION

17 T 03/20 Activity

Class activity.

--

18 R 03/22 Lecture

Production costs.

PM: 13-1, 13-3a-b

19 T 03/27 Guest Lecture

Alessandro Albanese, Economist ? Roma Tre University

--

Topic: European economics and finance; ECB

20 R 03/29 Lecture

Monopoly

PM: 15-1, 15-4d

------------- ---------------- -------------------------------- --------------

Case study

Monopolistic competition and oligopoly.

PM: 16-1

---------------- -------------------------------- --------------

Microsoft case

PM: p363

21 T 04/03 Lecture 22 R 04/05 Lecture

Econometric forecasting.

TRADE Trade ? comparative advantage Trade ? actions: tariffs, subsidies

Optional readings Excel basics 1 & 2

PM: 3-1b, 3-2a-c, 3.3b PM: 9-1b, 9-2a-c

23 T 04/10 Lecture

Negotiation.

Optional reading IF: C19 w notes

NE: Negotiation

POVERTY AND DEVELOPING COUNTRY ECONOMICS

24 R 04/12 Lecture

Developing country economics.

KR: C22 p606-p625

Table 22.2

---------------- --------------------------------

Optional reading:

Optional reading

Emerging market characteristics/specific economic issues (optional)

EM: C2,3 p26-p44

------------- ---------------- --------------------------------

p46-p54

Video

Jeffrey Sachs in Bolivia:



25 T 04/17 Lecture

Poverty and inequality.

20-1a, d, 20-3

26 R 04/19 Lecture

Final Exam review.

--

27 TBD Exam

Final Exam.

--

-6ECON 201 Spring 2018

HOMEWORK

Homework questions by chapter listed below. Homework must be submitted before the class that follows the in-class presentation of the relevant course material, unless instructed otherwise. Please send all homework to zhomework11@. It will not be graded, but marked that you submitted it. Answers will be provided afterward.

MC = End of chapter multiple choice questions Problems = End of chapter short answer questions

Chapter 1 2 3 4 5 6 8 9 10 11 12 13 15

16 20 KR-C22

Type of question Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions:

Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: EOC problems

Question # MC: #2, 4, 6 Problems: #5, 6, 11, 12 MC: None Problems: #4a, 5 MC: #2, 4, 5 Problems: #5, 7, 9 MC: #2, 3, 5, 6 Problems: #2, 4a, 7, 9 MC: #1, 2, 5, 6 Problems: #2, 4, 8, 11 MC: #3-6 Problems: #3b, c, 5, 6, 10 MC: #1, 2, 6 Problems: #2, 3, 5, 8 MC: #3, 4, 5 Problems: #4, 6b-d, 7, 10b MC: #1, 3 Problems: #1, 3a, c, 5, 7 MC: #3-6 Problems: #1a, 2, 4, 10 MC: #1, 3, 6 Problems: #5, 7, 9 MC: #3, 4, 6 Problems: #3a, 5, 10 MC: #1,6 Problems: #3, 7a, 8

MC: #1, 3, 5, 6 Problems: #2, 3, 10c, d MC: #1, 6 Problems: #2, 8 Questions: #3 - 8, 11, 12

Chapters not used in syllabus, extra FYI ? answers posted on mydrive (see section V-2 for logon)

Chapter 7 14 17 18 19

Type of question Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions: Quick check multiple choice: Problems and applications questions:

Question # MC: #2, 3, 4, 6 Problems: #4, 5, 10 MC: #1, 2,3,5,6 Problems: #3, 5, 9a, c, 12 MC: #3, 4, 6 Problems: #2, 3, 5, 7, 9 MC: #2, 3, 4, 6 Problems: #2, 3a-c, 6, 7a, b, 9 MC: #1-4 Problems: #2, 5, 6

-7ECON 201 Spring 2018

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download