Download Economics 105

ECON 105
PRINCIPLES OF MICRO ECONOMICS
Instructor, Professor Dennis R. Roth
Room 235 - Redline Bldg. Phone: 723-2210 - Ext. 5631
Room 417D – Education Center Phone 233-5900 - Ext 5550
e-mail: [email protected]
COURSE DESCRIPTION:
This course covers the major areas of modern economic theory and public policy. It also covers product prices, the firm under varying
conditions of competition and monopoly and factory pricing.
PREREQUISITES:
Reading 095 or pass Asset Test, Math 092, Math 093 or pass Asset Test
COURSE FOCUS:
The focus of this course is to introduce the student to the many aspects of micro economics in day to day life.
TEXT:
"Economics U$A", 6th Edition, by Edwin Mansfield & Nariman Behravesh
Published by W. W. Norton & & Co.,
.
ATTENDANCE POLICY:
Attendance will be taken in this class. Attendance is your responsibility. This class requires logical deductive reasoning and an
elementary understanding of basic mathematics. It is also a fast-paced class. All of this can be overcome by hard work and study on
your part. You will not pass this course by just coming to class. The material should be read before coming to class. Outside reading
will include the newspaper "U.S.A. TODAY" and "The Wall Street Journal".
GRADING POLICY:
The grading scale will be as follows:
90-100% = A
80-89% = B
70-79% = C
60-69% = D
Below 60% = Failure
Your final grade will be based on the average of the number of tests given, the project, plus bonus points gained by taking
unannounced quizzes. Quizzes missed may not be made up. Make-up tests are not given without prior notification of the instructor,
and must be made up within 10 days of the original test date. All make up tests will be lowered by 10 points. Any test not made
up within two weeks of the original test date will be considered a zero ( 0 ). Tests taken after the original test
date may be a different test than the class took. If a substitute test is used, it will
test the same objectives but may be different questions. Students with average grade of 100 or more
do not have to take the final.
COURSE GOALS:
The main goal of this course is to introduce the student to micro economics. The students should be able to understand what is
happening in the economic world around them. They should be able to read the paper or watch the news and understand what is being
said.
TENTATIVE ASSIGNMENT SCHEDULE
Chapter 1
Chapter 2
TEST 1
Chapter 15
Chapter 16
Chapter 17
TEST 2
Chapter 18
Chapter 19
Chapter 20
TEST 3
Chapter 21
Chapter 22
Chapter 23
TEST 4
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
TEST 5
What is Economics?
Markets and Prices
The Business Firm
Getting Behind the Demand & Supply Curves
Market Demand & Price Elasticity
Economic Efficiency, Market Supply & Perfect Competition
Monopoly & Its Regulation
Monopolistic Competition, Oligopoly & Antitrust Policy
Pollution & the Environment
The Supply & Demand for Labor
Interest, Rent, & Profit
Poverty, Income Inequality, & Discrimination
Economic Growth
Public Goods & the Role of the Government
International Trade
Exchange Rates and Balance of Payments
COURSE OBJECTIVES:
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grasp what economics is
define opportunity cost
interpret the impact of economics on society
interpret the production possibility curve
define scarcity
differentiate consumers and firms
grasp supply and demand
define markets
analyze the price system
define equilibrium
define proprietorship
define partnerships
define corporations
illustrate the law of diminishing marginal returns
define types of inputs
build the demand curve
build the supply curve
illustrate marginal costs in the short run
examine price elasticity of demand
examine price elasticity of supply
examine income elasticity
define short run marginal cost
define perfect competition
examine resource allocation in perfectly competitive markets
examine firm output
illustrate market supply curves under perfect competition
define monopoly
build market demand curve in monopoly
examine market supply curve in monopoly
compare perfect competition and monopoly
define oligopoly
define monopolistic competition
examine price and output in the short run
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define nonprice competition
examine competition in different markets
examine our environmental problems
define pollution
examine external diseconomies
examine supply and demand for labor
define equilibrium wage and employment
examine the market demand and supply for laber
examine labor unions
define interest
define rent
define profit
examine income inequality
define poverty