Professor:
Pareena G. Lawrence Phone: 320-589-6200
Room:
IH 111 Time: TTh 10 am to 11.40 am
Office:
ECON 1111: PRINCIPLES OF MICROECONOMICS
Syllabus
Econ 1111 is the first formal
exposure that students have to the world of microeconomics. Microeconomics
introduces you to the study of the allocation of scarce resources by individual
economic actors in a market economy. Our discussion in this course will include
the role of markets (supply and demand), an analysis of consumer and household
behavior, an explanation of firm behavior, the influence of various
market structures on firm behavior, and, to a lesser extent, the operations of
input markets. In addition, government intervention
in market outcomes for the purpose of efficiency in the event of inefficient
private resource allocation will also be discussed.
An overarching objective when we
teach this course is to expose you to the economic way of thinking. Understanding
economics and its approach to subject matter is a necessary component to being
an informed and articulate citizen of the world.
There are no explicit
prerequisites for this class. However,
you are expected to have a working knowledge of basic algebra and its graphical
representation. Be certain that you are
comfortable with the material presented in the appendix to Chapter Two of your
textbook (below). We will assume you have a working knowledge of this
material. If you do not, please
reconsider your enrollment in this class or meet with me to discuss your
options.
Office: Camden Hall 109
Office Hours: Wednesday, 2.00 pm to 3.00 pm and Thursday 1.00 pm to 2.00 pm, and by
appointment.
Email: lawrenpg@morris.umn.edu Emailing me is the most convenient form of contact, however,
please feel free to stop by during office hours or other times. Please check your UMM email everyday as I often email students about
assignments, readings, schedule changes etc.
·
Lectures on tools of economic
reasoning and their application. The course will be divided into Topical sections.
Each section may cover one or more chapters. The lectures will indicate the
chapter that is being covered.
·
Students will be asked to form
groups with 4 members each. These groups will work together on the daily group
exercises and group assignments.
·
Creatively solving/examining
assigned homework questions/readings and group exercises.
·
Discussions of current economic
issues.
·
Additional
EXPECTATIONS OF STUDENTS:
·
Students are expected to:
attend all classes and participate actively in discussions and ask clarifying
questions.
·
Homework and other assignments should be submitted ON
TIME, as answers to problems will be discussed in class. The grading of assignments will be based on
the soundness of the analytical thinking, the effectiveness of interpretation,
and the communication of results. Working
together on the homework with your group members or classmate is acceptable so
long as you learn from it. Blindly
copying the solutions from any classmate is UNACCEPTABLE and will be penalized.
·
Prepare for class sessions by reading assigned
chapter. Always feel free to ask questions to ensure that you thoroughly
understand the material and are able to apply discussed procedures in contexts
outside of those discussed in the book or the notes.
·
The midterms and final exam in this course will test accumulated
knowledge as well as the ability to respond to new problems. While focusing on the most recent lecture
topics, exams have to rely on concepts covered earlier; so, in preparation,
review earlier material and avoid falling behind in readings or homework.
·
Exam attendance is required, so make-ups will be given only in cases of emergencies
(proof required) and only with advance notice and arrangement.
David
Colander, Seventh Edition (2009); McGraw-Hill Irwin Publishers. The
textbook for the course is required, however, the
accompanying Study Guide is extremely helpful but optional.
The final grade will be a composite
of grades for:
*
Tentative: We will try to follow this schedule as closely as possible. However, deviations will be necessitated by
time constraints. Any changes will be announced in class.
|
Week of |
Topics (subject to change) |
|
|
Jan 19 , 26, & Feb 2 |
Introduction 1. The subject and methodology of economics 2. Scarcity and Choice: Who? What? How? 3. |
Chapter 1 Chpt. 2 inc. the appendix. Chpt. 3 inc. the appendix |
|
Feb 2 & Feb 9 |
Household and Business behavior (guest lecturer): Supply and demand: The mechanics of individual prices |
Chapter 4 Chpt. 5 inc. the appendix |
|
Feb 9, 16, & 23 |
Quiz; Household and Business behavior 1. Supply and Demand: Elasticity 2. Taxation |
Chapter 6 Chapter 7 |
March
3
|
MIDTERM
I |
All of the above |
|
March 3 |
Household and Business behavior 1. Foundations of Supply and demand |
Chapter 8 |
|
Mar 9 |
Business behavior 1. Production and Cost Theory 2. Production and Cost Theory Spring Break (March 16-21) |
Chapter 9 Chpt. 10 |
|
Mar 23 & 30 |
The structure of markets
1. Perfect Competition |
Chapter 11 |
April
7
|
MIDTERM
II
|
All of the above |
|
April 6, 13, & 20 |
The structure of markets
(continued)
1.
Monopoly
2. Monopolistic Competition and
Oligopoly
|
Chpt 12 Chpt. 13 |
|
April 27 & May 4 |
Market "Failure" and the economic role of
government 1. Major
market failure 2. Government’s role in ameliorating externalities 3.
Government’s role when firms have market power
4. Government’s role in fighting poverty |
Selected parts of: Chpt 19 Chpt. 19 Chpt. 16 Chpt. 18 |
|
May 11 |
May 11, 4.00-6.00 pm FINAL EXAM |
Comprehensive |