PrinciplesofMicroeconomics(EC11)Fall2016

Instructor:Dr.HelenaKeefePhone:203-254-4000,ext.2036;Email:hkeefe@fairfield.eduWebsite:www.helenakeefe.com/ec11

OfficeHours:MondaysandThursdays11:15AMto12:15PMandbyappointment.

LocatedinDonnarummaHall339.Textbook:NGMankiw,PrinciplesofMicroeconomics,7thed.,South-WesternCengageLearning(2014).CourseDescription:Inthiscourse,youwilllearnaboutfundamentalconcepts,theoriesandterminologyinthestudy of microeconomics. The study of microeconomics is interested in understanding and analyzing thedecisionmakingprocessesofconsumersandfirms.Inthiscourse,youwilllearnindepthaboutthesupplyanddemandmodel,elasticity,pricecontrolsandtaxes,aswellasproductiondecisionsoffirmsandconsumptiondecisionsofindividuals.Youwillunderstandhowfirmsmaximizeprofits,howconsumersbalancetheirchoicesbetweenwhattheywantandwhattheycanafford,andhowthechoicesoffirmsandconsumerscometogethertodeterminethepriceandquantityofgoodsandservicesproducedinoureconomy.LearningOutcomes:Bytheendofthiscourseyouwillbeableto…• Applytheconceptsofmicroeconomicswithgraphs,calculations,andequations• Comprehendandanalyzethesupplyanddemandmodel• Understandhowconsumersmakedecisionsonwhatandhowmuchtobuy• Understandhowfirmsmakedecisionsonwhatandhowmuchtoproducer• Identifyfourdifferentmarketstructures• Explainthehowgovernmentpoliciesmayhelporhurtmarketoutcomes

Grades: Therewill be threeexamsduring the semester each contributing15% to your final gradeandonecumulativetake-homefinalexamcontributingto25%ofyourfinalgrade.Examswillreflectmaterialdiscussedinclass,readingsfromyourtextbook,andhomeworkproblemsets.Homeworkproblemsetswillaccountfor20% of your final grade. Attendance and class participation account for the final 10%. This grade includescompletingrelevantexercises inclassthatdemonstrateyourcompletionofassignmentsoutsideofclass.Allstudentsareexpectedtoattendeveryregularlyscheduledclasssession.Unexcusedabsenceswillbereportedtotheappropriateacademicdean.

GradedMaterialSummary:• ProblemSets:20%• Exams1-3:45%(15%each)• FinalExam:25%• Participation(5%)andAttendance(5%):10%

2

ProblemSetsandAplia:Problemsetswillbeassignedonaregularbasis(pleaseseecalendar).Forthiscourse,wewillusetheinteractivelearningprogramAplia.ItiscriticalthatyouregisterforApliabeforetheendofthefirstweekofclasssothatyoucanworkontheproblemsets.TheApliaoptionthatisavailableprovidesaccesstotheprogramandadigitalversionofthetextbook.PleaseseethelastpageforinstructionsonhowtosignupforAplia.Please checkAplia regularly to find your assignments. Completionof problem sets is crucial to solidify yourunderstandingofthematerial.Pleasecheckwww.helenakeefe.com/ec11forpodcasts,coursematerialsandexcelproblemsets.Missedexamsanddeadlines:Therearenomake-upexams.Anymissedexamwillonlybemadeupwhenyourabsence is authorizedby your classdean. If youmustmiss anexam for reasonsof serious illness, religiousobservance,deathofanimmediatefamilymember,orrequiredparticipationinauniversity-sponsoredevent,anotefromthedeanwillberequiredforanymake-upexam.AcademicIntegrity:Plagiarismandcheatingwilllandyouafailinggradeforthecourse.PleasemakeyourselfawareofTheArtsandSciencesPolicyonAcademicIntegrity.Cheatingisunacceptableandwillnotbetoleratedbythedepartmentortheuniversity. It ispunishablebyfailureofthecoursewithpossibleprobationand/orsuspension.FairfieldUniversityOfficeofDisabilityServices:UndertheAmericanswithDisabilitiesActandSection504oftheVocationalRehabilitationActof1973,allstudents,withorwithoutdisabilities,areentitledtoequalaccesstotheprogramsandactivitiesofFair-fieldUniversity.Ifyoubelievethatyouhaveadisablingconditionthatmayinterferewithyourabilitytoparticipateintheactivities,coursework,orassessmentoftheobjectofthiscourse,youmaybeentitledtoaccommodations.PleasespeakwithsomeoneattheOfficeofDisabilityServices.

GuidelinesforSuccess:

• Attendclassregularly• Beanactivelearnerinclassbyattemptingtocompleteapplicationsonyourownorwithyourgroupand

engagingindiscussions• CompleteyourApliaassignmentsinadvanceofthedeadlines–startearlyevenifyoustopandcomeback

toit!• Cometoofficehoursorseekassistanceassoonasyoufeelyouarenotunderstandingthematerial• Startstudyingearly!Organizeyournotesandprepfortheexamsatleast10daysbeforetheexamdate• Workontimemanagement–youareresponsibleformeetingdeadlines,completinghomework,seeking

helpwhenyouneeditandbalancingyourotherobligations.Ifyouneedhelpwithtimemanagement,comeseeProf.KeefeorcheckouttheOfficeofAcademicSupportandRetention.

3

GeneralCourseOutline:Topic1:IntroductiontoEconomics

• PrinciplesofEconomicspertainingtoMicroeconomics• OpportunityCosts,Trade-offsandIncentives• GainsfromTrade

Readings:MankiwChapters1,2,and3Topic2:Supply,DemandandMarkets

• Demand,SupplyandMarketEquilibrium• DemandandSupplyElasticity• Supply,DemandandGovernmentPolicies• MarketEfficiency,Taxation

Readings:MankiwChapters4through8Topic3:ConsumerandProductionTheory

• ConsumerChoice• FirmsandProductionChoice• MarketStructures:CompetitiveEquilibriumtoMonopoly• OligopolyandGameTheory

Readings:MankiwChapters21and13through17Topic4:MarketEfficiencyandMarketFailure(TimePermitting)

• Externalities• PublicGoods

Readings:MankiwChapters9through11

ImportantDates:• October6:Exam1(Chps1-5)• November3:Exam2(Chps6-8,21)• December5:Exam3(Chps13-16)• December12-18:TakeHomeFinal–DetailsTBD

StudyTips:Itisimportanttogiveyourselfplentyofextratimetostudyfortheexamsheldinclass.Youshouldstartreviewingandorganizingyournotesatleast10daysbeforetheexam.Yourgoalshouldbethat3daysbefore the exam you have reviewed everything and you can identify exactly areas of concern or specificquestionsfortheprofessor.Onetotwodaysbeforetheexamshouldbeleftforfinalreview.

4

StudentRegistrationandPaymentInstructionsforApliaCourseName:IntrotoMicroeconomics-Fall2016Instructor:HelenaKeefeStartDate:08/29/2016CourseKey:ATXH-WYCU-47F7Registration:1.Connecttohttp://login.cengagebrain.com/course/ATXH-WYCU-47F7.2.FollowthepromptstoregisterforyourApliacourse.Payment:Afterregisteringforyourcourse,youwillneedtopayforaccessusingoneoftheoptionsbelow:• Online:Youcanpayonlineusingacreditordebitcard,orPayPal.• Bookstore:YoumaybeabletopurchaseaccesstoApliaatyourbookstore.Checkwiththebookstoreto

findoutwhattheyofferforyourcourse.• FreeTrial:YoucanaccessApliaforthreeweeksfromthestartdate(8/29/2016)duringyourfreetrial.

Afterthefreetrialendsyouwillberequiredtopayforaccess.Pleasenote:Attheendofthefreetrialperiod,yourcourseaccesswillbesuspendeduntilyourpaymenthasbeenmade.Allyourscoresandcourseactivitywillbesavedandwillbeavailabletoyouafteryoupayforaccess.IfyoualreadyregisteredanaccesscodeorboughtApliaonline,thecoursekeytoregisterforthiscourseis:ATXH-WYCU-47F7SystemCheck:TocheckwhetheryourcomputermeetstherequirementsforusingAplia,gotohttp://www.aplia.com/support/config.jsp.OptionsforPhysicalCopyofTextbook:Youarewelcometouseanoldereditionofthetextbookasahardcopyreference.Thereareanumberofoptionstopurchaseorrenttheoldertextbook.

• DiscountedpurchasefromAplia• RentalviaAmazon:6thEditionrental$13;7thEditionrental$45• PurchaseviaAmazon:6thEdition$50(used);7thEdition$90(used)•PurchaseviaFairfieldUniversity

Bookstore