Course Description:
This course is designed to provide an introduction to the underlying
concepts and theories of microeconomics. We will develop ideas and methodologies
that help us understand economic markets and consumer behavior. The fundamental
objective of the course is to provide students with the opportunity to
develop critical thinking skills. The whole of economics is based upon
logical constructs. It is the understanding and use of these constructs
that is at the heart of undergraduate education in economics. Our goal
is to define the rules and tools of economics through lectures, class discussion
and workbook exercises, so that the analysis of economic situations can
begin.
Required Textbook:
McConnell, Campbell R. and Stanley L. Brue, Microeconomics, Fifteenth
Edition, McGraw-Hill Inc., 2002.
Required Workbook:
Economics 11 Workbook, Introductory Microeconomics, Department
of Economics, Fairfield University.
Data sets and Questions: http://faculty.fairfield.edu/miners
Additional Resources:
In addition to myself, the Economics Department hires senior economics
majors to tutor EC11 and 12 student. They are available every night of
the week on the 3rd floor of Donnarumma Hall to answer general
questions about economics course material or specific questions about the
problem sets. Office hours TBA.
Course Requirements:
Three examinations will be administered throughout the course of the
semester. Two midterm examinations worth 20% of the final grade, and one
cumulative
final examination worth 30% of the final grade. Six workbook problem sets
worth 5% each of the final grade (for a total of 30%) will be given in
preparation for the examinations. No make-up examinations will be given,
unless negotiated with me at a prior date. I adhere strictly to University
policy in determining legitimate excuses for missing an examination.
Course Outline
Introduction
Introduction to Economics (Chapter 1+Appendix)
Introduction to Excel – Computer Lab, DMH 149
The Economizing Problem (Chapter 2+p.98-103)
Individual Markets: D and S (Chapter 3)
Problem Set due, Excel #s1A and 2A, Questions: 1A#s 2, 3, 6; 2A#s 1,
3, 7
Product Markets
D and S: Elasticities and Applications (Chapter 7)
Problem Set due, Excel #s 3A and 5, Questions: 3A#s 1, 2, 3, 5; 5#s
1-3
Exam preparation (Chapters 1, 2, 3)
Midterm Examination I
Consumer Behavior and Utility (Chapter 8)
Problem Set due, Excel #6, Questions: 1, 2, 5, 6, 7
The Costs of Production (Chapter 9)
Problem Set due, #7A&B, Questions: 7A#s 2-5; 7B#s 1, 4, 5
Spring break – No class
Competition (Chapter 10)
Monopoly (Chapter 11)
Problem Set due, #s 8 and 9, Questions: 8#s 1-3; 9#s 1-4
Monopolistic Comp. and Oligopoly (Chapter 12)
Easter break – No class
Exam preparation (Chapters 7, 8, 9, 10, 11, 12)
Midterm Examination II
Government
Government and Market Failure (Chapter 17)
Problem Set #13, Questions: 1-3, 5-7
Resource Markets
The Demand for Resources (Chapter 14)
Wage Determination (Chapter 15)
Exam preparation (ALL Chapters)
Final Examination