Economics 2610, Principles of Microeconomics T & TH 11:00 - 11:15 Debartolo 358

Fall 2012 Dr. Wang

Principles of Microeconomics
Prerequisite: Math 1501, or a level 3 or higher score on the math placement exam. Text: Core Microeconomics, Gerald Stone, 2nd Edition 2012, Worth Publishers. ISBN: 1429240008. Course Description and Objectives: This course explores the basic analytical principles of microeconomics. Microeconomics is the branch of economics that deals with human behavior and choices as they relate to relatively small units - the individual, the firm, the industry, and the single market. In this course we will focus on how households and firms try to maximize their well-being given the constraints they face. The course will be designed to familiarize students with the basic microeconomic concepts and mathematical analysis, such as demand and supply, elasticity, opportunity cost, externality, market structure, maximization, marginal analysis, etc. It will also provide students with richer understanding of microeconomic principles and their application to contemporary economic issues; prepare them for advanced courses in economics and business. After finishing this course students should be able to understand major non-technical discussion in microeconomics and apply economic reasoning to a variety of business and social problems. Tentative Course Organization: Chapter 1: Introduction to Microeconomics (1) Chapter 2: Production, growth, trade (3-4) Chapter 3: Market, demand and supply (3) Chapter 4: Market efficiency and failure (2) Exam 1: Tuesday, September 25 Chapter 5: Elasticity (2-3) Chapter 6: Consumer choice and demand (2) Chapter 7: Production & costs (2-3) Chapter 8: Perfect competition (1-2) Exam 2: Tuesday, October 30 Chapter 8: Perfect competition (1-2) Chapter 9: Monopoly markets, price discrimination and regulation (3-4) Chapter 10: Monopolistic competition and oligopoly, game theory (3-4) Chapter 12: Labor market issues (1) Exam 3: Thursday, December 13, 10:30 - 12:00.

Grades: Exams (75%). Each exam accounts for 25% of your final grade. Students with valid excuses and sufficient written evidences should contact me in advance (or immediately after the exam when theres unforeseeable situation) in order to take the makeup exam. Homework (15%): Homework will be assigned in Blackboard after completing every chapter and is due the following Tuesday midnight. Late homework receives only 75% credit. You can try the questions multiple times. The highest score will be used in calculating your final grade. To self-enroll in the course, search ECON_2610_Wang in Blackboard. The access code is econ. In class exercises (10%): In-class exercises will be assigned randomly and completed in groups. Grade cut-offs: 90/80/65/55 for the lowest A/B/C/D. Contact Information: Office Hours: Tuesday & Thursday 9 9:30 & 12:20 1:50, Friday 10 11 or by appointment. Office: Rm. 310 DeBartolo Phone: 330-941-3433 Email: ywang@ysu.edu Homepage: people.ysu.edu/~ywang: check my webpage frequently for course materials and useful links. Attendance Policy: Regular attendance in this class is crucial to your success. If you miss a class, you are still responsible for all material covered and any assignments given. Academic Honesty: Student who is caught cheating (refer to the Undergraduate Bulletin) will receive an F for the entire course. Statement Regarding Disabilities: Anyone requiring special adaptations or accommodations should inform the instructor as soon as possible. In accordance with University procedures, if you have a documented disability and require accommodations to obtain equal access in this course, please contact the Office of Disability Services (phone: 330-941-1372) in the Center for Student Progress at the beginning of the semester or when given an assignment for which an accommodation is required. Students with disabilities must verify their eligibility through the Office of Disability Services. Center for Student Progress Services The Center for Student Progress is a resource on Campus established to help students successfully complete their university experience. Please phone 330-941-3538 or visit the Center for assistance working the system, for tutoring, or for individualized assistance with social and academic success. It is located in Kilcawley West under the bookstore.

ECON 2610 and General Education

Economics 2610 counts towards the Social Science domain requirement of General Education. The goal for the Social Science domain is: Students will demonstrate understanding of the development, diversity, and complexity of human behavior, institutions, and culture. ECON 2610 achieves the goal by requiring students to meet the following two learning outcomes: Learning outcome: Students will demonstrate understanding of individual and social behavior. What factors determine the number of units of a good a consumer will purchase? How much output will a firm decide to produce? How will the independent decisions of buyers and sellers determine the price at which a good is sold? How will the profits earned by firms direct the flow of resources to producing what consumers want? When will markets fail to allocate resources efficiency? Through the discussion of these issues the course will give students a better understanding of individual economic actors and how their collective behavior determines the allocation of societys resources. Learning outcome: Students will demonstrate an understanding of methodologies used in the social sciences. Economists analyze economic behavior by constructing models of how economic actors behave and then test those models using real-world data. For example, economic theory would predict that an increase in taxes on cigarettes would cause a larger decline in smoking among younger smokers (who generally have less income) than older smokers. Actual information on cigarette consumption after a tax increase could be used to support or refute the theorys prediction. The most important objective of this class is to introduce you to how economists analyze behavior (to think like an economist). While this class will not involve statistical analysis of data, we will periodically discuss the results of studies designed to test predictions based on economic theory.