Economics 2302.

001: PRINCIPLES OF MICROECONOMICS

Fall 2005

Instructor: Priyanka Singh GR 3.412 phone: (972) 883-2306, pxs031100@utd.edu

Office Hours: Monday 11 – 12:30, and by appointment.

This course will cover the foundations of modern microeconomics. If human wants are
virtually unlimited but resources used to produce goods and services are limited, then
choices must be made by each society. These choices include what and how much to
produce, what technology to use, and who will consume and pay for the goods and
services produced. Microeconomic theory looks at these problems from the perspective
of individual economic agents, such as firms, families, and individuals. In this course, we
will study theories that attempt to explain the decision- making processes underlying these
choices. The core topics included in this course are: consumer preference and decision
making, demand theory and applications, theory of the firm, perfect competition in partial
equilibrium, monopoly, income distribution, and market failures. Other topics will be
included as time permits.

The textbook for the course will be Case, Karl E. and Ray C. Fair Principles of
Economics, 7th edition, Prentice-Hall, Inc. 2004. In addition the study guide that
accompanies the text is required.

A tentative syllabus with reading assignments is attached, though we will no doubt deviate
from the schedule. I expect students to have gone through the study guide chapter by the
date given in the syllabus corresponding to the textbook readings. I will feel free to call on
students to explain how they arrived at the answers to various study guide questions and this
can affect a student who is on the margin of a grade.

Prerequisites: There is no economics prerequisite for this class. While a strong

mathematical background is not assumed, we will make extensive use of algebra and graphs
throughout the course.

E-mail and Internet: University rules require all e-mails from the instructor to go to
your official university e-mail address. Questions may be sent by e-mail throughout the
semester. I will usually answer them within two to three days. For many students this will
be the easiest way to get timely answers to questions. All e- mails must have the words
“ECO 2302” at the beginning of the subject line. Additionally, whenever clarifications
need to be made in material I will use e- mail to distribute the information, so you should
also check your e-mail periodically.
Grading: The grade for the course will two mid-semester exams (30% each) and a final
exam (30%) and class participation (10%). Exam grades will be curved by normalizing
the highest score on an exam to 100%. Then letter grades are assigned according to the
following:

96-100 A+
92-96 A
88-92 A-
84-88 B+
80-84 B
76-80 B-
72-76 C+
68-72 C
64-68 C-
60-64 D+
56-60 D
52-56 D-
0-52 F

Homework: Homework will be assigned in class occasionally. The homework is designed

to give you insight and practice. Homework will not be graded and are not required to be
turned in. The exams in the class will be based on the homework and may consists of
questions from homework.

Policy Regarding Grades of Incomplete: No grade of incomplete will be given except in

the direst of circumstances and with authoritative evidence regarding the need for such a
grade.

Academic Dishonesty: Academic dishonesty will not be tolerated. Any student who will
cheat will be subjected to the punishment as prescribed by the UTD legal procedures.

Tentative Schedule

Readings are from the Case and Fair text and are listed for when they are supposed to have
been read. It is expected that the Study Guide problems will have been attempted at the
time that the corresponding chapters in the text have been assigned. Proble m set dates are
also listed below.

If and when we get behind the exam dates will not change. I will change the material that
is covered in the exam, so plan your semester accordingly.
August

19 (F) Introduction and Chapter 1 ( The Scope and Method of Economics)

22 (M) Chapter 1 continued

24 (W) Chapter 2 (The Economic Problem: Scarcity and Choice)

26 (F) Continued

29 (M) Chapter 3 (Demand, Supply and Market Equilibrium)

31 (W) Continued

September
2 (F) Continued

5(M) Labor Day Holiday

7(W) Continued (Ch-3 )

9(F) Chapter 3 continued

12 (M) Chapter 4 (Demand and Supply Applications and Elasticity)

14 (W) Chapter 4 continued

16 (F) Chapter 4 continued

19(M) Chapter 4 continued

21(W) Chapter 5 (Household Behavior and Consumer Choice; omit the Appendix )

23(F) Chapter 5

26 (M) Continued

28(W) Continued Assignment # 1 given )

30(F) Chapter 6 (The Production Process: The Behavior of Profit-Maximizing
Firms); omit the Appendix
October
3 (M) Chapter 6
5(W) Assignment # 1 discussed
7 (F) Chapter 7
10 (M) 1st Midterm (30%)
12 (W) Chapter 7

14 (F) Continued.
17 (M) Chapter 7
19(W) Chapter 8
21(F) Chapter 8
24 (M) Chapter 8 Assignment # 2 given
26(W) Chapter 8
28(F) Chapter 9
31 (M) Chapter 9 Assignment # 2 discussed.
November
2 (W) 2nd Midterm (30%)
4(F) Bonus Exam (A chance for those who feel they need to improve their grades, highest
grades from either 2nd midterm or bonus exam will be considered for final grades).
7 M Chapter 11 (General Equilibrium and the Efficie ncy of Perfect Competition);
selected pages: 233-240 and 245-249

9 W Chapter 11
11 F Chapter 12 (Monopoly and Antitrust Policy)
14 M Chapter 12 continued Assignment # 3 given
16 W Chapter 13 (Monopolistic Competition and Oligopoly) – selected pages:
281-286 and 290-293

18 F Chapter 13 continued Assignment # 3 discussed.

21 M Chapter 14 (Externalities) – selected pages: 305-315

23 W Review and Thanks Giving
December 2 Final Exam (30%) Timing 8 A.M.