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U of M ECON 1023 - Econ 1023 Syllabus

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University of Minnesota Duluth LSBE Department of Economics Principles of Economics ECON 1023 MICRO Venue SBE 36 MTWTH 11 00 1 50PM Term Summer 2006 Professor Tadesse Bedassa Office 172 LSBE Department of Economics Office Hours TTH 10 00 10 45AM or by appointment Phone 218 726 8365 E MAIL btadesse d umn edu Webpage http www d umn btadesse REQUIRED TEXT Bradley Schiller 2006 The MICRO ECONOMY TODAY 10th Edition McGraw Hill Irvin Recommended Readings Wall Street Journal WSJ and Duluth News Tribune Many of the topics that we will be discussing in this course are also discussed in various Newspapers Wall Street Journal is one good example Occasionally I will use issues from various sources so as to relate theory with daily life activities I believe that it is beneficial to subscribe to the WSJ or any one of your local news papers such as the Duluth News Tribune Nevertheless given the timeframe within which we are covering the course your subscription to any one of the newspaper for the sake of this course is entirely optional COURSE DESCRIPTION This is an introductory course in the Micro aspects of the economic theory The course specifically deals with the behavior of individual economic agents such as households businesses firms workers employers and their interactions in the marketplace Emphasis will be placed on market institutions and rules that govern market prices and quantities In some cases markets may fail to be efficient and thus lead to socially suboptimal outcomes We will also discuss the causes of such failures relate to daily life experiences and the role that the government could play to correct such sub optimal outcomes COURSE OBJECTIVE The main objective of this course is to improve your abilities to make effective business decisions To this end the course focuses on helping you understand how markets work and the role market prices play in the allocation of scarce resources COURSE OUTCOME As the course is designed to improve your ability to make effective business decisions and better understand the environment in which business operate you can expect to acquire an understanding of the basic and guiding economic principles in consumers producers and the government decisions to allocate scarce resources You can also expect to gain knowledge on certain important economic concepts diminishing return cost minimization profit maximization often used in business decisions The course will also provide a better understanding of the role of government regulations externalities international trade and public goods HOME WORK QUIZZES EXAMS There will be series of homework sets and unannounced quizzes and required in class discussions all together accounting about 20 percent of your final course grade No assignment will be collected before after its due date and in the absence of the responsible student himself herself Including the final exam there are four tests which account for the remaining 80 percent of your final course grade Each test has equal weight Your final grade will be determined based on the weighted average of your results from the four tests and series of quizzes assignment class work Tentative Grading Scale A 93 100 A 90 92 B 87 89 B 83 86 B 80 82 C 77 79 C 73 76 C 70 73 D 67 69 D 58 66 F 57 or below Make ups Failure to take quizzes or submit an assignment on its due date will not be excused unless you have a valid documentation Thus unless you present a valid documented excuse which are acceptable only at my discretion you will not have a chance to make up for missed tests in one or another way Whenever you are not able to attend a scheduled exam you should inform me before the exam takes place ACADEMIC HONESTY You are responsible for making yourself aware of and understanding the policies and procedures of the university that pertain to Academic Integrity These policies include cheating fabrication falsification and forgery multiple submission plagiarism complicity and computer misuse If there is a reason to believe you have been involved in academic dishonesty you will be referred to the concerned office HINT FOR SUCCESS IN Econ 1023 The nature of economics is that each subsequent concept builds upon topics discussed in prior chapters or sections Unless you make a serious effort to read the text book and practice an active learning approach it is unlikely for you to succeed in the course Therefore if you were not in a class on a given day or if you fail to read or solve carefully the assigned problem s chances are high that you may not be able to get a good grade Thus after each session class each student should be able to ask himself herself what have I learned from this section of the course what was the discussion about and how is it related to the course objectives and the key principles of economics discussed at the beginning of the course If you are not able to answer these questions positively it might be that you are not catching up with the course material You should always remember that I am here to guide you through the course so that you the best knowledge and move forward Feel Free to ask answer and even challenge the ideas I or your classmates may bring to the class discussion in a civil way Course Outline Readings Date Topics to be covered Assignments I Introduction to Micro Economics and Basic Concepts in Economics Week 01 Days 1 2 Understanding the Core Issues in Economics What is Economics Chapters 1 What is the Economy What are the Basic Economic Decisions Some Key Concepts Understanding Scarcity Choice Opportunity Cost Graphs Appendix Efficiency Inefficiency to chapter 1 Unemployment Economic Growth Production Possibilities Frontier The Reading Invisible Hand Market Government AssignmentsChapter 2 will not Failures be covered in Why Study Economics class Week 01 Day 2 3 4 Week 02 Day 1 Week 02 Days 1 2 Week 02 Days 3 4 In class group workSolving a Problem II Supply Demand and the Costs of Production Who are Market Participants and How do they interact The goal of Market Participants The circular flow diagram What is Demand Determinants of Demand Demand Shifters Individual and Market Demand What is Supply Determinants of Supply Supply Shifters Individual and Market Supply Market Equilibrium Test 1 Demand for Goods and Elasticity of Demand Why is demand curve downward slopping The Concept of Utility How do we measure the sensitivity of consumers to changes in determinants of demand Price Elasticity of demand Determinants of price

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