University of Minnesota Principles of Microeconomics 1101 Lecture 44 Spring Semester 2008 Lecture 5 30 pm 8 00 pm Thursday BlegH 335 Instructor Name Deniz Cicek Office 1137 Heller Hall Phone 612 625 6696 Email deniz econ umn edu Homepage http www econ umn edu deniz Office hours MonWed 3 00 4 00 or by appoint Email is the best way to reach me Allow up to 48 hours for email responses Teaching Assistant Name Joanna Jarosz Office 1173 Heller Hall Phone 612 624 6818 Email jaros041 umn edu Office hours TBA Recitation 08 00 pm 08 50 pm Th BlegH 255 Course Description Economics 1101 is an introductory course in microeconomics Economics is the study of choices that people make when resources are limited Microeconomics focuses on the decisions of individual consumers and firms This course is designed to acquaint students with some basic tools of microeconomic analysis including opportunity cost supply and demand market equilibrium elasticity types of markets specialization trade and comparative advantage Critical thinking and the use of models to solve problems will be emphasized This course satisfies the CLE requirements for an International Perspectives Theme course This is because the modern economy is a closely knit global network Econ 1101 aims to clarify and explain these worldwide interconnections Besides the traditional treatment of gains from trade modern microeconomics offers insight into the world economy Specifically analyses of competition trade policy tax policy and welfare economics include international examples and concepts Current technology and trade policy mean that the world acts more and more as one large economy Econ 1101 reflects these developments by showing students that all current economic decisions are made in the context of a global framework Furthermore five guest lectures from foreign countries will reinforce the above topics with specific examples from their home countries Prerequisites Basic algebra skills are assumed In addition skill with graphs is extremely helpful The appendix to chapter 1 provides a brief review of graphing concepts Textbook Microeconomics Principles and policies 10th edition William Baumol and Alan Blinder is the text for this course Owning a text is highly recommended and I will assume that everyone owns one The book may be purchased at the University Bookstore in Coffman Union or online I suggest that you review the textbook chapter before the lecture on a given subject As you read focus on the major concepts and issues if anything is unclear make it a point to ask for clarification in class This familiarity with the material will make our lectures much more productive and educational for you Guest Lectures To enhance the international aspects of this class 5 foreign lecturers will present material on how economic concepts we have studied apply to their country To encourage attendance this material will be included on homework and exams Juan Cardenas Monopoly in the telephone industry in Mexico Jacek Rothert Game theory and the Cold War Murat Seker Turkey s comparative advantage in trade Christos Ioannou Moving away from the DeBeers monopoly in the diamond industry Jarek Grygolec Market mechanism to curb pollution The European Trading Scheme Course Requirements There will be 5 homework assignments a midterm and a final You are responsible for material covered in lecture as well as the assigned reading Class attendance is not mandatory but is highly recommended Due to the cumulative nature of the material please do not fall behind Not all test material will be covered fully in the textbook Recitation This will be the time for the TA to address questions regarding homework before it is due and going over solutions after homework or midterm is returned Also the TA will review material from lecture that causes confusion I will write homework and test questions based on the assumption that students are attending recitation Class Website and Email All assignments and other relevant materials will be posted on the class website There will also be a list of current announcements The address is http www econ umn edu deniz Emails to the instructor or TA s must be professional and respectful The right is reserved to not respond to any emails deemed inappropriate by the recipient Homework Assignments There will be 5 homework assignments Assignments are due at the beginning of recitation on the due date No late assignments will be accepted Only documented special circumstances i e illness will exempt you from this rule I will drop your lowest homework score to allow for some flexibility Thus you will have 4 assignments that count towards your final grade By department policy all assignments must be typed or they will receive a maximum grade of 75 I will grade the homework as normal and then multiply by 75 and record that Graphs and calculations may be handwritten I suggest handwriting graphs as a form of practice for the exams Working with others on homework is allowed and encouraged however each student must write up his or her own version of a solution and everyone who collaborated must be acknowledged at the end of the homework Turning in identical homeworks will result in a zero for both parties Similar homeworks will receive a warning the first time and a zero each additional time Homework will be returned to you in the next recitation after it is due If you do not attend recitation then contact your TA about how to acquire your homework If you disagree with the grading of an assignment first discuss it with the TA If you are unable to resolve the issue you may submit it for my review You must submit these disputes within two weeks of having been returned the assignment Exams Exams will be given in class on the dates given in the calendar There will be no makeup exam for the midterm Only if you have documented special circumstances i e illness your final exam score will count for the missed exam All exams are closed book and closed note No cooperation is allowed during the tests and any attempts of dishonesty will be punished with as much severity at the University permits If there is an obvious mistake in grading such as an error in summing up the points or if you disagree with the grading first discuss it with the TA If you are unable to resolve the issue you may submit it for my review You must submit these disputes within two weeks of having been returned the exam If you have another final scheduled at the same time as our final or