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Prof. Michael Spicer UR 225 Tel: Office: 687-3571 Home: 440-892-9640 (Weekdays, Before 5 p.m.) Phone-Mail: 216-687-3571 E-mail: [email protected] Office Hours: Tuesday 4-6pm Thursday 4-6pm (Except 9/29, 11/23) OR by appointment UST 300 ECONOMICS OF PUBLIC POLICY FALL 2011 I. COURSE OBJECTIVES 1. To provide an understanding of basic concepts and tools used by economists 2. To show how economists use these in thinking, talking, and writing about public policy issues. II. REQUIRED TEXTS 1. Texts N. Gregory Mankiw. Microeconomics. Fifth (2009) or Sixth Edition (2012). Southwestern, 2009. Roger Leroy Miller, Daniel K. Benjamin, and Douglas C. North. The Economics of Public Issues. Sixteenth (2010) or Seventeenth (2012) Edition. III. COURSE REQUIREMENTS 1. Three Midterms, September 27, October 25, November 22 (50%. Your lowest grade will be dropped but you must take all 3 exams) 2. Final Comprehensive Examination, December 13 (50%)All of these examinations are designed to assess your knowledge of economic concepts and your ability to apply them to public policy issues. The purpose of holding exams so frequently is to provide you with timely feedback on how well you are grasping the material so that you can improve your work on later exams. Exams will include questions on some material in your texts, but not covered in class. All exams will be open-book and you may use written or printed notes, but you should come as well-prepared as you would be for a regular exam. Make-up exams will only be given in the case of documented emergencies Make-up exams will be granted only in cases of a documented emergency and you should notify me prior to the scheduled exam. Make-up exams normally must be scheduled within 48 hours of the scheduled date for the exam. 3. Class Participation IV. GRADING POLICY Final grades will be assessed on an A-B-C-D-F scale. Pluses and minuses will be shown on graded exams for advisory purposes only. V. CLASS RULES In order to help you, as well as your fellow students, get the most out of classes, please observe the following rules. Please get to class on time. If you must enter late or leave early, please enter and leave quietly and do not disturb the class. Once class has started, please turn off all telephone, texting, and e-mail devices. If you wish use a computer or other device to take notes, please disconnect it from your e-mail and all networks. Once the class has started, please refrain from private conversations with your fellow students. If you have questions or comments, address them to me. V. COURSE OUTLINE Reading assignments should be completed prior to coming to class. Chapters in the Mankiw text are the same for each edition. Chapters in the Miller et al. text are sometimes different in the two editions and, in these cases, are indicated for each edition. Session 1. Introduction: Overview Session 2. What is economics? Scarcity, opportunity cost, and choice. The economic way of thinking Readings: Mankiw, Chapters 1, 2; Miller, Chapters 1-5 (16th or 17th edition) Session 3. Supply and Demand Readings: Mankiw, Chapter 4 Session 4. Supply and Demand (contd.): Midterm Review, Readings: Miller et al. Chapters 6-8 (16th or 17th editions)Session 5. . Midterm 1 Session 6. Supply and Demand (cont’d): elasticities of demand and supply. Readings: Mankiw, Chapter 5 Session 7. Supply and Demand (contd.): the effects of price controls and taxes Mankiw Chapter 6, Miller et al. Chapters 9, 10, 12, (16th or 17th editions), 23 (16th edition) or 22 (17th edition) Session 8. Markets and Efficiency; midterm review Readings: Mankiw, Chapters 7 Session 9. Midterm II Session 10. Taxation and efficiency; International trade Readings: Mankiw, Chapters 8, 3, 9; Miller et al., Chapters 30-32 (16th edition) or Chapters 28-30 (17th edition) Session 11. Market failure and government action: externalities Readings: Mankiw, Chapter10, Miller et al., Chapters 26-29 (16th edition) or Chapters 24-27 (17th edition). Session 12. Market failure and government action: public goods; midterm review Readings: Mankiw, Chapter 11 Session 13. Midterm III Session 12. Market failure and government action: monopoly and imperfect competition Readings: Mankiw, Chapters 15, 17; Miller et al, Chapters 15, 16, 17, (16th or 17th editions), Chapter 19 (16th edition) or Chapter 18 (17th edition). Session 14. Income inequality, discrimination, and the role of government policy Readings; Mankiw, Chapters 18, 19, 20; Session 15. Frontiers of economics: public choice. Review Readings: Mankiw, Chapter 22; Miller et al, Chapters 11, 13 (16th or 17th editions). Session 16. Comprehensive FinalVI. HOMEWORK QUESTIONS The following questions are designed to help you test your understanding of and ability to apply course material. You should come to the session indicated prepared to both provide an answer to each question and also explain to the class your reasoning for the answer, drawing graphs where appropriate. A large part of your exams will take the form of questions of this type. Session 3 1. Which of the following is NOT illustrated by a production possibility frontier: a. scarcity b. opportunity cost c. prices of goods and services d. the need to choose e. none of the above (i.e. all of these are illustrated by a production possibility frontier) 2. An outward shift (shift to the right) in the production possibility frontier would occur as a result of all of the events below except: a. improvements in energy technology b. a reduction in unemployment c. illegal immigration of foreign workers d. a better educated workforce e. none of the above (i.e. all of the above would shift the frontier outward) 3. In approving new drugs, the FDA should: a. approve all drugs that are efficacious b. only approve drugs that are completely safe c. weigh the benefits of new drugs against the costs d. all of the above Questions 4-5 are based on the following information. A study has been instituted to determine the benefits and costs of a crime prevention program at different levels and the results are listed in the following table. Figures for costs for the program are also included: Units of Crime Total Social Total Social Prevention Benefit Costs ($) ($) 1 75,000 60,000


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