Economics 73-100, Principles of Economics, Fall 2011

 

TOPIC OF COURSE:††††††††††††††††††††††††† Strengths and weaknesses of market decision making and various forms of government

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† intervention in markets

LECTURE HOURS:††††††††††††††††††††††††††† Monday and Wednesday, 11:30-12:20 in PH 100, 12:30-1:20 in PH 100

DISCUSSION HOURS:†††††††††††††††††††††† Friday, 11:30-12:20, Sections: A (WEH 5302); B (PH 100); C (WEH 4623); D (WEH 4709); ††††††††††

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† E (BH A53); F (WEH 5403)

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† Friday, 12:30-1:20, Sections: H (PH 100); I (PH A18B); J (PH A21); K (HH B103);

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† L (HH B131); M (DH 2122)†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

COURSE INSTRUCTOR:††††††††††††††††† Steven Klepper

EMAIL ADDRESS:†††††††††††††††††††††††††††† sk3f@andrew.cmu.edu

OFFICE HOURS:†††††††††††††††††††††††††††††††† Monday and Wednesday, 10:00 - 11:00, and by appointment

OFFICE LOCATION:†††††††††††††††††††††††† Porter Hall 219-F

OFFICE PHONE:†††††††††††††††††††††††††††††††† 412-268-3235

REQUIRED BOOKS:††††††††††††††††††††††††† Principles of Economics:Micro,Tenth Edition, by Willis L. Peterson, and

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† Problems in Microeconomics by Steven Klepper.

††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††† All assignments are from these two books.They are both available in the University Bookstore.

COURSE HOME PAGE: †††††††††††††††††† http://www.andrew.cmu.edu/course/73-100/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOPIC OF

 

 

REVIEW OF

PRIOR EXAMS

 

 

 

QUIZ

DISCUSSION

READING

EXAM

BEFORE

WEEK

DATE

PROBLEM SET DUE

DUE

SECTION

ASSIGNMENT

SCHEDULE

EACH TEST

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

8/29-9/2

Print suggestions for completing problem set 1 (hand in week 2)

††† --

No Class

††††††††††† --

 

 

2

9/7-9/9

††††††††††††††† 1

††† 1

Procedural

Chs. 1, 2, & 3, and

 

 

 

 

 

 

 

pp. i-iv in Problems In Microeconomics

 

 

3

9/12-9/16

No Assignment

††† --

1

††††††††††††† --

 

 

4

9/19-9/23

††††††††††††††† 2

††† 2

1, Test 1

Chs. 4 & 5

 

 

5

9/26-9/30

Mixed Bag I & print Fall 2010 Exam 1

††† --

2, Test 2

††††††††††††††† --

 

 

6

10/3-10/7

††††††††††††††† 3

††† 3

Mixed Bag I

Chs. 6 & 7

 

Class Review,

10/5 7:30 pm, PH 100

7

10/10-10/14

No Assignment

††† --

3, Give back Exam I

††††††††††††††† --

Exam I

10/12

Session I,

10/10 8:30 pm

DH 2210

8

10/17-10/19

††††††††††††††† 4**

††† 4**

No Classó

Test 3 given

in lecture,

10/19

Ch. 8, pp. 109-117

& Chs. 10 & 11

 

 

9

10/24-10/28

Mixed Bag II

††† --

4, Test 4

†††††††††††† --

 

 

10

10/31-11/4

††††††††††††††† 5

††† 5

Mixed Bag II

Chs. 12 & 13

 

 

11

11/7-11/11

††††††††††††††† 6

††† 6

5, Test 5, Give back Exam II

Ch. 15

Exam II

11/9

Session II,

11/78:30 pm

DH 2210

12

11/14-11/18

Mixed Bag III

††† --

6, Test 6

††††††††††††† --

 

 

13

11/21

No Assignment†††††††††††††

††† --

No Class

††††††††††††† --

 

 

14

11/28-12/2

††††††††††††† 7

††† 7

Mixed Bag III

Chs. 16 & 18

 

 

15

12/5-12/9

No Assignment

††† --

7, Test 7, Give back Exam III

††††††††††††††† --

Exam III

12/5 (Monday)

Session III,

12/4 1:30 pm

PH 100

 

 

 

 

 

 

 

 

†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

** Problem Set 4 and Quiz 4 to be handed in at end of lecture on Wednesday, 10/19.Mini-test 3 also administered in lecture on Wednesday, 10/19.


 

ASSIGNMENTS AND EXAMS

 

1.There are 10 problem sets and 7 quizzes that must be completed as of the dates listed above and handed in, on time, only in discussion section.The problem sets and quizzes will be graded solely on the basis of EFFORT.They will be graded either excellent, good, satisfactory, or unsatisfactory.

 

2.There will be 7 short open-book, open-notes mini-tests.Six will be administered in discussion section and one (test 3) in lecture on the dates listed in the above schedule.These tests will be composed of one question comparable to either the quiz or one of the problems in the problem set corresponding to the mini-test.

 

3.There will be three open-book, open-notes term exams and an open-book, open-notes final exam.

 

†††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††††

GRADING

 

1.Performance in discussion section will constitute 15% of the final grade.Students will be graded either excellent (100 points), good (85 points), satisfactory (70 points), or unsatisfactory (0 points).This grade will be based solely on EFFORT.This includes effort on the problem sets, quizzes, participation in the discussion section class, and interactions with the discussion section leader outside of class (e.g., seeking out help).To earn a satisfactory grade, the student must receive a satisfactory grade on at least 8 of the 10 problem sets and 5 of the 7 quizzes.Grades of excellent will be reserved for students who make a sustained, exemplary effort throughout the semester on their problem sets, quizzes, participation in discussion section, and interactions with the discussion section leader outside of the discussion section.

 

2.Performance on the 7 tests administered in discussion section (except test 3, which will be administered in lecture on 10/13) will constitute 15% of the final grade.This performance will be measured by the average grade on the tests.No makeups will be given on the tests.For students who miss tests due to legitimate reasons, the average grade on the tests will be computed based on the tests taken.Students who miss a test without a legitimate excuse (including sleeping through a test) will be given a zero on the test.Students must have a written excuse from a health care professional dated on the day of the test or earlier to be excused from a test for medical reasons. Nonmedical excuses must be cleared with the instructor before the time of the test.Students certified as needing extra time on exams must make suitable arrangements with the instructor at least one week before the date of an exam.

 

3.Performance on each of the term exams will constitute 10% of the final grade and performance on the final exam will constitute 40% of the final grade.No makeups will be given on the term exams.If a student has a legitimate excuse for missing a term exam, the 10% weight of the term exam will be transferred to the final exam.For example, if a student misses one term exam with a legitimate excuse, the other two term exams will still constitute 10% of the final grade and the final exam will constitute 50% of the final grade. Students who miss an exam without a legitimate excuse (including sleeping through an exam) will be given a zero on the exam.Students must have a written excuse from a health care professional dated on the day of the exam or earlier to be excused from an exam for medical reasons. Nonmedical excuses must be cleared with the instructor before the time of the exam.

 

MAIN COURSE LEARNING OBJECTIVES

 

1. Understand how markets operate in order to analyze how interference in markets affects price, quantity, and the welfare of market participants.

 

2. Understand how events affect the terms of transactions in the short and long term in order to be able to explain variations over time in price and output of specific goods and services.

 

3. Understand and apply the concept of marginal analysis in order to make optimal choices.

 

4. Understand the factors underlying economic growth and the determinants of economic growth in the long term and be able to explain why countries have grown at different rates historically.

 

5. Understand the strengths and weaknesses of market decision making in order to determine the economic activities best undertaken by government.