Course Hero - We put you ahead of the curve!
You have requested the below document.
- Title: 101-07_Reading_list
- Type: Notes
- School: Cornell
- Course: ECON 1110
- Term: Spring
University Cornell Department of Economics Frank Economics 101: Introductory Microeconomics Reading List and Course Outline Spring, 2007 Prof. R. H. No matter what career you ultimately choose, you will be more likely to succeed if you understand the incentives people face and how they are likely to respond to them. A well conceived and well executed first course in microeconomics can teach you more about human behavior in a single term than virtually any other course in the university. This course can and should be an intellectual adventure of the first order. I hope and trust that most of you, by the end of the term, will have developed a sense of excitement and admiration for the power of economic ideas. My approach in this course will be to focus on a short list of the core concepts that do most of the heavy lifting in microeconomics. The simple fact is that most of us learn best by example and repetition. I will do my best to make the contexts of my examples sufficiently varied to keep things interesting. To help identify which ideas are most important, I have taken cues from research showing that people often systematically violate the prescriptions of the economist's rational choice model. For example, whereas the model says that rational persons will ignore sunk costs (costs that are beyond recovery) when making decisions, many people are in fact strongly influenced by them. Someone who has purchased a basketball ticket for $50 dollars is more likely to drive through a snowstorm to get to the game than is an equally avid fan who won her ticket in a raffle. A rational ticket holder should weigh the benefit of attending the game against the cost of driving through the storm when deciding whether to make the trip--and if the former is larger, she should go, no matter how she came to acquire the ticket. Especially in my lectures on consumer behavior, I will call your attention to situations in which you yourselves are likely to make similarly irrational choices. Your resources are limited, and we will make the best use of them if we focus on precisely those issues for which knowing microeconomics is most likely to be helpful. Economic Naturalist Writing Assignments During the course I will also encourage you to become "economic naturalists." Studying biology enables people to observe and marvel at many details of life that would otherwise have escaped notice. For the naturalist, a walk in a quiet woods becomes an adventure. In much the same way, studying microeconomics can enable you to see the mundane details of ordinary existence in a sharp new light. Throughout the course, I will try to develop economic intuition by means of examples and applications drawn from everyday experience. My aim, in every case, will be to encourage you to see each feature of the manmade landscape as the reflection of an implicit or explicit cost-benefit calculation. To illustrate, the economic naturalist is someone who ponders questions like, "Why do most cars with manual transmissions have five forward speeds while those with automatics have only three or four?" The more speeds a transmission has--manual or automatic--the better a car's performance and fuel economy will be. So why fewer speeds on automatics? The reason is that performance and fuel economy are not all we care about. We also want to keep the price of the car within limits. Automatic transmissions are more complex than manual ones, which increases the cost of adding an extra speed. The benefits of adding an extra speed, by contrast, 2 are roughly the same in both cases. If car makers follow the rule, "Add an extra speed if its benefits outweigh its costs," then automatics will have fewer speeds than manuals. I will try, whenever possible, to use a simple drawing or other illustration that relates in some way to the examples I discuss. For instance, when discussing the five-speed transmission question, I generally display the diagram below on the screen. For reasons that learning theorists could probably explain, this practice seems to help root the examples more firmly in your mind, even though the illustrations themselves often contain no specific economic content. I encourage you to produce your own crude illustrations to accompany the new ideas you are grappling with. Doodle on your notes! R 1 3 5 P R N D 1 2 2 4 An important part of your experience in this course will be two short writing assignments designed to foster your skills as an economic naturalist. In each of these short papers, your assignment is to use a principle, or principles, discussed in the course to explain some pattern of events or behavior that you personally have observed. Numerous examples of what I have in mind, including the one about automobile transmissions discussed above, appear throughout the assigned text. Your space limit is 500 words. Many excellent papers are significantly shorter. Please do not lard your essay with complex terminology. Imagine yourself talking to a relative who has never had a course in economics. The best papers are ones that would be clearly intelligible to such a person, and typically these papers do not use any algebra or graphs. You need not include a bibliography. This assignment is not a Ph.D. dissertation. You are not expected to do voluminous research in support of your argument, although a relevant fact or two might help convince yourself and others that you are on the right track. It makes no difference whether your topic is "important," but try, as best you can, to choose something interesting. One of the easiest ways to stimulate your thinking about this assignment is to read The Economic Naturalist, a book in which I have compiled more than 150 of the most interesting examples I have encountered over the years. This book will be published in April 2007, but manuscript copies are posted on the course website and available in the Uris and Management (Sage Hall) libraries. 3 Problem Sets You won't really learn the principles of microeconomics unless you use them actively--by solving problems that both test and extend your understanding. Most of the material I present in lectures will imbedded in the context of specific examples that illustrate and apply the core principles. These examples will prepare you for the kinds of questions you will encounter on exams and weekly problem sets. To complete the problem sets required in this course, you will be required to access a new website dedicated to students and professors of economics. To access this website, you must to register for an account with Aplia, the creators of the site. Detailed instructions for how to do this are at the end of this syllabus. You need register only once. If you encounter technical problems or problems signing in, please send Aplia an e-mail by clicking on the "Help" link in the upperright corner of any page or by e-mailing support@aplia.com. Aplia has two versions of each problem set, with labels like "Changes in Demand I" and "Changes in Demand II." The first version is for practice and will not count toward your grade. As soon as you complete a Level I problem set and submit it to Aplia, you will receive feedback on how you did. These problems are generally easier than the Level II versions, which will count toward your grade. The due dates for each are listed in the course outline below. In addition to the Aplia problem sets, I urge you to work through the end-of-chapter problem sets in your textbook conscientiously before the answer keys are posted. These are called "Text Problem Sets" on the assignment list below. For example, "Text Problem Set 1" refers to the problems at the end of chapter 1 of the assigned text. When you learn a new language, you typically learn to understand before you learn to speak. Likewise, as you learn economics, you will find yourself capable of "understanding" an explanation of how a problem is solved long before you can actually solve it yourself. So be careful: The fact that the answer sheets make sense to you as you read over them is no proof that you are ready to solve the same kinds of problems on an exam. The only way to acquire this ability is to attempt the problems before you consult the answers. Grading Your grade in the course will be based on your performance on two preliminary exams, the two writing assignments, the Level II problem sets, and the final exam. The maximum score is 60 points on each prelim and 90 points on the final exam. After having read each of the papers submitted in his or her sections, each TA will assign your paper to one of four categories: unsatisfactory, satisfactory, very good, or excellent. Papers rated satisfactory, very good, and excellent will receive 8, 9, and 10 points, respectively. In addition, each of our five TAs will choose the ten best papers from the ones he or she reads, after which we will choose the twenty best from those fifty. Authors of the papers nominated by the TAs will get 5 bonus points each and the authors of papers from the class-wide top-twenty list will get an additional 5 bonus points. Normally very few papers are assigned to the unsatisfactory category, which is reserved for papers that provide clear evidence of not having taken the assignment seriously. Unsatisfactory papers will receive no credit. Authors of such papers are invited to submit a new paper, which would be eligible for a maximum score of 8 points. Each of the 15 assigned Level II problem sets counts the same. Your grade on each will be a fraction between 0 and 1 equal to the proportion of questions you answer correctly. The contribution of these problem sets toward your final grade will be 30 points times the average proportion of correct answers on your highest-scoring 13 entries. For example, if you get every problem right on your highest-scoring 13 Level II problem sets, you will 30 earn points toward 4 your final grade. If your average proportion correct on those problem sets is 0.9, you will earn 27 points, and so on. Your scores on the two prelims, two papers, the final exam, and the Level II problem sets will be added to determine your final point total for the course. Someone who gets a perfect score on every item, including maximum bonus points on each paper, would thus receive a total of 280 points. Like virtually all introductory courses, this course is is graded on a curve. The Text For many years I tried to find a suitable text to accompany a course taught along the lines described above. Failing in that effort, the former Princeton economist Ben Bernanke and I wrote a text of our own--Principles of Microeconomics, 3nd Edition, published by McGraw-Hill and available at the Campus Store. References to "text" in the reading list below refer to this book. Copies of the assigned text purchased at the Campus Store include your registration fee for access to the Aplia website. Book prices are outrageously high. Under the terms of a special agreement from McGraw-Hill, you can order an economy edition of the textbook directly from Aplia for $87.50 which includes shipping. The Applia version is in black and white, unlike the four-color edition at the Campus Store, but it contains precisely the same material and includes the full subscription to the Aplia site. If you order the Aplia version, don't worry about whether it arrives in time for the start of classes. The Aplia website gives you access to the first four chapters of the text electronically. Lecture Notes Because detailed notes for my lectures will be available to you on the Aplia website, you need not struggle to write down the material I present during class, although you are of course welcome to take such additional notes as you see fit. On the Aplia website you will also find copies of answer keys to the end-of-chapter problem sets and other miscellaneous course materials. Please check this page regularly for important course announcements. Experience has shown that the minimalist approach we will follow in this course really works. By the end of the term, if you have done your assignments conscientiously, most of you will know more about what really matters in microeconomics than the typical entering Ph.D. student in the discipline. 5 Class Schedule and Reading Assignments I. The economic way of thinking (text, chapter 1) Monday, January 22: Using the cost-benefit principle Complete Aplia Introductory Practice Problem Set Wednesday, January 24: The economic naturalist Submit Aplia Introductory Graded Problem Set by 11:45 PM Complete Aplia Interactive Tool Tutorial Monday, January 29: Some important decision pitfalls Complete Aplia Pretest Complete Aplia Math Tutorial Submit Aplia Posttest by 11:45 PM II. Comparative advantage (text, chapter 2) Wednesday, January 31: Opportunity cost and production possibilities curves Complete Text Problem Set 1 (Problem Set numbers refer to the problems at the end of the chapter of the same number. Thus Problem Set 1 consists of problems 1-10 at the end of chapter 1.) Complete Aplia Comparative Advantage I Monday, February 5: Specialization by comparative advantage Submit Aplia Comparative Advantage II by 11:45 PM III. Demand and supply (text, chapter 3) Wednesday, February 7: Supply and demand curves--an overview Complete Text Problem Set 2 Complete Aplia Supply and Demand I Monday, February 12: Explaining price and quantity movements Submit Aplia Supply and Demand II by 11:45 PM IV. Elasticity (text, chapter 4) Wednesday, February 14: Elasticity of supply and of demand Complete Text Problem Set 3 Complete Aplia Elasticity I V. Demand: The benefit side of the market (text, chapter 5) Monday, February 19: Consumer demand and the rational spending rule Complete Text Problem Set 4 Submit Aplia Elasticity II by 11:45 PM Complete Aplia Demand I Wednesday, February 21: Consumer surplus and applications Submit Aplia Demand II by 11:45 PM VI. Supply: The cost side of the market (text, chapter 6) Monday, February 26: Productivity, marginal cost, and the supply curve Complete Text Problem Set 5 Complete Aplia Perfectly Competitive Supply I Wednesday, February 28: Profit maximization and producer surplus Submit Aplia Perfectly Competitive Supply II by 11:45 PM 6 Thursday, March 1: First preliminary examination, 7:30-9:00 PM (includes material covered between January 22 and February 21). Room assignments to be announced. VII. Efficiency and exchange (text, chapter 7) Monday, March 5: Why market exchange is efficient Complete Text Problem Set 6 Complete Aplia Efficiency and Exchange I Wednesday, March 7: Unintended consequences of price and quantity regulation Submit Aplia Efficiency and Exchange II by 11:45 PM VIII. Competition and the invisible hand (text, chapter 8) Monday, March 12: Rent and profit Complete Text Problem Set 7 Submit Applia Invisible Hand I Wednesday, March 14: Applying the invisible hand model First writing assignment due Submit Aplia Invisible Hand II by 11:45 PM March 17-25: Spring Break IX. Monopoly (text, chapter 10) Monday, March 26: Markets with only one seller Complete Text Problem Set 8 Complete Aplia Monopoly I Wednesday, March 28: Using discounts to expand the market Submit Aplia Monopoly II by 11:45 PM X. Thinking Strategically (text, chapter 11) Monday, April 2: The prisoner's dilemma and other games Complete Text Problem Set 10 Complete Aplia Strategic Choice I Wednesday, April 4: The economics of altruism and trust Complete Text Problem Set 11 Submit Aplia Strategic Choice II by 11:45 PM XI. Externalities and property rights (text, chapter 12) Monday, April 9: The tragedy of the commons Complete Aplia Externalities I Tuesday, April 10: Second Preliminary Examination, 7:30-9:00 PM (includes material covered between February 26 and March 28). Room assignments to be announced. Wednesday, April 11: Positional externalities Submit Aplia Externalities II by 11:45 PM 7 XII. The economics of information (text, chapter 13) Monday, April 16: The economics of search Complete Text Problem Set 12 Complete Aplia Economics of Information I Wednesday, April 18: Communication between potential adversaries Submit Aplia Economics of Information II by 11:45 PM XIII. Labor markets and income distribution (text, chapter 14) Monday, April 23: The marginal productivity theory of wages Complete Text Problem Set 13 Complete Aplia Labor Markets I Wednesday, April 25: Winner-take-all markets Second writing assignment due Submit Aplia Labor Markets II by 11:45 PM XIV. Government (text, chapter 16) Monday, April 30: Public goods Complete Text Problem set 14 Complete Aplia Public Goods I Wednesday, May 2: What should we tax? Complete Text Problem Set 16 Submit Aplia Public Goods II by 11:45 PM Final Examination, date and time to be announced. Covers entire course, with emphasis on material covered after March 28. NOTE CAREFULLY: ONLY STUDENTS WITH VERIFIABLE FINAL EXAM CONFLICTS OR APPROVED MEDICAL EXCUSES WILL BE PERMITTED TO TAKE A MAKE-UP EXAM. YOUR INABILITY TO GET A DISCOUNT AIRFARE AFTER THE REGULARLY SCHEDULED EXAM DATE IS NOT GROUNDS FOR TAKING A MAKEUP EXAM. 8 Student Registration and Payment Instructions Course Name: ECON 101 Intro Economics (Micro) Frank Start Date: 01/15/2007 Professor: Robert H Frank Course Key: JR6E-YFQK-88J5 You can begin working on your homework as soon as you register! In this course, you will use a textbook and Aplia's website. You will save money if you buy these together. You have two purchase options. If you purchase a physical textbook directly from Aplia, your textbook will be shipped to you after you submit your payment and shipping information to Aplia. Once your book is shipped from Aplia, please allow 3-5 business days for it to arrive. Registration Registration Instructions 1. Connect to http://www.aplia.com. 2. Click the System Configuration Test link below the Sign In and Register sections to make sure you can access all of the features on Aplia's website. This takes just a few seconds and tells you how to update your browser settings if necessary. 3. Return to http://www.aplia.com. If you have never used Aplia before, click the New Student button and enter your Course Key: JR6E-YFQK-88J5. Continue following the instructions to complete your registration. If you have used Aplia before, sign in with your usual e-mail address and password and enter your Course Key when prompted: JR6E-YFQK-88J5. If you are not prompted for a new Course Key, click the Enter Course Key button to enroll in a new Aplia course. Enter your Course Key when you are prompted. 4. If you understand your payment options, pay now. Otherwise, postpone your purchase decision by choosing the option to pay later. Your payment grace period ends at the end of 9 the day on 02/04/2007. Payment Option A: Pay Aplia Directly Purchase access to your course directly from Aplia on our website for $87.50 USD. This option includes: - Aplia content that has been customized for your textbook and course ($80.00 USD) - A physical black and white textbook shipped to you by Aplia ($7.50 USD shipping and handling). - Free access to the first four chapters of an online copy of your textbook at Aplia. You can purchase online access to the remaining chapters for $25.00 USD at Aplia. Option B: Purchase Textbook Bundle at Bookstore Purchase a textbook bundle from your school's bookstore. The textbook is bundled with an Aplia Access Card, which contains a Payment Code that you can enter on Aplia's website as payment for your Aplia course. Call or visit the bookstore for pricing information. This option includes: - A physical textbook. - Aplia content that has been customized for your textbook and course. - Access to an online copy of your textbook.
Find millions of documents here - Study Guides, Homework Solutions, Papers, Exam Answer Keys and more.
Course Hero has millions of course related materials that will enable you to learn better, faster and get an A in all your courses.
Below is a small sample set of documents:
101-8_07
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Wisconsin >> SOC WK >> 206 Spring, 2004
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Cornell >> ECON >> 1110 Spring, 2007
Path: Wisconsin >> ANATOMY >> 328 Spring, 2008
Path: Wisconsin >> ZOOLOGY >> 466 Spring, 2008
Path: Wisconsin >> ZOOLOGY >> 466 Spring, 2008
Path: Wisconsin >> ZOOLOGY >> 466 Spring, 2008
Path: Wisconsin >> ZOOLOGY >> 466 Spring, 2008
Path: Wisconsin >> ANATOMY >> 328 Spring, 2008
Path: Wisconsin >> ANATOMY >> 328 Spring, 2008
Path: Wisconsin >> SOC >> 441 Spring, 2006
Path: Wisconsin >> SOC >> 441 Spring, 2006
Path: Michigan State University >> ENG >> 260 Spring, 2008
Path: Michigan State University >> ENG >> 260 Spring, 2008
Path: Texas A&M >> ENGL >> 1301 Spring, 2008
Path: Texas A&M >> ENGL >> 1301 Spring, 2008
Path: Texas A&M >> ENGL >> 1301 Spring, 2008