of University Minnesota Principles of Microeconomics 1101 Lecture 001 Summer 2008 Lecture: 9:00am - 11:00am, M,Tu,W,Th,F Blegen Hall 245
06/16/2008 07/25/2008
First Half
Instructor: Michael Walrath Email: [e-mail] Office: 3-105 Hanson Hall Phone: [phone] Homepage: http://www.econ.umn.edu/~walrath Office Hours: M, W, F 11:15am-12:15pm and by appointment
Second Half
Instructor: Nan Xu Email: [e-mail] Office: 3-153 Hanson Hall Phone: [phone] Homepage: http://www.econ.umn.edu/~xuxxx183 Office Hours: T, R 2:00pm 3:00pm
Teaching Assistant:
Nathalie Pouokam Email: [e-mail] Office: 3-151 Hanson Hall Phone: [phone] Office Hours: F 11:30am-1:30pm
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. Econ1101 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 2 provides a brief review of graphing concepts.
1
Text:
Principles of Microeconomics, 4th Edition by N. Gregory Mankiw is the text for this course. I will assume everyone owns a text. The book may be purchased at the University Bookstore in Coffman Union or online. I suggest that you to 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.
Course Requirements:
There will be 4 homework assignments, 1 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.
Homework:
Assignments are due at the end of class on the listed dates. No late assignments will be accepted since keys answer will be posted after assignments are due. Only documented special circumstances (i.e. illness) will exempt you from this rule. If you know in advance that you will not be able to hand in an assignment on time (i.e. you will miss class), you must speak to instructor before the assignment is due and hand it in early. By department policy, homework must be typed, or you will automatically lose 20 points (the homework will be graded normally then 20 points will be subtracted from that score). Graphs and calculations may be handwritten (they must be legible and neat). 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. If you disagree with the grading of an assignment submit a written argument for why you should be awarded more points. You must submit these disputes within 5 days of having been returned the assignment.
Exams:
Exams will be given in class on the dates given below. All exams are closed book and closed note. You may use a basic (non-programmable) calculator. No cooperation is allowed during the tests, and any attempts of dishonesty will be punished with as much severity at the University permits. There will be no make-ups for the midterm unless there is a valid, documented excuse. Make-ups are possible for the final exam only if the student has three exams within a 16 hour period. Please let the Instructor know as soon as possible if you are unable to take an exam on the assigned date, since last minute requests might not be honored due to time constraints. If you disagree with the grading of a midterm, submit it to Mike with a written argument for why you deserve more points for the specific question(s)...