to 220:102:E1
Introduction Microeconomics
Time: 12:30-2:30pm, on Mondays, Tuesdays, Wednesdays, and Thursdays, from June 27 to
August 4.
Location: A4 Campbell Hall, College Ave. Campus.
Instructor: Cixiu Gao
Email: [e-mail]
Office: 410 New Jersey Hall, New Brunswick
Office hours: 10:20am 12:20pm, Thursday.
1. Course Info.
Course description: This course provides an introduction to contemporary microeconomic
theory and practice. The primary focus of this course is on how individuals and societies deal
with the fundamental economic problem of scarcity.
Textbook: Principles of Microeconomics, 6th edition, by G. Mankiw.
Course prerequisites: 01:640:111 or 115 or placement into calculus.
Method of evaluation:
Attendance 10%
In-class quizzes 40%
Final exam 50%
***Students who plan on majoring or minoring in Economics must earn a C or better in this
course.
Sakai site: I will post/upload all important announcements and learning resources to the
course Sakai site. Log in to the course site with your university account . Usually, you will
receive an email from Sakai informing you that something new has been added to the site.
However, you are responsible for checking the site regularly, in case of email failure.
2. Important Dates and time
This course runs from June 27 to August 4.
Last day to drop with W grade and 50% refund: July 1
Last day to drop with W grade and no refund: July 26
Monday, July 4: Classes do not meet in observance of the Fourth of July holiday.
Final exam: August 4, 2011, in the usual classroom.
3. Learning outcomes
Students will learn:
1. Basic economic concepts including opportunity costs, scarcity, positive and normative
economics
2. How to analyze production possibilities of firms and countries, the sources of their
comparative advantages, and gains from trade
3. How to use the supply and demand model to understand how markets work.
4. How elasticity is calculated and its relevance to understanding markets.
5. How to analyze consumer behavior with respect to decisions about consumption, savings
and employment.
6. How to analyze decisions firms make about pricing, output, employment a nd investment.
7. How to analyze the behavior of firms in alternative market structures including perfect
competition, monopoly, monopolistic competition and oligopoly.
8. How to apply basic game theory to strategic interaction between companies and indivi duals
9. How to use the concepts of equity, and efficiency, market failure to analyze and evaluate
government policies such as price floors and ceilings, tax policy, environmental policy, etc.
10. How to apply economic concepts and ideas to situations not specifically covered in class.
4. Important Policies
In-class policies
Students are expected to behave appropriately in class. Having lunch in class is OK . Please
turn your cell phones to silent mode. You may not send text, sleep, talk, or read
newspaper/magazines or other materials irrelevant to course topics.
You should attend to each class on-time. Attendance will be taken daily at the beginning of
each class session. There is no excused absence in this class.
Homework
Although homework scores will not figure into your evaluation, doing
problems/exercises after each lecture is highly recommended. You are encouraged to
work in groups, if possible, for each homework assignment.
Quizzes
Quizzes will be given every Thursday except the last one. The five quizzes are worth 40
percent of your grade.
Make-up exam policy
There will be no make-up tests for quizzes or the final exam under any circumstances.
Cheating
Any conduct that violates academic integrity is absolutely unacceptable. Students who cheat
in exams/quizzes will receive severe penalties. Please go to
http://academicintegrity.rutgers.edu /integrity.shtml for further information.
5. Course Schedule
June 27 Introduction to microeconomics
June 28 Gains from trade
June 29 Demand and elasticities
June 30 Catch-up. Quiz I
July 4 no class
July 5 Demand and supply. The theory of consumer choice
July 6 Equilibrium
July 7 Catch-up. Quiz II
July 11 Market efficiency and Social welfare.
July 12 Public sectors: externalities Common resources
July 13 Taxation system
July 14 Catch-up. Quiz III
July 18 Firms behavior: cost of production
July 19 Perfect competition
July 20 Monopoly
July 21 Catch-up. Quiz IV
July 25 Monopolistic competition
July 26 Oligopoly
July 27 Strategic behaviors of firms
July 28 Catch-up. Quiz V
August 1 Intro to Game theory
August 2 Labor supply
August 3 Further topics. Catch-up
August 4 Final exam
**the schedule is subject to change.
****Class cancellation hoaxes ****
In recent semesters, the University has had problems with notes being posted on
classroom doors claiming that particular classes are cancelled. Please ignore such
notes. Class cancellations will be announced via e -mail and will be posted on the
Department website.