econ 1021 outline.pdf - KINGS UNIVERSITY COLLEGE ECONOMICS...

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KING’S UNIVERSITY COLLEGE ECONOMICS 1021A ( Sections 570/572 ) PRINCIPLES OF MICROECONOMICS Fall 2017 Class Meetings: Section 572: 9:30-11:30, Wednesday (LH101) & 10:30-11:30, Thursday (LH101) Section 570: 11:30-1:30, Wednesday (SA150) & 12:30-1:30, Thursday (W166) Professor: T. Osborne Email: [email protected] Office: FB-308 Office hours: Wednesday 1:30-3:30, Thursday 2:30-4:30 Phone: (519) 433-3491, Ext. 4346 Prerequisites: None Antirequisites: Economics 1020 TEXT Parkin and Bade, ECONOMICS: Canada in the Global Environment, 9 th edition COURSE WEBSITE www.regraphs.com (note: OWL is not used in this course) ADMINISTRATION OF COURSE There will be one mid-term exam ( in class on October 25 ) and a final exam (date TBA by registrar) with weights: 30% mid-term, 70% final OR: 50% mid-term, 50% final. I will use the weights which will give you the highest overall grade in the course. Each exam will contain 80% of the mark in multiple choice questions and 20% in an exercise-essay question. In addition to the handouts for each class, the course website also provides practice for the questions on the exams. COURSE OBJECTIVES Economics is the study of prices and quantities--specifically the prices and quantities of the goods and services that can be produced and consumed by an economy. We will look at questions such as: How do prices get determined in the Canadian economy? Why are they "so high?" Are they "fair?" Why does our economy produce the types of goods that it does and in the quantities that it does? As in all introductory economics courses, the concepts are presented by manipulating graphs. Thus it is recommended that the student put extra time into practicing the graphical techniques during the first few weeks of the course. A prior course in economics (e.g. high school economics) is not necessary in order to do well in this course. COURSE OUTLINE I. BASIC THEORY OF MARKETS: SUPPLY AND DEMAND A. Prices and Quantities: An Introduction - What is economics? - Chapter 1, Chapter 2 (pgs. 44-45 and 53) - Relative price (page 56 and class notes) B. Basic Supply and Demand - The tools of supply and demand - Chapter 3, Chapter 7 (pgs. 175-176) - Price controls - Chapter 6 (pgs. 127-131, 144-145) - The Problems of Agriculture - Chapter 6 (pgs. 139-141) The B.C. Milk Marketing Board (class notes) C. Elasticity and its Applications - Elasticity - Chapter 4 and Chapter 1 ("Slope of a relationship" pgs. 22-24) D. Understanding Households’ Choices – Chapter 8 (pgs. 201-205 and 208-210) II. THE ORGANIZATION OF BUSINESS FIRMS AND INDUSTRIES A. Theory of the Firm - The Firm in Economics - Chapter 10 - Production and Costs - Chapter 11 (also read Ch. 1, pgs. 18-24 with Ch. 11, pgs. 250-252) B. Industrial Organization - Monopoly - Chapter 13 (pgs. 297-303) - Oligopoly - Chapter 15 (pgs. 342-343, 344-349)
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