Fall09Tombler102 - Economics 102 220:102:13, 14...

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Unformatted text preview: Economics 102 220:102:13, 14 Introduction to Microeconomics Fall 2009 Rutgers University SYLLABUS Instructor Dr. Ying Sun Tombler Office: 413 NJ Hall Office Hours: Saturdays 12:00-2:00 p.m. E-mail: ytombler@econ.rutgers.edu Lectures Saturdays 9:00-11:55 a.m. in Murray Hall 213 Learning Goals for Economics Majors 1. Economic Literacy - Students who complete the major in economics should understand and be able to articulate, both orally and in writing, the core economic principles, concepts and theories that form the foundation for modern economic analysis and economic research. 2. Economic Numeracy - Students who complete the economics major should be familiar with the tools, techniques and methods of empirical economics. They should be able to analyze data using computer applications and should be familiar with regression methods and other statistical techniques. They should be able to read and assess general interest articles on economic topics. In addition, they should be able to understand and evaluate key findings in published economic research from a wide range of sources including academic economists, public policy `think tanks,' and government agencies. 3. Economic Citizenship - Upon completion of the major students should be able to apply their understanding of core concepts and quantitative tools to analyze and research real world problems and evaluate alternative economic policy proposals on microeconomic and macroeconomic issues. 4. Economic Scholarship Qualified majors should have an opportunity through such avenues as advanced coursework, faculty interactions, national and local competitions and honors courses and programs to utilize up-to-date methodological tools and become fully engaged in economic research and issues on the frontiers of economics. Course Description Economics is important, useful and relevant to everyday decisions in a wide variety of situations. Economics 102 (Principles of Microeconomics) is a fundamental course in microeconomic analysis. It involves the introduction of the fundamental processes and implications of economic reasoning and the analysis of consumer and producer behavior 1 under resource scarcity, introduces students to the operation of the price mechanism and examines the behavior of individual economic units and also provides an analysis of the laws of supply and demand, market structure, and costs of production. The topics we will examine include economic decision making of individual consumers and producers, laws of demand and supply, market failure, public goods, externalities, areas of government intervention, elasticity, market structure, factor markets and international trade. Required Textbook "Principles of Microeconomics", the 4th edition by Robert H. Frank and Ben S. Bernanke. ISBN-13: 9780073362663 Course Learning Objectives Students who successfully complete this course will be able to: ! Explain the economic behavior of households and individual firms ! Describe and apply the scientific method to economic behavior ! Apply the principles of supply and demand to determine prices and identify the factors that affect supply and demand ! Describe and distinguish between various forms of market structures ! Evaluate the costs and benefits of alternative forms of public policy Evaluation Grading is based on attendance (5%), homework (5%), three in-class midterms (20% each) and one cumulative final (30%). NO MAKEUP EXAM. 2 TENTATIVE COURSE OUTLINE **Note that I reserve the right to alter the contents of this outline during the semester. Week 1 Date Sept.5 Ch1 Sept.12 Ch2 Ch3 3 Sept.19 Ch3 Review 4 Sept.26 Midterm 1 Discussion 5 Oct.3 Ch4 Ch5 6 Oct.10 Ch6 Ch7 7 Oct.17 Ch8 Review 8 Oct.24 Midterm 2 Discussion 9 Oct.31 Ch9 Ch10 Ch11 10 Nov.7 Ch12 Review 11 Nov.14 Midterm 3 Discussion 12 13 14 Nov.21 Nov.28 Dec.5 Ch15 Review 15 Dec.12 Dec.19 8:00~11:00 am Final Review Q&A 16 Final Exam Ch13 Ch14 Reading Topics Introduction of the course Thinking Like an Economist Comparative Advantage: The Basis for Exchange Supply and Demand: An Introduction (I) Supply and Demand: An Introduction (II) Review and Exercise Session (Ch1 to Ch3) Covers Ch1 to Ch3 Q&A of midterm1 Elasticity Demand: The Benefit Side of the Market Perfectly Competitive Supply, the Cost Side of the Market Efficiency and Exchange The Invisible Hand Review and Exercise Session (Ch4 to Ch8) Covers Ch4 to Ch8 Q&A of midterm2 Monopoly, Oligopoly, and Monopolistic Competition Games and Strategic Behavior Externalities and Property Rights The Economics of Information Review and Exercise Session (Ch9 to Ch12) Covers Ch9 to Ch12 Q&A of midterm3 Labor Markets, Poverty, and Income Distribution The Environment, Health, and Safety Thanksgiving Recession Public Goods and Tax Policy Exercise Session (Ch13 to Ch15) Review and Exercise Session for Final Q&A Final will be cumulative!!! 2 3 ...
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