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Week1.OppCost.2007 - 1 Welcome to ECMA04H Introduction to M...

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Welcome to ECMA04H – Introduction to Microeconomics: A Mathematical Approach! Prof. Gordon Cleveland Office: MW-364, Phone: 416-287-7317 E-mail: [email protected] Office Hours: Mondays 1 p.m.- 2 p.m. Wednesdays 11 a.m. – 12 noon Website: www.utsc.utoronto.ca/~cleveland This is the website for this course, with lots of materials. And current information. Use it! 1
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The course: Microeconomics – the study of individual markets in the economy (demand and supply, determining price and quantity). How decisions are made, through markets, to allocate society’s economic resources to alternative possible uses. 2
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Topics: - Opportunity Cost and Production Possibility Frontiers - Demand and Elasticity - Costs and Supply - How perfectly competitive markets allocate resources in the short and long run - How monopoly markets allocate resources - Competition and Monopoly compared; regulation - Market Failures: externalities (pollution) and public goods (public health) - Trading in international markets: good or bad? 3
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Tests Mostly multiple choice First test – 20% Second test – 30% Final exam – 50% No doctors’ notes; no make-up tests Special Offer! If you do better on the final, you can wipe out lower mark on first test, second test, or on both of them. Course is based on: - knowledge of basic economic theory - ability to do problems using theory + math Things you need to know about: 1. The Handbook 2. Tutorials 3. T.A.’s (teaching assistants) [Jessica, Pejmun, Ben, Jennifer, Matthew, Evan]. Love your T.A. 4. Problem sets each week in your Handbook 4
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5. web site www.utsc.utoronto.ca/~cleveland (old exams and tests) 6. Text book (recommended) 5
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7. Is this a tough course? Judge for yourself… Year before last, we had 840 students A (80% or more): 151 = 18% B (70-79%): 138 = 16% C (60-69%): 145 = 17% D (50-59%): 149 = 18% F (below 50%): 195 = 23% Dropped: 62 = 7% 6
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How do I succeed in this course? a. work hard and work now b. go to tutorials; love your T.A. c. download the handbook; do the problems d. look at the website; get familiar with old tests e. come to class; take notes; think; don’t talk (or watch the video) f. expect both theory and math to be tested g. don’t cheat Do I need university math? Not for this year…but for next year MATA32H and MATA33H for the B.B.A. MATA30H and MATA37H if you want to go on Download the lecture notes from the web site every week before Monday morning.
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