Week1.OpportunityCost.2011

Week1.OpportunityCost.2011 - 1 Welcome to ECMA04H...

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1 Welcome to ECMA04H – Introduction to Microeconomics: A Mathematical Approach Prof. Gordon Cleveland Office: IC-282, Phone: 416-287-7317 E-mail: cleveland@utsc.utoronto.ca Office Hours: Mondays, Wednesdays 1-2 (or by appointment) Blackboard site: https://portal.utoronto.ca or go to UTSC site and click on Portal link What is on the Blackboard site? - Lecture notes - Announcements - Downloadable copy of Course Handbook (with course outline, weekly readings, tutorial questions and study questions and answers) - Your marks
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2 Lecture notes will be posted for download on the Blackboard site by Sunday for the next week. Print them (perhaps 4 to a page?), and draw diagrams and add extra notes in class. Tests Mostly multiple choice (10 choices for most questions) Lots of “problem-based” questions (not memorization) Some “theory/concept” questions First test – 25% Second test – 25% Final exam – 50%
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3 No doctor’s notes. Weight will shift automatically to final if you miss a test. Special deal…not available elsewhere! If you do better on the final, you can wipe out a lower mark on first test, second test, or on both of them. Student #1 Student #2 Student #3 First Test 60% 40% 40% Second Test 60% 40% 80% Final Exam 40% 60% 60% Course Mark (if no adjustment) 50% 50% 60% Course Mark (with adjustment) 50% 60% 65%
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4 Course is based on both: - knowledge of basic economic theory - ability to do problems using theory + math (graphs, algebra and calculus) Things you need to know about: 1. Lecture Notes (on Blackboard) 2. Course Handbook (on Blackboard) 3. Tutorials every week (except this one). Tutorial questions are in Handbook. 4. T.A.’s (6 teaching assistants). Very helpful 5. Study questions each week - in your Handbook (do them in a group?) 6. Text book (recommended) 7. Video of lectures – Blackboard site
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5 Textbook is new this year Principles of Microeconomics: Fifth Canadian Edition by Greg Mankiw, Ronald Kneebone, Ken McKenzie Buy it in textbook store (about $93) Rent it in textbook store Rent an electronic version from Course Smart Share it with a friend Recommended but not required?
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6 Is this a tough course? Judge for yourself… A (80% or more): 25% B (70-79%): 20% C (60-69%): 20% D (50-59%): 15% F (below 50%): 10% Dropped: 10%
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7 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. Macroeconomics is the study of the functioning of the overall economy: Aggregate Demand, Aggregate Supply, unemployment, inflation, the value of the dollar, the level of interest rates, recessions, booms, financial crises You study macro in the winter term with Prof. Iris Au
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8 Topics for ECMA04: - Opportunity Cost; Production Possibility Frontiers - Demand and Elasticity - Costs and Supply - Perfectly competitive markets - short and long run - Monopoly markets
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This note was uploaded on 09/17/2011 for the course MATA 32 taught by Professor Hi during the Spring '11 term at University of Toronto- Toronto.

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Week1.OpportunityCost.2011 - 1 Welcome to ECMA04H...

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