Ch3- F09 - Introduction to Microeconomics AP/ECON1000 3.0...

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Introduction to Microeconomics AP/ECON1000 3.0 Section B– Fall 2009 MW: 1 – 2:30 pm CLH-E Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants Room 1098 VH 1. Name: Mayer Elharar Hours: M; 2:30 – 5:30 & TR; 11:30 – 2:30 Email: [email protected] 2. Name: Adam Najmala Hours: MWF; 2:30 – 4:30 Email: [email protected]
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Course Evaluation 1. Midterm (40%): Monday Oct. 19, in-class 2. Assignment (20%): Due Tuesday Dec. 8 at 11:45 pm 3. Final Exam (40%): Dec. 10 – 23 (Cumulative) No Make up for the Midterm Exam
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Online Assignment Web site: WWW.APLIA.COM Fee: $30 U.S. Course Key: Posted on the course web site
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Important Dates to Remember Sep. 24: Last date to enrol in the course without the permission of the instructor Oct. 9: Last date to enrol in the course with the permission of the instructor Oct. 10 – 16: Fall Reading Week (No Classes) Nov. 6: Last date to drop the course without receiving a grade Dec. 8: Last Day of Classes Dec. 10 – 23: Final Examination Period
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TEXT: ECONOMICS Canada in the Global Environment Seventh Edition by Michael Parkin & Robin Bade Pearson Addison Wesley
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Reading/Homework for the week of September 13 and 20, 09 Reading: Text – Chs. 1 - 3 (including the appendix to ch. 1) Practice Exercises: Practice Exercises: All review Quizzes & Odd- All review Quizzes & Odd- numbered problems numbered problems Additional home work (recommended) : Study Guide: Chs. 1- 3, Key Concepts & odd- Key Concepts & odd- numbered Multiple Choice questions numbered Multiple Choice questions Myeconlab: Myeconlab: practice questions and sample practice questions and sample quizzes. quizzes. Aplia: Aplia: Practice questions related to Chs. 1 – 3. Practice questions related to Chs. 1 – 3.
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Chapter 3 Demand and Supply
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Objectives Describe a competitive market and think about a price as an opportunity cost Explain the influences on demand Explain the influences on supply Explain how demand and supply determine prices and quantities bought and sold Use demand and supply to make predictions about changes in prices and quantities
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Markets and Prices A market is any arrangement that enables buyers and sellers to get information and do business with each other. A competitive market is a market that has many buyers and many sellers so no single buyer or seller can influence the price. The money price of a good is the amount of money needed to buy it. The relative price of a good—the ratio of its money price to the money price of the next best alternative good—is its opportunity cost .
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Demand If you demand something, then you must: 1. Want it, 2. Can afford it, and 3. Have made a definite plan to buy it.
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