ECONOMICS 201.05

Principles of Microeconomics
Fall 2000
12:30 pm - 1:45 pm TR 122 Bryan Building


INSTRUCTOR
Dennis Patrick Leyden

445 Bryan Building
phone, voicemail, & fax: 334-
leyden@uncg.edu
 http://www.uncg.edu/eco/dpleyden
OFFICE HOURS
Formal office hours are 11:00 am - 12:00 pm, Tuesdays & Thursdays.  However, you are welcome to drop by anytime.  If you want to make sure that I am available, set up an appointment.

COURSE DESCRIPTION - Introduction to microeconomic principles and analysis.  Topics include: the market economy, supply and demand, shortages and surpluses, competition and monopoly, international trade, and public policy issues.

COURSE OBJECTIVES - By the end of the semester, you should be able to:

  • identify the microeconomic aspects of a particular situation
  • evaluate a buyer's or seller's economic decision problem
  • identify the gains to trade among decision makers
  • analyze the causes, and effects, of changes in individual markets
  • choose among alternative economic models to explain economic behavior
  • communicate the result of your economic thinking in a standard written format
  • REQUIRED MATERIALS - To fully participate in this course, you must have access to the textbook, the supplementary webtext, and the class website: If you do not have access to the internet, you should IMMEDIATELYcontact the Student Consultancy in the SuperLab in order to get such access.

    CONDUCT OF CLASSES - Learning to think (as opposed to memorizing material) requires active involvement in the learning process.  As a result, this course is not composed of lectures that simply repeat text material.  Instead, class time is devoted to case studies, overviews, question-and-answer sessions, and more general discussions.   Studies show that participation in the classroom and completion of assignments is valuable both to the student (such participation is a strong factor in successfully completing a course) and to fellow students (this course is based on a shared learning experience).  It is therefore important that you come to class ready to participate, that you turn in all outside assignments, and that you sit for all in-class examinations.

    REQUIRED SKILLS - Economics is often considered to be a difficult subject because successful completion of the course requires a number of skills, some of which can only be developed slowly and through continual practice.  In general, successful completion of the course will require that you:

    • know basic terms - 
      • relate terms that have the same meaning
      • select the term that best fits a particular definition
      • identify terms used in examining an economic problem
    • understand economic concepts and principles -
      • identify examples of economic concepts and principles
      • describe economic concepts and principles in own words
      • point out the interrelationship of economic principles
      • explain changes in economic conditions in terms of the economic concepts and principles involved
    • apply economic principles to new situations -
      • describe how to solve a practical economic problem
      • explain the likely cause of a change in economic conditions
      • predict the probable outcome of an event
    • evaluate economic arguments -
      • distinguish between positive and normative arguments
      • identify the main point of an economic argument
      • distinguish assertions from reasons
      • distinguish relevant from irrelevant arguments
      • differentiate facts, reasoned judgements, and tastes

      • distinguish warranted from unwarranted conclusions.
    GRADES - Grades for individual assignments and examinations are based on a ten-point scale.  The course grade will be calculated with whichever of the following schemes results in the higher grade:
    • SCHEME 1 -

    • * Textbook Assignments (best 7 of 9)
      * 4 Supplemental Text Assignments
      * 2 Paper Assignments
      * 2 Mid-Term Examinations
      * 1 Comprehensive Final Examination

    10% total
    15% total
    10% total
    40% total
    25% total
    • SCHEME 2 -

    • * Textbook Assignments (best 7 of 9)
      * 4 Supplemental Text Assignments
      * 2 Paper Assignments
      * 1 Mid-Term Examination (better of 2)
      * 1 Comprehensive Final Examination

    10% total
    15% total
    10% total
    40% total
    25% total

    MAKE-UP POLICY - All examinations must be taken at the assigned time, and all assignments must be turned in no later than the end of class on their due date, or a zero will be recorded.   Because th two lowest textbook assignment grades are automatically dropped, there will be NOexemption for textbook assignments.  For the examinations and for all other assignments, exceptions to this policy will only be granted for serious circumstances that are BEYOND YOUR CONTROL.  Arrangements for an exception must be made as soon as possible and in advance if at all possible.  You should be prepared to provide evidence that the situation is indeed beyond your control.

    WEATHER POLICY - If the University is closed on a day in which an assignment is due or an examination is scheduled, the assignment due date or examination will be moved to the next regularly scheduled class.  If the University is closed the day of the class immediately before an assignment is due or an examination is scheduled, the assignment due date or examination date will be moved ahead one class day.  In addition, please note that in the event that the University is closed, I reserve the right to revise the remainder of the schedule as needed.  If the University is not closed but severe weather precludes you from coming to class, follow the Make-Up Policy above.

    ASSIGNMENTS - There are 15 assignments (9 assignments taken from the Stiglitz textbook, 4 assignments taken from the Leyden webtext, and 2 paper assignments) that must be done outside of class.   For details on those assignments, click on the assignments dropdown menu.  For the list of due dates for these assignments, click on the calendar link.

    ACADEMIC INTEGRITY POLICY - The virtues of honesty, trust, fairness, respect, and responsibility are necessary if the free flow of ideas, which form the basis for true learning, is to take place.  As a result, UNCG requires that all work undertaken in this course must be carried out in good faith and with due regard for the integrity of the learning process, and that each student sign the Academic Integrity Pledge:

    I HAVE ABIDED BY THE ACADEMIC
    INTEGRITY POLICY ON THIS ASSIGNMENT.

    Signature__________________ Date____________

    on all major work submitted to an instructor.  A student's work need not be graded until he/she has signed the statement, and students who do not sign the pledge may be assumed to have violated the Academic Integrity Policy.  In signing the pledge, the student indicates his/her knowledge that the Academic Integrity Policy governs his/her academic activities at the University.
     
     


    CALENDAR of TOPICS, READINGS, & DUE DATES
    ECONOMICS 201.O5, Fall 2000

    WHAT'S ECONOMICS
    • INTRODUCTION
      • Stiglitz, Chapter 1
    22 August
    • A WAY OF THINKING
      • Leyden, Chapters 1 & 2
    24 August
    • A SUBJECT
      • Stiglitz, Chapter 1
    29 August

    INDIVIDUAL CHOICE
    • BASIC PROBLEM
      • Stiglitz, Chapter 2 (including appendix)
      • Stiglitz Chapter 1 Assignment due
      • Leyden Chapter 1 Assignment due
      • Leyden Chapter 2 Assignment due
    31 August
    • BUYER'S PROBLEM
      • Stiglitz, Chapter 5 (pp. 97-99,103-105)
      • Stiglitz, Chapter 8
      • Stiglitz Chapter2 Assignment due
    5 September
    • SELLER'S PROBLEM
      • Stiglitz, Chapter 5 (105-107)
      • Stiglitz, Chapters 11 & 12
      • Stiglitz, Chapter 14 (338-344)
      • Stiglitz Chapter 8 Assignment due September 7th
    7, 12,14 September

    CASE ANALYSIS
    • INTRODUCTION
      • Leyden, Chapters 1 & 2
      • Stiglitz Chapter 11 Assignment due
      • Stiglitz Chapter 12 Assignment due
    19 September
    • VACCA MOTORS CASE
      • Stiglitz, Chapter 3
    21, 26, 28 September

     FIRST EXAMINATION, October 3rd
    First Paper Assignment due

    SOCIAL CHOICE
    • INTRODUCTION
      • Stiglitz, Chapters 2, 3, & 20 (pp. 499-501)
    5 October
    • MARKETS
      • Stiglitz, Chapter 14 (pp. 336-337, 345-355)
    12 October
    • PERFECT COMPETITION
      • Stiglitz, Chapter 4
      • Stiglitz Chapter 3 Assignment due October 17th
    17, 19, 24 October
    • MONOPOLY
      • Stiglitz, Chapter 14 (pp. 338-345)
      • Stiglitz Chapter 4 Assignment due
    26 October
    • INBETWEEN
      • Stiglitz, Chapter 14 (pp. 355-358)
    31 October
    • MODEL SELECTION
      • Stiglitz Chapter 14 Assignment due
    2 November

     SECOND EXAMINATION, November 7th

    CASE ANALYSES
    • INTRODUCTION
      • Leyden, Chapters 1, 2, 3, & 4
    9 November
    • NECESSARY TOOLS
      • Stiglitz, Chapter 5
    14 November
    • SEC CASE
      • Stiglitz Chapter 5 Assignment due November16th
      • Leyden Chapter 3 due November 16th
      • Leyden Chapter 4 due November 16th
    16, 21, 28 November
    • CHARTER SCHOOL CASE
    30 November, 5, 7 December

    FINAL EXAMINATION, December 14th
    SECTION 5 - 12:00 - 3:00 pm
    Second Paper Assignment due