Course Syllabus

Course Information Course Number/Section Course Title Term Days & Times ECON 2302-001 Principles of microeconomics Fall 2011 T, R: 10:00 - 11:15 (FN 2.102)

Professor Contact Information Professor Daniel G. Arce M. Office Phone 972-883-6857 Other Phone DO NOT CALL ME AT MY RESIDENCE Email Address darce@utdallas.edu Office Location GR 2.534 Office Hours T, 3-4 pm; W, 8-9 am (or by appointment). Other Information Feel free to drop in (just knock). TAs: Simone Manca, MW: 2-4pm (GR 2.822) Sara Muehlenbein, M,W: 4-6pm (GR 2.822)

Course Pre-requisites, Co-requisites, and/or Other Restrictions You do NOT need to take principles of macroeconomics (ECON 2301) prior to taking this class. Course Description This course is an introduction economic reasoning in decision making and problem solving by examining the behavior of consumers, firms, and their interaction in markets. Topics include demand and supply, comparative advantage and international trade, taxation, perfect competition, monopoly, and the theory of games. The emphasis in on critical thinking rather than memorization. To wit: you will leave this course with trained common sense. Student Learning Objectives/Outcomes 1. Concept of opportunity cost and its measurement. 2. Marginal analysis and economic decision making. 3. Principle of comparative advantage and its application to international trade. 4. Analysis of the market system, including supply, demand, and the determination of prices. 5. Mastery of the algebra of equilibrium price and quantity given linear supply and demand curves. 6. Concept of elasticity and its use in determining the behavior of a firms revenue and the allocation of tax burden amongst consumers and producers. 7. Concepts of market structure (perfect competition, monopoly, etc.). 8. Introduction to the theory of games ( e.g., strategic and extensive form games; auctions). Required Textbooks and Materials Required Texts/Materials Bring course notes available in the Course Content tab for this section of the course on eLearning http://elearning.utdallas.edu to class every day. Suggested Course Materials Suggested Readings/Texts Microeconomics. Brief Edition by McConnell|Brue|Flynn. Note: this text is NOT required because the course is primarily lecture-driven.

Course Syllabus

Page 1

Tentative Assignments & Course Calendar Day 1 2 R T Date 26 Aug 30 Aug Topic Syllabus and first day Opportunity Cost and Marginal Analysis Opportunity Costs: Budget Constraint Labor Day (no class) Opportunity Costs: Production Possibilities Quiz 1 Source (Chapter: pages) 1 1: appendix 1: 8-12

R M

1 Sept 5 Sept 6 Sept 8 Sept

4 5

T R

1: 14-22

6 7 8

T R T

13 Sept 15 Sept 20 Sept

Comparative Advantage & Trade Supply & Demand Supply & Demand: Comparative Statics Supply & Demand: Comparative Statics Quiz 2 Price Ceilings & Floors Retail Price Maintenance Exam 1

12: 266-274 3: 51-63 3: 63-66

9 10 11 12 13 14 15 16 17 18

R T R T R T R T R T

22 Sept 27 Sept 29 Sept 4 Oct 6 Oct 11 Oct 13 Oct 18 Oct 20 Oct 25 Oct

3: 63-66

3: 66-70

Elasticity: Motivation
Elasticities of Demand Elasticity of Supply Elasticity and Comparative Statics Quiz 3 Tax Burden Revenue, Expenditure & Elasticity

4: 73-77 4: 90-92 4: 86-90

5: 110-115 4: 77-82

Course Syllabus

Page 2

Day 21 22 23 24 25 26 27 28 29 30 R T R T R T R T R T R 31 T

Date 27 Oct 1 Nov 3 Nov 8 Nov 10 Nov 15 Nov 17 Nov 22 Nov 24 Nov 29 Nov 2 Dec 6 Dec

Topic Review Exam 2 Profit Maximization Perfect Competition in SR Perfect Competition in LR Monopoly Welfare Properties of Markets Quiz 4 Make-up Exam No Class TDay (Go Lions!) Game Theory Auctions 3rd (Final) Exam Last Day of Classes

Source (Chapter: pages)

6: 119-135 7: 145-158 7: 158-166 8: 169-181 2: 32-41

9: 200-203 notes notes

Course Syllabus

Page 3

Grading Policy Method of Evaluation Algebra of supply and demand Quizzes Exam 1 Exam 2 Final Exam (Exam 3) Percentage of Grade Precondition for passing 40% 20% 20 % 20%

Note: 1. Final grades/averages: 98+:A+, 92-7:A, 90-1:A-, 88-9:B+, 82-87:B, 80-1:B-, 78-9:C+, 72-7:C, 70-1:C-, 68-9:D+, 62-67:D, 60-1:D-, 59:F. This scale is guaranteed, but is flexible downward. 2. Handouts for each lecture are available for my class via eLearning. It is required that you bring a handout to every class. I suggest that you read the handout prior to class. 3. I encourage you go over the past quiz/exam problems provided in eLearning. 4. The quizzes are cumulative (up through each exam). This means that Quiz 2 can include material from Quiz 1. 5. Simple (8th grade level) algebra will be used in this course. This typically involves the calculation of slope and solving two linear equations with two unknowns. 6. Special Accommodations: If you have a condition documented by the Student Disability Services Office, please see me ASAP. My policy is to meet your needs simultaneously with the schedule. Course Policies Make-up exams The only excused absences are for officially sanctioned college events. All work for excused absences is to be completed and turned in ahead of time. This includes exams. No make-up quizzes are given. If you miss either exam 1 or exam 2 a make-up exam will be given in-class on TUESDAY, 22 November (the Tuesday before Thanksgiving). The make-up exam will be COMPREHENSIVE over the material from exams 1 and 2. Extra Credit I reserve the right to reward judicious individual class participation by raising ones final grade by a maximum of half a letter grade. Attendance is not participation (neither are office hours). Class Attendance Attendance is NOT required. You should be aware; however, that attendance is the single most important factor determining your grade. No attendance policy implies (a) that I will not give make-up lectures during office hours, and (b) you are responsible for reconciling the missed lecture with its accompanying handout by consulting with a fellow student who attended. I do NOT want to hear about absences unless you have notified me about an official university-sponsored activity in advance. The rules are expressed this way because I view your enrollment in this course as a commitment to attend each and every class. In the same way, my decision to teach this class includes the commitment to teach sessions worth attending and so you are free to tell me if you think that I am not living up to my part of the bargain.

Course Syllabus

Page 4

Classroom Citizenship A. EXPECTATIONS FOR LECTURE ETIQUETTE 1. Students should assume personal responsibility for a conductive learning environment. 2. Behavioral problems will NOT be tolerated! Anyone disrupting the class by arriving late, talking out-of-turn, leaving before the lecture is over, etc. will be asked to withdraw from the class. Latecomers must take the first available seat instead of their assigned seat. DO NOT cross the front of the classroom if you arrive late. 3. A seating chart is necessary for the quick return of exams or quizzes. A permanent seating chart will be established prior to the first quiz. 4. Feel free to ask questions in class. Participation is highly encouraged and figures into my +/calculations. 5. You must bring your student I.D. to every quiz and exam. Students without their I.D. must retrieve it and forfeit any time lost in this process. 6. I will provide the calculator for each exam/quiz. You may not access any other electronic device during an exam/quiz. 7. If you are absent on the day that a quiz or exam is returned, you may pick it up at my office. 8. Claims against grading can only be made until the due date of the next graded assignment of any type. I will discuss the material from any evaluation at any time. 9. No outside reading during class (this includes laptops & texting)! If you want to read something else, I will ask you to leave the class. B. KEYS TO SUCCESS 1. This class is about thinking; no questions will be asked that reward memorization. 2. Microeconomics is a full contact experience. At the very least you should do the problems provided in my eLearning workbook. These are old exam and quiz questions. Pay attention to the method by which I derive the answer, not just the answer itself. 3. Review all handouts. 4. Periodically, I will entertain questions in class about how to solve past exam questions. Be prepared for such occasions by attempting the recommended problems far in advance. 5. I will ask a question on market equilibrium (the intersection of supply and demand curves) from Quiz 2 onward for EVERY exam and quiz until 90% of the class gets it perfect at the same time. 6. Feel free to ask questions in class. 7. You are also welcome to come to my office hours. Be aware that it is likely that I will ask you as many questions as you ask me. I treat office hours as if they are an extension of class. 8. An e-mail message distributed to class 36 or more hours prior to an event is considered fair warning. Check your UTD e-mail account regularly. 9. If I do not cover a topic in class, then I will not be asking about it on exams and quizzes. This class is predominantly lecture-driven. 10. This class is about thinking; no questions will be asked that reward memorization. 11. None of these keys to success will work unless you do. The standard rule of thumb is that your time studying outside of class should be three times the amount of time you spend in class. Hence, this class requires an additional nine hours (minimum) of commitment outside class time.

Technical Support
If you experience any problems with your UTD account you may send an email to: assist@utdallas.edu or call the UTD Computer Helpdesk at 972-883-2911.

The Remainder of this Syllabus can be found on the Class eLearning site

Course Syllabus

Page 5