Principles of Microeconomics
Economics (ECON) 201, CRN 10795
Spring 2009, 3 credits
Tuesday and Thursday 11:30-12:45
Ming Hsieh Hall G20 (formerly Oglebay G20)
Instructor: Prof. William Reece
Office: 404 B&E
Office Hours: TTH 9:00-10:15; TTH 3:45-5:00 and by appointment
Telephone: (304) 293-4039
E-mail: [email protected]
Teaching Assistant: Julie Lohi
Office: 233 B&E
Office Hours: W 11:00-1:00 and by appointment
Telephone: (304) 293-5993
E-mail: [email protected]
Prerequisites: Sophomore standing
WVU General Education Curriculum: This course can be used to satisfy WVU’s GEC
objectives in Contemporary Society and Western Culture.
Course description: This course is designed to introduce WVU students to the principles of
microeconomics. Microeconomics is the study of the behavior individual economic units, such
as households and business firms, and of their interaction in markets. Almost 100 years ago,
Alfred Marshall described microeconomics as the study of men and women in the “everyday
business of life.”
Learning objectives: The course will welcome students to the university-level study of the
principles of microeconomics and help the student accomplish the following:
1.
2.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
understand the basics of supply and demand and know how markets determine prices;
understand the basics of demand and consumer behavior;
understand the basics of costs, production, and supply;
know how competition affects business firm behavior;
be able to perform simple analyses of oligopoly and monopoly behavior;
know what income is;
be able to perform simple analyses of markets for labor and capital;
understand concepts of efficiency;
understand the basic role of government in the economy;
understand the basics of international trade;
be able to perform simple analyses of economic policies;
be able to think critically about issues in economics.
Required course textbooks:
Microeconomics: Private & Public Choice, 2009, James D. Gwartney, Richard L. Stroup,
Russell S. Sobel, and David A. Macpherson, 12th Edition, Thomson Southwestern.
Students should attend every class meeting. You should participate in class discussions and
in in-class exercises. Students should read the assigned chapters of the textbook before coming
to class. No food or drink will be allowed in the classroom. Also, you are expected to arrive in
class on time, to stay in the classroom until class is over (except in emergencies), to refrain from
reading outside materials during class, and to refrain from private conversations.
Please turn off your cell phones before class.
Grading: Each student's grade for the course will be determined as follows:
Test 1, Feb 5
Test 2, Feb 26
Test 3, Apr 2
Final exam, May 6 (3:00-4:30 p.m.)
100 points
100 points
100 points
100 points
Attendance: Students should attend every class meeting. There will be opportunities to earn
additional points for in-class assignments. We will use the Personal Response System (clickers)
and paper handouts for in-class assignments. You must be in class to earn in-class points.
A = 90% to 100%--360 or more points
B = 80% to 89.9%--320–359 points
C = 70% to 79.9%--280–319 points
D = 60% to 69.9%--240–279 points
F = 59.9% and below--less than 240 points
NOTE: Academic dishonesty will not be tolerated. When there is dishonesty, the student will
receive an irrevocable zero for the test or assignment.
Make-up exams
There will be scheduled make-up exams for all three mid-term exams on April 30 during class
time for any students who miss one mid-term exam. Each makeup exam will cover the same
material as the regularly scheduled exam. Any student who misses more than one mid-term
exam will be allowed to take more than one make-up exam only after presenting an acceptable
written explanation. Any student missing the final exam will be accommodated only after
presenting an acceptable written explanation.
Course outline:
Jan 13-15
Jan 20-Feb 3
Feb 5
Feb 10-17
Feb 19-24
Feb 26
Mar 3-5
Mar 10-12
Mar 17-19
Mar 24-26
Mar 31
Apr 2
Apr 7
Apr 9
Apr 14-16
Apr 21
Apr 23-28
Apr 30
Introduction
Supply and Demand
Mid-term exam
Economics of government
Consumer behavior
Mid-term exam
Production and cost
Competition
No Class (Spring Break)
Price searching
Monopoly
Mid-term exam
Resource supply & demand
Labor markets
Capital markets
Income Inequality
International trade
Make-up exams
GSSM Ch. 1 & 2
GSSM Ch. 3 & 4
GSSM Ch. 5 & 6
GSSM Ch. 7
GSSM Ch. 8
GSSM Ch. 9
GSSM Ch. 10
GSSM Ch. 11
GSSM Ch. 12
GSSM Ch. 13
GSSM Ch. 14
GSSM Ch. 15
GSSM Ch. 16
Wednesday, May 6, 3:00-4:30 p.m., Ming Hsieh Hall G20 Final Exam GSSM Ch. 12, 13, 14,
15, 16