University of Oklahoma
Department of Economics
ECON 1123-995 Principles of Microeconomics
Spring 2016
Instructor: Yi Duan
Email: [email protected]
Office: Cate Center 1 (CCD1), Room 236
Office Hours: by appointment
Course Overview:
Economics, in general, is the study of how people make choices concerning the allocation of
their limited or scarce resources in an attempt to satisfy their unlimited wants. Microeconomics,
specifically, revolves around the concepts of scarcity and choice. We wish to analyze the nature
of optimal decisions made when facing constraints and how they affect the allocation of scarce
resources. Microeconomics develops a set of analytical tools that can be used to understand
markets. Analysis of consumer and producer choices serves as the vehicle for learning these
tools, but developing economic intuition will also help you analyze a variety of real-world
situations. Microeconomics is sometimes called “price theory” because it emphasizes the special
role that prices play in conveying information and determining market outcomes. Finally, one of
the goals of this class is to develop a systematic approach to understanding market dynamics in a
variety of different types of market conditions. We will also use the tools we learn in this class
to conduct basic policy analysis.
Upon completion of this course, you should be able to:
1. Define key terms and concepts that pertain to microeconomics.
2. Understand and explain the economic theories covered in the course.
3. Apply your understanding of economic terms, concepts, laws and theories so that you are able
to analyze economic events and various markets as they occur in the real world, as well as being
able to distinguish between correct and incorrect economic analysis.
Prerequisites:
Satisfactory score on the Math placement test, or, for incoming freshmen direct from high
school, satisfactory score on the ACT/SAT. To be successful in this course, students must be
proficient in college algebra, geometric, basic data analysis, and the use and interpretation of
graphical and tabular information.
Required Textbook:
Principles of Microeconomics by Gregory Mankiw (7th ed.)
D2L and Email:
Course materials will be posted on the course webpage at Desire to Learn throughout the
semester. All students should check their OU email accounts and the course webpage regularly.
Grading:
Grade Item
Homework
Exam 1
Exam 2
Final Exam
Total
Percentage of Final Grade
30%
20%
20%
30%
100%
Letter Grade
A
B
C
D
F
Percentage
90%-100%
80%-89.99%
70%-79.99%
60%-69.99%
Less than 60%
Exams:
There are two midterms and a final exam. The final exam is cumulative.
Tentative exam schedule:
Exam 1: 2/24 Wednesday
Exam 2: 4/6 Wednesday
Final Exam: 5/6 Friday
Exam Policy:
Students, without exception, must take all class examinations on the OU Norman campus.
No test scores may be dropped or replaced by a final exam score for any reason.
University of Oklahoma sanctioned excused absences include: emergency military service,
emergency personal medical event, death or emergency medical event of member of immediate
family, or participation in OU sponsored athletic/academic competition. Students with
unavoidable conflicts or unexpected emergencies during an exam should contact the instructor at
least 48 hours prior to the start of the exam to schedule a make-up. All make-up exams must be
taken within one week of the original exam. The make-up final exam must be taken before
the course ends.
Students who need to take exam in the Disability Resource Center should contact the instructor
at least 48 hours prior to the start of the exam to make corresponding arrangement.
All exams are closed-book and closed-notes. No laptops, cellphones, kindles, and tablets are
allowed in exams.
Valid photo ID is required in the exams.
Online Homework Policy:
All the problem sets will be posted on D2L. All assignments should be submitted by the due date
into appropriate “dropboxes” on D2L (D2L-Assignments-Dropbox). Late submission will incur a
10% credit deduction per day and 100% once the key is released.
It is students’ responsibility to get access to D2L. No submission by email is accepted unless
exceptions approved by the instructor.
Regrading Policy:
Each student has one chance to request regrading after each exam or homework. All regrading
request must be submitted in written form within one week from the date that the grades are
released (final exam may have a shorter regrading window). All regrading request for exams or
homework prior to final exam must be submitted before the final exam. If a regrade is requested,
the whole exam or homework is subject to regrading. Submitted exams or homework must be in
original condition.
Tentative Course Outline and Schedule:
Introduction
Chapter 1: Ten Principles of Economics
Chapter 2: Thinking Like an Economist
How Markets Work
Chapter 4: The Market Forces of Supply and Demand
Chapter 5: Elasticity and Its Application
Chapter 6: Supply, Demand, and Government Policies
Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency of Markets
Chapter 8: Application: The Cost of Taxation
The Economics of the Public Sector
Chapter 10: Externalities
Chapter 11: Public Goods and Common Resources
Firm Behavior and the Organization of Industry*
Chapter 13: The Costs of Production
Chapter 14: Firms in Competitive Markets
Chapter 15: Monopoly
Chapter 16: Monopolistic Competition
Chapter 17: Oligopoly
The Economics of Labor Markets
Chapter 18: The Markets for the Factors of Production
Basic Consumer Theory
Chapter 21: The Theory of Consumer Choice
*This part is called “Market Structure” in some other microeconomic textbooks.
Week of
Reading Assignment
Problem Sets*
1/18
Chapter 1
1/25
Chapter 2 (including appendix)
HW 1 due 1/31
2/1
Chapter 4
HW 2 due 2/7
2/8
Chapter 5
HW 3 due 2/14
2/15
Chapter 6
HW 4 due 2/21
Exam 1 on 2/24
2/22
Chapter 7, 8**
HW 5 due 3/2
2/29
Chapter 10, 11
HW 6 due 3/6
3/7
Chapter 13
HW 7 due 3/20
3/21
Chapter 14
HW 8 due 3/27
3/28
Chapter 15
HW 9 due 4/3
Exam 2 on 4/6
4/4
Chapter 16
HW 10 due 4/13
4/11
Chapter 17
HW 11 due 4/17
4/18
Chapter 18
HW 12 due 4/24
4/25
Chapter 21
HW 13 due 5/1
Final exam on 5/6
*All the problem sets are due by midnight.
** For Chapter 8, you only need to read the textbook before “8-1b Deadweight Losses and the
Gains from Trade” (not including). This part gives a brief introduction to deadweight loss
generated by taxation.
Academic Integrity:
Academic misconduct is strictly prohibited at the University of Oklahoma. Please check
http://integrity.ou.edu/ for the University’s policy on academic honesty.
Disability Resource Center:
Any student in this course who has a disability that may prevent him or her from fully
demonstrating his or her abilities should contact the Disability Resource Center (Goddard Health
Center, Suite 166, (405) 325-3852) to make a formal request for accommodation to facilitate the
student realizing all educational opportunities.