Regis University
Regis College Division of Business
EC 330 – Principles of Microeconomics
Spring Term 2006
Instructor:
Phone:
E-Mail:
Web page:
J. Daniel Daly, S.J.
Office:
(303) 964-5113
[email protected]
academic.regis.edu/ddaly
Carroll Hall 234
Hours: MWF
MW
TTh
9:30 a.m. – 10:20 a.m.
1:30 p.m. – 3:00 p.m.
9:30 a.m. – 11:00 a.m.
The introductory course in microeconomics explores supply and demand for individual products.
It examines the causes of different market structures, their influence on market conduct and
performance, and issues of public policy toward a variety of different kinds of market behavior.
The textbook used in this course is:
Microeconomics. Paul Krugman and Robin Wells. (New York, NY: Worth Publishers,
2005.)
Daily Assignments and Class Participation
A schedule of classes and textbook reading assignments is shown below. As students read
through the text, they should complete the corresponding worksheets provided by the
instructor.
Students are also assigned selected articles from journals and magazines. Direct links to these
articles can be found in the electronic reserves for this course, accessed through the library
website (www.regis.edu/regis.asp?sctn=lib). The electronic reserves password for this course
is _________________________ .
In preparation for class, students should read the assigned material and complete the
worksheets and summaries by the date indicated. During class students will be asked to
contribute to discussions, raise questions and explain their answers to the assigned questions.
Class Notes and Study Guide
PowerPoint slides used in class presentations are available on the web page listed above.
These slides are provided as an optional study aid; students are not required to have copies
of the slides for class. When printing the slides, it works best to request “Handouts” with 2 or 3
slides per page. To save color ink, print using “Grayscale.”
Study aids for the text (including sample multiple-choice questions) are available on the
publisher’s web page (www.worthpublishers.com/krugmanwells).
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Article Essays
Students are to write a brief essay on the specific topic assigned for each article in the syllabus.
Essays are due at the beginning of class on the dates the articles are listed in the schedule. For
example, the essay for “Red, Round and Profitable” is due Friday, February 3rd.
Each essay must be typed using word-processing software, one inch margins, double spacing,
and 12-point font. Graphs included in the essays should be created using the graphic features
of Word or other software. All essays will be collected.
The essays should include:
(1)
A heading with the name of the course and your name in the upper left-hand corner.
The heading should also provide the title and the source of the article.
(2)
An introduction that acknowledges the article upon which it is based and provides an
overview of the essay. For example:
In the article, “Reexamining Antitrust,” Wayne Crews explains the benefits of
a number of business practices that regulators consider anti-competitive. This essay
will …
(3)
Two to four paragraphs that addresses the specific topic assigned. Your discussion
should incorporate economic concepts covered in class and may include your own
analysis and opinions. Your own contribution should be distinguished from the analysis
and opinions of the article (or textbook) authors. For example:
… Wayne Crews argues that price fixing is unlikely to be successful because
agreements among colluding firms are unstable. What Crews fails to acknowledge is
that …
Graphs are required for some essays and should be included whenever they are helpful
in illustrating a concept. Be sure to explain the graph in your discussion. For example:
… The following graph illustrates the benefit to colluding firms of price fixing. In a
competitive market, an equilibrium (point A) is reached. When colluding firms set a
higher price (point B) …
(4)
A conclusion.
In preparing essays, students are encouraged to use the Writing Center. The Writing Center is
a free resource for all Regis College undergraduates. At the Writing Center, a skilled
undergraduate writing consultant will work individually with you on anything you are writing.
Appointments are recommended. Drop by the Writing Center in Loyola 1 or call (303) 4584039.
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Quizzes
Five quizzes will be given during the semester as indicated on the schedule of assignments.
Quizzes are given at the beginning of class. Quiz questions will be based on the material
covered in class since the last quiz or exam. For example, the quiz on February 8th will be
based on the material covered in classes between January 30th and February 6th, inclusive.
Students who are unable to take a quiz at the scheduled time due to a pre-excused absence
should arrange to take the quiz at another time. Absences are generally pre-excused for
school-sponsored activities, serious illnesses, and personal / family emergencies provided the
student contacts the instructor before the class begins. Students who miss the quiz without
being excused beforehand will not be able to make-up the quiz.
Exams
Two midterm examinations are scheduled during class time. The final exam will be held at the
time scheduled by the university. The exams will consist of multiple choice questions,
problems, and short essays based on assignments, lectures, and class discussions. The final
exam will be cumulative and will emphasize the last portion of the class. Students unable to
take an exam at the designated time must make contact the instructor before the exam and
make alternative arrangements.
Accommodations for Students with Disabilities
A student with a documented disability requiring accommodations for this class should meet
with the director of Disability Services (303-458-4941). Following the meeting the student
should make an appointment with me to discuss the accommodation request. Students are
encouraged to self-disclose and request special arrangements as soon as possible because
accommodations are not provided retroactively and adequate lead-time is required.
Grades
In the determination of grades, the following weighting will be used:
First midterm examination
20%
Second midterm examination
20%
Final examination
20%
Essays
10%
Quizzes
10%
Homework
10%
Attendance and participation
10%
All essays will be collected. A student with a pre-excused absence on a day that an essay is
due must submit the essay at the next class meeting. Otherwise, essays will not be accepted
late. One essay will be dropped in determining the grade average.
In determining the quiz average, the lowest quiz grade will be dropped. A missed quiz, for
which no prior arrangements have been made, counts as a zero.
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Homework assignments will be collected on a random basis. Late assignments will not be
accepted. If a student fails to submit an assignment due to a pre-excused absence, that
assignment will be dropped in the determination of the homework grade. Otherwise, missed
assignments count as a zero.
Attendance will be taken at the beginning of each class. Students who arrive to class after
attendance is taken will be marked absent.
Academic Integrity
Students are expected to maintain high standards of academic integrity in this class. Cheating
on a quiz or an exam is a serious violation of these standards. Cheating includes providing or
obtaining confidential information about a quiz or an exam to/from another student in
Microeconomics.
Plagiarism is presenting work done by someone else as one’s own. Submitting an assignment
done by someone else is a serious violation of academic integrity. Plagiarism also includes
copying or paraphrasing written material without proper attribution. For essays, the heading
(with title and source of the article) and quotation marks (for direct quotations) provide
sufficient attribution. For other assignments, students should clearly distinguish their own ideas
from the ideas of someone else.
Students who violate integrity standards are likely to lose credit for the quiz, exam, or
assignment and may be prohibited from completing the course.
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EC 330 – Principles of Microeconomics
Spring Term 2006
Schedule of Assignments
Wednesday 1/18/06
Introduction
Friday 1/20/06
Introduction: The Ordinary Business of Life
Chapter 1: Individual Choice
READING
pp. 1-11
Monday 1/23/06
Chapter 1: How Economies Work
READING
pp. 11-17
Wednesday 1/25/06
Chapter 2: Economic Models & Graphing
READING
pp. 20-22, 34-37, 41-49
Friday 1/27/06
Chapter 2: Interpreting Graphs
READING
pp. 49-53
Monday 1/30/06
Chapter 3: Supply and Demand Curves
READING
Quiz #1
pp. 56-71
Wednesday 2/1/06
Chapter 3: Changes in Supply and Demand
READING
pp. 72-78
Friday 2/3/06
Chapter 3: Supply and Demand (continued)
ARTICLE
“Red, Round and Profitable.” The Economist, December 18,2004, p.122-123.
Discuss one change in the demand for cranberries described in the article. Discuss one
change in the supply of cranberries. In each case, illustrate the change with a graph.
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Monday 2/6/06
Chapter 4: Government Price Controls
READING
pp. 83-94
Wednesday 2/8/06
Chapter 4: Quantity Controls and Excise Taxes
READING
Quiz #2
pp. 95-104
Friday 2/10/06
Chapter 5: Price Elasticity of Demand
READING
pp. 109-121
ARTICLE
“Priceless.” Economist, July 19, 2003, p.3-5
Summarize the “two big obstacles” to delivering water to where it is most needed.
Provide a supply and demand graph showing what happens when the government sets
the price too low. Explain the graph. Explain how a change in the pricing of water
might change the quantity of water demanded by consumers and the quantity of water
supplied by producers.
Monday 2/13/06
Chapter 5: Other Elasticities
READING
pp. 121-130
Wednesday 2/15/06
Chapter 6: Consumer and Producer Surplus
READING
pp. 135-146
Friday 2/17/06
Chapter 6: Market Efficiency
READING
pp. 147-156
Monday 2/20/06
Review for Midterm Exam #1
Wednesday 2/22/06
Midterm Exam #1
Friday 2/24/06
Chapter 10: Maximizing Utility
READING
pp. 230-241
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Monday 2/27/06
Chapter 10: Utility and Demand
READING
pp. 241-249
ARTICLE
“The Unbridgeable Gap.” The Economist, September 5, 1998, pp.5-8.
Discuss one of the following:
1. the economic costs and benefits of commuting on congested roadways
2. how the “paradoxes that bedevil transport planners” are related to utilitymaximizing choices of individuals
Wednesday 3/1/06
Chapter 7: Accounting Profit versus Economic Profit
Chapter 8: Production Costs
READING
pp. 162- top of 164, 181-194
Friday 3/3/06
No class – Instructor out of town
Monday 3/13/06
Chapter 8: Short-Run and Long-Run Costs
READING
pp. 194-202
Wednesday 3/15/06
Chapter 9: Perfect Competition
READING
Quiz #3
pp. 206-220
Friday 3/17/06
Chapter 9: The Industry Supply Curve
READING
pp. 221-226
Monday 3/20/06
Chapter 9: Perfect Competition (continued)
ARTICLE
“Entrée Economics.” Wall Street Journal, March 10, 2000, pp. W1, W4.
“Letters to the Editor: Gourmet Diners Eat the Overhead.” Wall Street Journal.
(Eastern edition), March 30, 2000. pg. A31
Economic theory suggests that prices are related to the marginal costs and average
costs of the suppliers. Discuss whether or not costs and prices are related in the
restaurant business. Can restaurants earn economic profits (i.e. can they set prices
above average cost)? Do consumers of restaurant meals act rationally?
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Wednesday 3/22/06
Chapter 14: Monopoly
READING
pp. 333-347
Friday 3/24/06
Chapter 14: Monopoly and Public Policy
READING
pp. 347-358
Monday 3/27/06
Chapter 15: Oligopoly
READING
Quiz #4
pp. 363-373
Wednesday 3/29/06
Chapter 15: Oligopolies in Practice
READING
pp. 373-384
Friday 3/31/06
Chapter 15: Oligopoly (continued)
ARTICLE
“Reexamining Antitrust: Can ‘Anticompetitive’ Business Practices Benefit Consumers?”
Wayne Crews. USA Today Magazine, March 2002, p.28-30.
Choose two ‘anticompetitive’ business practices described by the author. For each,
describe potential advantages and disadvantages to the consumer. (Note: the author
generally only provides one side of the argument.)
Monday 4/3/06
Chapter 16: Monopolistic Competition
READING
pp. 388-398
Wednesday 4/5/06
Chapter 16: Product Differentiation
READING
pp. 398-403
Friday 4/7/06
Chapter 18: Private Information
READING
pp. 446-450
Monday 4/10/06
Review for Midterm Exam #2
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Wednesday 4/12/06
Midterm Exam #2
Monday 4/17/06
Chapter 19: The Economics of Pollution
READING
pp. 455-466
Wednesday 4/19/06
Chapter 19: Production, Consumption, and Externalities
READING
pp. 466-471
Friday 4/21/06
Chapter 20: Public Goods
READING
pp. 475-484
ARTICLE
“The Deep Green Sea.” Economist, May 23, 1998, pp.17-18.
Choose two of the eight rules the author proposes for protecting the ocean. Describe
these rules using concepts from chapters 19 and 20 of the textbook. Offer your own
assessment of these rules.
Monday 4/24/06
Chapter 20: Common Resources
READING
Quiz #5
pp. 484-489
Wednesday 4/26/06
Chapter 21: Tax Policy
READING
pp. 493-503
Friday 4/28/06
Review for Final Exam
Final Exam
EC 330 RU02 (MWF 10:30 am)
Monday 5/1/06
10:10 am – 12:10 pm
EC 330 RU03 (MWF 11:30 am)
Wednesday 5/3/06
10:10 am – 12:10 pm
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