Principles of Microeconomics (Eco 104 XD)
North Shore Community College
Summer 2007
Syllabus
Professor: Moonsu Han
Office: Danvers/Berry 367-H
Lecture: 6:30pm - 9:30pm, M and W, DB 204
Phone: 978-762-4000 ext. 5456
Office Hours: 6:00pm - 6:30pm, M, W and by appointment
E-mail: mhan@northshore.edu and moon.econ@gmail.com
Web page:
Course Description
A study of economics of markets and market economies. The study of individual decision makers and their interaction in markets includes: the basic concepts of demand, supply, and the price mechanism; elasticity; the economics of the firm and market structures; the microeconomic role of government; the distribution of income; international trade and finance; the problems of economic development, and comparative economic systems. Fulfills open, liberal arts, and social science electives.
In my words, this course is an introduction to the study of microeconomics. Economics is a social science that studies how people make choices under conditions of scarcity. Microeconomics focuses on the decisions of individual consumers and firms. The main purpose of this class is to develop your understanding of microeconomic theory and applications of this theory. By the end of the course, you should have an understanding of the complex issues economists confront.
Principles of microeconomics, Eco 104, aims to clarify and explain these worldwide interconnections. Besides the traditional treatment of gains from trade, modern microeconomics offers insight into the world economy. Specifically, analyses of competition, trade-policy, tax policy, and welfare economics include international examples and concepts. Current technology and trade-policy mean that the world acts more and more as one large economy. Eco 104 reflects these developments by showing students that all current economic decisions are made in the context of a global framework.
Required Text
We will use R. Glenn Hubbard and Anthony Patrick O’Brien’sMicroeconomics, (required). Our Textbook is available in the North Shore CC bookstore.
Instructional Objectives
As a result of this course, the students will:
Be able to understand and respond effectively to the uncertainties of a changing technological, social, and economic world.
Get the opportunity cost, marginal concepts integrated into each student’s way of thinking.
Be able to understand and to describe/analyze the nature and power of the market mechanism in consumption, production, and market systems.
Be able to understand and describe/analyze the market failure when you face any complex economic problems that were caused by the market failure.
Teaching Procedures
I’d like to emphasize two things, class participation and problem solving/application. Students will be expected to contribute by answering questions, asking questions, and making comments. You can participate/contribute during our classes or via e-mail. Students will be expected to solve suggested questions. Also I will provide hints first and answer key later. I will provide handouts to supplement lectures if necessary.
Course Requirements
There will be 3 homework assignments, 1 midterm exam, and a final exam. You are responsible for material covered in lecture as well as the assigned reading. Class attendance is mandatory and HIGHLY recommended.
Note: I expect you to work in my class. I suggest approximately three hours of outside study time for each hour of lecture. Due to the cumulative nature of the material please do not fall behind.
Attendance Policy
Students are responsible for all material covered in class as well as outside assignments: therefore, regular attendance is expected. Up to two absences are tolerated – except in the case of a documented medical/legal/personal emergency. Three points will be subtracted from your final average for every undocumented absence over the three which are permitted. On your 4th absence you will be assigned an “F” for the course unless you withdraw through the Registrar’s Office. However, before you decide to withdraw this class, please talk to me first. Because it is rude and distracts your classmates and the professor, tardiness is strongly discouraged, and students who arrived late to class should speak to me after class to be sure that they have been marked present.
Assignments
Assignments are due at the end of your class on the listed date to me. No late assignments will be accepted. Only documented special circumstances (i.e. illness) will exempt you from this rule. If you know in advance that you will not be able to hand in an assignment on time (i.e. you will miss class), you must speak to me before the assignment is due and hand it in early. I will drop your lowest homework score to allow for some flexibility. Thus you will have 2 assignments that count towards your final grade.
Note: I strongly suggest to type homework. Graphs and calculations may be handwritten. I suggest handwriting graphs as a form of practice for the exams.
Note: You must do your own work. Turning in identical homework will result in a zero for both parties. Similar homework will receive a warning the first time and a zero each additional time for both parties.
Grades
You have the opportunity to earn 4 scores of up to 100 points each as follows:
Homework
Midterm Exam
Final Exam x 2
Your final exam counts twice as much as a single midterm or the homework.
Grading Scale
% Grade____
93-100A(4.0)
90-92.9A-(3.7)
87-89.9B+(3.3)
83-86.9 B(3.0)
80-82.9 B-(2.7)
77-79.9 C+(2.3)
73-76.9C(2.0)
70-72.9 C-(1.7)
67-69.9 D+(1.3)
63-66.9D(1.0)
60-62.9D-(0.7)
0-59.9 F(0.0)
I reserve the right to lower these cut-off points (i.e. increase the letter grades for percentages), but I will not raise the cut-off points (i.e. make it harder to get good grades).
Scholastic Dishonesty
For the purpose of this class, students may work together on homework provided the following rules are followed: Any collaboration MUST be noted at the end of your homework and each student must individually write up each homework assignment. Anyone committing scholastic dishonesty on an exam will receive an F for the class.
Schedule: (Subject to change)
DatesTopicsNotes
July9 (M)IntroductionSyllabus, Ch1, HW #1
July 11 (W)Comparative Advantage & Eq’mCh 2 & Ch 3
July 16 (M)Memorial Day – No Class
July18 (W)Gov’t Price setting & Externalities Ch 4, Ch 5
July23 (M)Elasticity Ch 6, HW#2
July25 (W)Firms and International TradeCh 7 & Ch 8
July30 (M)Midterm Exam IOver Ch 1-8
Aug.1 (W)Consumer choice & TechnologyCh 9 Ch 10
Aug.6 (M)Perfect Competition & MonopolyCh 11& Ch 14
Aug.8 (W)Monopolistic Comp. & OligopolyCh 12 & Ch 13, HW #3
Aug.13 (M)Pricing Strategy & Factors MarketCh 15 & Ch 16
Aug.15 (W)Review/Final examOver Ch9-16
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