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Fall 1998 Economics 201 R. Fisher

Introduction to Microeconomics

About the Course: This course is an introduction to microeconomic principles and is intended to develop basic understanding of economic institutions, reasoning, and analysis. In the class, we will introduce the basic tenets of microeconomic theory and practice applying those ideas to economic policy issues.

Texts: David C. Colander, Microeconomics, (Irwin McGraw-Hill, Third Ed., 1998)

Douglas Copeland, Student Workbook for use with Colander's Microeconomics, (Irwin McGraw-Hill, Third Ed., 1998).

Class Illustrations and Examples, Fisher, available as a course pack only at the

Student Book Store.

The Colander text is the main book for this class - everyone should have easy access to a copy and use it.

The Student Workbook will be used for regular and extra-credit assignments. It also may be very helpful to those students who want a review and additional practice problems.

The Illustrations and Examples course pack includes many of the cases we will cover in lecture; please bring it to each class!

Help:

Web Page: Class materials, announcements, and practice problems can be found at: www.msu.edu/course/ec/201/fisher

I encourage you to explore this site and check it frequently

Professor Fisher: 311 Olds Hall

Hours: 10:00 a.m. – 12:00 noon Thursday, or by appointment

Phone: 355-2326

E-mail:

Help Room: The Department of Economics operates a help room for students taking

Econ 201. The room is staffed by economics teaching assistants who

are available to answer your questions and help with problems. The

Econ 201 Help room is in Room 115(formerly known as the ConCon

Room) which is located in the International Center. Its hours are 3:00 –

9:00 p.m. on Sunday, Monday, Wednesday and Thursday and from 6-9:00 p.m. on Tuesday.


Evaluation:

(1) ATTENDANCE in lecture is important in this economics class. It is very important for you to understand the material when it is presented, as it becomes the basis for the next topic. Examples and applications not covered in the book will be presented, including illustrations from current policy issues, and techniques for solving problems will be demonstrated. Attendance will be taken electronically using your MSU student I.D. card. Use the scanners at the doors to register your attendance. You receive 1 point for each class attended, up to a maximum of 23 points. (Because there are 28 class meetings after the first one, you can miss 5 class sessions without losing points. Remember to bring your ID card each day.

(2) There will be nine (9) PROBLEM ASSIGNMENTS due as shown on the schedule. These assignments are due in class on the days required and will be graded on a credit/no-credit basis. Each assignment is worth 4 points and a maximum of 32 points total. (So there is no penalty for missing one assignment).

(3) There will be one QUIZ on September 22. The quiz will consist of one problem, take 15 minutes, and be worth 7 points.

4) There will be two (2), IN-CLASS EXAMS, one to be given on October 13, and the other on November 17. Each will be worth 29 points. No make-up exams will be given. Unexcused absences from the exams result in zero points. Excused absences to any exam must be arranged before the exam is given.

(5) The purpose of the classes, assignments, and exams, is to provide you information about your progress and to prepare you for the final exam. The FINAL EXAM will be given from 12:45 p.m. – 2:45 p.m. on Wednesday, December 16. Requests to take the exam at different times will not be considered, except for serious illness. The final exam will be worth 80 points.

(6) EXTRA CREDIT POINTS can be earned by doing extra assignments, as noted in the attached schedule. You will receive two points for each extra assignment completed, up to a maximum of 10 extra-credit points.

Evaluation Summary:

Class attendance = 23 points (maximum)

9 Assignments at 4 points each = 32points (maximum)

1 quiz at 7 points = 7 points

2 Exams at 29 points each = 58 points

1 final exam at 80 points = 80 points

200 points

Extra Credit at 1 point each 0-10 points

Reading:

I. Introduction to Microeconomics

Colander, Chapter 1 (including both appendices)

Chapter 2, pp. 31-40

II. Supply and Demand: The Basics

Colander, Chapters 3 and 4

III. Elasticity, Demand and Applications

Colander, Chapter 7

Chapter 8 (excluding appendix)

IV. Production and Cost,

Colander, Chapter 9

Chapter 10 (excluding appendix)

V. Competitive Markets

Colander, Chapter 11

Chapter 15 (excluding appendix)

VI. Noncompetitive Markets

Colander, Chapters 12 and 14

VII. Factor Markets

A. Labor Markets

Colander, Chapter 21 (including appendix)

B. Capital Markets

Colander, Chapter 22

C.  Income Distribution,

Colander, Chapter 20

VIII. Externalities

Colander, Chapter17 (excluding appendix)

Chapter 18

IX.  International Markets

Colander, Chapter 2, pp. 40-45

Chapter 23


Extra-Credit Assignments

Due Date

Extra-credit Assignment A: Workbook, Ch. 3, Problems 2,3,4,5,7 September 15

Extra-credit Assignment B: Workbook, Ch. 9, Problems 2,3 October 6

Ch. 7, Problem 5

Ch. 10, Problems 6,7

Extra-credit Assignment C: Workbook, Ch. 11, Problems 1,2; October 27 Colander, Ch. 15, Problem 2

Ch. 11, Problem 4

Ch. 18, Problem 4

Extra-credit Assignment D: Workbook, Ch. 12, Problem 4, 5, Brain Teaser #1

Colander, Ch. 14, Problems 2, 4 November 10

Extra-credit Assignment E: Workbook, Ch. 21, Problems 1, 2, 3, A1- December 8 Ch. 17, Problem 4


Economics 201, Fall 1998, Professor Fisher

Tuesday / Thursday
SEPTEMBER / 1
Introduction, Chapters 1 & 2 / 3
Demand & Supply, Chapter 3
8
Demand & Supply, Chapter 4 / 10
Elasticity, Chapter 7

ASSIGNMENT 1

15
Elasticity / 17
Applications

ASSIGNMENT 2

22

QUIZ

Demand, Chapter 8 / 24
Demand, Chapter 8
29
Production & Cost, Chapter 9 / 1
Production & Cost, Chapter 10

ASSIGNMENT 3

OCTOBER / 6
Competitive Markets, Chapter 11 / 8
Competitive Markets
ASSIGNMENT 4
13

EXAM I

/ 15
Competitive Markets, Chapter 11
20
Markets, Chapter 15 / 22
Monopoly, Chapter 12
ASSIGNMENT 5
27
Monopoly, Chapter 12 / 29
Monopoly, Chapter 14
NOVEMBER / 3
Labor Markets, Chapter 21 / 5
Labor Markets, Chapter 21
ASSIGNMENT 6
10
Labor Markets / 12
ASSIGNMENT 7
17

EXAM II

/ 19
Capital Markets, Chapter 22
24
Income Distribution, Chapter 20 / 26

Thanks!

DECEMBER / 1
Externalities, Chapter 17 / 3
Externalities, Chapter 18
ASSIGNMENT 8
8
International Markets, Chapter 2 & 23 / 10
International Markets, Chapter 2 & 23
ASSIGNMENT 9

FINAL EXAM: WEDNESDAY, DECEMBER 16, 12:45 p.m.