Economics 202
Principles of Economics: Microeconomics


Graph Paper

Notes, Homework, and Class Schedule          Textbook           Grading System

Course Description    Instruction and Preparation   Goals and Objectives 

 Erroneous Expectations  Helpful Expectations



Location and Time

Lecture: MWF 8:00
Office Hours: MWF 1:00-3:00 and TR 9:00-11:00


Gregory Stutes

Office: Annex Building

Telephone: 477-4027


Office Hours: MWF 1:00-3:00 and TR 9:00-11:00

Course Description:

This course will introduce students to economic issues, tools that economists use to analyze these issues, and the associated public policy concerns. First, we will review economics in general and some of the tools of economists. Using these tools, we will overview how markets work and examine some economic problems.  Using the tools, we will overview how markets work and examine some economic problems that consumers face and producers face.  Do not fall behind!  And the most important goal we should set is to have fun.  We are trying to make some sense out of this crazy world; it is a difficult task, but a very interesting one. 


Instruction and Preparation

The course will be presented in a non-technical manner. Mathematically speaking, the basic analytical tools will be simple algebra and graphic analysis. Lectures will follow the course outline and the textbook. The reading material will provide excellent guidance for practically all of the lecture material. However, not every topic in the lecture will appear in the textbook, and not every page of reading will be covered in class.

Each student is expected to attend every lecture and be prepared to discuss the relevant topics. I will be asking questions to the class as a whole. In addition, I will be asking each and every student direct questions regarding both the reading material and the lectures. These questions allow everyone to become involved in the discussion, facilitate a good flow to the discussion, and reinforce each student's responsibility to be prepared. Nevertheless, everyone reserves the right to pass on direct questions. Lastly, I expect each student to contribute to the discussion with questions, comments, and insight. Your participation will not only sharpen your thinking skills and improve your appreciation of the material, but will be essential for the class's understanding of the material.


Krugman; Microeconomics & Aplia

Goals and Objectives of the Students

The goals and objectives of this course focus on what you the student should be able to do once you have completed this course. The main goal is the following: students can think effectively for themselves about economic issues. Additional goals are the following

In addition to these goals, the following specific instructional objectives will be helpful for your study efforts:

1. Know basic terms.

2. Understand economic concepts and principles.

3. Apply economic principles to new situations.

4. Interpret economic data.


Grading System

Midterm I       17%
Midterm II     19%
Midterm III    19%
Midterm IV and Final 19% + 10%
Homework     16%



 No late assignments will receive full credit without documentation of the EMERGENCY. A note from the health center saying that you did not "feel well" is not an emergency.  Because this is a computer-based class and homeworks are given far in advance, I rarely give extensions. 

Special Notes on the Midterms and the Final:  If a test is missed with prior approval, the student must have written documentation of the emergency to receive a makeup test instead of a zero. (A note from your doctor stating that you "do not feel well" is not an emergency.)   Makeup tests may increase in difficulty from the original.

Any student in the course who has a disability that may prevent him/her from fully demonstrating his/her abilities should contact me personally as soon as possible so we can discuss accommodations necessary to ensure full participation.

Any student who will miss a class in which an assignment is due or a test is to be taken due to the observance of religious holiday must notify me at least one week prior to the date of the class missed to avoid late or to receive a makeup test.


Erroneous Expectations of Economics

Many of you may believe that introductory economics will provide clear and irrefutable answers to socioeconomic problems. If you share this belief, this course will sadly disappoint you. This course cannot provide definitive answers for three reasons:

Rather than a set of answers ready to be taken off the shelf, economics is a way of thinking about problems. Economics is a process of straight thinking -- "thinking like an economist."


Helpful Expectations of Economics

(1) Economics is different from what you are accustomed to.

Previously you were required to learn concrete stuff -- memorize facts and/or specific experiences. Economics demands a higher more "formal" level of thinking. In this course, you will need to reason analytically about hypotheses, to manipulate mentally abstractions, to understand contrary-to-fact situations (i.e. hypothetical situations), and to understand counter-intuitive results.


(2) Beware that economic concepts are abstract.

Because economic concepts are abstract, they may appear esoteric and mystifying. However, economics requires abstract concepts in order to develop a strong framework of analysis that is flexible enough to apply to various scenarios in numerous settings.


(3) Economics requires a different approach to learning.

Since the essence of economics is analysis, you cannot simple memorize stuff. You must practice the art of developing the economic framework of analysis and applying it to a broad field of subjects. In other words, you must "rehearse" the framework of analysis, not solely by remembering it but by examining its logical structure and applying it.


(4) Avoid acquiring inert knowledge.

Unless you can apply knowledge it is useless. Thus, exams will require you to apply knowledge to new situations. Do not expect to simply regurgitate facts on the exams.


(5) Stress the process of problem solving.

By stressing the process of problem solving, you will be better able to transfer economic concepts to other contexts, classes, and future employment.


Economics 202

Principles of Economics: Microeconomics

Lecture Outline and Reading List

Date # Subject


Readings Notes

Week 1

PowerPoint Viewer
8-26 1 Introduction

Chapter 1
8-28 2 10 Principles Chpt. 1
8-30 3 Thinking Like an Economist Chpt. 2

Chapter 2

Week 2

9-4 4 Gains From Trade Chpt. 3  
Chapter 3
9-6 5 Gains From Trade Start 2

Week 3

9-9 6 Demand Chpt 2 Chpt. 4  
9-11 7 Demand
9-13 8 Supply



Week 4

9-16 9 Review
9-18 10 Midterm I
9-20 11 Applications Chpt. 6  

Week 5

9-23 12 Application  
9-25 13 Elasticity Chpt. 5
9-27 14 Elasticity  

Week 6

9-30 15 CS/PS Chpt. 7  
10-2 16 CS/PS  
10-4 17 Externalities

Week 7

10-7 18 Externalities Study Guide 2
10-9 19 Public Goods  
10-11 20  Midterm II

Week 8

10-14   Columbus Day

Week 9

10-21   Costs  
10-23  PC  
10-25   PC  

Week 10

10-28   PC  
10-30   Monopoly    
11-1   Monopoly Study Guide III

Note That the syllabus here says we have covered PC and Mono.  We have NOT!  They are NOT in this test.
  PF, PC, Taxes PP


Costs PP

Week 11

11-4 Review  
11-6   Midterm THE TEST IS TODAY!!!
11-8   PC

Week 12

11-11   Review  
11-13   Midterm III THIS IS WRONG!!! THE TEST IS BACK ON 11-6
11-15   Oligopoly  

Week 13

11-18   Oligopoly
11-20   Thanksgiving
11-22   Thanksgiving

Week 14

11-25   Mono Comp We are finishing perfect competition today and starting monopoly.  There is a mindtap for each due on study day.  We will do the basic definitions of oligopoly and monopolistic competition, but no mindtap.  I will add some powerpoints tomorrow morning and your study guide for the non-comprehensive section.

Below is a set of questions that I will select from for the comprehensive section,

Comp Questions
  Perfect Competition PP

Monopoly PP

Below are the complete PP for oligopoly and monopolistic competition, but remember that we are only doing the intro.

Oligopoly PP

Monopolistic Competition PP
11-27   Mono Comp
11-29   Compare the Markets Study Guide For Final

Week 15

12-2   Labor Markets    
12-4   Labor Markets  
12-6   Labor Markets  

Week 16

12-9   Review
12-11   Study Day

The Final will be on the official scheduled date and time.  Please consult your Schedule of Classes