Economics 202
Principles of Economics: Microeconomics
Notes, Homework, and Class Schedule Textbook Grading System
Course Description Instruction and Preparation Goals and Objectives
Erroneous Expectations Helpful Expectations
Location and Time
Location: MA 172
Lecture: MWF 9:00 or 1:00 (Students are not permitted to take exams at the
other time.)
Instructor
Gregory Stutes
Office: 380 L MacLean Hall
Telephone: 477-4027
Office Hours: MW 3:00-4:00, T 9:00-12:00, T 3:00-5:00, & TH 9:00-12:00
E-mail: stutes@mnstate.edu
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.
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.
Timothy Taylor; Principles of Economics: Microeconomics
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.
No Homework Homework
Midterm I 200
Midterm I 160
Midterm II 225 Midterm II
180
Midterm III 225 Midterm III 180
Midterm IV 225 Midterm IV
180
Comp Final 125 Comp Final
100
Homework 200
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1000
1000
You will be provided with a contract in the second week of class. You must select and sign which grading scheme you desire. You will not be able to switch after you have selected so weigh your cost and benefits carefully. Special Notes on the Homework:
I strongly encourage students to work together in study groups on the problem sets. Nevertheless, I demand individual answers.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. All homework assignments will be due by 4:00pm on its due date.
Assignments may be handwritten or typed, but are expected to be well organized and a legible "final product."
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:
economics simple does not have the answers,
definitive answers require very sophisticated analytical tools beyond the level of introductory economics,
definitive answers transcend economics.
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.
Principles of Economics: Microeconomics
Lecture Outline and Reading List
Date | Subject | Updates | Readings | Homework | Notes and PP | |
1 | 8-21 Mon |
Introduction | ||||
2 | 8-23 Wed |
Intro Part II/Division of Labor | Chapter 1 | |||
3 | 8-25 Fri |
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4 | 8-28 Mon |
HW #1 Answer Key #1 |
Chapter 2 PP | |||
5 | 8-30 Wed |
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6 | 9-1 Fri |
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9-4 Mon |
Labor Day | |||||
7 | 9-6 Wed |
HW #2 Due in class on Wed 9/13 Everybody! The HW can be turned in on Friday 9/15 Answer Key #2 study guide 1. |
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8 | 9-8 Fri |
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9 | 9-11 Mon |
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10 | 9-13 Wed |
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11 | 9-15 Fri |
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12 | 9-18 Mon |
Midterm I | ||||
13 | 9-20 Wed |
PC | Chpt 4 | |||
14 | 9-22 Fri |
Demand and Supply | ||||
15 | 9-25 Mon |
Demand Shifts |
HW #3 Key #3 |
ClassPP Another Good set of PP |
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16 | 9-27 Wed |
Supply Shifts | ||||
17 | 9-29 Fri |
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18 | 10-2 Mon |
HW #4 Key #4 |
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19 | 10-4 Wed |
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20 | 10-6 Fri |
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21 | 10-9 Mon |
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22 | 10-11 Wed |
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23 | 10-13 Fri |
Midterm II | Study Guide 2 | Here are the PP I was using in
class. They are from a different author and he does this section in 3
chapters unlike Taylor in just one big one S&D Floors, Ceilings & Taxes CS & PS |
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24 | 10-16 Mon |
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25 | 10-18 Wed |
MIDTERM is TODAY | ||||
26 | 10-20 Fri |
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27 | 10-23 Mon |
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28 | 10-25 Wed |
HW # 5 Key #5 |
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29 | 10-27 Fri |
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30 | 10-30 Mon |
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31 | 11-1 Wed |
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32 | 11-3 Fri |
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33 | 11-6 Mon |
Hw #6 Key # 6 |
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34 | 11-8 Wed |
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11-10 Fri |
Veteran's Day | Study Guide 3 |
elasticity pp costs pp |
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35 | 11-13 Mon |
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36 | 11-15 Wed |
Midterm III The Midterm is moverd tp Friday 11/17 |
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37 | 11-17 Fri |
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38 | 11-20 Mon |
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11-22 Wed |
Thanksgiving | |||||
11-24 Fri |
Thanksgiving | |||||
39 | 11-27 Mon |
HW #7 Last HW Part 1 Part 2 Part 3 Last HW Key Comp Questions Final Study Guide |
PC PP Mono PP |
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40 | 11-29 Wed |
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41 | 12-1 Fri |
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42 | 12-4 Mon |
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43 | 12-6 Wed |
Study Day |
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The Final will be on the official scheduled date and time. Please consult your Schedule of Classes.