Economics 202
Principles of Economics: Microeconomics

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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

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.

Textbook

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.

 

Grading System

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 
          --------                -----
           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.

 

 

 

Economics 202

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
     
4 8-28
Mon
    HW #1

Answer Key #1
Chapter 2 PP
5 8-30
Wed
       
6 9-1
Fri
       
  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.

 
8 9-8
Fri
         
9 9-11
Mon
         
10 9-13
Wed
   
11 9-15
Fri
   
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
16 9-27
Wed
Supply Shifts      
17 9-29
Fri
   
18 10-2
Mon
    HW #4

Key #4
 
19 10-4
Wed
     
20 10-6
Fri
       
21 10-9
Mon
       
22 10-11
Wed
 
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
24 10-16
Mon
     
25 10-18
Wed
MIDTERM is TODAY        
26 10-20
Fri
       
27 10-23
Mon
     
28 10-25
Wed
    HW # 5

Key #5
 
29 10-27
Fri
     
30 10-30
Mon
       
31 11-1
Wed
       
32 11-3
Fri
     
33 11-6
Mon
    Hw #6

Key # 6
34 11-8
Wed
       
  11-10
Fri
Veteran's Day Study Guide 3 elasticity pp

costs pp
35 11-13
Mon
   
36 11-15
Wed
Midterm III

The Midterm is moverd tp Friday 11/17
   
37 11-17
Fri
     
38 11-20
Mon
 
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
40 11-29
Wed
     
41 12-1
Fri
     
42 12-4
Mon
     
43 12-6
Wed
Study Day    

 

   

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