Eco 101                                                                                                                                                                S. Atri
Principles of Microeconomics                                                                                           Mahar 431A
Spring 2010                                                                                                                                                          E-mail: atri@oswego.edu
Office Hours:
T: 12:30 - 2:00
TH: 11:30 - 2:00
Wednesday: by appointment

COURSE DESCRIPTION
Economics 101 is a part of a  sequence of two introductory courses in economics.  It is a study of the economic behavior of economic units such as firms and households.  More specifically, in this course we look at how a person decides how much to work  and how to spend his or her income. We study the behavior of business firms and their interactions with other economic units under different market conditions. We examine how a firm decides how many workers to employ, how much to produce, and what price(s) to charge. We will learn about the working of the market as well as market failures. And, finally, we look at the role and the functions of government in a market-oriented economy.

COURSE OBJECTIVES
In a free market-based democracy it is essential that all citizens have a basic knowledge of how the economy works. Such knowledge enables them to function more productively for themselves as well as for the benefit of the society. The primary purpose of this course is to provide students with a good understanding of the fundamentals of microeconomics. In the increasingly interdependent and competitive global economy today one cannot  make good economic or business decisions without an ability to obtain and understand relevant information. A good knowledge of basic economics enables us as consumers, workers, business managers, investors, or government officials to better read and understand  economic and market signals and thus make better decisions. Besides, making right and responsible political choices in a market -oriented democracy requires that citizens be able to understand and evaluate their choices. One of the objectives of this course is to provide students with the knowledge and the tools they need to have to be able to function as participating responsible citizens.

COURSE OUTLINE

I. Orientation : What is Economics (Chs. 1 and 2)

• An Introduction to Economics and Economic Thinking
• Methodology:  Is Economics a Science?
• A Brief Discussion of Some Economic Problems
• Economic Tools of Analysis
• Economic Models

• Scarcity and Choice
• Production Possibilities Curve (table)
• Opportunity Cost
• Economic Efficiency
• Marginal Analysis
• Fundamental Economic Questions
• Full Employment and Full Production

• Traditional Economies
• Capitalism
• Command Economies
• A Closed Economy vs. An Open Economy
• The American Economy
• Microeconomics vs. Macroeconomics

• Demand
• Supply
• Market Equilibrium
• Market System and the Fundamental Economic Questions

• Demand and Supply Revisited
• The Theory of Consumer Behavior
• Consumer and Producer Surplus
• Demand and Elasticity
• The Consumer Theory
• Economics of Taxation

• Comparative Advantage
• Free Trade versus Protection
• The Global Economy

• Production and Costs
• The Costs of Production (Short Run/Long Run)
• Marginal Analysis Revisited
• Price and Output Determination Under Different Market Structures
• Resource Markets: Labor and Capital

• Free Market: Perfect Competition (Chs. 13)
• Monopoly (Ch.14)
• Monopolistic Competition (Ch. 16)
• Oligopoly (Ch. 15)
• Market Structure and Economic Efficiency
• The Market Mechanism and Profit

• Government and Efficiency: Regulations and Antitrust Laws
• Market Failures: Public Goods and Externalities
• Taxation and Resource Allocation
• Income Inequality and Poverty: Government and Income Redistribution

• Factors of Production
• Productivity and Income
• Economics of Labor

TEXTBOOK
Paul Krugman and Robin Wells, Microeconomics, 2nd Edition, Worth Publishrs: 2009

EXAMINATION SCHEDULE
 

Tests	Dates	Planned Coverage	% Weight
Test I	Thursday, Feb 25	Chapters   1-4	20
Test II	Thursday, April 15	Chapters 5 - 12	30
Final Exam	Thursday, May 13 ( 2:00-4:00)	Cumulative	40

EVALUATION PROCEDURE: In addition to the above scheduled exams, there will weekly quizzes and/or assignments collectively carrying up to fifteen points that will be added to your cumulative points from the scheduled exams. Students are strongly advised not to miss any exams. No make-up exams will be given. The final course grades will be determined based upon the distribution of the total points obtained from the scheduled exams and quizzes/assignments.

ATTENDANCE POLICY
Students are strongly urged to attend classes regularly and keep up with the course coverage and all assignments. Excessive absences could have an adverse effect on one's final course grade. Make-up tests are given only when a student misses a test as a result of professionally diagnosed and treated illness and other verified extenuating circumstances. Make-up tests may or may not have the same format as the scheduled tests. There will be no makeups for missed quizzes.
 

Note: Students who have a disabling condition which might interfere with their ability to carry out the course requirements are encouraged to speak, confidentially, to the class instructor, or to contact the Office of Disability Services