Objectives:

At the end of the semester, students should understand:

• the basics of supply and demand
• how to derive an individual's demand curve and Engel curve
• how to calculate and use price elasticities of supply and demand
• production and cost decisions made by firms
• profit-maximizing behavior of firms in competitive and non-competitive markets
• how government programs such as price ceilings, price floors, taxes, subsidies, tariffs, and quotas affect competitive market outcomes
• game theory and competitive strategy

Required Textbook:

Pindyck, Robert S. and Daniel L. Rubinfeld. Microeconomics, 5/e. (Upper Saddle River, New Jersey: Prentice Hall, 2001.)

Grading:
Grades will be determined using a 10-point scale. There will be no "curve". Final grades will be comprised of:

• Homework       20 percent
• 2 unit exams    50 percent
• Final exam       30 percent

Note: Students receiving graduate credit will be expected to achieve a more in-depth understanding of microeconomic theory. This will be accomplished with problem sets and exam problems that are more involved and more mathematical than those completed by undergraduate students.

Please note:
If you have a documented disability and wish to receive academic accomodations, please contact me and the Coordinator of Disability Services (581-6583) as soon as possible.

Policies:
Homework
We will have several homework assignments throughout the semester. These will be given at the end of class and will be due by the beginning of the next class period. Since we will have many assignments, I will drop your lowest homework grade in determining your final homework average. Therefore, no late homework assignments will be accepted (regardless of whether the absence is excused or not). If you miss class when an assignment is given, it is your responsibility to get a copy of the assignment and complete it by the due date. No late homework assignments will be accepted at any time - no excuses!

Answers to Homework Problems:

Homework 1

Homework 2

Homework 3

Homework 4

Homework 5

Homework 6

Homework 7

Homework 8

Homework 9

Homework 10

Homework 11

Homework 12

Homework 13

Homework 14

Homework 15

Homework 16

Attendance
Regular attendance is necessary for you to understand the material covered in this course. While I will not make attendance an explicit part of your grade, I will be recording attendance every day. Keep in mind that it will be used in determining the final grade for a student whose average is near a borderline. I reserve the right to raise or lower your grade average by 1 to 2 points at the end of the semester based on your attendance record.

Exams
All exams will consist of short-answer questions and problems. The final exam is cumulative and will cover some additional material from the third unit of the course. If you miss an exam and provide me with a legitimate (and properly documented) excuse BEFORE the exam, you will have the option of increasing the weight of your remaining exams, or taking a make-up exam (which must be taken before or during the next class period following the exam). If you miss an exam and do not provide me with a legitimate excuse beforehand, you will receive a grade of zero for that exam.