Econ 130 – “Principles of Microeconomics”– Spring 2014 Tuesdays, Thursdays – Bilger 150 – 3-4:15pm
Professor John Lynham (firstname.lastname@example.org)
Economics is the study of the use of scarce resources to satisfy human wants. In microeconomics, we study how these scarce resources are allocated within the market system. Topics include: division of labor, comparative advantage, supply and demand analysis, price ceilings/floors, taxes, monopoly, price discrimination, cartels, wages, pollution and failures of the market system. Mathematical skills beyond simple algebra and graphical analysis are not required in this course. This course meets the diversification requirement (DS) of Gen Ed requirements for social sciences.
Student Learning Objectives:
The main objective of this course is to give students a broad understanding of the choices people make in using scarce resources to meet their wants. On completion of the course students should be able to:
Explain basic microeconomic terms, concepts and theories
Apply economic reasoning to real-world situations
Communicate economic reasoning to others in writing
Introduction to Microeconomics by Edwin G. Dolan. 4th edition [5th or 3rd edition is also fine – the 4th edition is the best option]. The book is available from the UH Bookstore. You can get the hard cover, paperback, or ebook version, whatever works best for you. I will explain in class how you can purchase access to additional homework problems online. Other Texts that are not required but might interest you:
The Cartoon Introduction to Economics by Klein and Bauman.
Murder at the Margin by Marshall Jevons. This is an extremely cheesy book about an Econ professor on a Caribbean island who solves a murder mystery using the tools of economics! Freakonomics by Steven Levitt and Stephen Dubner. This book spent 98 weeks on the New York Times bestseller list. It looks at the economics behind drug-dealing, corruption in sumo wrestling, baby names and other diverse subjects.
Lecture notes, practice problems and grades will be posted on Laulima (https://laulima.hawaii.edu/).
Opportunity Cost, Division of Labor,
Economic Method, Comparative
Supply and Demand, Equilibrium
Price Ceilings, Price Floors,
Short Run/Long Run Cost Curves
Monopoly, Price Discrimination
Monopolistic Competition, Cartels
Externalities and Market Failure
Tragedy of the Commons, Pollution
Chapters to read (Dolan 4th edition)
15 new practice problems will be posted on Laulima every Friday. You are NOT required to do these, but I strongly encourage you to work through them as soon as they are posted. They are the best way to prepare for the quizzes.
- There will be five 60-minute SURPRISE quizzes during the semester. The quizzes will consist of 30 multiple-choice questions. The quizzes will cover problems posted in the previous two online problem sets.
- Your lowest TWO quiz scores will be dropped when calculating your average quiz score. Examinations and Grades
1. There will be NO midterms, just a final exam, to be held on Thursday May 15th from 2:154:15pm. The final will consist of forty-five multiple-choice questions (which should take about an hour) and two essay questions (which should take about thirty minutes). The essay questions will be based on topics I cover in my lectures. A list of possible essay questions is attached. The quizzes are not cumulative, the final is. It is very hard to pass this class if you do not perform well on the essay portion. There will be a choice of two out of four possible essay questions chosen from a list of twenty-four questions (see...
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