ECONOMICS 101
PRINCIPLES: MICRO
Section 9
Lecture is M W F from 11:00-11:50 a.m. In Hort 118
Instructor: Dermot Hayes dhayes@iastate.edu
Office Hours Wednesday afternoons from 2-4 in 3375 Gerdin
Teaching Assistant: Brittney Shaull bkshaull@gmail.com
Class web page http://www2.econ.iastate.edu/classes/econ101/Hayes/
TEXTBOOK: Microeconomics 9th Edition by Michael Parkin. (Addison-Wesley Publishing Company
2009).
EXAMINATIONS AND GRADES: You must be enrolled in one of the lab sessions. Please enroll in one
immediately if you have not already done so. 101L meets Mondays 2:10 to 4:00 and on Wednesdays from
2:10 to 4:00. All labs are in 68 Heady. Note there will be no lab in the week of September 5th to 9th due to the
holiday on September 5th.
75% of your grade will come from this course and 25% will be based on your performance in the labs.
Homework will be graded and collected in the lab.
There will be four exams. Your grade will be based on your highest three scores. All of the exams will be 50
minutes in length. The fourth exam will cover material taught after the third exam and will not be
comprehensive. The material to be covered in future classes and exams is tentative. If we fall behind this
agenda, some of the make-up classes will be used.
If you miss an exam your grade will be based on all three of the exams you do take. There is no excuse
required for missing one exam. But you cannot miss two exams without a written statement from the Student
Health Center or a Medical Doctor or a national student organization such as FFA indicating the reason for the
absence. If you miss two exams without providing this statement you will receive a zero on the exam you
missed.
I have invited a guest speaker but I do not yet have exact dates for this speaker. I may also have to cancel class
on December 2nd. Therefore the class schedule shown below is likely to change. I will keep you informed on
the material to be covered by each exam as the semester progresses. If we get ahead of schedule I will use the
class prior to each exam and a review session. If we fall behind I will use up one of the scheduled make up
classes.
ECONOMICS 101
PRINCIPLES: MICRO
SECTION 9
Class # Date
Topic
Chapter and section
1
Mon. Aug. 22, 2011
What is Economics
Big Ideas of Economics
What Economists Do
Chapter 1
2
Wed. Aug. 24, 2011
Making & Using Graphs
Graphs Used in Economics
and in Agricultural Markets
Chapter 1
3
Fri.
The Economic Problem
Resources Production Possibilities &
Opportunity Cost
Using Resources Effectively
Economic Growth
Chapter 2
4
Mon. Aug. 29, 2011
Gains from Trade
The Market Economy
Chapter 2
5
Wed. Aug. 31, 2011
Demand & Supply
Chapter 3
6
Fri.
Sep. 2, 2011
Market Equilibrium
Chapter 3
Mon. Sep. 5, 2011
University Holiday
7
Wed. Sept. 7, 2011
Elasticity
8
Fri.
More Elasticities of Demand
Chapter 4
Elasticity of Supply
This class will be taught By Mr Ryan Goodrich
9
Mon. Sept. 12, 2011
Efficiency and Equity
Value Price and Consumer Surplus
10
Wed
EXAM #1 Chapters 1,2,3,4,5
Aug. 26, 2011
Sept. 9, 2011
Sept 14, 2011
Chapter 4
Chapter 5
11
12
Fri.
Sept. 16, 2011
Mon. Sept. 19, 2011
Markets in Action Rent Ceilings
The Minimum Wage
Taxes
Markets for Illegal Goods
Stabilizing Farm Revenues
13
Wed. Sept. 21, 2011
The Global Economy
The Case against Protectionism
14
Fri.
Utility and Marginal Utility
Consumption Possibilities
Preferences and Indifference Curves
Sept. 23, 2011
Chapter 6
Chapter 6
Chapter 7
Chapters 8 and 9
15
Mon. Sept. 26, 2011
Predicting Consumer Behavior
Work-Leisure Choices
Chapters 8 and 9
16
Wed. Sept. 28, 2011
The Firm and its Economic Problem
Chapter 10
17
Fri
Information and Organization
Chapter 10
Markets and the Competitive Environment
18
Mon. Oct. 3, 2011
Decision Time Frames
Short-Run Technology Constraint
Chapter 11
19
Wed. Oct. 5, 2011
Short-Run Cost
Long-Run Cost
Chapter 11
‘
20
Fri.
EXAM #2
21
Mon. Oct. 10, 2011
Perfect Competition (Substitute Teacher) Chapter 12
22
Wed. Oct. 12, 2011
Changing Tastes and Advancing Technology Chapter 12
Competition and Efficiency
23
Fri.
Market Power
Monopoly Price-Setting Strategies
Single-Price Monopoly
Chapter 13
24
Mon. Oct. 17, 2011
Price Discrimination
Monopoly Policy Issues
Chapter 13
25
Wed. Oct. 19, 2011
Monopolistic Competition
Chapter 14
26
Fri.
Monopolistic Competition
Oligopoly
Chapter 14
Sep. 30, 2011
Oct. 7, 2011
Oct. 14, 2011
Oct. 21, 2011
Chapters 6, 7, 8, 9, 10, 11.
27
Mon. Oct. 24, 2011
Game Theory
Oligopoly Price Fixing Game
Chapter 15
28
Wed. Oct. 26, 2011
Antitrust Regulation
Chapter 15
29
Fri.
Externalities
Chapter 16
30
Mon. Oct. 31, 2011
Pollution and Knowledge
Chapter 16
31
Wed. Nov. 2, 2011
Public Goods
Chapter 17
32
Fri.
EXAM #3
33
Mon. Nov. 7, 2011
Market Failure and Government
Chapter 17
34
Wed. Nov. 9, 2011
Factor Markets. Income and Rent
Chapter 18
35
Fri.
Factor Markets
Chapter 18
36
Mon. Nov. 14, 2011
Economic Inequality
Chapter 19
37
Wed. Nov. 16, 2011
Income redistribution
Chapter 19
38
Fri.
Nov. 18, 2011
Uncertainty
Chapter 20
Nov. 21—25, 2011
THANKSGIVING BREAK
Oct. 28, 2011
Nov.4, 2011
Nov. 11, 2011
Chapters 12, 13, 14, 15, 16.
39
Mon. Nov 28, 2011
Information
Chapter 20
40
Wed. Nov. 30, 2011
Introduction to Finance
41
Fri.
Dec. 2, 2011
Capital Asset Pricing Model (CAPM)
42
Mon.
Dec. 5, 2011
Make-Up Class
43
Wed.
Dec. 7, 2011
Make-Up Class
44
Fri.
Dec. 9th, 2011
EXAM #4
Chapters 17, 18, 19, 20 and possibly CAPM