Boston College
Department of Economics
EC131.01
Principles of Microeconomics
Spring 2016
O’Neill 253, MWF 12:00
Hieu (Hugh) Luu
Maloney Hall 385B
hieu.luu@bc.edu
Office Hours: M 10-11, W 1-2, F 1-2
Text: Krugman and Wells, Microeconomics, 4th edition.
ISBN-10: 1-4641-4387-0; ISBN-13: 978-1-4641-4387-8.
Course Objectives
In this class you will learn to become an apprentice economist. We will familiarize ourselves
with some basic tools and perspectives that economists use to describe the world and our
economic system. Our objective is to use those tools in order to gain better insights into how the
world and our economic system function. We examine how prices are formed and answer
questions such as: why are diamonds, which are mostly just decorative pieces of jewelry, more
expensive than water, which we cannot survive without? Why are top-level NBA players being
paid so much more than a typical worker at a fast food restaurant? To what extent is that wage
disparity fair? We will use our economic tools to tackle these very important questions and many
others throughout the course.
This course is the first course in the economics major. It is a required course for all CSOM
students, and it is one of the choices to fulfill the social sciences CORE requirement. It’s also a
good introduction to economics for anyone who is taking it as an elective.
Course Requirements
3 problem sets (10% each) (due dates will be announced later)
2 midterm exams (20% each) (held in class on Feb 26 and April 1)
A final exam (30%) (May 13 at 9:00 am)
Class attendance is very necessary in order to learn the material. I do not formally take
attendance, but if I notice that you keep missing classes without a proper excuse, I will deduct 5
percentage points from your final grade. It is a considerable penalty, so keep that in mind the
next time you need to convince yourself to come to class.
There will be three problem sets throughout the semester. Try to do a good job on them, because
collectively they are worth 30% of your grade, which is as much as the final. The heavy
weightings placed on homework provide you with extra incentive to study throughout the
semester, instead of cramming just before the exams. In all cases the problem sets will help you
keep up with the material and be better prepared when the exams come.
Your answers to the problem sets have to be typed and printed. I will not accept hand-written
answers under any circumstances. The only exception to this rule is when you need to draw
graphs or write equations. Draw or write them on a separate sheet of paper and hand that in as
well.
Problem sets will be due in class (exact due dates to be announced later). Submissions by email
need to have a prior approval from me. I will not accept late assignments unless for medical or
emergency situations. There will be no make-up exams. If you miss one exam, the weights on
the other exams and the homework will increase correspondingly to cover for the missed exam.
Exceptions can be made only with written notes from your Dean.
Academic Integrity
Your work on the exams must be entirely your own. Be sure you are familiar with the sections
on “Academic Integrity” in the Boston College Catalog (pp. 32-33) or online at BCInfo (AZ
Index, Academic Integrity). You may collaborate on the homework, but you must write up and
submit your own answers. You can’t just copy and paste someone else’s answers.
Accommodations for Learning Disabilities
If you have a learning disability, you are strongly encouraged to request accommodations for this
course. Please register with either Kathy Duggan (dugganka@bc.edu) at the Connors Family
Learning Center, or Paulette Durrett (paulette.durrett@bc.edu) at the Disability Services Office,
Office of the Dean of Students.
Tentative Schedule
On February 8 and March 2, we will have guest lectures from Francesca Toscano. She is also in
the Department of Economics and will replace me on those two days. Class attendance is strictly
expected.
Week
1 (1/18-1/22)
2 (1/25-1/29)
3 (2/1-2/5)
4 (2/8-2/12)
5 (2/15-2/19)
6 (2/22-2/26)
7 (2/29-3/4)
8 (3/14-3/18)
9 (3/21-3/25)
10 (3/28-4/1)
11 (4/4-4/8)
Topics
General Principles; Examples of an Economic Model
Market Equilibrium; Demand and Supply Curves
Demand Elasticity; Supply Elasticity
Consumer and Producer Surplus
Price Controls and Taxes
Demand and Supply Curves Revisited; Midterm 1
Perfect Competition
Monopoly
Oligopoly
Monopolistic Competition; Midterm 2
Labor Demand and Labor Supply
12 (4/11-4/15)
13 (4/20-4/22)
14 (4/25-4/29)
15 (5/2 -5/4)
Factor Markets and the Distribution of Income
Market Externalities
Public Goods
Summary and Review
Note that we will not have classes on the following dates:
- March 7-13 (Spring Break week)
- Friday 3/25 and Monday 3/28 (Easter Break)
- April 18 (Patriot’s Day).
KW Reading
Ch.1 and 2
Ch.3
Ch.6
Ch.4
Ch.5 and 7
Ch.10 and 11
Ch.12
Ch.13
Ch.14
Ch.15
Ch.19 Appendix
(optional)
Ch.19
Ch.16
Ch.17