ECONOMICS 101
PRINCIPLES: MICRO
Section 9
Lecture is M W F from 11:00-11:50 a.m.
In Room 0210 Bessey
Instructor: Dermot Hayes
Class web page http://www.econ.iastate.edu/classes/econ101/Hayes/
TEXTBOOK: Microeconomics 7th Edition by Michael Parkin. (Addison-Wesley Publishing Company
2005).
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 1:10 to 3:00 and 3.10 to 5 and on
Wednesdays from 2:10 to 4:00. All labs are in 68 Heady
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 two guest speakers but I do not yet have exact dates for these speakers. 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 two scheduled make up classes.
Instructor:
Dermot Hayes
Professor of Economics
Professor of Finance
568C Heady Hall and 3375 Gerdin
515-294-6185
dhayes@iastate.edu
Teaching Assistant: Ms. Tushi Baul (tushi@iastate.edu)
OFFICE HOURS
Mon/Wed. 3.30-5.00 in 3375
Gerdin or by appointment
ECONOMICS 101
PRINCIPLES: MICRO
SECTION 9
Class #
Date
Topic
Chapter and section
1
Mon. Aug. 25, 2008
What is Economics
Big Ideas of Economics
What Economists Do
Chapter 1
“
“
2
Wed. Aug. 27, 2008
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
Aug. 29, 2008
4
Mon. Sept. 1, 2008
University Holiday
5
Wed. Sep. 3, 2008
Gains from Trade
The Market Economy
6
Fri.
7
Sep. 5, 2008
“
“
“
Chapter 2
“
Demand & Supply
Demand
Chapter 3
“
Mon. Sep. 8, 2008
Supply
Market Equilibrium
Predicting Changes in Price Quantity
Chapter 3
“
“
8
Wed. Sept. 10, 2008
Elasticity
Chapter 4
9
Fri.
More Elasticities of Demand
Elasticity of Supply
Chapter 4
“
10
Mon. Sept. 15, 2008
Efficiency and Equity
Value Price and Consumer Surplus
Chapter 5
“
11
Wed
Sept 17, 2008
Is the Market Efficient?
Chapter 5
12
Fri.
Sept. 19, 2008
EXAM #1 Chapters 1,2,3,4,5
Sept. 12, 2008
13
Mon. Sept. 22, 2008
Markets in Action
Chapter 6
Housing Markets and Rent Ceilings
“
The Labor Market and the Minimum Wage
“
14
Wed. Sept. 24, 2008
Taxes
Markets for Illegal Goods
Stabilizing Farm Revenues
Chapter 6
“
“
15
Fri.
Consumption Possibilities
Preferences and Indifference Curves
Chapter 7
“
16
Mon. Sept. 29, 2008
Predicting Consumer Behavior
Work-Leisure Choices
Chapter 8
“
17
Wed. Oct. 1, 2008
The Firm and its Economic Problem
Chapter 9
18
Fri
Information and Organization
Chapter 9
Markets and the Competitive Environment
“
19
Mon. Oct. 6, 2008
Decision Time Frames
Short-Run Technology Constraint
Chapter 10
“
20
Wed. Oct. 8, 2008
Short-Run Cost
Long-Run Cost
Chapter 10
‘
21
Fri.
Perfect Competition
The Firms Decisions in Perfect
Competition
Chapter 11
Sept. 26, 2008
Oct. 3, 2008
Oct. 10, 2008
“
22
Mon. Oct. 13, 2008
Changing Tastes and Advancing TechnologyChapter 11
Competition and Efficiency
23
Wed. Oct. 15, 2008
Market Power
Monopoly Price-Setting Strategies
Single-Price Monopoly
24
Fri.
EXAM #2
25
Mon. Oct. 20, 2008
Price Discrimination
Monopoly Policy Issues
Chapter 12
“
26
Wed. Oct. 22, 2008
Monopolistic Competition
Chapter 13
27
Fri.
Monopolistic Competition
Oligopoly
Oct. 17, 2008
Oct. 24, 2008
Chapter 12
“
“
Chapters 6, 7, 8, 9, 10, 11.
“
“
28
Mon. Oct. 27, 2008
Game Theory
Oligopoly Price Fixing Game
Chapter 13
29
Wed. Oct. 29, 2008
Antitrust Regulation
Chapter 14
30
Fri.
Externalities
Chapter 15
31
Mon. Nov. 3, 2008
Public Goods
Chapter 16
32
Wed. Nov. 5, 2008
Market Failure and Government
“
Chapter 16
33
Fri.
Labor Markets
Capital Markets
Chapter 17
34
Mon. Nov. 10, 2008
Natural Resource Markets.
Income Rent and Opportunity Cost
Chapter 17
35
Wed. Nov. 12, 2008
Income Redistribution
Income inequality
Chapter 18
36
Fri.
EXAM #3
37
Mon. Nov. 17, 2008
Uncertainty
Chapter 19
38
Wed. Nov. 19, 2008
Information and Insurance
Chapter 19
39
Fri.
The Global Economy
Chapter 20
Oct. 31, 2008
Nov. 7, 2008
Nov. 14, 2008
Nov. 21, 2008
Chapters 12, 13, 14, 15, 16.
Nov. 24—28, 2008
THANKSGIVING BREAK
40
Mon. Dec. 1, 2008
Protectionism
41
Wed. Dec 3, 2008
Introduction to Finance
42
Fri.
Capital Asset Pricing Model (CAPM)
43
Mon.
Dec. 5, 2008
Dec. 8, 2008
Make-Up Class
Chapter 20
44
Wed. Dec 10, 2008
Make Up Class
45
Fri.
EXAM #4
Dec. 12, 2008
Chapters 17, 18, 19, 20 and CAPM