151syl part 2 spring 2007 final.doc
Syllabus, Part 2
Spring 2007
Economics 151 (section 10) Principles of Microeconomics
115 Purnell Hall
Dr. Charles R. Link
Class web site: http://www.udel.edu/Economics/clink
(All of the above letters must be lower case except the E in Economics.)
Remember to bring #2 pencils to class everyday.
Notes: -When reading the newspaper and magazine articles in the Course Readings booklet,
your goal is to find the key microeconomic concepts. There will be a 5-point question on
each exam relating to the newspaper articles in the Lieberman’s Course Readings.
-Pages with an R in front of them are the readings in the course material booklet that you
purchased at Lieberman’s Bookstore at 45 East Main in the Galleria.
-Cm pages refer to the course material booklet purchased at the UD bookstore,
Lieberman’s, or the Book Exchange.
-On each exam there will be a 3-point question on the interview section included with the
CD from the relevant CD modules.
Week 1
Tuesday, February 6:
-Introduction and Rules of the Game.
-McConnell text, Chapter 1, The Nature and Method of Economics Cm pp. 2-5
and Cm pp. 233 -248. (Obviously I did not cover this on February 6; you are responsible
for the material.)
Thursday, February 8:
-SIT WHERE YOU ARE TODAY FOR THE REST OF THE SEMESTER! (TODAY
YOU BECOME PART OF A SEATING CHART.)
- Problem Set 1 is at the class web site and is potentially due on February 15. Do your
work on the sheets provided for all problem sets! Penalty for not following directions: A
ZERO ON THE PROBLEM SET.
-Continue discussion from previous class.
-Selected readings, McConnell text, Chapter 2, The Economizing Problem, Cm pp 6-15
and Cm pp. 249-265.
Week 2
Tuesday, February 13:
-Be ready to discuss the Opportunity Cost examples on Cm pp. 6-10.
-Continue discussion from previous class.
Thursday, February 15:
-Problem Set 1 is potentially due at the start of class! You must staple your problem
set together and your name must be on each sheet. No name earns a zero! PRINT YOUR
NAME, section of the room, row and seat number.
-Continue discussion from previous class.
-May start Supply and Demand: see CD module Supply and Demand. Look at sections:
1.Introduction, 2. demand, and 3. supply. Corresponding Cm p. 16, Questions to Ponder 1-4.
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Week 3
Tuesday, February 20:
-Continue discussion from previous class.
Read: “The Hot Major for Undergrads Is Economics, p. R2
Big Secret in Health Care, pp. R3-5
Timber Policy May Fell the Lumber Jack, pp. R6-7.
“Social Security, Budget Woes Mean Painful Choices Loom,” pp. R 8-9
“Econometrics Buzzes Ad World as a Way of Measuring Results,” p. R19
IN CLASS YOU MAY HAVE TO WRITE DOWN and HAND IN 2 CONCEPTS AND
WRITE 1 SENTENCE DESCRIBING HOW EACH OF THE CONCEPTS IS
ILLUSTRATED in one of the above articles.
What are the key economic concepts? We will discuss them in class.
-CD sections on supply and demand: 4. equilibrium and 5; Changes in equilibrium prices
and quantities, Cm. pp. 16 - 33.
-Look at exercises on Cm pp. 27-30 and Exercises in section 6 of the CD.
Thursday, February 22:
-First day for submitting a “+/- paper.” You do not have to submit a “+/paper,” on this day. Submission dates are any Thursday starting today. Papers are to be
submitted at the beginning of the class period on Thursdays only. You must use a writeup sheet included in the reading material purchased at Lieberman’s (or found on the web
site), and staple your article to it. Remember to write your name, row, seat, and section of
the room and the date the article was submitted.
-Problem set 2 is at the class web site and is potentially due on Thursday March 1.
-Continue discussion of Supply and demand.
-Read and look for microeconomic concepts in the following readings.
“Britain Stirs Outcry by Weighing Benefits of Drugs versus Price, pp. R 10-11
“Paternalism Costs Lives,” p. R 12
-Selected readings, McConnell text, Chapter 4, Pure Capitalism and the Market System,
Cm. pp. 34-37 and Cm pp. 266-277.
-CD section on supply and demand: section 7, video case study.
-Might start price elasticity of Supply and Demand, Cm pp. 38-55. See price elasticity of
demand on CD module sections 1 & 2.
Week 4
Tuesday, February 27: Scheduled Quiz #1 starts promptly at 12:30.
-- Continue discussion from previous class
-Read and look for microeconomic concepts in the following readings.
“Unpopular Argument: Sending Tech Jobs Abroad is Good,” p. R17
“Green Groups See Potent Tool in Economics,” p. R13
“Making Public Highways Private,” pp. R 14-16
“Economists Gain Star Power,” p. R18
-Scheduled Quiz 1: 25 minutes and 30 points. We start promptly at 12:30 and end
promptly at 12:55! Quiz covers material up through Feb. 22. Check out how to fill in your scan
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sheet before you come to the Quiz. Sample scan sheet can be found on the first page of the
Lieberman’s reading booklet. If you come in late, you still will have to stop at 12:55! The
scheduled quiz from spring 2002 can be found on page 183 (answers on p. 211) of the course
material booklet.
Thursday, March 1:
-Problem Set 2 is potentially due at the start of class!
-Continue discussion on price elasticity of supply and demand.
Week 5
Tuesday, March 6:
-Problem set 3 is at the class web site and is potentially due on Thursday, March 15.
-CD module on price elasticity of demand and supply: sections 3, 4, and 5.
-Be ready to talk about examples on Cm pp. 51-53.
Thursday, March 8:
“Truckers Needed to Keep Economy Rolling,” pp. R 20-21.
-You must submit a +/- paper by Thursday March 22 if you are going to
participate in the optional +/- project.
-Selected readings from McConnell, Chapter 7, Demand and Supply: price elasticity and
Applications, Cm pp. 278-285.
-CD module on price elasticity of demand and supply: video case study, section 6
Week 6
Tuesday, March 13:
-First Examination: 100 points, full period. The exam covers material from Feb. 6
through March 8. Remember, my Exam 1 from spring 2002 is included in your Cm pp.
184-193. The answers to the multiple-choice questions are on Cm p. 211.
-Review Session on Monday Mar. 12 at 7:00 PM in Room 115 Purnell. I will not present
new material. Essentially, I will summarize high points and take any questions on lectures,
problem sets, and other related issues.
An afternoon review session with Chandra or John will be in the usual room at 4:30 p.m. on
March 12
Thursday, March 15:
-Problem Set 3 is potentially due at the start of class!
Continue discussion of elasticities.
Syllabus Part 3 will be at the class website after the First Major Exam.
Continue Discussion from previous class.
(The order of the next assignments is given on the next page of this syllabus.)
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NEXT ASSIGNMENTS:
We will continue with applications in the order noted below.
You must submit a “+/- paper” by Thursday, March 22, if you are going to participate in the “+/optional project.” That does not mean you have to have a plus. It simply means that you
have to have submitted a “+/- paper” by March 22.
Sequence of events after exam #1
1. Finish price elasticity of demand and supply.
-Read: “Airlines Try Business-Fare Cuts, Find They Don’t Lose Revenue,” p.
R22.
“As Cameras Go Digital, a Race to Shape Habits of Consumers,” pp. R23-24.
“Funeral Industry is Hit with Casket-Pricing Suit,” pp. R25-26
2. Utility: Why demand curves slope downward.
Cm pp. 60-65.
3. Applications of supply and demand: order will be as indicated
a. Agriculture: Cm 152-156, 317 - 324
“Fight against Farm Subsidies, Even Farmers Are Joining Forces,” pp. R27-28
b. Tariffs: Cm pp. 140-141, 290-308
“So Far, Steel Tariffs Do Little of What President Bush Envisioned,” pp. R29R31.
“Protect Us from Protectionists,” p. R32
“French Resistance to Trade Accord Has Cultural Roots,” pp. R33-34
c. Rent Controls and price ceilings: Cm pp. 126-129, 286- top 288
“Some Rich and Famous of NYC Bask in Sheltering of Rent Law,” pp. R35-36
d. Tax Incidence: Cm pp. 130-139, 309-316.
“Amid Fight over Teen Drinking, Panel Weighs New Tax on Alcohol,” p. R37
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