ECON 520
Microeconomics for Business Decisions
(CRN – 22566)
Syllabus
Michael C.Y. Yang
University of Illinois at Chicago
Department of Economics
www.mcyyang.com
https://uic.blackboard.com
Spring 2015
ECON 520 – Microeconomics for Business Decisions
Spring 2015
Contents
1 Course Description and Objectives
1.1 University Course Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.2 Course Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
2
2
2 Course Materials
2.1 Required Textbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.2 Recommended Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
2
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3 Course Requirements and
3.1 Exams . . . . . . . . . .
3.2 Problem Sets . . . . . .
3.3 Weekly Responses . . .
3.4 Basis for Final Grade . .
Grading
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4 Course Policies
4.1 Questions & Email .
4.2 Academic Integrity .
4.3 Course Flexibility . .
4.4 Grade Dissemination
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5 University Policies
5.1 Students with Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2 Religious Holidays Observance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3 UIC Academic Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
4
4
4
6 Tentative Schedule
5
University of Illinois at Chicago
i
Michael C.Y. Yang
ECON 520 – Microeconomics for Business Decisions
Spring 2015
Please read the entire syllabus carefully.
Instructor
Instructor
Instructor
Instructor
Instructor
Website
Michael C.Y. Yang
cyang40@uic.edu
www.mcyyang.com
University Hall (UH) 813
By appointment
https://blackboard.uic.edu
Email
Website
Office Location
Office Hours: Days & Times
University of Illinois at Chicago
1
Michael C.Y. Yang
ECON 520 – Microeconomics for Business Decisions
1
Spring 2015
Course Description and Objectives
1.1
University Course Description
520 Microeconomics for Business Decisions
4 hours. Efficient allocation of resources by consumers, profit and non-profit firms and government, regulation
of industry, monopoly and imperfect competition, business ethics and the market place, efficiency versus equity,
social welfare. Credit is not given for ECON 520 if the student has credit in ECON 501.
Prerequisite(s): MATH 165 or MATH 181 or the equivalent.1
1.2
Course Goals
Microeconomic theory is a tool for making decisions and for understanding and predicting the choices and
decisions of others. We will spend most of the course on applications of microeconomic theory to personal,
managerial, and public-policy decision-making. We will identify when microeconomic analysis is an appropriate
tool, microeconomics reveals (and what it does not) and ways to tell if it is being misused. There will be
examples in the reading and homework, solving real-world problems. Topics include the efficient allocation
of resources by consumers, profit and non-profit firms and government, regulation of industry, monopoly and
imperfect competition, business ethics and the market place, efficiency versus equity, and social welfare.
2
Course Materials
2.1
Required Textbook
Earlier editions are fine.
• Pindyck, R. & Rubinfeld, D. (2012). Microeconomics, 8th ed., Pearson Series in Economics,
ISBN-10: 013285712X, ISBN-13: 978-0132857123
2.2
Recommended Books
• McCloskey, D. (1995). Second Thoughts: Myths and Morals of U.S. Economic History, Oxford University
Press, ISBN-10: 0195101189, ISBN-13: 978-0195101188
Other principles of microeconomic textbooks will be helpful too.
3
Course Requirements and Grading
3.1
Exams
Two online exams (Midterm and Final) will be given during the semester. Exams may include multiple choices,
graphing, short-answer, and problem solving (calculation) questions. No exams are dropped or replaced. Be
familiar with the Blackboard functions since the exams will be conducted through Blackboard system. You
will have one week to access the exam and once you enter the exam you have 2 hours to complete it (multiple
entries are not permitted). Thus, no make-up exams will be given for any reason. Your grades will be posted on
Blackboard and complete solutions will be provided after the exams. The midterm will cover the first half of
course materials and the final exam will cover the second half.
3.2
Problem Sets
There will be four regular problems sets during the semester. No problem sets are dropped or replaced. The
problem sets are composed of short-answer and problem solving questions; thereby mimicking the exams.
Problem sets due at 11 p.m on Sunday and should be submitted electronically.
3.3
Weekly Responses
In the weekly notes you will find a section called Check Your Understanding. It is your responsibility to read the
notes and answer all the questions in the Check Your Understanding section. The questions are deigned based
on the information in the notes, so they should be easy to answer. Responses will be due each Sunday at 11
p.m., but may be completed earlier. The purpose of this assignment is to keep you on schedule for the reading.
1 https://www.uic.edu/ucat/courses/ECON.html
University of Illinois at Chicago
2
Michael C.Y. Yang
ECON 520 – Microeconomics for Business Decisions
3.4
Spring 2015
Basis for Final Grade
Assessment
Percentage of Final Grade
Weekly Response
Problem Set 1
Problem Set 2
Midterm
Problem Set 3
Problem Set 4
Final
10% (Total)
10%
10%
25%
10%
10%
25%
Total
4
4.1
100%
Grading Scale
Percentage (%)
Course
Mark
90–100
80–89
70–79
60–69
0–59
A
B
C
D
F
Course Policies
Questions & Email
The best way to contact me outside of office hours is via email. I will attempt to answer any and all questions
asked through email promptly. The questions will then be posted on Blackboard along with the answers because
other students may have the same questions. Asking relevant questions also demonstrates your contribution to
the class. Thus, students are encouraged to ask valid questions.
4.2
Academic Integrity
Academic honesty is expected. In fairness to the many students who work hard and put in an honest effort,
those who in any way engage in acts of academic dishonesty or cheating will be treated most harshly as to do
otherwise would devalue all honest student’s education. I encourage students to discuss economics and the class
material together (outside of class) and to help each other in solving problems and in coming to understand the
material. In fact, you will find this class much easier if you do form study groups. Nevertheless, work submitted
for a grade must ultimately be the work of the individual student - not copied from another student or from any
other source. It is my policy to, at a minimum, assign a grade of zero for any problem set on which cheating
occurs. In the event of any cheating on an exam my policy is to assign a grade of F in the course. Furthermore,
I will pursue all appropriate disciplinary measures provided by University policy; including expulsion.
4.3
Course Flexibility
If it becomes necessary to add to, delete from, or otherwise alter this syllabus, then I reserve the right to do so
as I deem fit. However, I will clearly communicate any and all changes made to the class in a timely manner.
4.4
Grade Dissemination
All grades will be posted on Blackboard. Due to privacy concerns grades will only be given through Blackboard
or in person. Phone, email, and other postings of student’s grades will not occur per university policy. No one
else other than the student in question is able to collect graded material for someone else.
University of Illinois at Chicago
3
Michael C.Y. Yang
ECON 520 – Microeconomics for Business Decisions
5
Spring 2015
University Policies
5.1
Students with Disabilities
Students with disabilities, access needs, and/or questions regarding these topics may contact the Disability
Resource Center at (312) 413-2183 (voice) or (312) 413-0123 (TYY only). More information can be found at
http://www.uic.edu/depts/oaa/disability_resources/index.html
5.2
Religious Holidays Observance Policy
In accordance to state laws, the faculty of the University of Illinois at Chicago shall make every effort to avoid
scheduling examinations or requiring student projects be turned in or completed on religious holidays.
Students who wish to observe their religious holidays must notify the faculty member by the tenth day of
the term that they will be absent unless their religious holiday is observed on or before the tenth day. In such
cases, the student shall notify the faculty member at least five days in advance of the date when he or she will
be absent. The faculty member shall honor the request and not penalize the student for missing class. If an
examination or project is due during the absence, the student shall be given an assignment equivalent to the
one completed by those students in attendance.
The following link (http://www.interfaithcalendar.org) lists religious holidays that can be used as a
reference guide for faculty and students for the coming academic year. The calendar is meant only as a guideline
and because of the diverse manners in which religious holidays are observed, not every holiday constitutes an
excused absence.
5.3
UIC Academic Calendar2
Month
Date
Day
Event
January
January
12
19
Monday
Monday
January
23
Friday
March
20
Friday
March
May
May
23–27
1
4–8
Monday–Friday
Friday
Monday–Friday
Instruction begins.
Martin Luther King, Jr., Day. No classes.
Last day to complete late registration; last day to add a
course(s) or make section changes; last day to drop individual
courses via Student Self-Service without receiving W
(Withdrawn) grade on academic record. Last day to submit
Withdraw from Term request via Student Self-Service and
receive 100% cancellation of tuition and fees.
Last day for undergraduate students to use optional late drop
in college office and receive grade of W on academic record.
Spring vacation. No classes.
Instruction ends.
Final Examinations.
2 http://www.uic.edu/ucat/catalog/CA.shtml#f
University of Illinois at Chicago
4
Michael C.Y. Yang
ECON 520 – Microeconomics for Business Decisions
6
Spring 2015
Tentative Schedule
Week
Date
Topics
Assignments
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Jan. 12–18
Jan. 19–25
Jan. 26–Feb. 1
Feb. 2–8
Feb. 9–15
Feb. 16–22
Feb. 23–Mar. 1
Mar. 2–8
Mar. 9–15
Mar. 16–22
Mar. 23–29
Mar. 30–April 5
April 6–12
April 13–19
April 20–26
April 27–May 3
May 4–10
(0) What is Economics? (1) Supply and Demand
(2) Tax & Subsidy (Government’s Role)
(3) Budget Line & Consumer’s Choice
(3) Budget Line & Consumer’s Choice
(4) Production (Theory of Firms)
(4) Production (Theory of Firms)
(5) Trade & Restrictions
Midterm
(6) Market Structure
(6) Market Structure
Spring Break!
(7) Pricing with Market Power
(7) Pricing with Market Power
(8) Risk & Information
(9) Game Theory
(10) Externalities and Public Goods
Final
Response 1
Response 2
Problem Set 1
Response 3
Response 4
Problem Set 2
Response 5
Response 6
Response 7
Problem Set 3
Response 8
Response 9
Problem Set 4
Response 10
Important Note: Assignments are due at 11 p.m. each Sunday with no exceptions. Exams must be taken
and completed by 11 p.m. on Sunday. The biggest problem with online courses is that you need to keep track of
your own schedule. If you have any questions please email me as soon as possible. DO NOT wait until the day
before midterm or final. Good luck and have a wonderful semester!
University of Illinois at Chicago
5
Michael C.Y. Yang