(CRN – 38991)
University of Illinois at Chicago
Department of Economics www.mcyyang.com
https://uic.blackboard.com

ECON 520 – Microeconomics for Business Decisions Fall 2015
1 Course Description and Objectives
1.1
University Course Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.2
Course Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Course Materials
2.1
Required Textbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.2
Recommended Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Course Requirements and Grading
3.1
Exams . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.2
Problem Sets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.3
Basis for Final Grade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Course Policies
4.1
Questions & Email . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2
Academic Integrity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3
Course Flexibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.4
Grade Dissemination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 University Policies
4
5.1
Students with Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5.2
Religious Holidays Observance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
5.3
UIC Academic Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
6 Tentative Schedule
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University of Illinois at Chicago i Michael C.Y. Yang

ECON 520 – Microeconomics for Business Decisions
Please read the entire syllabus carefully.
Fall 2015
Instructor
Instructor Email
Instructor Website
Instructor Office Location
Instructor Office Hours: Days & Times
Class Location
Class Meeting: Days
Class Meeting: Time
Website
Michael C.Y. Yang cyang40@uic.edu
www.mcyyang.com
University Hall (UH) 819
M & W 2 – 3 p.m. or by appointment
Lincoln Hall (2LH) 210
Monday, Wednesday, Friday
12:30 p.m. – 1:45 p.m.
https://blackboard.uic.edu
University of Illinois at Chicago 1 Michael C.Y. Yang

ECON 520 – Microeconomics for Business Decisions Fall 2015
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
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.
Earlier editions are fine.
• Pindyck, R. & Rubinfeld, D. (2012).
Microeconomics , 8th ed., Pearson Series in Economics,
ISBN-10: 013285712X, ISBN-13: 978-0132857123
• 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.
Two in-class 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.
Make-up exams will be given, if and only if you have a valid, documented, university-approved excuse. 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.
There will be two 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. Late submission will not be accepted. It is your responsibility to turn in the assignments on time.
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 Fall 2015
Assessment
Problem Set 1
Midterm
Problem Set 2
Final
Total
Percentage of Final Grade
20%
30%
20%
30%
100%
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.
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.
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.
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.
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
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.
University of Illinois at Chicago 3 Michael C.Y. Yang

ECON 520 – Microeconomics for Business Decisions Fall 2015
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.
2
Month
August
September
Date
24
4
Day
Monday
Friday
September 7 Monday
November 26-27 Thursday-Friday
December 4
December 7-11
Friday
Monday-Friday
Event
Instruction begins.
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.
Labor Day holiday. No classes.
Thanksgiving. No classes
Instruction ends.
Final Examinations.
Week Date
7
8
5
6
3
4
1
2
Aug. 24–28 (0) What is Economics? (1) Supply and Demand
Aug. 31–Sep. 4 (2) Tax & Subsidy (Government’s Role)
Sep. 7–11
Sep. 14–18
(3) Budget Line & Consumer’s Choice
(4) Production (Theory of Firms)
Sep. 21–25 (5) Market Structure
Sep. 28–Oct. 2 (6) Pricing with Market Power
Oct. 5–9
Oct. 12–16
Topics
(7) Risk & Information
(8) Game Theory
Problem Set 1
Midterm
Problem Set 2
Final
Important Note : 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!
2 http://www.uic.edu/ucat/catalog/CA.shtml#f
University of Illinois at Chicago 4 Michael C.Y. Yang