Economics 221- Principles of Microeconomics
Syllabus
Fall 2008
Professor: John Gordanier
Office: 420 Moore School of Business
Office Hours: T/TH 2:00-3:30
Email: jgordanier@moore.sc.edu
Course Webpage: via Blackboard
Meeting Times: T/TH 3:30-4:45 (BA 791)
Course Description
“Economics is a difficult and technical subject, but nobody will believe it.” --John
Manard Keynes.
Economics is frequently defined as the study of the allocation of scarce resources. How
do we determine who gets a Porsche, a pound of bacon or a new Wii? In principle, the
allocation of resources can be accomplished a number of ways: for example, government
decree, waiting in line, whoever has the biggest club or by willingness to pay. In
economics we focus on how markets allocate these resources using prices. Is the
resulting allocation fair? Is it Efficient? What are the effects of government
interventions (like taxes, or minimum wages) in markets? Does the structure of the
market (Monopoly, Oligopoly, etc) change your answer?
Over the course of the semester we will develop the basic tools used by economists to
answer these types of questions. For better or worse, the language of economics is
increasingly mathematical; as such some algebra and geometry will be necessary. As
much as possible, we’ll explore applications of these tools to relevant economic
questions. At the end of the semester you should understand how economists approach
problems and be able to apply these tools to economic questions.
Course Requirements
Readings
There is one optional text for the class:
Microeconomics, 2nd edition by Hubbard and O’Brien.
You are more than welcome to use an older version of the textbook, but the chapters I
will refer to will come from this edition. In general, there will be no material on exams
that is not covered in class. The textbook is only a resource that can be used for
additional support. There are many, many microeconomics textbooks that all cover the
same set of topics. Any of these texts can serve this purpose.
Homework
Each week I will post on blackboard a homework assignment and the answer key. The
assignment will not be collected or graded.
Quizzes
Each Thursday we will begin with a short 10-15 minute quiz (so don’t be late) over the
previous week’s homework. Quizzes will usually be a slight variant of a homework
problem
Exams
In addition to these assignments there will be three (in class) midterms and a
comprehensive final during finals week. There will not be make-up exams for the
midterms, even for excused absences. If you miss a midterm, for whatever reason, that
portion of your grade will be assigned to the final exam. If you miss more than one
midterm you will get a zero on that midterm. You must take the final exam.
Attendance
There is no attendance component to your grade.
Grading
Your final raw score will be determined by the following weights:
Quizzes 15%
Each Midterm 20%
Final 25%
The final raw score is then used to determine letter grades.
Classroom Etiquette
Please silence all cell phones, pagers, and other electronic devices when you come into
class. You may not use laptops. Please keep your private conversations to a minimum. If
you need to leave class early, try to sit at the end of a row.
Academic Dishonesty
Working in groups on assignments is encouraged, but all the work submitted must be your own.
All students are expected to follow the University Honor Code (see below):
University of South Carolina Honor Code:
“It is the responsibility of every student at the University of South Carolina Columbia to adhere
steadfastly to truthfulness and to avoid dishonesty, fraud, or deceit of any type in connection with
any academic program. Any student who violates this Honor Code or who knowingly assists
another to violate this Honor Code shall be subject to discipline.
All forms of academic dishonesty are prohibited. These include cheating, plagiarism, lying in
academic matters, fraud, bribery, unauthorized access to tests and examinations.”
Rough Schedule
Week #1
8/21
Chapter 1 + Introductions
Week #2
8/26-8/28
Chapter 2
Topics:
Opportunity Cost, PPF’s, Comp Advantage and gains from trade
Week #3
9/2-9/4
Chapter 3 and 4
Topics:
Supply and Demand and Equilibrium
Week #4
9/9-9/11
Chapter 4
Topics: Consumer and Producer Surplus, Price Floors and Price Ceilings
Week #5
9/16-9/18
Review and Exam #1
Week #6
9/23-/25
Chapter 4 & 6
Topics:
Elasticity and Taxes
Week #7
9/30-10/2
Chapter 8
Topics:
International Trade
Week #8
10/7
Chapter 7
(Especially the appendix)
Topics: PDV and Corporate structure
Week #9
10/14-10/16
Chapter 10
Topics: Production and Costs, Economies of Scale, Long-Run Cost Curves
Week #10
10/21-10/23
Review and Exam #2
Week #11
10/28-10/30
Chapter 11
Topics: Firm behavior in Perfect Competition
Week #12
11/6
Chapter 14
Topics
Monopoly
Week #13
11/11-11/13
Chapter 14
Topics: Monopoly & Cartels
Week #14
11/18-11/20
Chapter 13
Topics: Oligopoly and Game Theory
Week #15
11/25
Exam # 3
Week #16
12/2-12/4
Chapter 15
Topics: Pricing