STEVENS INSTITUTE OF TECHNOLOGY
WESLEY J. HOWE SCHOOL OF TECHNOLOGY MANAGEMENT
MGT 244
MICROECONOMICS
FALL 2007
Instructor: Prof. Arthur S. Guarino
Phone:
Office: 201-216-8058
Home: 973-835-4285
Office:
Office # 4433 Babbio Center
E-mail:
ARTIESG@aol.com
aguarin1@stevens.edu
Office Hours:
Monday and Wednesday 9 AM to 12 Noon
Tuesday and Wednesday 1 PM to 4 PM
I.
COURSE OBJECTIVES: This course will provide an introduction to microeconomic analysis, emphasizing
the economic behavior of the individual consumer, firm, or other economic entity. Of particular concern will be
discussions of market processes, consumer and firm behavior, various forms of market structure, the markets for
productive inputs, and public policies having microeconomic implications.
II. ASSIGNED TEXTS: Principles of Microeconomics, 8th Edition, by Karl E. Case & Ray C. Fair, Prentice
Hall, New Jersey, 2007. ISBN # 0-13-228897-4
Also visit the Prentice Hall Web site for supports an Online Study Guide providing true/false, multiple
choice, and other questions. www.prenhall.com/casefair
DAILY READING: The Wall Street Journal. To apply the concepts and ideas discussed in class to recent and
current trends and developments.
Supplementary articles found on Web CT (elearn.stevens.edu). For instructions to access WebCT, go to
http://www.stevens.edu/it/documentation/webct/resources_for_students.htm . I will place articles on this
address that will supplement the textbook and discussions in class. The student should check for the articles
when a chapter is completed in class.
III. COURSE DESCRIPTION: After completing the course, students will possess a broad understanding of U.S.
industry, as well as the ability to: (1) explain the functioning of markets, (2) calculate and interpret demand
elasticities, (3) explain consumer choices, (4) describe production and cost conditions, (5) describe decisions to
employ labor and capital, and (6) describe various market structures and antitrust policy.
IV. METHODS & PROCEDURES: Lectures, discussions, problems, and readings. You must attend class in
order to be aware of any material not covered in the textbook, any changes in the class program, and material
covered on the exams and quizzes.
2
V. DETAILED PROGRAM OF INSTRUCTION:
TOPIC
Scope and Method of Economics
The Economic Problem
Demand, Supply, and Market Equilibrium
Price System, Demand and Supply
Elasticity
Household Behavior and Consumer Choice
The Production Process
Short Run Costs and Output Decisions
Costs and Output Decisions in the Long Run
Input Demand: Labor and Land Markets
Input Demand: Capital Market and Investment Decisions
General Equilibrium and Efficiency of Perfect Competition
Monopoly and Antitrust Policy
Monopolistic Competition and Oligopoly
Externalities, Imperfect Information, and Social Choice
Globalization
TEXT CHAPTER
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
19
VI. EXAMS, ASSIGNMENT & GRADING: There will be a midterm and final exam for this course. The dates
for these exams will be determined and announced to the class. The material covered in these exams will be
discussed in class.
Class attendance and participation will be critical to having a dynamic learning experience. Class attendance
is mandatory. You are allowed a maximum of three (3) absences during the course. When you exceed the
maximum absences, you will be penalized one (1) point from your numerical grade for each absence which
could possibly affect your final letter grade for the course.
Grading breakdown:
Midterm Exam
Quiz #1
Quiz #2
Final Exam
TOTAL
Letter Grade
A
AB+
B
BC+
C
CD+
D
F
40%
10%
10%
40%
100%
Numerical Grade
100-95
90-94
86-89
83-85
80-82
79-76
75-73
70-72
65-69
60-64
59-00
VII. COURSE POLICIES: All college and departmental policies concerning attendance, incompletes, missed
exams, etc., will be observed. For example, excused absences, make-up exams or incompletes will be given for
normally acceptable reasons. THERE WILL BE NO EXCEPTIONS. Unexcused absences from exams will
result in a grade of zero (0). Failure to submit your analysis on the date designated will result in a grade of zero
(0).