INTRODUCTION TO ECONOMICS II
MICROECONOMICS
(Economics 202)
Fall 2012
Professor Andres F. Cantillo
Office: RH-409
Office Hours: Tue and Th 4:15-5:15
or by appt.
E-mail: afc7dc@mail.umkc.edu
Lectures:
Tuesday, Thursday, 5:30 – 6:45 pm, RH 312
Texts:
Sherman, H. J., Hunt, E. K., et. al, Economics: An Introduction to Traditional and
Progressive Views, 7th edition.
F. S. Lee, Introduction to Neoclassical Microeconomics (will be distributed as pdf
files)
F. S. Lee, Introduction to Heterodox Microeconomics (will be distributed as word
files)
Assessment:
In-Class Exam I: Thursday, September 20 (30 pts)
In-Class Exam II: Thursday, November 1 (30 pts)
Final Exam: Tuesday, December 11 from 5:45 to 7:45 p.m (30 pts)
Homework Assignments (3): To be given throughout the course. (10 pts)
Each exam is worth 30% of your final grade. Homework assignments are worth 10%.
The grading scale for the course is the following:
A
AB+
B
BC+
100% to 90%
89% to 86%
85% to 83%
82% to 78%
77% to 75%
74% to 72%
C
CD+
D
DF
71% to 68%
67% to 65%
64% to 62%
61% to 58%
57% to 55%
anything less than 55%
Problems:
Problems are found at the end of each chapter of Sherman and Hunt and Lee
Introduction to Neoclassical Microeconomics and Introduction to Heterodox Microeconomics. You
should work at answering a fair number from each chapter. Some of those problems will be part of
your homework assignments and Exams.
Course Description: Introduction to Economics II provides the student with a critical understanding
of how markets work under capitalism. At the beginning of the course we learn about the history of
capitalism and about the history of economic thinking about capitalism. With this background we
present neoclassical and heterodox explanations of how markets work. This will involve material on
methodology, production and costs, demand, the business enterprise, price determination,
competition, and the distribution of income.
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LECTURES AND READING OUTLINE
Please note that this is a tentative schedule and may be adjusted if the progress of the class warrants
such a change. If any adjustments are made, these will be announced in class. Each chapter can be
supplemented by additional readings and material, which will be posted on Blackboard.
I- Introduction to Capitalism and Economics
1. What is Economics and Why Study it
Additional Readings
2. Long Road to Capitalism
Sherman, Chs.1-4
3. Emergence of Capitalism in Britain and the United States Sherman, Chs.5-7,11
II- History of Economic Thinking about Capitalism
1. Liberalist Defense of Capitalism, 1700s to 1870s Sherman, Ch.8
2. Socialist Critiques of Capitalism in the 19th Century Sherman, Chs.9-10
3. Economic Theory since 1900 Sherman, Chs.12-15
III- Neoclassical Microeconomics
1. Neoclassical Microeconomics and its Methodology Sherman, Chs.17,26
2. Consumer Behavior and the Demand Curve Sherman, Chs.27-28
3. Producer Behavior and the Supply Curve Sherman, Chs.29-30
4. Market Equilibrium under Perfect Competition Sherman, Chs.27,32
5. Monopoly, Oligopoly, and Monopolistic Competition Sherman, Chs.33-34
IV- Heterodox Microeconomics
1. Heterodox Microeconomics and its Methodology Lee and Gu, Ch.1
2. Market Demand Lee and Gu, Ch.2
3. Business Enterprise:Production, Costs, and Pricing Lee and Gu, Chs.3-5
4. Prices, Output, and Markets Lee and Gu, Chs.1,6
5. Controlling Markets Lee and Gu, Ch.6
and Sherman, Ch.21
IMPORTANT NOTES
1.
Policy for Making Up In-Class Exams: Make ups for in-class exams will be given only to
those individuals who have a valid excuse—that is one that I will accept.
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2.
Final Exam: Students who miss the final exam due to illness or to a University-sanctioned
event must send me an e-mail prior to the exam--otherwise, the exam score will be a zero. If
you are too sick to take the final exam, I require a copy of the receipt from your doctor's visit
(dated the day of the final exam). If you miss the final exam, I reserve the right to increase
the level of difficulty of the make-up final exam, given that you would have had extra time to
study for the exam. Thus, I do not recommend missing the final exam.
3.
Incompletes: An incomplete can only be obtained if the student has attended the lectures and
has taken all but the final exam.
4.
Policy for Dropping the Course: See UMKC Bulletin.
5.
For some of you, this may be your first economics class. Economics is a lot like math-today's topic builds on yesterday's topic. Please ask questions as they arise--if you are
confused about today's topic, chances are you will be even more confused about tomorrow's
topic. Get your questions answered on a weekly basis. Do not let your confusion build until
the day before the exam.
6.
Supplementary material will be posted on the Blackboard site for this class. Blackboard can
be accessed here: https://blackboard.umkc.edu/. Blackboard is used in this class to distribute
material only.
7.
Academic Honesty:
Plagiarism and cheating will not be tolerated and may lead to failure on an assignment, in the class,
or dismissal from the University. The University of Missouri Rules and Regulations include a
Student Standard of Conduct, which can be found at:
http://www.umkc.edu/helpline/code conduct.asp.
CIVILITY
Turn off cell phones and other electronic devices during class. Any inappropriate behavior that
disrupts the order of the class will be reported to the dean’s office.
DISABILITIES
The Office of Services for Students with Disabilities is available to assist any University of
Missouri Kansas City student with a diagnosed disability. They can be reached at (816)
235-5696 or by e-mail at disability@umkc.edu. I expect students with documented learning
needs or physical disability to contact the Office immediately to make certain of appropriate
accommodation of their needs.
For a more detailed explanation on these and other important rules please visit the following link:
http://cas.umkc.edu/student-resources.asp
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