ECONOMICS 202
PRINCIPLES Of MICROECONOMICS
Professor Thornton
T, Th, 2:00-3:15
Office and Phone:
Email:
Website:
Office Hours:
Text:
Winter 2016
Pray-Harrold 213
Pray-Harrold 703-C, 487-0080
jthornton@emich.edu
http://people.emich.edu/jthornton
T, Th, 12:15-2:00; W, 4:30-6:30; and by appointment.
Econ Microeconomics4, William E. McEachern, 4th Edition, 2015.
Course Objective
The purpose of this course is to introduce the basic ideas of microeconomics. The set of
concepts, which comprise a valuable kit of analytical tools, will be used to explain the behavior
of individual decision making units (consumers, producers, and resource owners), the interaction
of these agents in a market setting, and the social outcomes of these interactions. The focus of
this class is on the application of microeconomic concepts to gain a better understanding of the
social organization of economic activity, and why individuals and business firms behave the way
they do in a commercial setting.
Grading
There are three exams. Each exam is worth 40 points for a total of 120 points. All exams are
comprised of multiple choice questions, each question worth one point. Your grade in the class
will be determined by the total number of points that you accumulate. Make-up exams will be
given only to students who contact me before the exam of their anticipated absence and provide a
valid, documented excuse. Make-up exams will consist of essay questions, short answer
questions, and/or problems.
Homework
Homework in the form of study questions will be provided during the semester. You are not
required to submit the homework for a grade. The purpose of the homework is to prepare you for
the exams. Approximately two weeks prior to the exam, 40 to 45 study questions will be
available on the Econ 202 homepage. A subset of these study questions will appear verbatim on
the exam. The class before the exam I will conduct a review session. The review session will
focus on the study questions. I will explain answers to about 20 questions of your choice. You
should select those questions that you find most difficult and challenging, not those that cover
class material missed because of an absence. You are encouraged to work together with fellow
students on the study questions.
Study Guide
The text book comes with an online study guide called Coursemate. Using Coursemate is
optional. Some students may find it very helpful in learning the material. The Coursemate
website has several learning aids such as interactive quizzes, flashcards, games, glossary, and a
graphing workshop. There is an interactive quiz for each chapter along with answers and
explanations. If you purchased a new book, you will get an access code with the book, which
will allow you to access Coursemate. If you purchased a used book, you will only be able to
access Coursemate with the code if the previous owner of the book did not use Coursemate.
Attendance
You are expected to attend class. A thorough understanding of the lecture material is essential
for performing well on the exams. If you are required to miss class, I strongly recommend that
you attempt to get class notes from a fellow student.
Homepage
To access the homepage for this class, go to my website: http://people.emich.edu/jthornton. Click
on the link for Econ 202. The Econ 202 homepage can be used to obtain a variety of information
including the syllabus, study questions, handouts, and lecture outlines. Information on
examination dates and grade keys, and answers to questions frequently asked by students is
provided. There is also a link to the login page for Coursemate.
Outline of Topics and Reading Assignments:
January 7:
January 12, 14:
January 19, 21:
January 27, 29:
February 2, 4:
February 9, 11:
February 16, 18:
February 23, 25:
March 1, 3:
March 8, 10:
March 15, 17:
March 22, 24:
March 29,31:
April 5, Apr 7:
April 12, 14:
April 19:
April 21:
What is economics?
Fundamental concepts. Chapters 1, 2, 3.
Economic methodology. Supply and demand. Chapter 4.
Supply and demand.
Elasticity. Chapter 5.
Test #1. Chapters 1,2,3,4,5, and all lecture material.
Marginal utility theory of consumer behavior. Chapter 6.
Marginal utility theory of consumer behavior. Applications.
Winter recess. No class.
Applications. Introduction to the theory of the firm. Chapter 7.
Production and cost in the short-run. Chapter 7.
Production and cost in the long-run. Chapter 7.
Review for test # 2. Test #2. Chapters 6, 7, and all lecture material.
Introduction to Market Structure.
Perfect competition. Chapter 8.
Perfect competition. Monopoly. Chapter 9.
Monopoly. Oligopoly. Chapter 10
Monopolistic competition. Chapter 10.
Final Exam. Tuesday 1:30-3:00. Chapters 8,9,10, and all lecture material.