ECONOMICS 202
PRINCIPLES Of MICROECONOMICS
Professor Thornton
T, Th, 2:00-3:15
Winter 2014
Pray-Harrold 216
Office and Phone: Pray-Harrold 703-C, 487-0080
Email: jthornton@emich.edu
Website: http://people.emich.edu/jthornton
Office Hours: T, Th, 1:00-2:00, 4:45-6:00; W, 4:30-6:00; and by appointment.
Text: Econ Micro3, William E. McEachern, 3rd Edition, 2010.
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 will be two midterm examinations and a comprehensive final examination. The two
midterm exams are worth 40 points and the final exam is worth 50 points for a total of 130
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.
There will be no make-up exams for the two midterm exams. If you have an excused absence
from a midterm, then the final exam will receive greater weight to account for the midterm exam
that was missed.
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 15 to 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.
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, then I would 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, 9:
January 14, 16:
January 21, 23:
January 28-30:
February 4, 6:
February 11, 13:
February 18, 20:
February 25, 27:
March 4, 6:
March 11, 13:
March 18, 20:
March 25, 27:
April 1, 3:
April 8, 10:
April 15, 17:
April 22:
What is economics? Fundamental concepts. Chapters 1, 2, 3.
Fundamental concepts. 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.
Applications.
Winter Recess. No class.
Introduction to production and cost. 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. Chapter 8.
Monopoly. Chapter 9.
Oligopoly. Monopolistic competition. Chapter 10.
Final Exam. Comprehensive. Tuesday 1:30-3:00.