220:101 Introduction to Economics: Micro
Winter 2016
Office: Hill Hall, Room 829
Office Hour: by appointment
Prof. James VanderHoff
E-mail: jhv@andromeda.rutgers.edu
[973] 353-5256
Course Objective: The goal of this course is enhance understanding of a few fundamental
economic ideas: Incentives affect behavior; Every action has an opportunity cost; Trade can
make everybody wealthier; Spontaneous order through markets lead to the greatest overall
happiness. These ideas are demonstrated and illustrated with theories, models, and historical
evidence and are used to offer solutions to problems confronting all societies. These ideas lead
many economists to believe that:
Profits benefit society
Taxes on the rich hurt the poor
Market economies provide the most freedom and happiness to societies’ citizens
Markets failures are less costly than political failures
The student who successfully completes this course will be able to apply demand and supply
models to think clearly about issues, including relative price changes, income inequality,
discrimination, international trade, and environmental concerns.
Required Text: Introduction to Microeconomics, 5th ed.[2007], Edwin G. Dolan, Best
Value Textbooks, isbn 1-932856-70-6
Required listening or reading: http://www.econtalk.org/ MP3 files and written summaries of
interviews. I will put these on BLACKBOARD.
Responsibilities: The students are responsible for determining the grade they wish to earn and
completing the necessary work. The professor is responsible for discussing the basic concepts,
making and grading exams and computing grades. The professor is not responsible for students'
grade choices.
Grading: The course grade will be determined by the number of points earned on 5 in
class quizzes, a final exam and five 10 point “take home” quizzes. Exams are an individual
effort: cheating will not be tolerated and may result in a disciplinary failure in the course (see
Policy on Academic Integrity in the Student Handbook). Make-up exams will only be given to
students with absences approved by the professor and will be scheduled at the end of the semester.
On Line Support: On BLACKBOARD, I will list grades, assignments, class cancellations due to
weather and other class changes. Students are encouraged to send questions to me via e-mail at
jhv@andromeda.rutgers.edu
Tutoring: The Learning Resource Center [located at Conklin Hall 126; telephone 353-5608] provides
free tutoring for economics and other subjects.
COURSE OUTLINE
day
Topic
23-Dec Introduction, Demand and Supply, Elasticity
4-Jan Markets, Consumer Choice
5-Jan Environmental Policy ; International Trade
quiz
4,5
Industrial organization; Regulation
Resource Markets ;information
13,14
Labor Markets & Discrimination,
15
7-Jan Competition
8-Jan Monopoly
Income Distribution and Poverty, taxes
Final Exam (comprehensive)
Take
home
due
1, 2, 3
6, 7
8
9
10
11,12
6-Jan Production and Costs
11-Jan
12-Jan
13-Jan
14-Jan
15-Jan
Chapter
1
1
2
3
2
4
3
5
4
16