ECONOMICS 101
PRINCIPLES: MICRO
Section 9
Lecture is M W F from 11:00-11:50 a.m.
In Room 0210 Bessey
Instructor: Dermot Hayes
Class web page http://www.econ.iastate.edu/classes/econ101/Hayes/
TEXTBOOK: Microeconomics 9th Edition by Michael Parkin. (Addison-Wesley Publishing Company
2009).
EXAMINATIONS AND GRADES: You must be enrolled in one of the lab sessions. Please enroll in one
immediately if you have not already done so. 101L meets Mondays 1:10 to 3:00 and 3.10 to 5 and on
Wednesdays from 2:10 to 4:00. All labs are in 68 Heady
75% of your grade will come from this course and 25% will be based on your performance in the labs.
Homework will be graded and collected in the lab.
There will be four exams. Your grade will be based on your highest three scores. All of the exams will be 50
minutes in length. The fourth exam will cover material taught after the third exam and will not be
comprehensive. The material to be covered in future classes and exams is tentative. If we fall behind this
agenda, some of the make-up classes will be used.
If you miss an exam your grade will be based on all three of the exams you do take. There is no excuse
required for missing one exam. But you cannot miss two exams without a written statement from the Student
Health Center or a Medical Doctor or a national student organization such as FFA indicating the reason for the
absence. If you miss two exams without providing this statement you will receive a zero on the exam you
missed.
I have invited a guest speaker but I do not yet have exact dates for this speaker. Therefore the class schedule
shown below is likely to change. I will keep you informed on the material to be covered by each exam as the
semester progresses. If we get ahead of schedule I will use the class prior to each exam and a review session.
If we fall behind I will use up one of the scheduled make up classes.
Instructor:
Dermot Hayes
Professor of Economics
Professor of Finance
568C Heady Hall and 3375 Gerdin
515-294-6185
dhayes@iastate.edu
Teaching Assistant: TBD
OFFICE HOURS
Tue/Th. 3.30-5.00 in 3375
Gerdin or by appointment
ECONOMICS 101
PRINCIPLES: MICRO
SECTION 9
Class #
Date
Topic
Chapter and section
1
Mon. Aug. 24, 2009
What is Economics
Big Ideas of Economics
What Economists Do
Chapter 1
2
Wed. Aug. 26, 2009
Making & Using Graphs
Graphs Used in Economics
and in Agricultural Markets
Chapter 1
3
Fri.
The Economic Problem
Resources Production Possibilities &
Opportunity Cost
Using Resources Effectively
Economic Growth
Chapter 2
4
Mon. Aug. 31, 2009
Gains from Trade
The Market Economy
Chapter 2
5
Wed. Sep. 2, 2009
Demand & Supply
Chapter 3
6
Fri.
Sep. 4, 2009
Market Equilibrium
Chapter 3
7
Mon. Sep. 7, 2009
University Holiday
8
Wed. Sept. 9, 2009
Elasticity
Chapter 4
9
Fri.
More Elasticities of Demand
Elasticity of Supply
Chapter 4
10
Mon. Sept. 14, 2009
Efficiency and Equity
Value Price and Consumer Surplus
Chapter 5
11
Wed
Sept 16, 2009
EXAM #1 Chapters 1,2,3,4,5
12
Fri.
Sept. 18, 2009
Make up class or speaker
Aug. 28, 2009
Sept. 11, 2009
13
Mon. Sept. 21, 2009
Markets in Action
Chapter 6
Housing Markets and Rent Ceilings
The Labor Market and the Minimum Wage
14
Wed. Sept. 23, 2009
Taxes
Markets for Illegal Goods
Stabilizing Farm Revenues
Chapter 6
15
Fri.
The Global Economy
The Case against Protectionism
Chapter 7
16
Mon. Sept. 28, 2009
Sept. 25, 2009
Utility and Marginal Utility
Consumption Possibilities
Preferences and Indifference Curves
Chapters 8 and 9
17
Wed. Sept. 30, 2009
Predicting Consumer Behavior
Work-Leisure Choices
Chapters 8 and 9
18
Fri.
Oct. 2, 2009
The Firm and its Economic Problem
Chapter 10
19
Mon
Oct. 5, 2009
Information and Organization
Chapter 10
Markets and the Competitive Environment
20
Wed. Oct. 7, 2009
Decision Time Frames
Short-Run Technology Constraint
Chapter 11
21
Fri.
Short-Run Cost
Long-Run Cost
Chapter 11
‘
22
Mon. Oct. 12, 2009
Perfect Competition
The Firms Decisions in Perfect
Competition
Chapter 12
23
Wed. Oct. 14, 2009
Changing Tastes and Advancing TechnologyChapter 12
Competition and Efficiency
24
Fri.
EXAM #2
25
Mon. Oct. 19, 2009
Oct. 9, 2009
Oct. 16, 2009
Chapters 6, 7, 8, 9, 10, 11.
Market Power
Monopoly Price-Setting Strategies
Single-Price Monopoly
Chapter 13
26
Wed. Oct. 21, 2009
Price Discrimination
Monopoly Policy Issues
Chapter 13
27
Fri.
Oct. 23, 2009
Monopolistic Competition
Chapter 14
28
Mon. Oct. 26, 2009
Monopolistic Competition
Oligopoly
Chapter 14
29
Wed. Oct. 28, 2009
Game Theory
Oligopoly Price Fixing Game
Chapter 15
30
Fri.
Antitrust Regulation
Chapter 15
31
Mon. Nov. 2, 2009
Externalities
Chapter 16
32
Wed. Nov. 4, 2009
Pollution and Knowledge
Chapter 16
33
Fri.
Public Goods
Chapter 17
34
Mon. Nov. 9, 2009
Market Failure and Government
Chapter 17
35
Wed. Nov. 11, 2009
Factor Markets.
Income Rent and Opportunity Cost
Chapter 18
36
Fri.
EXAM #3
37
Mon. Nov. 16, 2009
Factor Markets
Chapter 18
38
Wed. Nov. 18, 2009
Economic Inequality
Chapter 19
39
Fri.
Nov. 20, 2009
Income redistribution
Chapter 19
Nov. 23—27, 2009
THANKSGIVING BREAK
Oct. 30, 2009
Nov. 6, 2009
Nov. 14, 2009
Chapters 12, 13, 14, 15, 16.
40
Mon. Nov. 30, 2009
Uncertainty
Chapter 20
41
Wed. Dec 2, 2009
Information
Chapter 20
42
Fri.
Dec. 4, 2009
Introduction to Finance
43
Mon. Dec. 7, 2009
Capital Asset Pricing Model (CAPM)
44
Wed.
Dec. 9, 2009
Make-Up Class
45
Fri.
Dec. 11, 2009
EXAM #4
Chapters 17, 18, 19, 20 and CAPM