Economics 1102:Microeconomic Principles Instructor: W.L. Holmes

Section 22 (MWF 11-11:50) Phone: 215-204-8175 Fax: 215-204-0584

Readings List E-mail:

Fall 2016 Homepage:astro.temple.edu/~pippin/

Office: 804 Ritter Annex; Hours:MWF: 10-10:50; 2-3:20

Disability Statement: This course is open to all students who meet the academic requirements for participation. Any student who has a need for accommodation based on the impact of a documented disability, including special accommodations for access to technology resources and electronic instructional materials required for the course, should contact me privately to discuss the specific situation by the end of the second week of classes or as soon as practical. If you have not done so already, please contact Disability Resources and Services (DRS) at 215-204-1280 in 100 Ritter Annex to learn more about the resources available to you. I/we will work with DRS to coordinate reasonable accommodations for all students with documented disabilities.

Statement on Academic Freedom:Freedom to teach and freedom to learn are inseparable facets of academic freedom. The University has adopted a policy on Student and Faculty Academic Rights and Responsibilities (Policy # 03.70.02) which can be accessed through the following link:

Prerequisites: Elementary algebra and graphing (Math 0701 or equivalent)

Text: Michael Parkin, MicroeconomicsCustom Sixth Edition Package for Temple University, Pearson Publishing (ISBN:1323158057),aspecial- priced package including the text and MyEconLab, a study resource (course ID: holmes70091; registration instructions), is available at the Student Center Barnes & Noble Bookstore (B&N) and Zavelle’s (1520 N. Broad). (The text part is equivalent to the 12th ed. of the regular text, which does not include the study resource, plus a chapter and appendix from Hubbard and O’Brien, Microeconomics, (H&O) which has been included at the request of the Fox School. See the next page, Section 3a, for more information.) Used copies of Parkin 5th custom edition with the H&O(ISBN:0133019942) may be available at B&N and at Zavelle's (1520 N. Broad) or online (e.g. amazon.com has an e-text). However, if you get a used copy or a new copy of the regular edition from anywhere, it may not be specially priced nor include the MyEconLab code and other study materials, and it will not include the H&O chapter.The MyEconLab may be important if you anticipate having problems with the course and intend to work on doing something about it. You may also separately subscribe to MyEconLab for a fee by going to: Note: None of my assignments require that you use MyEconLab.

Grading:Grades will be based entirely on the results of (50-minute) exams and the final exam. Class attendance is not required.However, it is the student's obligation to keep track of anything discussed or handed out in class.

1. There will be six(50-minute)exams(beginningWednesday, September 14th) and an optionalcumulative final exam. (Click here for sample 50-minute exam.) The lowest exam grade will be deleted and the remaining five will be averaged (20% each if you do not take the final). If you do not take the final exam or do worse on the final exam than your exam average, the exam average will be your course grade.If the final exam grade is higher than the exam average, the final exam grade is the course grade). Makeup of exams or the final exam will require formal evidence of an illness or other emergency, and it is up to you to notify me before grades are turned in. The final exam is currently scheduled to be given Monday, December 19, 10:30-12:30, and the exam will not be given early to anyone for any reason. Also note: if you decide to stop coming without formally withdrawing from the course (Oct. 25 is the last day to do so), your course grade will be determined by the above procedure. Note: There are no “extra credit” options available before or after you take the final exam.

2.Option: Relevant discussion of an article may be substituted for one examor for one question on the final exam (not both). For details, go to:

Tutoring: Temple Center for Learning and Student Success (CLASS: formerly known

as the Math and Science Resource Center) 1810 Liacouras Walk.See their website for the times: Bring the textbook when you go there! If you want videos explaining each main topic, go to: (Also, Fox has reviewvideos. But you have to search for what you want: )

Learning Objectives: This course presents an introduction to microeconomics. A basic understanding of the ideas presented in this class will be useful in understanding what is happening in the economy and provide a basis for further study in economics. A Note for Fox Students: All third-year Fox students must take BA3103, Integrative Business Applications. BA3103 applies what you learn in your Core courses, which includes Econ 1102/1902, using the business decision-making simulation program CAPSIM. Also, Economics 1102 contributes to the BBA program learning goal that business students understand critical business concepts. More specifically it addresses the following course goals: an understanding of

  1. the use of supply, demand, equilibrium, and elasticity in analyzing scarcity. (chs. 3,4,5,6,7)
  2. how households and firms maximize in the short and long run. (chs. 8, 10, 11, H&O)
  3. the use of opportunity cost in the allocation of scarce resources. (chs. 1, 2, 11)
  4. perfectly and imperfectly competitive market structures. (chs. 12, 13, 15)
  5. market failure and government intervention. (chs. 6, 16, 17)

Topics and Assigned Readings Note: The topic numbering does not correspond to specific time periods. The chapter numbers refer to the Parkin,Temple6thCustom Edition. (H&O is the added chapter from Hubbard and O’Brien, Microeconomics: Ch. 8, Firms, the Stock Market and Corporate Governance, which is at the end of the Parkin chapters.) I STONGLY RECOMMEND YOU READ EACH CHAPTER BEFORE THE CLASS WHEN I SHALL START COVERING IT. (TO BE ANNOUNCED THE CLASS BEFORE.) Also, do the odd exercises at the end of each chapter, I shall assign some even numbered ones, and look at the economic applications,)

  1. The Economics Approach: Introduction and Overview of the Economy.
  2. Ch. 1, Math Review (Includes appendix to Ch. 1 and math note in Ch. 3),and Ch. 2. Note: also has algebra lectures.
  3. How Markets Work
  4. Demand and Supply: ch. 3
  5. Elasticity: ch. 4
  6. Efficiency: ch. 5 (Skip the section on Equity: pp. 116-119.)
  7. Government Action in Markets: ch. 6
  8. (Note: Global Markets in Action, ch.7, will be covered during the last three classes. See section 5 below.)

3. Firms and Markets

  1. Organizing Production and Financial Decisions: chs. 10, 18 ( pp. 438-39,Present Value and Discounting) and H&O (ch.8.3-8.4 and appendix)
  2. Output and costs: ch. 11
  3. Market Structure, the Perfect Competition Case: ch. 12
  4. Other market structures: chs. 13 and 15

4. Market Failure and Government

a.Public Choice and Public Goods: ch. 16

b.Economics and the Environment: ch. 17

5.Global Markets in Action: (Reread ch. 2, Gains from trade, pp. 40-43, 47) ch. 7

Exam Schedule (subject to revision)

Event(Date) Chapters

  1. Exam 1 (9/14) 1 (and appendix), 2, 3 (Sample Exam 1)

2. Exam 2 (10/3) 4, 5, 6

3. Exam 3 (10/17) 10, H&O

4. Exam 4 (10/31) 11, 12

5. Exam 5 (11/14) 13, 15

6. Exam 6 (12/5) 16, 17

7. New discussion and review (12/7-12/12): 2 (40-43,47), 7

8. Final Exam: Monday, December 19th, 10:30-12:30

REV: 8/23/2016