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05/20/2013

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Course Syllabus:
Principles of Microeconomics
UVM EC 012 Z1/SUMMER 2013/RM L411/TWR 1:00-4:45/JUNE 18–JULY 12
Prof:
John F. Summa, PhD.
Office:
Old Mill, Rm. 229
Office Hours: TBA 
(or by appointment)
Phone:
(802) 846-7509 (c)
E-mail:
jfsumma@uvm.edu
Required Text:*
Principles of Microeconomics
(4
th
edition), Stiglitz andWalsh.
*
This edition must be purchased in addition to the companion studyguide and access to the SmartWork online study/exercise suite.
The package is
not
available in UVM's bookstore. New and used editions mayis available through a number of online book vendors, such as Amazon.com and CampusBooks.com for very little money.
If you buy a used copy at UVMor elsewhere (or acquire a new copy online), you will need to purchasethe SmartWork online study/exercise suite (see below for link).
SmartWork Purchase:
SmartWork Login Link:
E-Book Version:**
E-Book versions of the main text and study guide areavailable for half the price. Visit the following link to purchase:http://books.wwnorton.com/books/detail.aspx?ID=18828
**
Please note: SmartWork is included with e-Book purchases.
 Author website
Course Objectives/Overview:
Principles of microeconomics is anintroduction to the theory of how individuals and firms (businesses)make decisions under conditions of scarcity (or relative scarcity) inthe marketplace for goods and services. A primary goal of this course isto acquire a basic understanding of the related laws of supply anddemand under assumptions of perfect competition, with prices as asignaling mechanism for making informed choices by firms andindividuals. When the assumption of perfect competition is relaxed,meanwhile, the analysis turns to imperfect competition and how the lawsof supply and demand under perfect competition need to be modified,particularly in regards to behavior of the firm. Throughout the course,microeconomics will be applied to real world situations, revealing boththe power of supply and demand analysis, as well as its limitations andsometimes controversial policy implications. 
 
Learning Methodology:
Class lectures will follow closely the required text,
Principles of Microeconomics
(4
th
edition), Stiglitz and Walsh
.
This edition providesall the essentials for an introduction to the key concepts and practicalapplications of microeconomics. As each chapter is completed, exerciseswill be assigned directly from the text
vis-a-vis
SmartWork. Anydatasets required for exercises will be provided by the instructor ifnot available in the required text (or from the author's website).
Course Outline:**I. Perfect Markets:Chapter 1:
An Overview and Introduction
Chapter 2:
Thinking Like an Economist
Chapter 3:
Demand, Supply & Price
Chapter 4:
Using Supply & Demand
Chapter 5:
The Consumption Decision
Chapter 6:
The Firm's Costs
Chapter 7:
The Competitive Firm
Chapter 8:
Labor Markets
Chapter 9:
Capital Markets
Chapter 10:
The Efficiency of Competitive Markets
II. Imperfect Markets:Chapter 11:
Intro to Imperfect Markets
Chapter 12:
Monopoly, Monopoly Competition, and Oligopoly
Chapter 13:
Government Policies Toward Competition
Chapter 14:
Strategic Behavior
Chapter 15:
Imperfect Information in the Product Markets
Chapter 16:
Imperfections in the Labor Market
III. Issues in Public Policy:Chapter 17:
The Public Sector
Chapter 18:
Environmental Economics
Chapter 19:
International Trade and Trade Policy
Chapter 20:
Technological Change
Chapter 21:
A Student's Guide to Investing
** The instructor reserves the right to
alter the course outline and course requirements at any time
Grading Policy:
Grades will be based on two mid-term exams (25% each), a

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