P. 1
Syllabus Fall 2010 (1)

Syllabus Fall 2010 (1)

|Views: 2|Likes:
Published by Elan Kiderman

More info:

Published by: Elan Kiderman on Sep 11, 2013
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less





Syllabus: Microeconomic Principles (Econ 001

Note: For office hours, contact information, homework assignments, links to readings and much more, go to the course Blackboard site at https://courseweb.library.upenn.edu. The textbook used is: Parkin. Microeconomics (9th Edition).


Introduction A. Opportunity Cost Main Terms & Concepts: Dollar vs. Economic Costs

B. Using Graphs in Economics Main Terms & Concepts: Reading a graph Movement of a curve vs. along a curve Slope of straight and curved lines Maximum and minimum points II. Origins of Trade A. Scarcity and Choice Main Terms & Concepts: Production Possibilities Frontier (P.P.F.) Opportunity Cost Efficiency Growth Marginal Benefit and Marginal Cost B. Comparative Advantage & The Gains from Trade Main Terms & Concepts: Absolute & Comparative Advantage Specialization Trade Consumption Possibilities Frontier (C.P.F.) III. Markets for Trading A. Supply & Demand Main Terms & Concepts: Demand Curve & Quantity Demanded Supply Curve & Quantity Supplied Movement Along vs. Shifts of a Curve Market Equilibrium Equilibrium Price & Quantity Law of Supply & Demand B. Elasticity Main Terms & Concepts: Price Elasticity of Demand (elastic, inelastic)

substitutes) Price Elasticity of Supply C. 6-7 p. Production Main Terms & Concepts: Inputs Total (Physical) Product Short Run & Long Run Average Product Marginal Product “Law” of Diminishing Returns Economies of Scale B. Applications of Supply & Demand Main Terms & Concepts: Price Controls (Price Floors & Ceilings) Taxes Subsidies Trade in the global market MIDTERM I: Thursday. Consumer Choice Main Terms & Concepts: Utility Indifference Curves Marginal Rate of Substitution The Budget Line Substitution & Income effects Application: The Supply of Labor V. Costs Main Terms & Concepts: Total. inferior) Cross-Price Elasticity (complements. Efficiency and Equity Main Terms & Concepts: Efficiency Consumer Surplus Producer Surplus Deadweight Loss Equity D. October 7th. The Building Blocks of the Demand Curve A. Average & Marginal Cost Curves Fixed & Variable Costs Short Run and Long Run Costs .Income Elasticity (normal. The Building Blocks of the Supply Curve A. IV.m.

The Supply Function in the Perfectly Competitive Market Main Terms & Concepts: The Firm’s Goal: Profit Maximization Perfect Competition Defined The Firm as a Price Taker Firm’s Supply in SR & LR Entry & Exit Industries Supply in SR & LR B. Inputs & their Prices Main Terms & Concepts: Marginal (Physical) Product Marginal Revenue Product Derived Demand for Inputs (Labor. Capital) B. Poverty & discrimination * Main Terms & Concepts: Poverty Inequality The Lorenz Curve Redistribution of Wealth . The Market for Labor and Capital Main Terms & Concepts: Labor Supply Curve Income and Substitution Effects in the supply of labor Discount Present Value C. VII. The Distribution of Income A. November 15th. MIDTERM II: Monday.m. Perfect Competition and Monopoly A. Semi-Competitive Markets Main Terms & Concepts: Monopolistic Competition Oligopoly Nash Equilibrium in a 2*2 game. The Supply Decision for the Monopoly Main Terms & Concepts: Monopoly Defined Monopoly as Price Setter Marginal Revenue Supply in SR & LR Price Discrimination Regulation of Monopoly C.VI. 6-7 p.

December 21 from 3 . Public Goods Main Terms & Concepts: Private Goods (Depletable & Excludable) Public Goods & Free Riding Market Failure Final: Tuesday. Externalities Main Terms & Concepts: Positive & Negative Externalities Internalizing an externality Markets for externalities B.5 PM .The Tradeoff between Equity & Efficiency VIII. * time permitting. Externalities and Public Goods A.

m. Monopoly Monopolistic Competition Oligopoly Catch up Review MIDTERM II Input Markets: labor Input Markets: labor On line class/game Externalities Public Goods Poverty Conclusion Chapter Chapter 1 Chapter 2 Chapter 2 Chapter 3 Chapter4 Chapter 5 Chapter 6 Chapter 1-6 Thursday Comments MyEconLab demo in class Quiz #1 in-class Ask Questions! In the evening Chapter 9 Chapter 9 Chapter 10 & 11 Chapter 12 Chapter 12 Chapter 13 Chapter 14 Chapter 15 Chapter 9-15 Monday Chapter 18 Chapter 18 Quiz #2 in-class Ask Questions! In the evening not in-class Chapter 16 Chapter 17 Chapter 19 Quiz #3 .m. 11/17 11/22 11/24 11/29 12/1 12/6 12/8 Topic Introduction & the concept of Opportunity Cost Scarcity & Choice Comparative Advantage Supply & Demand Elasticity Efficiency and Equity Application of S & D: Taxes Catch Up Review MIDTERM I Fall Break: No Class Consumer Theory Consumer Theory: Cont The Firm & Costs of Production Perfect Competition: Short run Perfect Competition: Long run.Date 9/8 9/13 9/15 9/20 9/22 9/27 9/29 10/4 10/6 10/7 6-7 p. 10/11 10/13 10/18 10/20 10/25 10/27 11/1 11/3 11/8 11/10 10/15 11/15 6-7 p.

12/21 FINAL EXAM Tuesday 3-5pm .

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->