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University of Vermont Department of Economics Course Outline

Term: Course: Time: Economics 12 [Principles of Microeconomics] M T W R 9:00 11:45 Section: Place: June 18, 2012 July 13, 2012 Z1 TBA

Instructor: R. Sicotte Office: Office hours: Old Mill 336 T W 12:00 1:00 Tel. no.: 656-0184 E-mail:

Description: This course is an introduction to microeconomics. Microeconomics is the study of how consumers and firms interact in both regulated and unregulated markets. Microeconomics is sometimes called price theory, as the main focus is on how prices are determined in different settings. The main goal is that you gain a much deeper understanding of the concepts of supply and demand, and the functioning of markets. We will apply microeconomic concepts to a variety of issues, such as tax policy, immigration, insurance, and the environment. Required Textbook: The textbook is Edwin G. Dolan, Introduction to Microeconomics, 4th edition, BVT Publishing. You can either purchase the textbook in the bookstore, or online at Amazon, Barnes and Noble or at The latter is the publishers website. They also offer an e-book alternative to the hard copy of the textbook, a study guide and premium student online resources for purchase. I recommend purchase of the study guide, and that students do as many problems as their time permits.

Grade Determination: Your grade will depend on homework (30%), a midterm exam (30%) and a final exam (40%). Each homework assignment will be given equal weight, the cumulative weight of homework is 30%. The homework assignments will be completed on Blackboard. The final exam is cumulative, but more questions will be from topics covered after the midterm exam. Work is marked on a numerical (percentage) basis. The course grade is then calculated using the weights indicated above. The grading scale is as follows: A: 93-100. B+: 87-89. C+: 77-79. D+: 67-69. A-: 90-92. B: 83-86. C: 73-76. D: 63-66. B-: 80-82. C-: 70-72. D-: 60-62.

F: Below 60.

A passing grade on any particular component of the course is not required for a student to pass the course as a whole. Students seeking reappraisal of a piece of graded work should discuss their work with the Instructor within two weeks of the work being returned to the class.

Tentative Course Outline: June 18: Course introduction; textbook chapter one. June 19: Supply and demand; chapter two. June 20: Supply, demand and elasticity; chapter three. June 21: Choice, markets and government; chapter four. June 25: Homework #1 Due June 25: Consumer choice; chapter five. June 26: The economics of climate change and environmental policy; chapter six. June 27: Global trade and trade policy; chapter seven. June 28: Firms production and costs; chapter eight. June 29: Homework #2 Due July 2: Midterm Exam July 3: Competitive markets; chapter nine. July 5: Monopoly and price discrimination; chapter ten. July 9: Oligopoly and partially competitive markets; chapter eleven. Antitrust policy and regulation; chapter twelve. July 10: Pricing in input markets; chapter thirteen. July 11: The economics of information and uncertainty; chapter fourteen. Income inequality; chapter sixteen. July 11: Homework #3 Due. July 12: Final Exam, 9:00 11:00