Microeconomics course outline PDF

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Download Microeconomics course outline PDF

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CONCORDIA UNIVERSITY Department of Economics ECON 201/ EC INTRODUCTION TO MICROECONOMICS1 SUMMER 2020 Instructor: TA:

Ian Irvine ([email protected]) TBA

Course Description: Introduction to the functioning of the market system; concepts of supply and demand, the role of prices in resource allocation; production decisions by firms. Analysis of differences between competition and monopoly, and the implications for economic efficiency; theories of labour markets and wage determination; international trade. Course Prerequisite: None. Course Objectives: Microeconomics is primarily concerned with the study of choice. Because we constantly face choices in all aspects of everyday life, economics has universal application. In this introductory course, you will study how decisions are taken in the marketplace by thinking upon what the objectives of the decision makers are: individuals make decisions with a view to their own well-being and the well-being of others; firms make decisions with the objective of returning a profit. We will also be concerned with how the Canadian economy operates. In particular, we will study the purpose of the stock market; we will study the emergence of integrated global platform-based firms; we will study trade policy in the era of globalization and Covid-19; we will study individual decision making in a utilitarian framework; we will examine the role of government in markets, and we will study how to make sensible inferences from data. In sum, our purpose is to explore decision making at the micro level and to attempt an improved understanding of the world around us in the year 2020. Required Online Text and Labs: § Curtis, D. and I. Irvine. Principles of Microeconomics. Version 2017, Revision B. Lyryx Advanced Learning. § This e-text has an open license and can be downloaded, printed and freely distributed for noncommercial use. To access it and to complete your lab assignments, register at https://login.lyryx.com/unprotected-servlets/StudentRegisterServlet. Coordination: ECON 201 is coordinated across all sections in terms of course content, pace of coverage, labs and exams. Grade Evaluation: COMPONENT WEIGHT Labs (12) 30 percent Final Exam 70 percent 1

DESCRIPTION Due Sundays before 11:59pm starting May 24 Chapters 1 – 11, 15

In the event of extraordinary circumstances beyond the university’s and/or instructor’s control, the content and/or evaluation scheme in this course is subject to change. Announcements will be made in class and/or Moodle. 1

Labs: There are twelve Lyryx labs, each worth 2.5 percent. These labs are very similar to the more traditional, hardcopy assignments that students would submit to instructors. The purposes of the labs are to: (1) reinforce material covered in class; (2) teach material for which there is insufficient time in class; (3) keep students on track with course learning objectives; and, (4) provide students with immediate evaluation and feedback. Students can access the labs through the eConcordia platform, but are encouraged to run a browser compatibility test (http://login.lyryx.com/unprotected-servlets/BrowserTest) first. All labs are open beginning the first day of class and run until the relevant Sunday at 11:59pm Eastern using Lyryx’s clock. The best way to avoid missing deadlines is to do the labs ahead of time, not just prior to the deadline. Technical problems and questions should be addressed directly to Lyryx ([email protected]) and not the instructor. Students may ask for a 48-hour extension for any one of the twelve labs. No documentation and no reason are required, but students should use the extension opportunity judiciously and not use it without legitimate reason because a second extension will not be provided. Format of the Labs: § Each lab consists of some multiple-choice, graphical, numerical and conceptual questions. You receive immediate evaluation and feedback after your submission. § Lyryx questions are based on computer algorithms. This means that every time a lab is attempted, the parameters (numbers, wording) of the questions may differ. Hence, no two students will have identical questions, but rather, they will have similar questions. § Labs have a preset amount of time to finish (eg, 10 minutes per question or 60 minutes per lab). § The labs are open at all times and each question can be attempted up to three times. The grade on the BEST attempt at the Sunday deadline will be recorded. § After the deadline, the labs are still available but no grades from those attempts are recorded. Privacy: Lyryx provides online learning and assessment tools and services to instructors and students. As such, grades, names, username and student IDs are available only to course instructors and administrators, who may download and store this data for the purpose of maintaining educational records or other legitimate educational purposes. This information will not be sold to, or used by, any third party. Lyryx deletes grades 24 months after the end of the course and all other personal and account information when the last remaining course grades are removed. For more details, please visit: https://lyryx.com/legal. Exams: The Exams Office, and not the instructor, will schedule one final exam written remotely during the final exam period. The date and time of the exam will appear on every student’s myConcordia. The final exam is cumulative (ie, it covers everything from the beginning of the course) and consists of 100 multiple-choice questions that may involve calculations, theory, applications and interpretation. Students may use non-programmable calculators and blank scrap paper. Any other study aides are prohibited.

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Study Group Sessions: The Student Success Centre organises study groups for students enrolled in ECON 201. Students attending the groups can review course content, work on sample problems together and review prerequisite material needed to succeed in economics. Students who have had previous success in the courses run these groups. Information about dates, times and accessing these sessions will be provided around the third week of the semester. Grade Criterion: A+ A A-

90 – 100 4.3 85 – 89 4.0 80 – 84 3.7

B+ 77 – 79 B 73 – 76 B- 70 - 72

3.3 3.0 2.7

C+ 67 – 69 C 63 – 66 C- 60 – 62

2.3 2.0 1.7

D+ 57 – 59 D 53 – 56 D- 50 – 52

1.3 1.0 0.7

FNS DNW NR

00 – 49

0.0

Grade Distribution: Grades are not adjusted or curved. The grade distribution rarely has more than half of all students completing the course obtaining a grade of A or B. Please Note: § At the end of each course, the instructor will submit a letter grade for every student registered. Grade point average (GPA) is used for the evaluation of academic achievement, honours standing, prizes and academic standing. § A passing grade is often insufficient to fulfill the degree requirements of academic programmes. See the pertinent section of each faculty’s entry in the calendar for complete details. § There are no supplemental assignments or make-up exams in this class. Private Tutors: Please note that private tutorial companies, some of whom aggressively promote their services on and off campus, are not affiliated with Concordia in any way, even though names such as JMSB, Concordia or references to specific departments often appear in a visible way. If you are interested in the Concordia’s approved tutoring services, consult the services listed in the Links section of this outline or on Concordia’s website. Correspondence: § All email correspondence in this class will be directed through Concordia email addresses only. Email coming from any other address will be directed to spam directly and will neither be read nor answered. If you have not activated your account already, please follow the instructions at http://www.concordia.ca/it/services/email-for-students-office-365.html. § The instructor will communicate with the class regularly using the announcements option on eConcordia’s website. The eConcordia website (rather than Moodle) is the main channel of communication between students and instructors for on-line courses. § All students are assigned a teaching assistant (TA) early in the semester. Your TA is your main support source for issues concerning course related material. You can contact your TA by (your Concordia) email and should receive a response within 24 - 48 hours, depending on the day and volume of emails. If you experience difficulty contacting your TA, you may then use the general ‘help’ email on eConcordia’s website. Student Responsibilities: Students are expected to be aware of their academic responsibilities as outlined in the Code of Rights and Responsibilities (www.concordia.ca/students/rights.html).

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Lecture Schedule & Assigned Readings (Section EC): WEEK OF… May 4 May 11 May 18 May 24 May 25 May 31 June 1 June 7 June 8 June 14 June 15 June 28 June 29 July 5 July 6 July 12 July 13 July 19 July 20 July 26 July 27 August 2 August 3 August 9 TBD

EVENT Introduction Introduction to Key Ideas Theories, Data and Beliefs The Classical Marketplace: Demand and Supply LABS 1 AND 2 DUE Measures of Response: Elasticities LAB 3 DUE Welfare Economics and Externalities LAB 4 DUE Individual Choice LAB 5 DUE Firms, Investors and Capital Markets LAB 6 DUE Production and Cost LAB 7 DUE Perfect Competition LAB 8 DUE Monopoly LAB 9 DUE Imperfect Competition LAB 10 DUE International Trade LAB 11 DUE Review LAB 12 DUE FINAL EXAM

Important Dates: DATE May 4 May 5 May 11 May 11 July 8 July 29 August 12 August 12 August 13 – 18

COVERAGE –– Chapter 1 Chapter 2 Chapter 3 Chapters 1 – 2 Chapter 4 Chapter 3 Chapter 5 Chapter 4 Chapter 6 Chapter 5 Chapter 7 Chapter 6 Chapter 8 Chapter 7 Chapter 9 Chapter 8 Chapter 10 Chapter 9 Chapter 11 Chapter 10 Chapter 15 Chapter 11 Chapters 1 – 11, 15 Chapter 15 Chapters 1 – 11, 15

EVENT Classes begin Discussion board opens at 2pm. DNE Date: Academic withdrawal deadline (with tuition refund) Last day to add or swap courses in this term DISC Date: Academic withdrawal deadline from winter-term courses. (without tuition refund) Course evaluation released Deadline to complete the course evaluation. Last day of classes Final exam period (date, time and location posted on myConcordia portal)

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Links: TOPIC Academic Integrity Educational Technology Guidelines Access Centre for Students with Disabilities Concordia Library Citation & Style Guides Course Communication Tools eConcordia Policies Final Exams Information Helpdesk/Support Refunds Technical Requirements Tips for Studying Online

LINK Academic Integrity Third party educational software or services ACSD Citing - Help & How-to Communication Policies Final Exams FAQ Refunds Technical Requirements Studying Tips

Third-party software/websites: Here is an excerpt on Concordia’s policy on educational software or services developed and owned by third parties, including those linked to textbooks, in-class surveys, lecture capture, virtual classrooms, course assignments and quizzes. Third-party software/websites requiring personal information (name, email, student number, etc.): Students are advised that external software and/or websites will be used in the course and students may be asked to submit or consent to the submission of personal information (eg, name and email) to register for an online service. Students are responsible for reading and deciding whether or not to agree to any applicable terms of use. Use of this software and service is voluntary. Students who do not consent to the use the software or service should identify themselves to the course instructor as soon as possible, and in all cases before the DNE deadline, to discuss alternate modes of participation. Third-party software/websites for work submission: Students are advised that external software and/or websites will be used in the course and students may be asked to submit or consent to the submission of their work to an online service. Students are responsible for reading and deciding whether or not to agree to any applicable terms of use. Use of this software and service is voluntary. Students who do not consent to the use the software or service should identify themselves to the course instructor as soon as possible to discuss alternate modes of participation that do not require them to give copyright or the right to use their work to a third party. By using the external software or websites, students agree to provide and share their work and certain personal information (where applicable) with the website/software provider. Students are advised that the University cannot guarantee the protection of intellectual property rights or personal information provided to any website or software company. Intellectual property and personal information held in foreign jurisdictions are subject to the laws of such jurisdictions. Third-party technology to record a course: As a part of this course, some or all of the lectures and/or other activities in this course may be recorded. Recordings will be focused on the instructor and will normally exclude students. It is possible, however, that your participation may be recorded. If you wish to ensure that your image is not recorded, speak to your instructor as soon as possible. Also, please note that you may not share recordings of your classes and that the instructor will only share class recordings for the purpose of course delivery and development. Any other sharing may be in violation of the law and applicable University policies, and may be subject to penalties. 5...