Syllabus ECON 120 Spring 2019 PDF

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The University of Illinois at Chicago Economics 120: Principles of Microeconomics (CRN – 36912) SYLLABUS – Spring 2019 Instructor: William F. Rauscher E-mail: [email protected] Mobile phone and voice mail: 630.272.4554

Office: UH715 Office Hours: Tues. 2:30–3:30 4:30–5:30

Teaching Assistant: Ayman Shakeel E-mail: [email protected]

Office: UH829 Office Hours: Tues. 11:00–12:00

Teaching Assistant: Taisiia Stanishevska E-mail: [email protected]

Office: UH829 Office Hours: Wed. 1:30–2:30

Class Meeting Day / Time / Room: Tuesday/Thursday: 9:30AM–10:45AM (Behavioral Sciences Building – BSB 145) Discussion Sections / Instructor / Day / Time / Room CRN: 36913 (Ayman Shakeel) – Mon.: 9:00AM–9:50AM (BSB 367) CRN: 36914 (Ayman Shakeel) – Mon.: 12:00PM–12:50PM (ETMSW 2219) CRN: 36915 (Ayman Shakeel) – Mon.: 1:00PM–1:50PM (Lecture Center A – A5) CRN: 38936 (Taisiia Stanishevska) – Tues.: 8:00AM–8:50AM (BSB 211) CRN: 38937 (Taisiia Stanishevska) – Wed.: 9:00AM–9:50AM (BSB 367) CRN: 38938 (Taisiia Stanishevska) – Wed.: 11:00AM–11:50AM (ETMSW 2233) TEXT:

Mateer, Dirk, and Coppock, Lee. 2018. Principles of Microeconomics 2nd ed., New York: W.W. Norton and Company, Inc.

DATES

CLASS MEETING CONTENT/ASSIGNMENTS

RELATED READING

Week 1 (1/15; 1/17)

Five foundations of economics A market economy and individual choice

Ch. 1 Ch. 2 Appendix only (pp. 57–63)

Week 2 (1/22; 1/24)

Model of demand and supply

Ch. 3

Week 3 (1/29; 1/31)

Tendency toward market equilibrium Homework 1: Made Available 1/31 – Due 2/5

Ch. 3 Ch. 3 Appendix

Week 4 (2/5; 2/7)

Elasticity of demand

Ch. 4 (pp. 110–136)

Principles of Microeconomics (ECON120): Spring 2019 Syllabus - Page 2 DATES

CLASS MEETING CONTENT/ASSIGNMENTS

RELATED READING

Week 5 (2/12; 2/14)

Elasticity of demand Measuring input productivity and costs

Ch. 4 (pp. 110–136) Ch. 8

Week 6 (2/19; 2/21)

Measuring input productivity and costs Test 1: 2/21

Ch. 8

Week 7 (2/26; 2/28)

Labor market Homework 2: Made Available 2/28 – Due 3/5

Ch.14 (pp. 430–450)

Week 8 (3/5; 3/7)

Marginal thinking: a review Profit maximizing behavior in perfectly competitive markets

Ch. 1 (pp. 15-17) Ch. 9

Week 9 (3/12; 3/14)

Profit maximizing behavior in perfectly competitive markets

Ch. 9

Week 10 (3/19; 3/21)

Profit maximizing behavior of monopolists Test 2: 3/21

Ch. 10

Week 11 (3/25→3/29)

Spring Break: No Classes or Discussion Section Meetings

Week 12 (4/2; 4/4)

Profit maximizing behavior of monopolists Consumer surplus Price discrimination

Ch. 10 Ch. 5 (pp. 153-155) Ch.11

Week 13 (4/9; 4/11)

Profit maximizing behavior in oligopoly markets Homework 3: Made Available 4/11 – Due 4/16

Ch. 13 Ch. 13 Appendix

Week 14 (4/16; 4/18)

Profit maximizing behavior in oligopoly markets

Ch. 13 Ch. 13 Appendix

Week 15 (4/23; 4/25)

Profit maximizing behavior in monopolistically competitive markets Test 3: 4/25

Ch. 12

Week 16 (4/30; 5/2)

Review for Final Exam

Week 17

Final Exam (REQUIRED): Wednesday, May 8, 10:30AM – 12:30PM Location: Behavioral Sciences Building – BSB 145 NOTE: No lecture or discussion section classes are held during final exam week.

Principles of Microeconomics (ECON120): Spring 2019 Syllabus – Page 3

GRADING: Grading criteria: Lecture Class Random Quizzes: 5 @ 30 points each Discussion Section Random Quizzes: 5 @ 20 points each Homework Problem Sets: 2 of 3 @ 100 points each Tests: 2 of 3 @ 150 points each Comprehensive Final Examination - REQUIRED

Eligible points: 150 points 100 points 200 points 300 points 250 points 1,000 points

Course grade: 900 or more points = A 800-899 points = B 700-799 points = C 600-699 points = D 599 or fewer points = F Notes: 1.

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Attendance: Regular attendance at both the lectures and discussion sections is expected. Should you miss a lecture or discussion section meeting, it is your responsibility to inform the instructor of your absence (or teaching assistant in the case of the discussion section classes), and to obtain notes from a fellow student (as well as any handouts that were distributed). Random Quizzes: Quizzes may be administered during the class lectures or the discussion sections. Quizzes will be administered at the discretion of the instructor and teaching assistant, and will be distributed only to those in attendance. STUDENTS THAT ARRIVE AFTER THE QUIZ HAS BEEN DISTRIBUTED, STUDENTS THAT LEAVE CLASS BEFORE THE QUIZ IS DISTRIBUTED, AND STUDENTS ABSENT WITHOUT DOCUMENTED PRE-APPROVAL FROM THE INSTRUCTOR WILL EARN ZERO POINTS. Discussion Section Activities: The primary purpose of the discussion section is to review (or preview) the expected student learning outcomes (see page 4). Homework Problems Sets: Homework Problem Sets will be made available at 11:00AM on the made available dates noted on pages 1 and 2. Answers are to be submitted by no later than 9:30AM on the due dates noted on pages 1 and 2. Failure to submit your answers by the due date and time will result in earning zero points. If you complete all three Homework Problem Sets, the two highest scores will count toward your course grade; in other words, your lowest Homework Problem Set score will be dropped in calculating total points earned for the course. Tests: If you take all three tests, the two highest scores will count toward your course grade; in other words, your lowest test score will be dropped in calculating total points earned for the course. Make-up Assignments: There will not be any make-up homework or test opportunities except for reasons supported by UIC (e.g., religious holiday conflicts, hospital stays, etc.). Documented pre-approval from the instructor is required for any make-up. Extra Credit: Please refer to the InQuizitive Extra Credit Opportunity document included under the Syllabus tab in Blackboard.

Principles of Microeconomics (ECON120): Spring 2019 Syllabus – Page 4 STUDENTS WITH DISABILITIES: Students with disability/access needs or questions should contact the Disability Resource Center. BLACKBOARD: Students are expected to check the class site for announcements. Lecture related material will be available in the Lecture Talking Points folder under the Course Content tab. Web sites referenced in the class lectures can also be found in the Lecture Talking Points folder. Weekly assignments and guidelines for the Homework Problem Sets will be available under the Assignments tab. All points earned up to the final exam will be posted in the Grade Center so you can keep track of your progress. ACADEMIC INTEGRITY: Students are expected to honor the Guidelines for Academic Integrity adopted by UIC. EXPECTED STUDENT LEARNING OUTCOMES:  Be able to explain the concepts of opportunity cost and marginal analysis, and demonstrate your understanding by applying both to real world situations.  Be able to identify factors that influence demand for or supply of a product or service, explain how changes in these factors are likely to influence demand or supply, and provide support for your explanation (e.g., if a change in a factor is expected to cause demand to increase, why is this the case?).  Be able to explain how and why the price and the number of units bought and sold of a product or service are expected to change in response to changes in any of the factors that influence supply or demand of that product or service.  Be able to explain the process by which competitive markets have a tendency to move toward an equilibrium condition (i.e. a condition in which quantity supplied and quantity demanded in the market are equal – surpluses or shortages have been eliminated).  Be able to compute price elasticity of demand (i.e. a tool used to determine how sensitive buyers are to price changes), use this measure to determine changes in unit sales due to a price change of a product or service, use this information to help predict changes in revenue a seller will earn, and finally apply subjective criteria to assess whether demand for a product or service is likely to be elastic or inelastic (i.e. two classifications of price elasticity of demand).  Be able to compute cross-price elasticity of demand (i.e. a tool used to determine how sensitive buyers of a specific product or service are to price changes of other products and services – car buyers and gasoline prices, for example), as well as income elasticity of demand (i.e. a tool used to determine how sensitive buyers are to changes in income), and then use this information to help predict changes in unit sales.  Be able to define and compute various productivity, cost, and revenue measures that allow a business to not only determine its profit maximizing or loss minimizing level of output (or unit sales), but also determine whether it makes sense to produce that amount; and if it does, the amount of profit or loss the business will earn.  Be able to distinguish between the various competitive environments in which businesses operate: perfect competition, monopolistic competition, oligopoly, or monopoly; as well as demonstrate your understanding of how the characteristics associated with each type of competitive environment influence seller behavior.  Be able to identify characteristics that allow businesses to practice price discrimination (i.e. charge different prices to different customers) or tacit collusion (i.e. working collectively and informally to fix prices or output levels), and explain under what circumstances price discrimination and tacit collusion could be successful.  Be able to continue using what you have learned in this course to make better decisions, both personally and professionally....