Cameron Hall 240-I
University of North Carolina Wilmington
601 South College Road  --  Wilmington, NC 28403

Prof. Dr. Peter Schmidt
Economics & Statistics
 Summerterm II 2014

962-3524

25 July 2014

Principles of MICRO Economics ECN 221

Syllabus

Reading:
- Main text: Case Fair OsterPrinciples of Microeconomics11th ed.
-
additional: Gregory Mankiws "Ten Principles of Economics" (chapter 1)
All tests are closed book exams, no material is permitted --> mobile phones are strictly forbidden!!

Schedule (preliminary - changes may occur and will be announced in class and in the following table):
Time: MTWR 10:15 am-12:20 pm --- Room: CH 212

  

No
Day
Book Chapter
Topics
Further material
1
Mon 23 June
(Mankiw chap. 1)

Introduction and 10 Principles of Economics
- Basic Questions: Why Economics?
  -> Basic Concepts of Economics

- Welcome.ppt
- Teamwork about Mankiws "Ten Principles of Economics" and excerpt from B. Obama "The Audacity of Hope" (p. 176-184) (also see a debate in the Economist)

2
Tue 24 June
(Mankiw chap. 1)
Introduction: Basic problems; economic systems Hierarchy of goals in market economies
- "Wall Street" (1987) @ Wikipedia
; "Greed is good" speech on Youtube or a commented version with highlighted texts.
3
Wed 25 June 1 + 2

Teams' Presentation about Mankiws "Ten Principles of Economics"

Ch. 1: The Scope and Method of Economics

Ch. 2: The Economic Problem: Scarcity and Choice

Please use the online resources, tests and case studies on the book webpage
4
Thu 26 June 3

Ch. 3: Demand, Supply, and Market Equilibrium

 
5
Mon 30 June 4

Ch. 3: Demand, Supply, and Market Equilibrium
Ch. 4: Demand and Supply Applications 

- Brief review ++ your questions

 

- "Wall Street" (1987) @ Wikipedia; "Greed is good" speech on Youtube or a commented version with highlighted texts.

6
Tue 1 July
Test 1

- Test 1 with 75 MC questions (up to chapter 3, see above)

 - results_test_1_anonymous.pdf
7
Wed 2 July

5


6

          Ch. 4: Demand and Supply Applications 
Ch. 5: Elasticity

Part II: THE MARKET SYSTEM: CHOICES MADE BY HOUSEHOLDS AND FIRMS
Ch. 6: Household Behavior and Consumer Choice

 
8
Thu 3 July 6 Ch. 6: Household Behavior and Consumer Choice  
9
Mon 7 July 7 Ch. 7: The Production Process: The Behavior of Profit- Maximizing Firms - The production process 
- Functions of Competition
10
Tue 8 July 8

Ch. 8: Short-Run Costs and Output Decisions

 
11
Wed 9 July 9
10

Ch. 9: Long-Run Costs and Output Decisions (briefly / only parts)
Ch. 10: Input Demand: The Labor and Land Markets

 

12
Thu 10 July
Test 2

- Brief repetition and your questions

- Test 2 with 75 MC questions (chapters 4 to 8.1 ("Costs in the Short Run"))

- results_test_2_anonymous.pdf
- aggregate results after tests 1 and 2.pdf
13
Mon 14 July 11

Ch. 11:. Input Demand: The Capital Market and the Investment Decision 

 
14
Tue 15 July 12

Ch. 12: General Equilibrium and the Efficiency of Perfect Competition

 
15
Wed 16 July 13

Part III: MARKET IMPERFECTIONS AND THE ROLE OF GOVERNMENT

Ch. 13: Monopoly and Antitrust Policy
 
16
Thu 17 July 14  Ch. 14: Oligopoly 
- Movie "A beautiful Mind" about John F. Nash
- "Split or Steal" and "From Stealing to Trust"
17
Mon 21 July 15
Ch. 15: Monopolistic Competition
 
18
Tue 22 July 16
17
Ch. 16: Externalities, Public Goods, and Social Choice
Ch. 17: Uncertainty and Asymmetric Information
 
19
Wed 23 July

18 + 19

 

20 + 21

Ch. 18: Income Distribution and Poverty
Ch. 19: Public Finance: The Economics of Taxation

Outlook:      Part IV: THE WORLD ECONOMY
Ch. 20: International Trade, Comparative Advantage, and Protectionism   //   Ch. 21: Economic Growth in Developing and Transitional Economies

Summary and YOUR QUESTIONS !!!

Study Abroad!
An invitation to the World, esp. (Hochschule) Bremen ;-)

at UNCW/Cameron see http://csb.uncw.edu/global/index.htm
and/or talk to Dr. Thomas Porter
for the summer program in Bremen, please talk to Dr. Christopher Dumas
(Professor of Economics)

20
Thu 24 July  Test 3 Final Test with 75 MC questions (esp. chapters 8.2 ("Output Decisions ...") to 17, but also topics of general interest (10 principles, elasticities, ...) as specified in class). - results_test_3_anonymous
- FINAL RESULTS after all three tests

 

TEAMwork: (most of the teamwork will be assigned homework but some might take place in class).

           Team:
Date:
(All students)
1
2
3
4
5
NAMES of
team members: Dylan Maud
James Ueki
Kalen Vogler
(Jonathan Mayo?)
+ Mason Angel
Joseph Baxley
Anna Fowlkes
Amber Miller
Jake Townsend
Patrick Boyer
Lena Brown
Hailey Noufer
Lauren Williams
Gabrielle Ferguson
Josh Harvey
Timothy Robinson
Lee Scott
Dillon Caraway
Bradford Ewing
William Little
Madison Parker
Mon 23 June

no tasks, Mankiws "Principles" in class:

1-2
3-4
5-6
7-8
9-10
Tue 24 June

Mankiw: "Problems and Applications"
ALL-> Nr. 17 ONE exampe !

14 (+1 ex. for 17)
13 (+1 ex. for 17)
12 (+1 ex. for 17)
8 (+1 ex. for 17)
3 (+1 ex. for 17)

 

Further links:

International and Global Economics:

Data Sources:

Bremen University of Applied Sciences
Department of Business Studies (SIB)
Economics & Statistics