October 30, 2006 - November 3, 2006

We are currently doing Chapters 10 - 11.

We will skip Chapter 12

We will be doing Costs- Chapter 13 at the end of the week.

St. Mary’s College of California
Economics 003
Course Syllabus

Introduction to Microeconomic Theory
Econ 003
Fall 2006 Professor: Mitch Mitchell
Rm. Galileo 302, Ext 4583
Email: dtmitche@stmarys-ca.edu

Office Hours:
MW 10:30 - 11:30 and by appointment
Please feel free to stop by or to email me if these office hours are not convenient.  Email me or talk to me after class, if you need to meet me at some strange time.

Course Purpose:
This course is designed to introduce students to the fundamental concepts of microeconomics. It covers the fundamentals of economic theory, supply and demand, the theory of the firm, competition and monopoly.

Economists have a way of thinking about the world that focuses on opportunity cost, marginal analysis, and incentives. We will use that way of thinking throughout the course.  At the end of the semester, students ought to be able to apply the economic way of thinking and the tools of supply and demand to a variety of real world situations.

Texts:
Required:
Mankiw, Gregory N. Principles of Microeconomics
Available at the bookstore
Wall Street Journal I will provide a handout
Optional:
Landsburg, The Armchair Economist
Available at Amazon.com

Grading:
I grade on a standard scale.  There are two midterms worth 25% each, and a final exam worth 30%.  In addition there are quizzes, experiments, and homework, which make up the remaining 20%.  Most of the material will come from the lectures.  But, I still expect you to read the book.  I also expect you to know how to use a table of contents and an index.  Some questions on the quizzes and exams will come from the Wall Street Journal.

Pass Fail
Pass/Fail students who wish to earn a P in this class must earn at least a 65.

Class Policy:
I do not accept late work, nor do I allow make-up exams.  I do not bring old class handouts, quizzes or homeworks to class.  If you miss a day, you are responsible for getting that material.
If you are participating in a school-sponsored event during class time, take care of any graded material before the due date.

I don’t mind if you eat and drink in class as long as it is neither smelly nor noisy.  Note that all sorts of packaged food are noisy including crackers and Powerbars.  I will deduct points from your final grade if your cell phone disrupts the class.  I do not take attendance because I assume that you are an adult.

Teaching Method:
Primarily lecture with some economics games/experiments.  There will be extensive use of problems and graphical analysis and analysis of current articles and events.

Contractual Nature of the Syllabus:
This syllabus constitutes the instructor’s views as to how this course will be conducted this semester. It is not a contract and can not be enforced as such. This syllabus may, at the option of the instructor, change as the semester progresses.

Honor Code:
St. Mary’s has an honor code.  I enforce it and take it seriously.
 

Basic Framework of the Course

Introduction
What is economics and what do economists do? – Chapters 1 & 2
 “Eliminating Child Labor”
The Seen and the Unseen
Using Graphs – Appendix to Chapter 2
Oral Double Auction Experiment

Foundations of Market Analysis-Supply and Demand
Chapters 4, 5, & 6
“I, Pencil”

Supply and Demand II
Chapters 7, 8, & 9

Market Structure-Firm Behavior and the Organization of Industry
Chapters 13, 14, 15, 16, & 17

Economics of the Public Sector
Chapters 10, 11.
Public Goods Experiment

Firm Behavior and the Organization of Industry
Chapter 13 - Costs
Chalk Experiment

Chapters 14 and 15 Perfect Competition and Monopoly

Compound Interest
There is no chapter reading for this, but we will use lots of handouts and practices.