Fall 2002

 

 

Economics 102

Introductory Economics

Microeconomics

Sections 1-12

 

 

Professor Douglas Blair

 

†† Room 205, FAS Deanís Office

†† 77 Hamilton Street†††† 932‑8435

††

Email: blair@economics.rutgers.edu

Web page: http://economics.rutgers.edu/home/blair/

††

Prof. Blair's office hours:

†† Tuesday 9:00 to 11:00 a.m. (no appointment needed)

†† and by appointment at other times

 

 

 

 

Teaching Assistants

 

†† 4th floor New Jersey Hall

†† 75 Hamilton Street

 

Ms. Xufeng Qian, NJH423, 932-7469

†† (Sections 1, 3, 9, 11)

Mr. Geetesh Bhardwaj, NJH406, 932-8107

†† (Sections 2, 7, 10, 12)

Ms. Gulseren Mutlu, NJH429, 932-7333

†† (Sections 4, 5, 6, 8)

 

TAs' office hours will be posted on the class web page.

 

REQUIRED PURCHASES:

 

Taylor, Principles of Microeconomics, Third Edition, 2001, and Papell, et al., Study Guide, Third Edition, 2001 (available bundled together at the University Bookstore)

 

Blair, Course Packet for Economics 102 (Pequod Copy, 119 Somerset Street, New Brunswick): Bring to class each day

 

RULES, REGULATIONS, EXPECTATIONS, AND SURVIVAL ADVICE:

 

I expect you in this course to keep abreast of general economic news developments. The best daily sources of such news are the Wall Street Journal and the New York Times. Another excellent source is The Economist; it is also the best of the general weekly news magazines. Each is available in the libraries and online, or you can subscribe for yourself. A sign-up form will be circulated in your recitation section for inexpensive semester subscriptions to the Journal. You can order similar student subscriptions to The Economist at www.economistacademic.com; use my Faculty ID number, which is 1220. I expect all students to complete each day's assignment before coming to class. You should also think carefully about the Questions for Review at the end of each chapter in the text. In addition to the suggested Practice Problems in the Study Guide, you are likely to find useful, even though they are not noted explicitly below, the Review Questions, Worked Problems, and Chapter Tests. In preparing for examinations, you will find no good substitute for serious and timely attention to the assignments and Study Guide. Assignments must be handed in weekly in the recitation section. Since answers to the assignments will be posted in the class web page after they have been collected, no credit will be given for assignments submitted late. I expect that you will visit the class web page several times each week, in part to carry out course assignments. Moreover, official announcements about this class will sometimes appear ONLY there. New study aids and other useful information will be added regularly.

 

The hour exams each count 20 percent in your grade, attendance and submitted assignments from the course packet together count 20 percent, and the final counts 40 percent. Makeups will NOT ordinarily be scheduled for any examination. If you miss an exam due to illness, you must notify your TA as soon as possible and provide corroborating medical documentation. When we excuse an absence from an exam due to illness, the course grade will depend on performance on the assignments and other exams. Attendance at ALL classes is required (and recorded).

 

Date

Topic

Text assignment

Internet assignment

On-line labs

Study Guide (Suggestiononly--†††††

not to be handed in)

September 5

1

Themes of Economics: Scarcity, Choice, and Opportunity Cost

Chapters 1, 2 ; Advanced topic A (pp. 449-56)

 

Self-grading on-line math skills pre-test (class web page)

1.1, 1.2, 1.3, 2.1, 2.2, 2.3

Practice Problems 1.3-1.4 (i.e., Chapter 1, numbers 3 and 4)

September 9

 

2

An Application of Opportunity Cost: The Gains from International Trade

 

Chapter 17, pp. 396-408

Tour the class web page; complete on-line info form

3.1, 3.2, 3.3

Practice Prob 17.1


September 12

 

3

Supply and Demand I

Chapter 3, pp. 38-52

On-line quiz

4.1, 4.2, 4.3

 

September 16

 

4

Supply and Demand II

Chapter 3, pp. 53-61

Feedback form

4.4

Practice Probs 3.1-3.6

September 19

 

5

Price Controls and Black Markets

Chapter 3, pp. 62-71

 

On-line quiz

4.5, 4.6

 

September 23

 

6

Incidence of a Per-Unit Tax

 

Feedback form

4.7

Practice Prob 7.2 a-c

September 26

 

7

Elasticity

Chapter 4

On-line quiz

4.7, 4.8, 4.9

Practice Probs 4.1-4.5

September 30

 

8

Theory of Consumer Choice I

Chapter 5

Feedback form

5.1, 5.2, 5.3, 5.4

Practice Prob 5.1

October 3

9

Theory of Consumer Choice II

Advanced topic B, pp. 456-461

On-line quiz

5.5, 5.6

 

October 7

10

Supply and Profit Maximization

Chapter 6, pp. 114-132

On-line quiz

6a.1, 6a.2

Practice Prob 6.1

 

October 10

 

 

First Hour Exam (11:30)

 

 

 

 

 

 

 

October 14

11

Total, Average, and Marginal Productivity

Chapter 8, pp. 170-172

Feedback form

6a.3, 6a.4

 

October 17

12

From Productivity to Cost Functions

Chapter 8, pp. 164-175

On-line quiz

6a.5, 6a.6, 6a.7, 6a.8

Practice Prob 8.1

October 21

13

Short Run Supply and Profitability

Chapter 8, pp. 175-180

Feedback form

6a.9, 6a.10

Practice Prob 8.2

October 24

14

Efficiency and Markets

 

Chapter 7; Chapter 5, pp. 109-111; Chapter 6, pp. 133-135

On-line quiz

9.1, 9.2, 9.3, 9.4

Practice Probs 7.1,††

7.2 d-e, 7.3

October 28

15

Cost and Supply in the Long Run I

Chapter 8, pp. 181-190

 

6b.1, 6b.2

 

October 31

16

Cost and Supply in the Long Run II

Chapter 9

On-line quiz

6b.3

Practice Prob 9.1

November 4

17

Input Markets; the Distribution of Income

Chapter 13

Feedback form

10.1, 8.1, 8.2

Practice Probs 13.1-2

November 7

18

Labor and Capital Markets

Chapter 16, pp. 368-386

On-line quiz

8.3, 8.4

Practice Probs 16.1-2

November 11

19

Monopoly I

 

Chapter 10, pp. 214-230

On-line quiz

7.1, 7.2, 7.3, 7.4

Practice Probs 10.1-5

 

November 14

 

 

Second Hour Exam (11:30)

 

 

 

 

 

 

November 18

20

Monopoly II

 

Chapter 10, pp. 230-238

Feedback form

7.5, 7.6, 7.7

 

November 21

21

Imperfectly Competitive Market Structures

Chapter 11

On-line quiz

7.8, 7.9

Practice Probs 11.1-2

November 25

22

Regulation and Antitrust Policy

 

Chapter 12

Feedback form; price dispersion project due

9.5

Practice Probs 12.1-2

Tuesday, November 26

23

Public Goods;

Asymmetric Information

Chapter 15, pp. 342-348, 359-365

On-line quiz

9.6, 9.10

Practice Prob 15.2

December 2

24

Externalities and

Environmental Economics

Chapter 15, pp. 348- 359

Feedback form

9.7, 9.8, 9.9

Practice Prob 15.1

December 5

25

Distribution of Income;

Policy Approaches

to Inequality and Poverty

Chapter 14

 

On-line quiz

10.2

 

December 9

26

Overview and Review

 

 

 

 

 

Monday,

December 23

 

 

Final Exam 8 a.m.--For location check web page

 

 

Review session schedule on web page