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SYLLABUS
SYLLABUS
TEXTBOOK
TEXTBOOK
PRINCIPLES of MICROECONOMICS
PRINCIPLES of MICROECONOMICS
Edition 3e ; by openstax.org
Edition 3e ; by openstax.org
[... you must use your loyola.edu email for the free download]
[... you must use your loyola.edu email for the free download]
A print copy of the textbook is available for sale at the bookstore, amazon.com, etc.
A print copy of the textbook is available for sale at the bookstore, amazon.com, etc.
ZOOM
ZOOM
https://loyola.zoom.us/my/thomaslyonsThis is the link if we need to have a zoom meeting... the password in on moodle.
CLASS ROOM TECHNOLOGY
CLASS ROOM TECHNOLOGY
Students may not use computers, tablets, phones, earphones during class.
THANKSGIVING WEEK
THANKSGIVING WEEK
CLASSES during THANKSGIVING WEEK will be on ZOOM
LECTURES, READINGS and RESOURCES
LECTURES, READINGS and RESOURCES
Introduction
Introduction
HOW TO PREPARE
HOW TO PREPARE
CLASS LECTURE
CLASS LECTURE
What is Economics?
What is Economics?
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 1, “Welcome to Economics?”
READ Principles of Microeconomics, Chapter 1, “Welcome to Economics?”
Hazlitt uses a metaphor originally from Bastiat to explain that economics requires us to look at all the consequences of actions when evaluating situations.
CLASS LECTURE
CLASS LECTURE
Production Possibilities Frontier, Opportunity Cost
Production Possibilities Frontier, Opportunity Cost
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 2, “Choice in a World of Scarcity"
READ Principles of Microeconomics, Chapter 2, “Choice in a World of Scarcity"
CLASS LECTURE
CLASS LECTURE
Marginal Analysis
Marginal Analysis
HOW TO PREPARE
HOW TO PREPARE
CLASS LECTURE
CLASS LECTURE
ASSIGNMENT
ASSIGNMENT
Cost Benefit Analysis
Section 04: DUE in class on September 17, 2025 - Printed on Paper
Section 16, 17: DUE in class on September 18, 2025 - Printed on Paper
Section 22: DUE in class on September 22, 2025 - Printed on Paper
Write a paper where you discuss and analyze the costs and benefits of the choice that you made to attend college at Loyola University Maryland.
Make sure that you think like an economist
What is the scarce resource involved?
What is your "end"?
What are the other "means" that you considered?
What are most important benefits of your decision?
What is the opportunity cost of your decision?
[The paper should be 2-3 pages, double spaced, 12 pitch type, 1" margins]
The Ford Pinto
The Ford Pinto
HOW TO PREPARE
HOW TO PREPARE
There is no preparation necessary for this lecture
There is no preparation necessary for this lecture
CLASS LECTURE
CLASS LECTURE
The Ford Pinto was a small car in the 1970's that was thought unsafe after twenty-nine deaths occurred in rear end collisions.
Should the government require Ford to spend $13 on each car to make the Pinto safer?
Can all risks being eliminated from economic life? Who can best weigh the costs and benefits of risks?
Division of Labor, Comparative Advantage, Trade
Division of Labor, Comparative Advantage, Trade
HOW TO PREPARE
HOW TO PREPARE
CLASS LECTURE
CLASS LECTURE
Utility, Preferences, Consumer Choice
Utility, Preferences, Consumer Choice
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 6, “Consumer Choices"
READ Principles of Microeconomics, Chapter 6, “Consumer Choices"
CLASS LECTURE
CLASS LECTURE
Economic Man
Economic Man
Test 1
Test 1
Thinking Like an Economist
Thinking Like an Economist
Section 16, 17: Tuesday September 23, 2025 .
Section 04, 22: Wednesday September 24, 2025.
Markets
Markets
HOW TO PREPARE
HOW TO PREPARE
A short video based on a 1958 essay by Leonard Reed that uses a pencil to illustrate the complexity of the network, which no one overseas, necessary to produce it.
CLASS LECTURES
CLASS LECTURES
Demand, Supply, Equilibrium
Demand, Supply, Equilibrium
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 3, “Demand and Supply"
READ Principles of Microeconomics, Chapter 3, “Demand and Supply"
WATCH "The Demand Curve" at the Marginal Revolution University
WATCH "The Supply Curve" at the Marginal Revolution University
CLASS LECTURES
CLASS LECTURES
Demand Supply Factors (4x6) 2024.pdfPractice Exercises
Practice Exercises
ASSIGNMENTS
ASSIGNMENTS
Complete Assignments 1, 2, 3 below. The dates will be announced in class.
Supply, Demand, Equilibrium Assignment #1Supply, Demand, Equilibrium Assignment #2Supply, Demand, Equilibrium Assignment #3Elasticity
Elasticity
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 5, “Elasticity"
READ Principles of Microeconomics, Chapter 5, “Elasticity"
CLASS LECTURE
CLASS LECTURE
ASSIGNMENTS
ASSIGNMENTS
Complete the Elasticity Assignment below. The due date will be announced in class.
Market Intervention
Market Intervention
HOW TO PREPARE
HOW TO PREPARE
READ: Increased Tuition Subsidies Increase The Price Of College Tuition, by Tim Worstall, Forbes, 2015
READ: Increased Tuition Subsidies Increase The Price Of College Tuition, by Tim Worstall, Forbes, 2015
CLASS LECTURE
CLASS LECTURE
Complete Assignments 4, 5, 6 below. The due dates will be announced in class.
Supply, Demand, Equilibrium Assignment #5Supply, Demand, Equilibrium Assignment #4Supply, Demand, Equilibrium Assignment #6Assignments
Assignments
Complete Supply, Demand, Equilibrium Assignment S using the template below. The due date will be announced in class.
Complete Supply, Demand, Equilibrium Assignment S using the template below. The due date will be announced in class.
Test 2
Test 2
Supply, Demand, Equilibrium, Elasticity, Intervention
Supply, Demand, Equilibrium, Elasticity, Intervention
Section 16, 17: Tuesday October 28, 2025 .
Section 04, 22: Wednesday October 29, 2025.
Test 2 Corrections
Test 2 Corrections
Students can make corrections for Test 2 and earn 1/2 points back.
Students can make corrections for Test 2 and earn 1/2 points back.
Test corrections are due by Thursday November 20th.
Students who make test corrections MUST follow the instructions below to receive credit.
You must turn the corrections in on paper, and submit your original Test 2 at the same time.
For each question that you got wrong, make a test correction .
For questions 1-8, you must redraw the graph correctly and fully label all of the lines, equilibria and movements.
For all questions, you must write a paragraph that explains what the correct answer is and why it is the correct answer.
For all questions, you must include a citation from the lecture slides, textbook, or homework (lecture name, slide # or textbook chapter, page # or homework name, question #) that you used as the source of the correct answer.
Firms
Firms
HOW TO PREPARE
HOW TO PREPARE
Take a deep breath :)
Take a deep breath :)
CLASS LECTURE
CLASS LECTURE
ASSIGNMENTS
ASSIGNMENTS
Complete the Economic Profit assignment below. The due date will be announced in class.
Production, Output and Cost
Production, Output and Cost
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 7, “Production, Costs and Industry Structure"
READ Principles of Microeconomics, Chapter 7, “Production, Costs and Industry Structure"
CLASS LECTURE
CLASS LECTURE
ASSIGNMENTS
ASSIGNMENTS
Complete the Output and Cost Assignment below. Check your answers using the Solution below.
Markets for Factors of Production
Markets for Factors of Production
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 14 , “Labor Markets and Income"
READ Principles of Microeconomics, Chapter 14 , “Labor Markets and Income"
CLASS LECTURE
CLASS LECTURE
Perfect Competition
Perfect Competition
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 8, “Perfect Competition"
READ Principles of Microeconomics, Chapter 8, “Perfect Competition"
CLASS LECTURE
CLASS LECTURE
Monoply
Monoply
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 8, “Monopoly"
READ Principles of Microeconomics, Chapter 8, “Monopoly"
CLASS LECTURE
CLASS LECTURE
Imperfect Competition
Imperfect Competition
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 10, “Monopolistic Competition and Oligopoly"
READ Principles of Microeconomics, Chapter 10, “Monopolistic Competition and Oligopoly"
CLASS LECTURE
CLASS LECTURE
Oligopoly
Oligopoly
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 10 , “Monopolistic Competition and Oligopoly"
READ Principles of Microeconomics, Chapter 10 , “Monopolistic Competition and Oligopoly"
CLASS LECTURE
CLASS LECTURE
Competition
Competition
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 11, “Monopoly and Antitrust Policy"
READ Principles of Microeconomics, Chapter 11, “Monopoly and Antitrust Policy"
CLASS LECTURES
CLASS LECTURES
Test 3
Test 3
Firms, Market Structure, Competition
Firms, Market Structure, Competition
Section 04, 22: Monday November 24, 2025.
Section 16, 17: Tuesday November 25, 2025 .
Public Goods
Public Goods
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 13 , “Positive Externalities and Public Goods"
READ Principles of Microeconomics, Chapter 13 , “Positive Externalities and Public Goods"
CLASS LECTURES
CLASS LECTURES
Externalities
Externalities
HOW TO PREPARE
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 12 , “Environmental Protection and Negative Externalities"
READ Principles of Microeconomics, Chapter 12 , “Environmental Protection and Negative Externalities"
CLASS LECTURE
CLASS LECTURE
Final Exam
Final Exam
Loyola Final Exam Schedule for Fall 2025
Section 04 Monday, December 15, 2025, 6:30PM
Section 22 Wednesday, December 17, 2025 1:00PM
Section 16 Thursday, December 18, 2025 9:00AM
Section 17 Thursday, December 18, 2025 1:00PM
The final exam is an open book - open notes test
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