SYLLABUS
TEXTBOOK
PRINCIPLES of MICROECONOMICS
Edition 3e ; by openstax.org
[... 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.
*** Additional reading will be assigned during the semester
ZOOM
CLASS ROOM TECHNOLOGY
Students may not use computers, tablets, phones, earphones during class.
THANKSGIVING WEEK
CLASSES during THANKSGIVING WEEK will be on ZOOM
LECTURES, READINGS and RESOURCES
INTRODUCTION
HOW TO PREPARE
CLASS LECTURE
What is Economics?
HOW TO PREPARE
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.
PDF of the whole book.
CLASS LECTURE
Production Possibilities Frontier, Opportunity Cost, Marginal Analysis, Economic Growth
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 2, “Choice in a World of Scarcity"
CLASS LECTURE
The Ford Pinto was a very small car in the 1970's that was thought unsafe after twenty-nine deaths occurred in rear end collisions.
CLASS DISCUSSION
Should the government require Ford to spend $13 on each car to make the Pinto safer? Yes/No?
Can all risks being eliminated from economic life? Who can best weigh the costs and benefits of risks? The answers are not always obvious.
ASSIGNMENT
Cost-Benefit Analysis AssignmentDue in Class
Section 03, 04: Monday September 23, 2024
Section 14 : Tuesday September 24, 2024
Division of Labor, Comparative Advantage, Exchange
HOW TO PREPARE
CLASS LECTURE
Utility, Preferences, Consumer Choice, Demand
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 6, “Consumer Choices"
CLASS LECTURE
Demand, Supply and Equilibrium
HOW TO PREPARE
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
Demand Supply Factors (4x6) 2024.pdfPractice Exercises
ASSIGNMENTS
The homework assignments #1, #2, #3 below are to be completed and turned in. The due dates will be announced in class.
#8 is an optional assignment if you want more practice.
Elasticity
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 5, “Elasticity"
CLASS LECTURE
ASSIGNMENTS
The assignment below is to be completed and turned in. The due date will be announced in class.
Elasticity Solution
Market Intervention
HOW TO PREPARE
READ: Increased Tuition Subsidies Increase The Price Of College Tuition, by Tim Worstall, Forbes, 2015
The cost of college has gone up significantly in recent years. Why? Part of the reason is because subsidies drive prices up.
CLASS LECTURE
ASSIGNMENTS
The homework assignments #4, #5 and #6 below are to be completed and turned in. The due dates will be announced in class.
Assignment #7 is an optional assignment if you want more practice.
Solution #4
Solution #5
Solution #6
Solution #7
Economic Systems and Resource Coordination
HOW TO PREPARE
A short film 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 LECTURE
Test 2
Supply, Demand, Equilibrium, Elasticity, Market Intervention
Firms and Organizing Production
HOW TO PREPARE
Take a deep breath :)
CLASS LECTURE
ASSIGNMENTS
The Economic Profit homework below is to be completed and turned in. The due date will be announced in class.
Economic Profit Assignment #1Solution to Economic Profit Assignment #1
Output and Costs
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 7, “Production, Costs and Industry Structure"
CLASS LECTURE
Perfect Competition
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 8, “Perfect Competition"
CLASS LECTURE
Monoply
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 8, “Monopoly"
READ: "United States takes on Google in biggest tech monopoly trial of 21st century", NPR, September 12, 2023
CLASS LECTURE
Imperfect Competition
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 10, “Monopolistic Competition and Oligopoly"
CLASS LECTURE
Oligopoly
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 10 , “Monopolistic Competition and Oligopoly"
CLASS LECTURE
Market Structure and the Competitive Process
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 11, “Monopoly and Antitrust Policy"
CLASS LECTURES
Test 3
Firms, Market Structure, Competition
Public Goods
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 13 , “Positive Externalities and Public Goods"
CLASS LECTURES
Externalities
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 12 , “Environmental Protection and Negative Externalities"
CLASS LECTURE
Markets for Factors of Production
HOW TO PREPARE
READ Principles of Microeconomics, Chapter 14 , “Labor Markets and Income"
CLASS LECTURE
Summary of Microeconomics
CLASS LECTURE
Final Exam
https://www.loyola.edu/department/records/student-exam
Section 14 - December 11th, 2024 at 1pm in Knott Hall Room B01
Section 04 - December 13th, 2024 at 9am in Sellinger Room 107
Section 03 - December 18th, 2024 at 1pm in Sellinger Room 107