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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.
PDF of the whole book.
CLASS LECTURE
CLASS LECTURE
Production Possibilities Frontier, Opportunity Cost, Marginal Analysis, Economic Growth
Production Possibilities Frontier, Opportunity Cost, Marginal Analysis, Economic Growth
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
ASSIGNMENT
ASSIGNMENT
COST BENEFIT ANALYSIS
DUE in class on January 30, 2024
[printed on paper]
Write a paper [2-3 pages] where you discuss the costs and benefits of the choice that you made to attend college at Loyola.
Make sure that you think like an economist
What choice did you make? What is your "end"? What is the opportunity cost of your decision? How does marginal analysis apply?
The Ford Pinto was a small car in the 1970's that was thought unsafe after twenty-nine deaths occurred in rear end collisions.
CLASS DISCUSSION
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.
Division of Labor, Comparative Advantage, Exchange
Division of Labor, Comparative Advantage, Exchange
HOW TO PREPARE
HOW TO PREPARE
CLASS LECTURE
CLASS LECTURE
Utility, Preferences, Consumer Choice, Demand
Utility, Preferences, Consumer Choice, Demand
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
Test 1
Test 1
Demand, Supply and Equilibrium
Demand, Supply and 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
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 LECTURES
CLASS LECTURES
Demand Supply Factors (4x6) 2024.pdfPractice Exercises
Practice Exercises
ASSIGNMENTS
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
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
The assignment below is to be completed and turned in. 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
The cost of college has gone up significantly in recent years. Why? Part of the reason is because subsidies drive prices up.
CLASS LECTURE
CLASS LECTURE
The homework assignments #4, #5 and #6 below are to be completed and turned in. The due dates will be announced in class.
Test 2
Test 2
Supply, Demand, Equilibrium, Elasticity, Market Intervention
Supply, Demand, Equilibrium, Elasticity, Market Intervention
Tuesday March 25, 2025
Firms and Organizing Production
Firms and Organizing Production
HOW TO PREPARE
HOW TO PREPARE
Take a deep breath :)
Take a deep breath :)
CLASS LECTURE
CLASS LECTURE
ASSIGNMENTS
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
Production, Output and Costs
Production, Output and Costs
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
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"
READ: "United States takes on Google in biggest tech monopoly trial of 21st century", NPR, September 12, 2023
READ: "United States takes on Google in biggest tech monopoly trial of 21st century", NPR, September 12, 2023
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
The lecture for Oligopoly will be asynchronous - online.
The lecture for Oligopoly will be asynchronous - online.
WATCH the following [2] video lectures before Thursday April 10, 2025.
WATCH the following [2] video lectures before Thursday April 10, 2025.
Competition is a Process
Competition is a Process
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
Monday April 14, 2025
The test is ONLINE on MOODLE
You can take the test anytime between 5pm and 10pm.
Once you start, you will have 1 hour to complete it.
This is an open book test.
This is not a group project.
You must complete the test without any assistance from anyone.
You may not use generative AI.
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
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
Summary of Microeconomics
Summary of Microeconomics
Final Exam
Final Exam
https://www.loyola.edu/department/records/student-exam
Monday May 5 @ 1pm
The final exam is an open book - open notes test.
You may use any paper materials during the exam, but you may not use the internet.
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