Microeconomics

SYLLABUS

EC102 Microeconomics Syllabus Lyons.docx

TEXTBOOK

PRINCIPLES of MICROECONOMICS

Edition 3e ; by openstax.org

The textbook is available as a free download from 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.

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

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

READ the class syllabus

READ "Advice from a Formerly Lonely College Student", New York Times

CLASS LECTURE

Economics 0 - Opening Lecture

What is Economics?

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 1, “Welcome to Economics?”

READ: Henry Hazlitt, Economics in One Lesson, Chapters 1 and 2 [PDF of the book]

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

Microeconomics 1 - What is Econoimics?

Production Possibilities Frontier, Opportunity Cost

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 2, “Choice in a World of Scarcity"

CLASS LECTURE

Microeconomics 2a1 - Production Possibilities Frontier

Marginal Analysis

HOW TO PREPARE

CLASS LECTURE

Microeconomics 2a2 - Marginal Analysis

ASSIGNMENT

Cost Benefit Analysis

DUE in class on September xx, 2025 - Printed on Paper

Write a paper [2-3 pages] 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 choice did you make? What is your "end"? What is the opportunity cost of your decision? How does marginal analysis apply?

The Ford Pinto

HOW TO PREPARE

There is no preparation necessary for this 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.

Microeconomics 1A - The Ford Pinto

CLASS DISCUSSION .

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

HOW TO PREPARE

READ "The Division of Labor" from the Wealth of Nations, Adam Smith, 1776

CLASS LECTURE

Microeconomics 2b1 - Division of Labor, Specialization, Comparative Advantage, Trade

Utility, Preferences, Consumer Choice

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 6, “Consumer Choices"

CLASS LECTURE

Microeconomics 8/9 Utility, Preferences, Consumer Choice, Demand

Economic Man

Microeconomics 2d1 - Economic Man

Test 1

Thinking Like an Economist

.

Markets

HOW TO PREPARE

WATCH: "I, Pencil" The Invisible Hand

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

Microeconomics 3a1 - Markets

Demand, Supply, 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

Microeconomics 3 - Demand

Microeconomics 3 - Supply

Microeconomics 3 - Equilibrium

Microeconomics 3 - Equilibrium Analysis Examples

Demand Supply Factors (4x6) 2024.pdf

Practice Exercises

COMPLETE Interactive Exercise Shifting Supply and Demand Curves, Marginal Revenue University

COMPLETE Interactive Exercise Shifting BOTH Supply and Demand Curves, Marginal Revenue University

ASSIGNMENTS

Complete Assignments 1, 2, 3 below. The due dates will be announced in class.

Supply, Demand, Equilibrium Assignment #1

Supply, Demand, Equilibrium Assignment #2

Supply, Demand, Equilibrium Assignment #3

Solution #1

Solution #2

Solution #3

Elasticity

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 5, “Elasticity"

CLASS LECTURE

Microeconomics 4 - Elasticity

ASSIGNMENTS

Complete the Elasticity Assignment below. The due date will be announced in class.

Elasticity Homework Assignment #1

Elasticity Solution

Market Intervention

HOW TO PREPARE

READ: Increased Tuition Subsidies Increase The Price Of College Tuition, by Tim Worstall, Forbes, 2015

CLASS LECTURE

Microeconomics 6 - Intervention

ASSIGNMENTS5

Complete Assignments 4, 5, 6 below. The due dates will be announced in class.

Supply, Demand, Equilibrium Assignment #4

Supply, Demand, Equilibrium Assignment #5

Supply, Demand, Equilibrium Assignment #6

Solution #4

Solution #5

Solution #6

Assignments

Complete Supply, Demand, Equilibrium Assignment S using the template below. The due date will be announced in class.

Supply, Demand, Equilibrium Assignment #99

Test 2

Supply, Demand, Equilibrium, Elasticity, Intervention

Firms

HOW TO PREPARE

Take a deep breath :)

CLASS LECTURE

Microeconomics - Firms and Production

Microeconomics 7a1- Economic Profit

ASSIGNMENTS

Complete the Economic Profit assignment below. The due date will be announced in class.

Economic Profit Assignment #1

Solution to Economic Profit Assignment

Production, Output and Cost

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 7, “Production, Costs and Industry Structure"

CLASS LECTURE

Microeconomics - Output and Cost

Markets for Factors of Production

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 14 , “Labor Markets and Income"

CLASS LECTURE

Microeconomics - Markets for Factors of Production

Perfect Competition

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 8, “Perfect Competition"

CLASS LECTURE

Microeconomics - Perfect Competition

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, 2023

CLASS LECTURE

Microeconomics - Monopoly

Imperfect Competition

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 10, “Monopolistic Competition and Oligopoly"

CLASS LECTURE

Microeconomics - Monopolistic Competition

Oligopoly

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 10 , “Monopolistic Competition and Oligopoly"

READ: "Why the OPEC-Russia Blowup Sparked All-Out Oil Price War", The Washington Post 2020

CLASS LECTURE

In Class Game Theory Exercise

Microeconomics - Game Theory

Microeconomics - Oligopoly

Competition

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 11, “Monopoly and Antitrust Policy"

READ "Once Mighty Intel Struggles to Escape ‘Mud Hole’ , Wall Street Journal 2023

CLASS LECTURES

Microeconomics - Market Structure and Competition Summary

msce

Test 3

Firms, Market Structure, Competition

Public Goods

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 13 , “Positive Externalities and Public Goods"

CLASS LECTURES

Microeconomics - Public Goods

Externalities

HOW TO PREPARE

READ Principles of Microeconomics, Chapter 12 , “Environmental Protection and Negative Externalities"

READ “The Economics of the Global Energy Challenge", Michael Greenstone, AEA, May 2024 (optional)

CLASS LECTURE

Microeconomics- Externalities

Final Exam

https://www.loyola.edu/department/records/student-exam

The final exam is an open book - open notes test.

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