ECON 101 Introduction to Microeconomics

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ECONOMICS 101 Introduction to Microeconomics

TEXTBOOK

Required: - Microeconomics: Principles for a Changing World, Sixth Edition, Eric Chiang.

MacMillan Learning

Note that students are required to purchase Achieve.

COURSE OBJECTIVE

From the Calendar: “How markets and governments determine which products are produced and how income is distributed in the Canadian economy.”

This description is rather broad and vague. A different description that I have used previously is “An introductory investigation of supply and demand analysis: the theory of production, costs and price determination under competitive and non-competitive market conditions. Emphasis is given to the Canadian mixed economy.”

From this description, we can see clearly some of this course’s objectives:
(1) to introduce you to the mechanics of supply and demand as they apply to market operations;
(2) to introduce you to the workings of competitive and non-competitive markets and the policies invoked to control non-competitive markets; and

(3) to develop your understanding of the economic theory and terminology used to describe the behaviour of individual firms and consumers.

Mastery of basic microeconomic concepts is necessary before you can move on to upper level economics and business courses.

However, in the long run, I suspect you may not retain all of the niceties of microeconomic theory. My long-run objective, which is equally important, is to further develop your skills in problem solving and critical thinking. Hopefully, further developing these skills will provide benefits complementing other areas of your training.

GRADING

“Grades reflect judgments of student achievement made by instructors. These judgments are based on a combination of absolute achievement and relative performance in a class.” [University of Alberta Calendar, Section 23.4(4).]

To give you an idea of what you might expect, here is a distribution reflecting last year’s grades in this course:

Letter Grade
Grade Point Value
Grade Range (%)
A+ 
4.0
 93 and above
A
 4.0
 88 to 92.9
A-
 3.7
 82 to 87.6
B+
 3.3
 77 to 81.9
B
 3.0
 72 to 76.9
B-
 2.7
 67 to 71.9
C+
 2.3
 63 to 66.9
C
 2.0
 60 to 62.9
C-
 1.7
 58 to 59.9
D+
 1.3
 55 to 57.9
D 1.0
 50 to 54.9
F 0
 Under 50

GRADE DISTRIBUTION

Grades are distributed as follows:
Assignments
 15%
Midterm 1
 20%
Midterm 2
 20%
FINAL EXAM
 45%

ASSIGNMENTS

Assignments will start the week of September9 and they will count for 15% of the final grade. They will be due on the following dates by 2300 (11:00 pm):

Sunday, September 15
Sunday, November 3
Sunday, September 29
 Sunday, November 10
Sunday, October 6
 Sunday, November 24
Sunday, October 13
 Sunday, December 1
Sunday, October 27
 Sunday, December 8

Assignments are done on-line in Achieve. They are submitted automatically and graded by Macmillan Learning at precisely 2300 (11pm). There are 10 assignments. At the end of the term, I will drop the lowest 2 assignments and use your 8 best.

EXAMS

Exams are scheduled for the following days:

Midterm 1
 October 9
Midterm 2
 November 6
FINAL EXAM
 December 19

Note that the use of programmable (graphing) calculators and/or electronic communication devices is not permitted during tests or exams.

Midterm Exams

Exams: The two midterm exams and the final exam will be written at the Learning Assessment Centre (LAC) which is located at 3-106 Education North. It is the student’s responsibility to book their exam time using the LAC website. If you fail to book an exam time and there is no space in the LAC then you will receive zero marks on that exam.

Midterms consist of multiple-choice questions.

Students who are unable to write a midterm at the scheduled time due to personal reasons must arrange with me, prior to the exam, to write the midterm at a different time.

If you do not attend the exam and have not made arrangements with me prior to the exam

A. due to medical reasons, then the exam weight for the missed exam will be transferred to your final exam.

B. and your absence is unexcused, your grade for the missed midterm exam will be zero.

NOTE: The second midterm is not cumulative.

Final Exam

The final exam will consist of multiple-choice questions. The final is a two-hour exam and covers the material of the entire term.

In Arts, students are required to submit a written request by completing the “Application for Deferred Final Exam” form in the USS office.

Arts students should refer to “I Missed my Final Exam, Now What?” if they have missed the final exam.

Absences correspond to a final exam grade of zero.

Copies of midterms and finals from previous years will be made available.

The use of any electronic communication device is not permitted during lectures.

You are required to have your student ID with you for the final exam. Every ID is checked during the final exam.

NOTES:

1. Academic Integrity
“The University of Alberta is committed to the highest standards of academic integrity and honesty. Students are expected to be familiar with these standards regarding academic honesty and to uphold the policies of the University in this respect. Students are particularly urged to familiarize themselves with the provisions of the Code of Student Behaviour (online at www.governance.ualberta.ca) and avoid any behaviour that could potentially result in suspicions of cheating, plagiarism, misrepresentation of facts and/or participation in an offence. Academic dishonesty is a serious offence and can result in suspension or expulsion from the University.” {University of Alberta Calendar}
2. System Requirements
https://www.ualberta.ca/information-services-and-technology/services/software-hardware vendors/technology-requirements.html
3. There is an alternative way to access UofA email. Details are available here https://www.ualberta.ca/information-services-and technology/services/email-calendaring/index.html
4. Student Resources
(a) The best all-purpose website for student services is: https://www.ualberta.ca/current-students.
(b) Accessibility Resources: (1 – 80 SUB)
The University of Alberta is committed to creating work and learning communities that inspire and enable all people to reach their full potential. Accessibility Resources promotes an accessible, inclusive, and universally designed environment. For general information to register for services visit the Accessibility Resources webpage.
(c) Health and Wellness Support:
There are many health and community services available to current students. For more information visit the Health and Wellness Support webpage.
(d) Office of the Student Ombuds:
The Office of the Student Ombuds offers confidential interviews, advice and support to students facing academic, discipline, interpersonal and financial difficulties.
5.
Learning and working environment:
The Faculty of Arts is committed to ensuring that all students, faculty and staff are able to work and study in an environment that is safe and free from discrimination and harassment. It does not tolerate behaviour that undermines that environment.
6.
Territorial Statement:
The University of Alberta acknowledges that we are located on Treaty 6 territory, and respects the histories, languages, and cultures of the First Nations, Métis, Inuit, and all First Peoples of Canada, whose presence continues to enrich our vibrant community.
7. Sexual Violence Policy:
It is the policy of the University of Alberta that sexual violence committed by any member of the University community is prohibited and constitutes misconduct. Resources and more information can be found at https://www.ualberta.ca/campus-life/sexual-violence
8. Policy about course outlines can be found in the Evaluation Procedures and Grading System section of the University Calendar.Page 5 of 5

COURSE OUTLINE AND SEQUENCE OF READINGS

1. Introduction to Economics……………………………………………… Chapters 1 and 2
2. Supply and Demand
(i) The Mechanics of Supply and Demand and Price Determination ........ Chapters 3 and 4
(ii) Elasticity................................................................................................ Chapter 5
3. Demand and Consumer Behaviour ............................................................. Chapter 6
4. Supply and Producer Behaviour
(a) Production and Costs............................................................................ Chapter 7
(b) Perfect Competition............................................................................... Chapter 8
(c) Monopoly............................................................................................... Chapter 9
(d) Monopolistic Competition and Oligopoly............................................. Chapter 10
5. Factor Markets ............................................................................................ Chapters 11 and 12
6. Network Goods…………………………………………………………….Chapter 14

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