Economics 200
Principles of Microeconomics

Readings assigned for the course



- Don't you get any formal training to be a Master?
- They give you a book to read.
Richard Bach, Illusions


I expect everyone to read the material prior to coming to class. That way, things we talk about in class will make much more sense.

All the page numbers refer to the required text, "Microeconomics" by Hubbard and O'Brien (3rd edition).

 
Week of classes
Topics to be discussed
Readings
assigned
1
(Aug 17-21)

The Scope and Method of Economics.
Concept of Opportunity Cost.

Ch.1, pp.2-34,
Ch.9, pp.296-299
2
(Aug 24-28)

Production Possibility Frontier.
Utility and Consumer Choice.

Ch.2, pp.36-44
Ch.9, pp.280-282, 288-291
Ch.4, pp.98-101

3
(Aug 31 - Sep 4)
Demand. Supply. Ch.3, pp.64-76
4
(Sep 7-11)
Market Equilibrium.
Applications of the S-D model.
Ch.3, pp.76-87
5
(Sep 14-18)
Price Controls. Welfare Analysis.
Ch.4, pp.97-112
6
(Sep 21-25)
Externalities and public goods.
Review Chapters 1-5 for TEST 1.
Ch.5, pp.133-150, 155-159
7
(Sep 28 - Oct 2)
Elasticity of Demand.
Elasticity and Firm's Revenue.
Ch.6, pp.167-193
8
(Oct 7-9)
Elasticity and Tax Incidence. Ch.6, pp.167-193
Ch.4, pp.112-119
9
(Oct 12-16)
Inputs, Output, Production.
Total, Marginal, and Average Product.
Firm's Costs in the Short Run.

Ch.10, pp.325-339
10
(Oct 19-23)
Costs in the Long Run. Returns to Scale. Ch.10, pp.325-347
11
(Oct 26-30)
Perfect Competition.
Profit Maximization by a Perfectly Competitive Firm.
Supply Curve of a Perfectly Competitive Firm.
Ch.11, pp.369-381
12
(Nov 2-6)

Profit - Accounting and Economic Approaches.
Entry and Exit in the Short Run and Long Run.
Review Chapters 6, 10, and 11 for TEST 2.

Ch.10, pp.328-329
Ch.11, pp.381-393
13
(Nov 9-13)
Monopoly.
For a more detailed discussion of marginal revenue and profit maximization, take a look at.................==>
Ch.14, pp.462-485

pp.402-407 from Ch.12

14
(Nov 16-20)

Non-trivial pricing strategies.

Ch.15, pp.493-513

15
(Nov 23-24)

Monopolistic Competition.

Ch.12, pp.401-421

16
(Nov 30 - Dec 4)
Oligopoly. Game Theoretic Models of Oligopoly.
Measures of Market Concentration.

Ch.13, pp.431-451
Ch.14, pp.479-480


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