ECONOMICS 202 PRINCIPLES Of MICROECONOMICS Professor Thornton Fall 2011 T,Th, 11:00-12:15 Pray-Harrold 213 Office and Phone: Pray-Harrold 7th Floor, 487-0080 Email: [email protected] Website: http://people.emich.edu/jthornton Office Hours: T, Th, 12:15-2:00; W, 5:30-6:30; and by appointment. Text: Econ Micro, William E. McEachern, 2nd Edition, 2010. Course Objective The purpose of this course is to introduce the basic ideas of microeconomics. The set of concepts, which comprise a valuable kit of analytical tools, will be used to explain the behavior of individual decision making units (consumers, producers, and resource owners), the interaction of these agents in a market setting, and the social outcomes of these interactions. The focus of this class is on the application of microeconomic concepts to gain a better understanding of the social organization of economic activity, and why individuals and business firms behave the way they do in a commercial setting. Grading There will be two midterm examinations and a comprehensive final examination. The two midterm exams are worth 40 points and the final exam is worth 50 points for a total of 130 points. All exams are comprised of multiple choice questions, each question worth one point. Your grade in the class will be determined by the total number of points that you accumulate. There will be no make-up exams for the two midterm exams. If you have an excused absence from a midterm, then the final exam will receive greater weight to account for the midterm exam that was missed. Homework Homework in the form of study questions will be provided during the semester. You are not required to submit the homework for a grade. The purpose of the homework is to prepare you for the exams. Approximately two weeks prior to the exam, 30 to 40 study questions will be available on the Econ 202 homepage. A subset of these study questions will appear verbatim on the exam. The class before the exam I will conduct a review session. The review session will focus on the study questions. I will explain answers to about 15 to 20 questions of your choice. You should select those questions that you find most difficult and challenging, not those that cover class material missed because of an absence. You are encouraged to work together with fellow students on the study questions. Attendance You are expected to attend class. A thorough understanding of the lecture material is essential for performing well on the exams. If you are required to miss class, then I would strongly recommend that you attempt to get class notes from a fellow student.