Principles of Economics 1 (2013.1) |
SP, Homework, Attendence
(Tue. 233 Sungho)
Last Update March. 04, 2013
Spring of year 2013 To contact T.A., call 219-2698 during weekdays email: minhobaek83@gmail.com |
My Office : Institute of Energy Systems and Climate Change (IECC) Room 212 (219-2689)TA’s Office : IECC Room 202 |
Classes : Tue. 16:30-19:15 | email: Suduk Kim |
Introduction
top |
This course aims for the students to understand how an economy is working. The first half of the course will treat topics in consumer behavior. We will learn how consumers make decisions about what to buy and how they respond to changes in their environment. We will then proceed to firms behavior and an evaluation of the market structure. Finally, we will spare our time for various topics of Korean economy. |
- Evaluation
top |
I will do my best to incorporate the any form of students’ participation in the class in the evaluation.The forms of participation could be - doing homework - reading the part of textbook - presentation - performing group project - attendenceSince it is usually difficult to evaluate all the items above, I will use my discretion in the evaluation of the above in addition to the following strict rules:- mid-term exam: 100 points (extra points may be available) - final exam: 100 points (extra points may be available) - Students Participation(SP) 10 points - Quiz (Unexpectedly): Within the maximum of 20 points - Attendance(ATT) : Regular Check using electronic attendence check via web. and following the university rule!
|
Makeup Classes
top |
|
- Weekly Schedule 1 (1st half )
top |
1st week – Ten principles of Economics Introduction – how to lead the class, how the class will be evaluated, etc. Confirm if the video clip can be played in the class.- Chap. 1 - Quiz your knowledge - Chapter Intro Video - Why does economics matter? (Ask the Author video clip.)EBAY: |
2nd week – Thinking like an Economist.- Chap. 2 - Quiz your knowledge - Chapter Intro Video - The Graphing Workshop (Basic Ideas, Shifting Curves, PPF) Grasp it! See it!Reading materials: The Philosophy of Economics-An Anthology, edited by Daniel M. Hausman, Cambridge
Recitation Class I (Class Held by Yujin Kim is colored as blue) Materials from Science (Elementary School, 2nd grade) |
3rd week – Interdependence and the Gains from TradeJOHN HEY – PRODUCTION POSSIBILITY FRONTIERS (lecture 14)- Chap. 3 - Quiz your knowledge - Ask the Author video clip. - The Graphing Workshop (Gains from Trade) Grasp it! See it! |
4th week – The Market Forces of Supply and Demand- Chap. 4 - Quiz your knowledge - Ask the Author video clip. (market economy and centralized one) - The Graphing Workshop (Demand, Supply, Product Market Equilibrium, Comparative Statics) Grasp it! See it! |
5th week – Elasticities and Its Applications- Let’s have an experiments of Demand and Supply Student participation: students sitting left & right wing side of the class. (Those who made transactions with the offer price higher than the average of all sellers’ offers and with bid price lower than the average of all buyers’ bids will get the full credit of SP) This data will be used for the 7th week homework assignment! - The data obtained will be used for Homework assignment later.- Chap. 5 - Quiz your knowledge - Chapter Intro Video - The Graphing Workshop (Price Elasticity and Revenue) Grasp it! See it! |
6th week – Supply, Demand and Government Policies- Chap. 6 - Quiz your knowledge - Chapter Intro Video(Example of rent control Policy) - The Graphing Workshop (Price Floors and Ceilings, Tax Incidence) Grasp it! See it! |
7th week – Consumers, Producers and the Efficiency of the Markets- Chap. 7 - Quiz your knowledge - Chapter Intro Video - The Graphing Workshop (Consumer Surplus, Producer Surplus, Market Equilibrium) Grasp it! See it!Recitation Class may be held for the prep. of Mid-term exam.! |
Mid-Term Examination
Oct. 16th, Tuesday 18:30-19:20, 331 Sungho
- Weekly Schedule 2 (2nd half ) – the plan for the 2nd half will be adjusted after the evaluation of the 1st half class is done
top |
9th week – Applications: the Costs of Taxation
Arthur Laffer From Wikipedia, the free encyclopedia- Why should there be a penalty for a wrong answer or wild guess? - Chap. 8 |
10th week () – Applications : International Trade- Chap. 9 - Gains and Losses of Trading Countries - Deadweight loss with tariff |
11th week- Chap. 9 Continued. - Quota - Arguments for restricting Trade- Chap. 10- Externalities - Negative Externalities - Positive Externalities - What is so called industrial policy? |
12th week – Public Goods and Common Resources- Chap. 11- various kinds of goods - Free-rider problem, the difficulty of Cost-Benefit Analysis - Are lighthouses public goods? - How much is a life worth?Fighting for Poverty – Wisdom- Common resources - The tragedy of the commons - Some important common resources - Why the cow is not extinct while elephant faced near extinction? |
13th week () – The Cost of Production - Chap. 13 - TR, TC, Profit, production function - Various measures of costs - Costs in the short-run and in the long-run - Economies and diseconomies of scale |
14th week – Firms in Competitive MarketsMakeup of Chap. 13 (Supp.)- Chap. 14- what is a competitive market? - Profit maximization and the competitive firm’s supply curve - A shift in demand in the short-run and long run |
15th week – Monopoly Additional Material- Chap. 15- Why monopolies arise? - How monopolies make production and pricing decisions - Welfare costs of monopolies- public policies toward monopolies - price discrimination - case studies |
- Text Book and References
top |
|