Principles of Microeconomics - ECON Course Syllabus for Spring 2018

Transcription

1 DOTY MICRO SYLLABUS SPRING 2018 Principles of Microeconomics - ECON Course Syllabus for Spring 2018 Economics is good! Economics is life-changing! Economics is world-changing! And this is the premise from which we will begin our study of Economics this semester! Instructor: Mrs. Susan Doty Director of the Center for Economic Education & Financial Literacy Senior Lecturer in Economics, Department of Social Sciences, College of Arts and Sciences The University of Texas at Tyler, 3900 University Boulevard, Tyler, TX Office: BUS #240 Phone: Office Hours: sdoty@uttyler.edu Please note that is my preferred method of contact. Even if you want to talk by phone, the best way to do so is by sending me an and asking me to call you back. Please always identify yourself and provide the course and section you are in (Office) (cell for text messages only.) Again, please be sure to identify yourself by name, course and section. Text for simple questions only! No grade discussions are held by phone, text or ; please see me in person during office hours to talk about grades. I have three different ways you can come to see me. Open office hours are for you to drop in for any reason to chat about college life, to follow-up on a discussion or activity from class, to discuss economics in our lives and in our world, to explore career opportunities, to clarify or deepen your understanding of a topic, to review for an exam or to follow-up after one, to discuss grades and goals or for no reason at all! At the beginning and end of the semester, office hours are busy and there may be a line of students; most other times, that will not be true. For the busy times, I offer extra hours for you that I will announce in class and post on Canvas. If you have a specific issue and time constraints, you may make an appointment. Additionally, I offer homework help to specifically address any challenges you have with McGraw-Hill independent work. Class Meeting Times: Open Office hours: Mondays: 12:30-2:00 Wednesday: 12:30-2:00 Fridays: 12:30-2:00 Section 001 meets MWF from 9:05-10:00 am in BUS 259. Please be on time. Principles Homework Help: Mondays: 2:00-3:30 Appointments confirmed in advance only: MWF 7:30-8:30 am

2 Doty Micro Syllabus Spring 2018 Course Package: McGraw-Hill Course Connect with Asarta Butters Economics. ISBN: Please note that this online course package is required. I will provide you with registration information in a separate document on Canvas. The course package contains the e-text, videos, tutorials, homework and quizzing that not only represent 20% of the course grade but provides the foundation for much of what we will do in class. You cannot be successful without the course materials! New students may purchase access code card in the university bookstore or purchase directly on line from McGraw Hill through the registration portal on the document I provide in Canvas. Either way, purchase only the access code, not a hard or paper copy of the book! Former students, who have taken economics with me in Fall of 2017 and have an active McGraw-Hill account, should be able to activate the new course at no additional cost. This is a BYOD (Bring Your Own Device) class designed to be paperless. You need a smart device with a communication app, note-taking options and.pdf annotation capabilities. I like both Notability and EverNote but there are others. Please download the McGraw-Hill ReadAnywhere app that you can get on itunes or Google Play. There are a limited number of university-owned ipads available to borrow for the semester. See me EARLY if you would like to reserve one. Course Summary: Through the Core curriculum, students will gain a foundation of knowledge of human cultures and the physical and natural world, develop principles of personal and social responsibility for living in a diverse world and advance intellectual and practical skills that are essential for all learning. Core process objectives include critical thinking, quantitative analysis, communication (in oral, written and technology forms,) teamwork, social responsibility and personal responsibility. Economics is an approved course in the Core curriculum. Economics, at its foundation, is a social science course about choice. Everything we value as humans is scarce relative to how much we want. Because of scarcity, we can t have it all. Because we can t have it all, we must make choices. Every choice we make means giving up something else. That most valued alternative that we give up when we make a choice is our opportunity cost. This economic way of thinking can be summarized in the 6 points of the Guide to Economic Reasoning: 1. People Choose; 2. People s Choices Involve Costs; 3. People Respond Predictably to Incentives; 4. People Create Economic Systems That Influence Choice and Incentives; 5. People Gain When They Trade Voluntarily; 6. People s Choices Have Consequences That Lie in the Future. Students in Economics apply these points to decision-making at the individual, household, business firm, and government levels both in closed domestic economies and open global ones. Economics is a course of study that will provide you with methodological tools to view the world differently. The economic way of thinking is truly a unique way of approaching problems, understanding issues and proposing solutions. It will help you in decisionmaking when you vote, spend, save and make life choices. Throughout the course, you will develop and have multiple opportunities to demonstrate an understanding of basic economic concepts, the techniques and methods of economics, and the economic challenges facing society today and in the future. In addition, you will be developing and demonstrating critical thinking skills, empirical and quantitative evaluation skills, oral, written and technology communication skills, teamwork, social responsibility and personal responsibility.

3 Doty Micro Syllabus Spring 2018 Economics will benefit each of you regardless of your major. It will have relevance to all aspects of your life and it will provide you with tools to help you view the world differently and make more informed decisions. Economics provides great preparation for careers in business, government, law, education, mathematics and science. A favorite quote of mine is this one by the late economist, Murray N. Rothbard: It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. A goal of this class is to provide you with the conceptual framework and tools to develop and articulate informed opinions on economic issues. It is not my job or purpose in this economics class to influence your politics or opinions. It is, however, my highest objective to give you the economic tools and the foundational principles so that you can develop and articulate your own positions more effectively. Course Objectives: Beyond the foundational economic concepts and tools that are common to both macroeconomics and microeconomics that include scarcity, choice opportunity cost, the circular flow, economic systems, production possibilities, comparative advantage and trade, supply and demand, markets, market efficiencies, market failures and government failures, elasticity and utility, this Microeconomics course is going to cover six major topic areas including: Markets and the Price Mechanism - Basic supply and demand analysis, price elasticity, diminishing marginal utility, indifference curves Costs, Revenues, Profit Maximization, and Market Structure - Marginal analysis, revenues, costs, and profit, perfect and imperfect competition, isocost curves and isoquants Industry Organization - Perfect competition, monopolistic competition, oligopoly, monopoly, game theory Market Failures, Externalities, Government Intervention and Regulation - Public goods, spillover costs and benefits, and inefficiencies of over-regulation and under-regulation Income Distribution and Government Redistribution Policies - Factor/resource markets and effects of taxes, transfers and subsidies International Economics - Comparative advantage, trade, exchange rates & economic development Study Time: A general guideline is that you should spend three hours of independent study time outside of class for each hour in class. We meet for three hours each week so that is nine hours of independent work each week. I know many of you are working part-time and full-time jobs, have families and are active in student sports and activities. I do understand that many of you are taking 15 and 18 hours. Based on the 3- to-1 formula, that is 60 to 72 hours of academic work alone! YOU need to be realistic about your own capabilities and commitments!

4 Doty Micro Syllabus Spring 2018 Participation: Classroom Conduct: Class Notes: Make-Up Policy: Canvas Discussions: Academic Integrity: Woody Allen said, 80% of life is showing up! You can t learn if you re not in class! You are expected to attend every class. There will be hands-on active lessons designed to reinforce the unit material and emphasize the importance of attendance. Be prepared to move around, work in pairs or groups, and think out of the box on class days. Your charged smart devices are required in class every day! This is simply a matter of respect mine for you yours for each other and for me. Arrive on time and stay for the duration of class. Be quiet and attentive during lectures. Participate during activities. Be prepared. With the exception of your required devices, keep your other electronic devices turned off. Stay on task and don t get distracted! In economics, we learn about the importance of private property ownership be good stewards to university property. Do not photograph, audio or video tape lectures, discussions or activities. Do not copy or distribute any presentation, activity, or assessment materials from class or on-line supplement. Do your own work and properly cite the work of others. The University of Texas at Tyler has an academic integrity policy. I take it very seriously and expect you to also. Be honest, do your best work and learn. I will provide you with copies of my slides in both PowerPoint and.pdf form on Canvas. This will allow you to open and annotate them on your smart device. These slides provide the skeleton for your class notes and form the foundation for my lectures and for our class discussions and activities. You must have them each day. Please familiarize yourself with both Canvas and a.pdf annotating program (I highly recommend the Notability app for ipad users or EverNote for Android) and be ready to annotate these notes at the beginning of each class. I do not prepare my slides or lectures from the book. My lecture notes and your McGraw-Hill course materials will complement, not duplicate, each other. If you are absent for any reason university business, sports, extracurricular activities, other course obligations, health issues, family crises, work conflict, religious obligation, etc. on a non-test day and you miss an activity or a quiz, your make-up is with your QuickStart buffer points so be sure to earn them in advance. That is what they are for! If you are absent for any reason on a test day, your make-up is with the final exam I will increase the value of your final exam to replace the missed test. I will post questions for you to answer on Canvas Discussions ten times over the course of the semester. Check daily schedule; on days that we do not meet, you will answer during the regularly scheduled class period. For each assessment, I will ask you to sign a statement confirming that you have taken the assessment in accordance with the Academic Integrity Policy currently in place at The University of Texas at Tyler. I embrace honor and integrity that will not allow me to lie, cheat, or steal nor to accept the actions of those who do.

5 Doty Micro Syllabus Spring 2018 Microeconomics Challenge: This will be a fun way to REVIEW in class for your Final Exam. Maybe you can even earn points! Grading*: QuickStart Buffer Points** 10 points = 100 points (Do not double count; supplement only) McGraw Hill LearnSmart Achieve Assignments Class/Discussion Activities Group Project Unit Exams Final Cumulative Exam 10 points = 100 points (note, some assignments have 2 parts) 10 points = 200 points 100 points = 100 points 100 points = 400 points*** 200 points = 200 points *Read grading policy thoroughly! **There is no such thing as a free lunch! You must earn your QuickStart buffer points! See directions posted on Canvas. *** A missed unit exam, for ANY reason, may be made up with the final exam. Course Grade: A = 900+ points B = points C = points D = points F = 599- points Grade Tracking: This syllabus is the sole source for course grading policy. Canvas and MH grades can give you a sense of how you do on single assignments but should not be relied upon to determine course progress or final grades. Remember, grade discussions will only be held in person during office hours. Students with Special Needs: If you have an accommodation plan, you must meet with me during office hours and provide me, in writing, the accommodations for which you are entitled before I will complete the contract with the Testing Center for you. Meeting in person will help me to be more aware and better able to meet your specific needs in and out of the classroom.

6 Doty Micro Syllabus Spring 2018 A full semester s day-by-day schedule of class topics, preparation and assignments follows. I would strongly advise you to put this information into your calendar. Schedule of Classes for Spring 2018 Principles of Microeconomics #1 Day January 15 Class # and Topic Holiday No Class Assignment MLK Day Information January 17 Class #1 Welcome to Economics Purchase McGraw-Hill Course Connect materials. Canvas and McGraw-Hill are open. Begin by opening the Getting Started Folder on Canvas where you will find the syllabus, the McGraw-Hill registration instructions and the list of QuickStart activities. January 19 Class #2 Course Tools and Policies QuickStart activities #1-#10 are due by January 26th at 5:00 pm. Note that QuickStart #10 is also LearnSmart Achieve #1 Read Syllabus thoroughly and register for McGraw-Hill. Begin working through QuickStart activities. Be sure that you are registered in the correct class on McGraw-Hill for your course materials. Bring your Smart Device to class. Learning Objectives for week #1: Demonstrate your understanding of the way learning will occur in this course in class and by working through QuickStart activities. Demonstrate your familiarity with the tools we will use for learning in this course in class and by working through QuickStart activities. Demonstrate your understanding of the economic way of thinking in class and by working through the QuickStart activities. Apply the economic way of thinking to fundamental economics

7 Doty Micro Syllabus Spring 2018 Schedule of Classes for Spring 2018 Principles of Microeconomics #2 Day Class # and Topic Assignment Information January 22 Class #3 The Economic Way of Thinking Work on QuickStart activities #1-10 QuickStart activities #1-#10 are due by January 26 th at 5:00 pm. LearnSmart Achieve #1 (Production) is open and due at 8:00 am on January 29 th January 24 Class #4 Fundamentals Finish up QuickStart activities #1-10 Be working on LearnSmart Achieve #1 QuickStart activities #1-#10 are due by January 26 th at 5:00pm. LearnSmart Achieve # (Production) is open and due at 8:00 am on January 29 th. January 26 Class #5 Class will not meet in person Finish up QuickStart activities #1-10 Be working on LearnSmart Achieve #1 QuickStart activities #1-#10 are due by January 26 th at 5:00pm. LearnSmart Achieve #1 (Production) is open and due at 8:00 am on January 29 th. Learning Objectives for Fundamentals week #2 Define microeconomics and macroeconomics. Apply the economic way of thinking to fundamental economics. Identify the various resource categories used in economics. Define scarcity and explain its importance in economics. Identify the opportunity cost of a choice. Explain rational decision making. Define marginal benefit and marginal cost. Describe the relationship between marginal benefits and costs in equilibrium. Explain how resources are combined to produce output. Construct and interpret a production possibilities frontier. Calculate and explain opportunity cost using a production possibilities frontier. Identify comparative advantage using opportunity costs. Identify patterns of specialization using comparative advantage. Identify the terms of trade using comparative advantage. Illustrate the gains from trade in a production possibilities frontier model. Illustrate how increasing opportunity costs affect the production possibilities frontier. Model the flow of resources, output, and monetary transactions in a simple econom

8 Doty Micro Syllabus Spring 2018 Schedule of Classes for Spring 2018 Principles of Microeconomics #3 Day January 29 Census Day Class # and Topic Class #6 Theory of the Business Firm Assignment LearnSmart Achieve #1 (Production) is due at 8:00 am this morning. It has been open for one week. Information LearnSmart Achieve #2 (Perfect Competition) is open and due at 8:00 am on February 5. January 31 Class #7 Production LearnSmart Achieve #2 (Perfect Competition) is open and due at 8:00 am on February 5. February 2 Class #8 Cost Curves LearnSmart Achieve #2 (Perfect Competition) is open and due at 8:00 am on February 5. Learning Objectives for Production - week #3: Determine whether a cost is implicit or explicit. Calculate economic and accounting profits. Calculate a firm's total, marginal, and average product. Calculate a firm's fixed, variable, and total costs of production Calculate a firm's average costs of production. Calculate a firm's marginal costs of production. Describe the relationship between marginal cost and average total cost and between marginal cost and average variable cost. Illustrate the relationship between the short- and long-run average total cost curves. Describe the shape of the long-run average total cost curve as it relates to decreasing, constant, and increasing average total costs.

9 #4 Day February 5 Class # and Topic Class # 9 Industry Organization Assignment LearnSmart Achieve #2 (Perfect Competition) is due at 8:00 am this morning. It has been open for one week. Information LearnSmart Achieve #3 (Monopoly) is open and due at 8:00 am on February 12th. February 7 Class #10 Perfect Competition LearnSmart Achieve #3 (Monopoly) is open and due at 8:00 am on February 12th. February 9 Class #11 Class will not meet in person. Discussion #1 on Canvas LearnSmart Achieve #3 (Monopolistic Competition and Oligopoly) is open and due at 8:00 am on February 12th. Learning Objectives Perfect Competition - week #4: Know the characteristics of a perfectly competitive market. Show how the demand for an individual firm's output is determined by the market equilibrium price. Predict how a perfectly competitive firm will respond to changes in market prices. Use the model of the perfectly competitive firm to determine short-run economic and normal profits. Use the model of the perfectly competitive firm to determine when a firm will shut down or operate at a loss in the short run. Determine the shape of the short-run supply curve using the marginal cost curve. Show how the perfectly competitive firm adjusts to changes in market prices in the long run. Derive the long-run market supply curve in a perfectly competitive industry under conditions of constant resource costs

10 # 5 Day February 12 Class # and Topic Class #12 Comparison between Perfect Competition and Monopoly Assignment LearnSmart Achieve #3 (Monopoly) is due at 8:00 am this morning. It has been open for one week. Information LearnSmart Achieve #4 (Monopolistic Competition and Oligopoly) is open and due at 8:00 am on February 19 th. February 14 February 16 Class #13 Pure Monopolies and Exceptions Class #14 Class will not meet in person. Be working on LearnSmart achieve #4 LearnSmart Achieve #4 (Monopolistic Competition and Oligopoly) is open and due at 8:00 am on February 19 th. Discussion #2 on Canvas LearnSmart Achieve #4 (Monopolistic Competition and Oligopoly) is open and due at 8:00 am on February 19 th. Learning Objectives for Monopoly week #5: Know the characteristics of a pure monopoly. Define and calculate the marginal revenue for a pure monopoly. Determine the profit-maximizing quantity of output and price for a pure monopoly. Contrast the efficiency of a competitive market to that of a monopoly market. Explain how firms segregate market participants by elasticity in order to charge different prices. Identify graphically the unregulated monopoly price and the regulated normal profit and competitive prices for a monopoly. Demonstrate how a natural monopoly can be efficient.

11 # 6 Day Class Topic Assignment Information February 19 Class # 15 Monopolistic Competition LearnSmart Achieve #4 (Monopolistic Competition and Oligopoly) is due at 8:00 am this morning. It has been open for one week. Wednesday.LearnSmart Achieve #5 (Resources) is open and due at 8:00AM on February 26 th. February 21 February 23 Class #16 Oligopoly Class #17 Game Theory LearnSmart Achieve #5 (Resources) is open and due at 8:00AM on February 26 th. LearnSmart Achieve #5 (Resources) is open and due at 8:00AM on February 26 th. Learning Objectives for Monopolistic Competition and Oligopoly week #6: Know the characteristics of the monopolistically competitive firm. Explain the characteristics of the demand curve faced by the monopolistically competitive firm. Determine the short-run equilibrium for the monopolistically competitive firm. Show how the equilibrium output of a monopolistically competitive firm is neither allocatively nor productively efficient in the long run. Know the characteristics of an oligopoly. Illustrate the strategic behavior of oligopolistic firms using game theory. Construct and solve game theory problems using three different models.

12 #7 Day Class Topic Assignment Information February 26 Class #18 Resources LearnSmart Achieve #5 (Resources) is due at 8:00 am this morning. It has been open for one week. LearnSmart Achieve #6 (Resource Prices and Utilization) is open and due at 8:00AM on March 5 th. February 28 Class #19 Class will not meet in person Study Guide - Graphing Test Prep materials will be posted on Canvas March 2 Class #20 Class will not meet in person Study Guide - MC Test Prep materials will be posted on Canvas Learning Objectives for Resources - week #7: Calculate marginal revenue product. Define marginal resource cost. Describe the derived demand for resources. Determine optimal resource utilization using marginal revenue product and marginal resource cost analysis. Predict how a change in a determinant of resource demand affects the demand for a resource.

13 #8 Day Class Topic Assignment Information March 5 Class #21 Resource Prices and Utilization LearnSmart Achieve #6 (Resource Prices and Utilization) is due at 8:00 am this morning. It has been open for one week. Study LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. They will be open for two weeks and I advise you not to look at them until after this week s exams so that you are not distracted by new material. March 7 March 9 Class #22 Unit One Graphing Exam Class #23 Unit One Multiple Choice Exam Study LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. They will be open for two weeks and I advise you not to look at them until after this week s exams so that you are not distracted by new material. LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. They will be open for two weeks and I advise you not to look at them until after this week s exams so that you are not distracted by new material. Learning Objectives for Resource Prices and Resource Utilization - week #8: Describe how productivity and product prices determine wages. Explain nominal and real wages. Show how the supply and demand for labor interact to generate an equilibrium wage rate. Explain the impact of an inclusive union on wages and employment. Study Hints for Exam: Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates. Also, be able to illustrate a graph to tell a story.

14 #9 Day Class Topic Assignment Information March 12 Holiday NO CLASS Spring Break LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. Wednesday March 14 Holiday NO CLASS Spring Break LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. March 16 Holiday NO CLASS Spring Break LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are open and due at 8:00AM on March 19 th after Spring Break. Have a safe, re-energizing break and come back confident and prepared to finish the semester strong. Talk to your family about economics. Remember the concepts of diminishing marginal utility as you enjoy Spring break and rational decision-making when it comes to Spring Break!

15 #10 Date March 19 Class # and Topic Class #24 Demand Assignment LearnSmart Achieve #7a (Demand) and LearnSmart Achieve #7b (Supply) are due at 8:00 am this morning. They have been open for ten days. Information LearnSmart Achieve #8a (Market Efficiency) and LearnSmart Achieve #8b (Market Failure) are open and due at 8:00AM on March 26 th. March 21 Class #25 Supply LearnSmart Achieve #8a (Market Efficiency) and LearnSmart Achieve #8b (Market Failure) are open and due at 8:00AM on March 26 th. March 23 Class #26 Shifting Curves and Changing Equilibrium. LearnSmart Achieve #8a (Market Efficiency) and LearnSmart Achieve #8b (Market Failure) are open and due at 8:00AM on March 26 th. Learning Objectives for Demand and Supply - week #10: Explain that prices and quantities traded are determined by the interaction of buyers and sellers in a market. Describe the relationship between the price of a good and the quantity demanded. Explain why the demand curve is downward-sloping. Calculate and construct a market demand curve. Show how the demand curve changes in response to nonprice determinants of demand. Illustrate the effect of a change in income on demand. Illustrate the effect of a change in buyers tastes and preferences, the number of buyers, and buyers expectations on demand. Illustrate the effect of a change in the prices of related products (substitutes and complements) on demand. Describe the relationship between the price of a good and the quantity supplied. Calculate and construct a market supply curve. Show how the supply curve changes in response to nonprice determinants of supply. Illustrate the effect of a change in taxes and subsidies on supply. Illustrate the effect of a change in resource prices and technology on supply. Illustrate the effect of producers price expectations and a change in the number of sellers on supply. Show how demand and supply interact to determine an equilibrium price and quantity. Calculate the magnitude of a surplus or shortage using supply and demand. Predict how a change in demand will change equilibrium price and quantity. Predict how a change in supply will change equilibrium price quantity. Predict how changes in both demand and supply will change equilibrium price and quantity. Use supply and demand to determine the impact of a price ceiling on price and output. Use supply & demand to determine the impact of a price floor on price and output. Use supply & demand to determine the effects taxes paid by suppliers and demanders on the price and equilibrium quantity of a good

16 #11 Date: Class # and Topic Assignment Information March 26 Class #27 Market Efficiency LearnSmart Achieve #8a (Market Efficiency) and LearnSmart Achieve #8b (Market Failure) are due at 8:00 am this morning. They have been open for one wek. LearnSmart Achieve #9a (Elasticity) and LearnSmart Achieve #9b (Consumer Choice/Utility) are open and due at 8:00AM on April 2 nd. March 28 March 30 Class #28 Market Failure Class #29 Government Failure LearnSmart Achieve #9a (Elasticity) and LearnSmart Achieve #9b (Consumer Choice/Utility) are open and due at 8:00AM on April 2 nd. LearnSmart Achieve #9a (Elasticity) and LearnSmart Achieve #9b (Consumer Choice/Utility) are open and due at 8:00AM on April 2 nd. Learning Objectives for Market Efficiency and Market Failure - week #11: Determine consumer surplus and predict how changes in prices will affect consumer surplus. Determine producer surplus and predict how changes in prices will affect producer surplus. Determine the total economic surplus and the gains from trade in a market. Use changes in producer and consumer surplus to determine a deadweight loss. Define and identify productive and allocative efficiency in a competitive market. Illustrate the effect of a price ceiling on economic welfare using consumer surplus and producer surplus. Illustrate the effect of a price floor on economic welfare using consumer surplus and producer surplus. Illustrate the effect of a tax on economic welfare using consumer surplus and producer surplus. Use basic formulas to solve for consumer surplus, producer surplus, total economic surplus and deadweight loss. Describe the relationship between private and social benefits and costs. Discuss positive externalities in a demand and supply framework. Discuss negative externalities in a demand and supply framework. Categorize public and private goods.

17 #12 Date: Class # and Topic Assignment Information April 2 Class #30 Elasticity LearnSmart Achieve #9a (Elasticity) and LearnSmart Achieve #9b (Consumer Choice/Utility) are due at 8:00 am this morning. They have been open for one week. LearnSmart Achieve #10a (International Trade) and LearnSmart Achieve #10b (International Finance) are open and due at 8:00AM on April 9 th. April 4 Class #31 Utility LearnSmart Achieve #10a (International Trade) and LearnSmart Achieve #10b (International Finance) are open and due at 8:00AM on April 9 th. April 6 Class #32 Connecting to Unit One LearnSmart Achieve #10a (International Trade) and LearnSmart Achieve #10b (International Finance) are open and due at 8:00AM on April 10 th. Learning Objectives for Elasticity and Consumer Choice/Utility - week #12: Define elasticity and its role in economics. Calculate the price elasticity of demand. Define the midpoint formula and describe the reasoning behind its use. Interpret the numerical value found by calculating the price elasticity of demand for a good or service. Explain why the elasticity of demand changes along a linear demand curve. Use the elasticity of demand to determine how total revenue will change in response to a change in price. Predict how the number of substitutes or the proportion of income spent on a good or service will affect the elasticity of demand. Calculate the cross-price elasticity of demand for both substitutes and complements and interpret the results. Calculate the income elasticity of demand and determine whether the good or service is normal or inferior. Calculate the price elasticity of supply. Interpret the numerical value found by calculating the price elasticity of supply for a good or service. Contrast the elasticity of supply in the immediate period, short run, and long run. Define utility and marginal utility. Use the law of diminishing marginal utility to calculate marginal utility values. Understand how individuals seek to maximize total utility subject to preferences, prices, and a budget constraint. Integrate marginal utility analysis and prices to determine the utility-maximizing consumption bundle.

18 # 13 Date: April 9 April 11 April 13 Class # and Topic: Class #33 Foreign Exchange Markets Class #34 International Trade Class #35 International Finance Assignment: LearnSmart Achieve #10a (International Trade) and LearnSmart Achieve #10b (International Finance) are due at 8:00 am this morning. They have been open for one week. Information: No new homework. No new homework. No new homework. Learning Objectives for International Trade and International Finance - week #13: Describe the benefits of international trade. Use provided data to determine which country has a comparative advantage in the production of a good. Use provided data to determine the pattern of specialization between two countries. Identify the range of prices for which mutually beneficial trade will occur between two countries. Evaluate the gains from trade by illustrating them in a production possibilities model and by calculating them numerically. Illustrate the small-country model in a supply and demand diagram. Illustrate, using consumer and producer surplus, how exports affect economic welfare in the small-country model. Illustrate, using consumer and producer surplus, how imports affect economic welfare in the small-country model. Describe why individuals and societies may choose to establish barriers to trade. Use the small-country model to illustrate the effect of a tariff on international trade and economic welfare. Use the small-country model to illustrate the effect of a quota on international trade and economic welfare. Describe the role of exchange rates in international trade and finance. Show how demand and supply for currencies interact to determine an equilibrium exchange rate. Illustrate a flexible exchange rate system and a fixed exchange rate system Illustrate complex changes in a flexible exchange rate system..

19 #14 Day Class Topic Assignment Information April 16 Class #33 Group Work Study Guide - Graphing April 18 Class #34 Group Work Study Guide Multiple Choice April 20 Class #35 Test Review Unit Two Review Test Prep materials will be posted on Canvas Study Hints for Exam: Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates. Also, be able to illustrate a graph to tell a story.

20 #15 Day Class Topic Assignment Information April 23 April 25 Class #36 Unit Two Graphing Exam Class #37 Unit Two Multiple Choice Exam Test Prep materials will be posted on Canvas Test Prep materials will be posted on Canvas April 27 Class #38 Microeconomics Challenge. Study Hints for Exam: Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates.

21 #16 Day Class Topic Assignment Information April 30 May 4 Class #36 Study Day No University Classes Class #38 Final Exam Optional Review The cumulative final exam is tentatively scheduled for 8-10AM in our classroom on May 4 th. Be sure to confirm the time and place as it gets closer. See Canvas for Dates and Times Check MyUTTyler for final exam dates, time and location. Remember that I do not schedule final exams. Study Hints for Exam: Every week, there has been a list of learning objectives. Each of these learning objectives was met in class AND in your MH assignments. Begin by reviewing learning objectives and go back to your reading, the videos, and the LearnSmart Achieve questions. Thoroughly review my posted presentations and your class notes on them. Review each class activity and think deeply about its take-away message. Be sure that you understand the underlying economic concepts that each graph illustrates and that you can tell the story that the graph illustrates.