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Pizza Pizaa

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University of Guelph Department of Economics College of Management and Economics

ECON*1050 (01, 03) Introductory Microeconomics E. Adomait (Section 1 MWF 10:30 to 11:20 RozH 104) (Section 3 TTh 1 :00 to 2 :20 RozH 101) Email: eadomait@uoguelph.ca

Fall 2010

MacKinnon 728 Ext. 56343

It is your responsibility as a student to be aware of and to abide by the University’s policies regarding academic misconduct, e-mail communication, maintaining copies of out-of class assignments, what to do when you cannot meet a course requirement and the drop date for this semester. To better understand these policies, visit: http://www.economics.uoguelph.ca/courses.asp

COURSE OUTLINE

Synopsis
Market economies primarily rely upon the price system as a means of allocating resources. The objective of Introductory Microeconomics is to develop in students an understanding and appreciation of this price system. The course will survey the strengths and weaknesses of the market economy, as well as the successes and failures of government intervention in the market. Much of the course content is theoretical in nature. Once students have acquired facility in handling these analytical tools, attention will turn towards issues of public policy such as marketing boards, competition policy, environmental policy, and trade policy.

Required Textbook:
Michael Parkin and Robin Bade, Microeconomics, Canada in the Global Environment, 7th Ed. Purchased new, the textbook is bundled with an access code for MyEconLab. If you purchase a used textbook, you will have to purchase a stand-alone access code for MyEconLab. Note that an access code provides you an electronic copy of the textbook.

ECON*1050 - Introductory Microeconomics Instructor: E. Adomait

Fall 2010

Evaluation:
Midterm Tests (40 points)  2 midterm tests (20% each) on Saturdays October 16th and November 13th from 1:00 to 3:00 pm. The test will consist of 80 multiple-choice questions and short-answer questions worth 20 points. Final Exam (48 points) December 11, 2010 from 11:30 am to 1:30 pm  The final exam will cover the entire course but more weight will be given to the material covered after the 2nd midterm test. Assignments (10 points)  There is one assignment per chapter, for a total of 15. Only the top 10 will count. Assignments will be completed on-line using MyEconLab software. There are 10 questions per assignment.  Each assignment MUST be completed by its due date. Due dates are indicated in MyEconLab and in CourseLink.  You are allowed unlimited attempts per assignment and your grade is the highest of your attempts.  All assignments are to be done individually (no group work). Please allow 24 hours for servicing of technical difficulties.  Refer to CourseLink for instructions about using MyEconLab. Experiment (2 points)  Sessions for an economic experiment will be posted on CourseLink for the week of October 25th. Please sign up for one session. If you miss the experiment or do not wish to do it, the points will automatically be added to the final increasing its weight to 50%. Office Hours: E. Adomait: Tues., Thurs. from 10:00 am to 12:00 noon

Administrative Issues  Final Exam Conflicts: Any student who has a time conflict with the final examination may not register in this course.  Use of pocket calculators, electronic or paper dictionaries and translators is prohibited in all tests and examinations for this course. If you do not understand the meaning of a word on a test or examination, please ask.  Bring lead pencils and your student photo ID to the test and final examination.  Midterm results and answer keys will be posted on Courselink.  There will be a make up test for students who have documented medical or compassionate reasons for missing the midterm. Please check Courselink for details. If the makeup is not written the weight is shifted to the final.

ECON*1050 - Introductory Microeconomics Instructor: E. Adomait

Fall 2010

Course Outline,Required Textbook Reading and MyEconLab due dates:
Introduction What is Economics? The Economic Problem How Markets Work Demand and Supply Elasticity Efficiency and Equity Government Actions in Markets Global Markets in Action Household Choice Utility and Demand Firms and Markets Organizing Production Output and Costs Perfect Competition Monopoly Monopolistic Competition Oligopoly Market Failure and Government Externalities and Environment Chapter 1 Chapter 2 Fridays by 11:45 pm (sharp) Sept 17 Sept 24

Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7

Sept 24 Oct 1 Oct 8 Oct 15 Oct 22

Chapter 8

Oct 29

Chapter 10 Chapter 11 Chapter 12 Chapter 13 Chapter 14 Chapter 15

Nov 5 Nov 5 Nov 12 Nov 19 Nov 26 Dec 3

Chapter 16

Dec 3

Note: Midterm 1 should include chapters 1-6 and midterm 2 chapters 7-12. This schedule is tentative and subject to change. You will be asked to complete an evaluation for this course sometime during the last two weeks of classes. The Department of Economics policy regarding the conduct and use of these evaluations can be found at: http://www.economics.uoguelph.ca/course-evaluation.asp

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