SYLLABUS
BADM 202 PRINCIPLES OF MICROECONOMICS
THE CITADEL
Monday, Wednesday, and Friday at 9:00 and 10:00 pm
SPRING 2004
INSTRUCTOR: W. William Woolsey
OFFICE: 273-A Bond Hall
TELEPHONE: 953-5161(O) 795-5062(H)
E-MAIL: Bill.Woolsey@Citadel.Edu
or wwoolsey@comcast.net
OFFICE
HOURS: Monday 2:00-3:30
Tuesday 2:00 – 3:30
Wednesday, 2:00-3:30
Or By Appointment
Or By Appointment
COURSE OBJECTIVES:
1. Students must be able to discuss the various factors related to the demand for a good or service and relate to revenue and marginal revenue. Students must be able to illustrate these concepts using equations, spreadsheets, and diagrams.
2. Students must be able to discuss opportunity cost and sunk costs. Students must be able to define the various measures of the cost of production (total, fixed, variable, marginal, average total, and average variable) and illustrate using equations, spreadsheets, and diagrams.
3. Students must be able to explain the logic of profit maximization and illustrate using equations, spreadsheets, and diagrams.
4. Students must be able to calculate the value of a firm and discuss its implications for inter-temporal decision making.
5. Students must be able to discuss the competitive market process and the invisible hand of market coordination.
6. Students must be able to discuss various forms of market and political failure.
COURSE TEXT: Lecture Summaries—on the web—www.citadel.edu/faculty/woolsey
EVALUATION:
1. Homework 25%
2. Team Project 30%
3. Tests (6) 30%
4. Final Exam 15%
GRADING SCALE:
90 - 100 A
80 - 89 B
70 - 79 C
60 - 69 D
59 and below F
ASSIGNMENTS
1. Homework is an important part of this course. All homework assignments will be graded! Copying homework assignments is an honor violation. Homework must be stapled if there is more than one page. Also always put your name and the time your class meets on the front of your homework. Fold vertically and put your name on the outside.
2. The
team project will involve a simple computer simulation. Each team will manage a
firm that is in competition with the others. The goal is to make as much profit
as possible. A written report of the teams’ activities will be due during the
final exam period. The team must make an oral presentation describing the
team’s activities during the final week of class. The written report must be
prepared using a word processor, spreadsheets, and while content is most
important, spelling and grammar count. The specifics of the assignment will be
provided on a handout.
3. Students must complete six in-class exams (5% each) and a cumulative final exam (15%). There will be essay questions on the concepts and processes discussed in the text and class lectures. There will be problems and diagrams similar to the homework assignments.
4. Numeric grades are assigned for all assignments on a 100 point scale. No particular assignment is ever "curved." There will be no curve at mid-term. It is possible, however, that the final grades for the course will be "curved
SCHEDULE:
|
Date |
|
Lecture |
Topic |
|
Jan |
14 |
Economic
Orders |
1 |
|
Jan |
16 |
Laws
of Supply and Demand |
2 |
|
Jan |
21 |
Equilibrium
Price and Quantity |
3 |
|
Jan |
23 |
Price
Controls |
4 |
|
Jan |
26 |
Changes
in Supply and Demand |
5 |
|
Jan |
28 |
Factors
Relating to Supply and Demand |
6 |
|
Jan |
30 |
Marginal
Utility |
7 |
|
Feb |
2 |
Test
1 |
|
|
Feb |
4 |
Demand
Functions |
8 |
|
Feb |
6 |
Revenue |
9 |
|
Feb |
9 |
Demand
Elasticities |
10 |
|
Feb |
11 |
Demand
in Excel |
11 |
|
Feb |
13 |
Sunk
and Opportunity Costs |
12 |
|
Feb |
16 |
Test
2 |
|
|
Feb |
18 |
Marginal
and Incremental Costs |
13 |
|
Feb |
20 |
Cost
Functions and Diagrams |
14 |
|
Feb |
23 |
Costs
in Excel |
15 |
|
Feb |
25 |
Business
and Economic Profits |
16 |
|
Feb |
27 |
Test
3 |
|
|
Mar |
1 |
Profit
Maximizing Output |
17 |
|
Mar |
3 |
More
Marginal Analysis |
18 |
|
Mar |
5 |
Profits
in Excel |
19 |
|
Mar |
8 |
Short
Run Production |
20 |
|
Mar |
10 |
Test
4 |
|
|
Mar |
12 |
Marginal
Product of Labor |
21 |
|
Mar |
15 |
Short
Run Cost Function |
22 |
|
Mar |
17 |
Short
Run Production in Excel |
23 |
|
Mar |
19 |
The
Value of the Firm |
24 |
|
Mar |
29 |
Test
5 |
|
|
Mar |
31 |
Demand
for a Capital Good |
25 |
|
Apr |
2 |
Capital-Labor
Ratio and Long Run Cost |
26 |
|
Apr |
5 |
Returns
to Scale and Long Run Average Cost |
27 |
|
Apr |
7 |
Competition
and Long Run Equilibrium |
28 |
|
Apr |
9 |
Creative
Destruction |
29 |
|
Apr |
12 |
Exam
6 |
|
|
Apr |
14 |
Monopoly
and Competition |
30 |
|
Apr |
16 |
Taxes
and Subsidies |
31 |
|
Apr |
19 |
External
Costs and Public Goods |
32 |
|
Apr |
21 |
Presentation
Firm A&B |
|
|
Apr |
23 |
Presentation
Firm C&D |
|
|
Apr |
26 |
Presentation
Firm E |
|
|
Apr |
28 |
Final 13:00 |
|
|
Apr |
29 |
Final 13:00 |
|
|
Apr |
30 |
Final 13:00 |
|
|
May |
1 |
Final 8:00 |
|