Economic Principles I - Microeconomics (ECON 201) Syllabus .

LOYOLA UNIVERSITYRome CenterEconomics DepartmentEconomic Principles I - Microeconomics (ECON 201)TR 3:40pm – 4:55pmSpring 2019 SyllabusI. GENERAL INFORMATIONInstructor:Office hours:Telephone:Email:Background:Marshall LangerBy appointment (convenient times: R 6:15 – 7:15pm) 39 347.1763096mlanger11@gmail.comWall Street; corporate management, economic analysis, strategic planning. MBA, Wharton School.II. COURSE INFORMATION1. Course Description. The course introduces the student to the principles of microeconomics and themicroeconomic way of thinking. The course shows the student there is a certain logic and quantitativeapproach to examining consumer and firm behavior. Topics include supply and demand, elasticity, marketefficiency, taxation and impacts, externalities, public goods and free rider problem, common resources and thetragedy of the commons, production and costs, competitive firm pricing and output, monopoly firm pricing andoutput, monopolistic competitive firm pricing and output, oligopoly firm pricing and output, game theory,markets for factors of production, wage earning, and poverty.2. Learning Objectives.A. Apply microeconomic principles to develop accurate assessments of markets and firms.B. Grasp concepts related to public goods, taxation, and competition.C. Think opportunistically based on real world economic principles.D. Produce effective, realistic, economically sound quantitative analyses (in Excel).III. LEARNING ACTIVITIES1. Interactive class discussion. Classes are highly interactive. Instructor prompts students forresponse to questions posed and solicits his/her thoughts on issues discussed. Format is probing anddirect. Additionally, instructor provides concrete, real-world examples to illustrate concepts. Lectureformat reinforces by example appropriate methods for asking questions, gaining relevant insights, andmaking appropriate recommendation. (Contributes to Learning Objectives A, B, C, D)2. Presentation of textbook readings. Textbook and other assigned readings (assigned according tothe schedule in section VII of this syllabus) present relevant topics, which are covered more depthfullyin class lecture. In class discussion of readings, instructor highlights most relevant reading topics andshows by example how to present data in a stimulating way, consistent with achieving courseobjectives. (Contributes to Learning Objectives A, B, C)-1ECON 201 Spring 2019

3. Case Study and/or Article Presentation. Case studies and articles are used to further illustratereal-world examples of subject topics. For all assigned cases/articles, students should be prepared toanswer questions about the case/article and be able to illustrate its subtler aspects. For selectcases/articles an individual written submission is due. For select cases/articles students will be selectedto make a presentation. In class discussion of case studies/articles serves to highlight analyticalmethods, indicating specifically, ways to discern the most relevant focal points. (Contributes toLearning Objectives A, B, C, D)4. Crowdfunding / community development project. Students will prepare business/organizationalplan to present on select crowdfunding websites and chose a local charity to which to contribute fundsraised. Additional details to be provided once local recipient organization is selected. (Contributes toLearning Objectives A, B, C, D)IV. ASSESSMENT30%35%15%5%5%10%Midterm examFinal examCrowdfunding / community development projectPresentation of case study, articleHomeworkQuizzes and class participation1. Exams. Exams will be composed of essay questions that test your ability to apply conceptsdiscussed through the exam date. (Measures Learning Objectives A, B, C)2. Case/Article Analyses. All cases/articles should be prepared for class. For select cases/articles,where indicated, an individual written submission is due and is assigned based on the schedule insection VII of this syllabus. Additionally, for select cases/articles students will be selected to make apresentation. Your grade for the presentation will reflect much new insight you teach the class (ratherthan repeat the facts). (Measures Learning Objectives A, B, C)3. Crowdfunding / community development project. See section III-4 for detail. Grade isdependent on quality of organizational plan and execution. (Measures Learning Objectives A, B, C, D)4. Homework. You will be assigned exercises from each chapter covered. The assignments willusually be due the following class. No late homework accepted. (Measures Learning Objectives B, C)5. Quizzes. Short, in-class quizzes will test your comprehension of course materials to date. (MeasuresLearning Objectives A, B, C)6. Class Participation. You will be graded on the quality of, and demonstrated insight of, your inclass comments, including comments related to answers to assigned problems. (Measures LearningObjectives A, B, C, D)7. Attendance Policy. Please note that course attendance is based on prompt class attendance,preparation and active participation in class discussions. In accordance with the JFRC mission topromote a higher level of academic rigor, all courses adhere to the following absence policy. Promptattendance, preparation and active participation in course discussions are expected from every student.-2ECON 201 Spring 2019

For all classes meeting once a week, students cannot incur more than one unexcused absence.For all classes meeting twice a week, students cannot incur more than two unexcused absences.For all classes meeting three times a week, students cannot incur more than two unexcusedabsences.This course meets twice a week, thus a total of 2 unexcused absence(s) will be permitted. Unexcusedabsences beyond these will result in a lowering of your final grade.8. Academic Honesty. Plagiarism and other forms of academic dishonesty are unacceptable at theJFRC and will be dealt with in accordance with Loyola University Chicago’s guidelines. Pleasefamiliarize yourself with Loyola’s standards d/reg academicintegrity.shtml. You are responsible tocomply with the LUC Student Handbook.9. Late or Missed Assignments. Late or missed assignments will not be accepted for grading withoutthe authorization of the instructor.10. Accessibility Accommodations. Students registered with the Student Accessibility Centerrequiring academic accommodations should contact the Office of the Dean at the John Felice RomeCenter, the first week of classes.11. Course Grading Scale.Course Grading ScaleGrade Total PointsA93.0 - 100.0A90.0 - 92.99B 87.0 - 89.99B83.0 - 86.99B80.0 - 82.99C 77.0 - 79.99C73.0 - 76.99C70.0 - 72.99D 67.0 - 69.99D60.0 - 66.99FLess than 60 le-3ECON 201 Spring 2019

V. REQUIRED COURSE READING MATERIAL1. Required reading:CodeTitleObtained by student:PMMankiw, Principles of Microeconomics, 7th Edition, Cengage, 2014Available on Amazon @ th-MankiwsEconomics/dp/128516590X/ref sr 1 1?ie UTF8&qid 1484582182&sr 81&keywords Mankiw%2C Principles of Microeconomics%2C 7th EditionDistributed electronically by instructor:EMHooke, Emerging Markets, A Practical Guide, Wiley, 2001KRKrugman, Obstfeld, International Economics: Theory and Policy, 7th Edition, Pearson, 2005NELewicki, Litterer, Negotiation, Irwin, 1993Select articles and cases as detailed in Section VII--VI. SUGGESTED ADDITIONAL READINGS1. Books.Hill, Think and Grow Rich, St. Martin’s Press, 2001Friedman, The World is Flat, Picador, 2007Samuelson, Economics, McGraw-Hill, 2004Rolfe, Monkey Business, Warner Books, 20012. Internet Sites.http://stats.bls.gov for US Bureau of Labor Statisticswww.sec.gov for public company filings (all U.S. public plus foreign public with U.S. listings)www.hoovers.com for summary company info, comparables search, etc.www.statsoft.com/textbook/stathome - for straightforward explanations of statistical terms and conceptshttp://www-personal.umich.edu/ alandear/glossary/ - for termshttp://en.m.wikipedia.org/wiki/Fractional reserve bankinghttp://www.youtube.com/watch?v jFnH9MCdpLo - fed operations videohttps://www.youtube.com/watch?v NhgBpzmqxYA - Charlene Barshefsky (USA trade rep)3. Periodicals.Business Week, Harvard Business Review, Sloan Management Review, The Economist-4ECON 201 Spring 2019

VII. CLASS SCHEDULE & HOMEWORKPlease note: You are not required to make a written submission unless instructed to do so. Readingshould be completed prior to class. You should read the introduction at the beginning of each chapterand the conclusion as the end plus the assigned sections below.12T 01/22R 01/24IntroductionLectureTopic /Written Assignment Due (if any)INTRODUCTION TO MICROECONOMICSCourse introduction.Introductory microeconomic concepts.34T 01/29R 01/31LectureLecture------------VideoFUNCTIONING MARKETSSupply and demand forces.Elasticity---------------- -------------------------------Milton Friedman on global economics#DateInstruction /Activity5T 02/05Lecture------------Films6R 02/07ReviewSee:http://www.youtube.com/watch?v jOO4kPSaD4YGovernment ActionGovernment intervention---------------- -------------------------------Government intervention in China markets:-Deng Xiaoping-https://www.youtube.com/watch?v Iw7Q1LiNXigReviewSee xls file me - Summary analysis (C1,2,4,5,6) Demand, capacity,elasticity-w hwExcel7T 02/12Excel8R 02/14Lecture------------Films9T 02/19Guest Lecture10R 02/21Article------------Videos11T 02/26Guest Lecture1213R 02/28T 03/05LectureGuest Lecture14--1516R 03/07T 03/12R 03/14T 03/19R 03/21LectureNo ClassNo ClassReviewExamTaxationTaxation costs.Tax spending, laws, forms, works.---------------- -------------------------------See:Fed today: http://www.youtube.com/watch?v jFnH9MCdpLoMoney for Nothing (49-1.02 min): https://www.youtube.com/watch?v e zUGNfeSSIAlessandro Albanese, Economist – Roma Tre UniversityTopic: European economics and finance; ECBIMF/World Bank article---------------------- ----------------------Life and Debt (Efficiency, government intervention in the Jamaican Economy)IMF: https://www.youtube.com/watch?v MhrC2 Hak08World Bank: https://www.youtube.com/watch?v F59fF-xu-bYShawn Slon, Former financial executive and day traderTopic: Firm economic analysis and day tradingPUBLIC SECTOR ECONOMICSExternalitiesGiovanni Rizzo, Italian Ministry of Economic DevelopmentTopic: Game theoryPublic goods and common resources--Midterm Exam review.Midterm Exam.-5ECON 201 Spring 2019Reading Assignment(Read for assigned class)-PM: 1-2, 1-3PM: 2-1f, Table 1 p32PM: 4-2c, 4-3c, 4-4PM: 5-1a-b, 5-1d, e, g,5-2PM: 6-1a-b, 6-2a-b--Optional Excelreading postedmydrivePM: 8-1PM: 12-1-Posted with classnotes included-PM: 10-1b-c, 10-2a-bSection 5.4Section 5.5 p176 (mid)-177in game theoryreading postedmydrivePM: Chapter 11 (all)-----