Pomona College
Economics 52
Principles of Microeconomic
Fall 2011
James D. Likens
MWF 10:00 a.m.
Carnegie 109
Office Hours: MW 11:00 - 1145 a.m.; MW 2:30-3:15 p.m.; and by arrangement
909 621-8998 Office
909 621-1651 Home
jlikens@pomona.edu
http://www.economics.pomona.edu/jlikens
In the first part of the course you will learn about a number of formal models that describe the behavior of economic agents: These models will help you answer these kinds of questions: How can consumers most effectively spend their incomes, given the prices they face? How does a firm maximize profits? How would a rational person decide how many hours to work? How does a company decide how many units of various inputs to hire? From these formal models you will learn how supply and demand interact in the markets for goods & services, and how supply and demand interact in the markets for resources. Our formal models will also be extended into the policy arena: Does the market make good decisions? When might market outcomes be socially desirable, and when might they be undesirable? What is the best role for government as a provider of goods and services? What is the market impact of the taxes we pay? Can government to improve the functioning of private markets?
In the second part of the course you will
apply and extend these formal models to the study of real world public
policy issues. You will apply the formal reasoning you learned in the first part
of the course to write a paper that analyzes a policy issue and, as part
of a team of students working on the same issue, present your findings in
debate format to the
class. You will also read the papers of your classmates who have
worked on other topics and write a brief position paper expressing the
conclusions you have reached on the policy issues presented by them.
Text
Paul Krugman and Robin Wells, Microeconomics (New York: Worth Publishers, Second Edition, 2009).
Shop carefully. The text is sold in one version with Aplia. and in another version without. Normally it is less expensive to buy the text and Aplia tied together into a single package.
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Principles of
Microeconomics, Fall 2010 |
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Approximate bases for term grade
Online Aplia assignments: 30%
Four examinations 40%
Your
written debate paper and class presentation: 15%
Written policy
positions: 15%
SUPPLY AND DEMAND
Chapter 3 Supply and Demand
Chapter 4 Consumer and Producer Surplus
Chapter 5 The Market Strikes Back
Chapter 6 Elasticity
INDIVIDUALS AND MARKETS
Chapter 7 Taxes
Chapter 8 International Trade
ECONOMICS AND DECISION MAKING
Chapter 9 Making Decisions
THE CONSUMER
Chapter 10 The Rational Consumer
Chapter 11 Consumer Preferences and Consumer Choice
THE PRODUCTION DECISION
Chapter 12 Behind the Supply Curve: inputs and Costs
Chapter 13 Perfect Competition and the Supply Curve
MARKET STRUCTURE: BEYOND PERFECT COMPETITION
Chapter 14 Monopoly
Chapter 15 Oligopoly
Chapter 16 Monopolistic Competition and Product Differentiation
MICROECONOMICS AND PUBLIC POLICY
Chapter 17 Externalities
Chapter 18 Public Goods and Common Resources
Chapter 19 The Economics of the Welfare State
FACTOR MARKETS AND RISK
Chapter 20 Factor Markets and the Distribution of Income
Chapter 21 Uncertainty, Risk, and Private Information
Part II: Applying Formal Models to Public Policy Issues
A number of weeks into the semester each student will be asked to choose a topic
from a list of ideas submitted by the professor and suggested by students.
Several students will be assigned to the same general subject and each student
will be responsible for developing an aspect of the topic for his/her paper and
class presentation.
In addition, you will be responsible for attending the presentations of other students, reading their papers, and coming to your own conclusion (in writing) about the topic.
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