Chapter 1. Introduction

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Transcript Chapter 1. Introduction

ECON 611002
Spring 2011, Kyungpook National University
Instructor: Dr. Seong-Hoon Cho
Agricultural and Resource Economics
University of Tennessee
Course Objectives
• This class is designed to study how individuals,
households and firms make decisions to allocate
limited resources, typically in markets where
goods or services are being bought and sold.
• We will examine how these decisions and
behaviors affect the supply and demand for
goods and services, which determine prices;
and how prices, in turn, determine the supply
and demand of goods and services.
General Student Responsibility
• Your responsibilities are to attend class,
• To be on time,
• To do the reading before and/or after the
material is covered in lecture,
• To take quizzes/exams at the designated time,
• To actively participate in-class presentation, and
• To report any academic dishonesty.
• Class room: Kyung Sang Hall (경상대) 311, Tue: 10:30am, Thr:
• Instructor office: Kyung Sang Hall (경상대) 401
• Required text: Perloff, Jeffrey M., Microeconomics, Fifth Edition
• Course requirements:
Class presentation
Final (Comprehensive) 40%
• 상대평가: 경북대 내규
Lecture No.
March 3, 8
Syllabus / Introduction & Economic Models /
Chapters 1,
March 10, 17
Summing Demand Curves, Supply / Market
Equilibrium / Supply and Demand Curves
Chapter 2
Chapter 3
March 18 (makeup
Elasticities / Effects of Sales Tax
for 15), 22
March 24, 29, 31
Preferences / Preferences & Utility / Utility &
Budget Constraint / Constrained Consumer Choice
Chapter 4
April 5, 7
Deriving Demand Curve/ Effects of Price Change /
Firms & Production
Chapter 5
April 12, 14
Law of Diminishing Marginal Returns / Isoquant &
Return to scale
Chapter 6
April 19 (Tue)
April 21, 26
Chapter 7
April 28, May 3
Competition & Profit Maximization
Chapter 8
May 5, 12
Welfare Analysis
Chapter 9
May 17, 19
Chapter 11
May 24, 26
Uncertainty / Research Using Microeconomics
Chapter 17
May 31, June 2
Externalities, Open Access, and Public
Chapter 18
June 7
All chapters
June 9 (Th)
Each class schedule
• Session I: 40 min lecture, 10 min break
(individual Q&A)
• Session II: 40 min lecture/quiz
Communication with me
• Please see me after class, call me, e-mail me or drop by
my office any time for help except before the classes in
the morning.
• If I am busy, we can schedule an appointment for
another time.
• No repeat of the same lecture for individual convenience:
It is your responsibility to attend each class. Do not
expect me to repeat the same lecture by any means, e.g.,
office visit, email, or phone call.
• We will have a quiz at the end of the class. You
will grade your quiz by yourself.
• There will be no makeup quizzes
– I really do not want to hear excuses for missing
quizzes, as it is difficult to determine their validity.
Make-up exams (midterm and final)
• Make-up exams are entirely at my
discretion and are generally available only
for students with direct KNU exam
conflicts or written medical excuses. You
must make arrangements with me in
advance of the scheduled exam, or will
receive a score of zero.
Honesty and integrity
• A student who attempts to cheat during any
exam will receive a failing grade.
• You are encouraged to ask to clarify questions
during the exam hours; however, inappropriate
questions about exams will be considered as
attempts to cheat and will result in a failing
– For example, you will receive a failing grade for
asking “Is this answer I have written down correct?” or
“Can I get a hint for this question?”
Use of email
• All the past power point slides and a power point
slide a class ahead will be delivered to you
through email.
• You are encouraged to print the power point
slide a class ahead prior to the class and use it
as a note and/or preview.
Use of e-mail
• I will try to communicate with you in the class but
I will use e-mail as alternative communication
• You are encouraged to check your e-mail
account frequently.
• I only reply to students’ email inquiries when
they make reasonable sense to deserve an
answer. I do not reply any type of plea email.
Examples of no-reply emails
“I have received my grade for the 3rd midterm and am
less than happy with the result, i know that i missed the
first multiple choice question and that is the reason my
grade went from a 98 to an 88, and i believe that if you
review the 4 pages of work that it took me to do the
remaining 9 questions there would be no doubt that i
understand the material and studied a lot for this
exam. In order to get a B in this class i needed a 92 on
this exam. I don't think that one question should have
cost me an entire letter grade on this exam and as a
result a letter grade in the class.”
More examples
• 제가 부득이한 사정으로 첫째시간 수업을
참석하지 못했는데요....여러가지
수강생들이 알아야 할 점이나..
주의사항들에 설명해 주셨을 듯한데 그
부분에 있어서 알려주셨으면
Low grade warning
• Students with a midterm grade lower than
60 are required to schedule a meeting with
me. Failure to attempt to schedule a
meeting may result in receiving a failing
Accommodation of students with
• I recognize its obligation to provide reasonable
academic accommodation to students with
disabilities where the accommodation can be
implemented without compromising the
academic integrity of the course or program.
Last but not least…
• Please refrain from cellular phone use of
any kind in class (e.g., texting, emailing)
Chapter 1. Introduction
What is microeconomics?
– The study of the allocation of scarce
• Scarcity is the mother of economics
– The study of supply and demand
(e.g., gasoline, food)
How do you study microeconomics?
• Memorization X
• Understanding O
• Logical thinking O
Three players of microecomics
• Consumer
– Maximize individual happiness (utility)
• Producer
– Maximize profit, minimize cost
• Government
– Maximize public happiness (utility)