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Economics 202: Introduction to Economics II-Microeconomics
Fall 2003

Lectures: Monday, Wednesday, Friday 9.00 – 9.50, CH104

Texts:                     F. S. Lee, Introduction to Neoclassical Microeconomics.

                              M. Parkin, Microeconomics, 6th edition

Assessment:         In-Class Exam I cover sections I & II

                            In-Class Exam II covers section III

                            In-Class Exam III covers section IV

                            Final Exam cover sections V & VI

                            Final exam is on Monday, December 15, 2003 from 1.00pm to 3.00pm.

Each in-class exam is worth 20% and the final exam is worth 40% of your final grade.

The exams will consist of problems like those found in the problem sets.  The exams will also have some multi-choice problems.

The grading scale for the course is the following:

 A             100% to 90%                                         C             71% to 68%
 A-           89% to 86%                                           C-            67% to 65%
 B+           85% to 83%                                           D+           64% to 62%
 B             82% to 78%                                           D             61% to 58%
 B-            77% to 75%                                           D-            57% to 55%
 C+           74% to 72%                                           F              anything less than 55%
 

Problem Sets: Problem sets are found at the end of each chapter of Lee, Introduction to Neoclassical Microeconomics.  They can be turned in for 5% extra credit.

Course Description: Introduction to Economics II deals primarily with microeconomics, firm analysis, the principles of  demand, supply, elasticity, price determination, costs, market structure, and the distribution of income.

 LECTURES AND READING OUTLINE

 I. Introduction to Neoclassical Economics

    A. What is Neoclassical Economics

         1. Lee, pp. 3 - 10

         2. Parkin, chs. 1 and 2.

     B. The Methodology of Neoclassical Economics

         1.Lee, pp. 10 – 11.

         2. Parkin, ch. 1.

 II. Consumer Behavior and the Demand Curve

     A. Consumer Behavior and the Demand Curve – the marginal utility approach

          1. Lee, pp. 14 – 18.

          2. Parkin, ch. 7

      B. Consumer Behavior and the Demand Curve – the indifference curve approach

          1.Lee, pp. 18- 29.

          2. Parkin, ch. 8.

       C. Market Demand Curve and Price Elasticity of Demand

           1. Lee, pp. 29 - 31.

            2. Parkin, ch. 3, pp. 59 – 64; ch. 4, pp. 81 – 92; and ch. 6, pp. 159 - 160.

 III. Production and Costs

       A. Production

            1. Lee, pp. 39 - 44.

            2. Parkin, ch. 10.

        B. Costs

             1.Lee, pp. 44 - 50.

             2. Parkin, ch. 10.

 IV. Supply Curve and Perfect Competition

             1. Lee, pp. 57 - 80.

             2. Parkin, chs. 3, 5, 6, and 11.

V. Firm, Market Structure, and Prices

     A. Monopoly

          1. Lee, pp. 88 – 93.

           2. Parkin, ch. 9, pp. 192 – 195; and ch. 12.

      B. Monopolistic Competition

           1. Lee, pp. 93 – 101.

            2. Parkin, ch. 13.

         C. Oligopoly

            1. Lee, pp. 101 – 108.

            2. Parkin, ch. 9, pp. 201 – 206; and ch. 13.

 VI. Perfect Competition and Distribution

       A. Distribution in the Short Period

            1.Lee, pp. 115 – 122.

            2.Parkin, chs. 14 and 15.

        B. Distribution in the Long Period

            1.Lee, pp. 122 – 125.

             2. Parkin, chs. 14 and 15.

 IMPORTANT NOTES

 1. Policy for Making Up In-Class Exams:  Make ups for in-class exams will be given only to those individuals who have a valid excuse—that is one that I will accept.

 2. Final Exam:  Students who miss the final exam due to illness or to a University-sanctioned event must call me at my office prior to the exam--otherwise, the exam score will be a zero.  If you are too sick to take the final exam, I require a copy of the receipt from your doctor's visit (dated the day of the final exam).  If you miss the final exam, I reserve the right to increase the level of difficulty of the make-up final exam, given that you would have had extra time to study for the exam.  Thus, I do not recommend missing the final exam.

 3.  Incompletes:  An incomplete can only be obtained if the student has attended the lectures and has taken all but the final exam.

 4.  Policy for Dropping the Course:  See UMKC Bulletin.

 5.  For some of you, this may be your first economics class.  Economics is a lot like math--today's topic builds on yesterday's topic.  Please ask questions as they arise--if you are confused about today's topic, chances are you will be even more confused about tomorrow's topic.  Get your questions answered on a weekly basis.  Do not let your confusion build until the day before the exam.

Department of Economics, 211 Haag Hall, University of Missouri-Kansas City 5100 Rockhill Road, Kansas City, Missouri 64110 U.S.A
Phone: (816) 235-1314 Fax: (816) 235-2834, E-mail: economics@umkc.edu