Economics 520
T,Th 11:05
AK 116

Professor Dennis Weisman
Office: Waters 246
Contact: 532-4588/weisman@ksu.edu

 This course is designed to develop the basic concepts and techniques of microeconomic theory
and its applications. Considerable emphasis will be placed on problem solving and the application
of microeconomic theory to selected public policy issues.

READING.

 The required textbook for this course is Microeconomics by Robert Pindyck and Daniel
Rubinfeld (Prentice Hall, 1998: Fourth Edition). You are responsible for the pages assigned
regardless of whether they are covered specifically in class.

 One goal of this course is to help you understand and analyze current economic issues in the
news. Frequent references to articles from the Wall Street Journal will be made during the course
of the semester. You might want to consider subscribing to the Wall Street Journal, but you are
not required to do so. Other items of relevance in the news will be used to facilitate classroom
discussion. Links to several government Websites of interest are provided on my Web site:
http://www.ksu.edu/economics/weisman.

COURSE REQUIREMENTS.

 There will be four examinations in this course, three mid-term examinations and a final
examination. The two highest scores obtained on the three midterm examinations will be used in
computing your final grade. Each of these midterm examinations counts for 30% of your total
grade. The final examination counts for 40% of your total grade. Regular attendance at all lectures
is highly recommended. Lecture material not specifically covered in the text may appear on the
examinations.

PROBLEM SETS.

There will be 4 problem sets assigned throughout the term. You may access these problem sets
on my Web site. Solutions to all problem sets will be provided. The problem sets are not graded
and therefore you are not required to turn them in. The problem sets are designed to give you
practice in working the types of problems you will likely encounter on the examinations. Hence,
working through the problem sets carefully will increase the likelihood of superior performance
on the examinations.

TEACHING PHILOSOPHY.

 I believe that students should be held to stringent standards of performance and that course
grades should accurately and fairly reflect that performance. You should expect to devote
considerable time outside of the classroom to reading the assigned material and working through
problems. If you are unwilling or unable to commit to this level of effort, you are strongly
encouraged to reevaluate the merits of enrolling in this particular class. Within these parameters,
however, my goal is to make this course both interesting and challenging while helping you
develop a set of tools that will be of significant benefit to you in your respective careers.

OFFICE HOURS.

 Tuesday and Thursday 9:30-11:00 and by appointment.

COURSE OUTLINE.

 The following is an outline of the major topics that will be covered in this course, along with
the associated readings in the textbook by Pindyck and Rubinfeld (P&R).

1. Overview and Introduction to Microeconomics.

  P & R, Chapter 1.

2. Review of Important Mathematical Concepts.

3. Demand and Supply.

 A. Elasticity of Demand and Supply.
 B. Equilibrium and Disequilibrium.
 C. Rationing and Government Intervention.

  P & R, Chapter 2.

 4.   Theory of Consumer and Market Demand.

 A. Utility Maximization and Budget Constraints.
 B. Income and Substitution Effects.
 C. Derivation of Demand Curves.

  P & R, Chapters 3 - 4.

5. Theory of the Firm.

 A. Profit-Maximization.
 B. Optimal Production Decisions.
 C. Derivation of Cost Functions.

                           P & R, Chapters 6 - 8.

 6.   Perfect Competition.

  P & R, Chapter 9.

7. Monopoly and Oligopoly.

  P & R, Chapters 10 - 13.

8. Factor Demands.

 A. Perfect Competition.
 B. Imperfect Competition.
 C. The Role of Labor Unions.

  P & R, Chapter 14.

 9.   Externalities and Government Regulation.

 P & R, Chapter 18.

10. Review.
 

Honesty:  The Faculty Senate and the Provost have requested that the following statement appear
on course outlines:

          "Plagiarism and cheating are serious offenses and may be punished by failure on the exam,
     paper or project; failure in the course; and/or expulsion from the university. For more
     information refer to the 'Academic Dishonesty' policy in Inside KSU."
  Updated: 9/12/23