Dartmouth College Course Syllabus

THIS VERSION, DECEMBER 21, 2006

ECONOMICS 1
THE PRICE SYSTEM
PROFESSOR KATERINA SIMONS
WINTER 2007

CLASS MEETINGS -- 312 Silsby

Section 1 Monday, Wednesday, and Friday at 11:15. (X-hour Tuesday 12-12:50.)

Section 2 Mondays, Wednesday, and Friday at 12:30 (X-hour Tuesday 1:00)-1:50.)

OFFICE HOURS AND APPOINTMENTS

My office hours are on Mondays and Wednesdays from 2:30 to 4:00 in 305 Rocky. I will also schedule
additional office hours before each exam. If you cannot meet during my regularly scheduled office hours,
you can Blitz me to arrange for an appointment.

COURSE WEB PAGE

http://www.dartmouth.edu/~ blackboard The course web page will be used to post lecture notes, quizzes,
problems, practice tests, solutions, and course, schedule updates.

COURSE DESCRIPTION
Economics is divided into two fields: Microeconomics and Macroeconomics. Macroeconomics
looks at the behavior of the economy as a whole, in particular the behavior of such aggregate
measures as the unemployment rate, inflation, economic growth and the balance of trade. In
contrast, Microeconomics studies how individuals, households and firms make decisions, how
they interact with one another and how their interactions determine demand and supply. This
course is an introduction to Microeconomics.

The main topics in this course are consumer choice, the behavior of profit-maximizing firms,
competitive markets, monopolies, oligopolies and government policy towards competition. Our
main purpose is to apply the methods of microeconomics to real-life problems. Issues like
government regulation, taxation, antitrust policy, public goods, technological change and policies
towards the environment will be covered.

TEXTBOOK
The textbook for this course is Principles of Microeconomics, Stiglitz/Walsh, 4e, 2006.
You might consider the e-book version of the textbook which Norton sells for half the price of
the paper book You can purchase it at http://nortonebooks.com (scroll down the page to get to it,
you will need a credit card).

The Study Guide accompanying the paper textbook is highly recommended and is free when
packaged with the text. Wheelock bookstore stocks a shrink-wrapped package of the textbook
and the study guide.

1
ADDITIONAL READINGS
The Economics of Public Issues, Roger LeRoy Miller, Daniel K. Benjamin, Douglass C. North,
13th ed, 2003. Reading 1: Ch. 5-6, Reading 2: Ch. 14-18, both distributed in class.

REQUIREMENTS AND GRADING

YOUR GRADE WILL BE BASED ON FIVE QUIZZES, TWO MIDTERMS AND A FINAL.
FIVE QUIZZES (15%) – WEEKLY QUIZZES WILL BE ADMINISTERED ON LINE THROUGH BLACKBOARD.
THEY MUST BE COMPLETED BY 5 PM ON FRIDAY OF THE WEEK THEY ARE DUE. THERE IS A QUIZ
EVERY WEEK EXCEPT THE FIRST AND THE LAST WEEK, AND THE TWO WEEKS WHEN THE MIDTERMS
ARE GIVEN. THERE ARE SIX QUIZZES IN ALL -- THE ONE WITH THE LOWEST SCORE IS DROPPED.

TWO MIDTERM EXAMS (50%) - EXAMS WILL BE HELD ON JANUARY 24 AND FEBRUARY 14.
FINAL EXAM (35%) - A CUMULATIVE TWO-HOUR EXAM WILL BE GIVEN ON MARCH 12 AT 9 AM.

PROBLEM SETS AND OLD TESTS

There will be problem sets posted in the Assignments folder of Blackboard. These problem sets will not
be collected, but it is vitally important that you work the problems if you wish to comprehend the material
and gain a good working knowledge of the material. Working on them together is encouraged. Old tests
will also be posted to help you practice.

HONOR PRINCIPLE

On exams: No help is to be given or received. Exams are closed book/closed notes.

On quizzes: Online quizzes are open book/open notes but must be done independently and without
assistance or collaboration. Violations of the honor principle can, and do, result in forfeiture of the
opportunity to continue at Dartmouth.

STUDENTS WITH SPECIAL NEEDS

Any student with a documented disability needing academic adjustments or accommodations is requested
to speak to me and give me a copy of your accommodations form by the end of the second week of the
term. All discussions will remain confidential, although the Director of Student Disabilities may be
consulted if questions arise.

Class Calendar
 
Monday 1/1 Tuesday 1/2 Wednesday 1/3 Thursday 1/4 Friday 1/5 Sat 1/6
Ch 2. Thinking
Ch 1. Modern Like an
Economics Economist

Monday 1/8 Tuesday 1/9 Wednesday 1/10 Thursday 1/11 Friday 1/12
         
Ch. 19 Gains from    Ch. 3. Demand, Supply    Ch. 4. Using
Trade and Prices Demand and
Reading 1 distributed in Supply
class Quiz 1 (Ch. 1, 2,
19, 3)
Monday 1/15 Tuesday 1/16 Wednesday 1/17 Thursday 1/18 Friday 1/19

2
MLK – no class Ch. 5. The Ch. 5. The Consumption Ch. 6. The Firm’s
Consumption Decision (Cont.) Costs
Decision Quiz 2 (Ch. 4-5)

Monday 1/22 Tuesday 1/23 Wednesday 1/24 Thursday Friday 1/26

1/25

Review
First Exam Ch. 7. The Competitive Firm
Monday 1/29 Tuesday 1/30 Wednesday 1/31 Thursday 2/1 Friday 2/2

Ch. 8. Labor Markets Ch. 9. Capital Ch. 10. The Efficiency of

Markets Competitive Markets
Quiz 3 (Ch. 6-9)

Monday 2/5 Tuesday 2/6 Wednesday 2/7 Thursday 2/8 Friday 2/9

Ch. 11. Imperfect Ch. 12. Monopoly, Winter Carnival No Class

Markets Monopolistic Quiz 4 (Ch. 10-12)
Competition and
Oligopoly
Reading 2
distributed in class
Monday 2/12 Tuesday 2/13 Wednesday 2/14 Thursday Friday 2/16
2/15
Ch. 13. Government
Policies Toward Ch. 13. Government
Review Second Exam
Competition Policies Toward
Competition (Cont.)

Monday 2/19 Tuesday 2/20 Wednesday 2/21 Thursday Friday 2/23

2/22

Ch. 14 Strategic Ch. 14 Strategic Ch. 15 Imperfect

Behavior Behavior Cont). Information in the Product
Market
Quiz 5
(Ch. 13-14)
Monday 2/26 Tuesday 2/27 Wednesday 2/28 Thursday 3/1 Friday 3/2

Ch. 17 The Public Ch. 21. A Student’s Quiz 6 (Ch. 15, 17, 21)
Sector Guide to Investment

Monday 3/5 Tuesday 3/6 Wednesday 3/7 Thursday 3/8 Friday 3/9

Ch. 20 Technological Last Day of Class

Change Review