Edward J. Deak
Department of Economics
Fairfield University
Fairfield, CT 06430
Phone: 203-254-4000 x2866
Office: Don 327
DrDeak@edwardjdeak.com

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Economics 11
Economics 12
Economics 125
Economics245

Econ 11 - An Introduction To Microeconomics
 
Texts
  • Campbell R. McConnell and Stanley L. Brue, Microeconomics, 14th Ed. New York, McGraw Hill, 1998.
  • William B. Walstad and Bingham, Robert C., Study Guide To Accompany Microeconomics, 14th Ed. New York, McGraw Hill, 1998. 
  • "Dr. Deak's Course In A Binder: Economics 11 Introductory Microeconomics", 1999-00 Edition, (mimeo). 
Examinations
  • There will be two 100 point intra-term examinations that will test your understanding of the material covered during the previous section of the course.
  • There will be three quizzes that will be worth 100 points in total. The quiz questions will be drawn from questions in the study guide assignments.  
  • A series of Excel computer exercises may be substituted for quizzes #2 and/or #3. These exercises will carry a slightly higher point weight.  
  • A comprehensive 200 point final will be given at the end of the course.  
  • A missed exam or quiz will require an acceptable and verifiable excuse, or a grade of zero will be recorded. There will be no makeup exams or quizzes except for the final.  
  • I reserve the right to alter your final grade by up to 1/2 letter grade, based upon the quality of your class participation.  
  • The University policy regarding academic honesty will be in full force at all times. 
Old Exams
  • Copies of the essay portion of some old exams, including the final, are in the last section of the "Binder". The section also includes a list of “Key Terms” which help to define the topic matter of Introductory Microeconomics.
 
Excel Computer Exercises
  •  The Excel exercises offer you a valuable educational option in addition to the standard content of this course. Excel is a powerful spreadsheet program with graphics. You will use Excel to solve problems that will not only help you to understand economic concepts, but that will also teach you the power of the IBM pc, and the software package. Excel problems and operating instructions are in the (B) "Course in a Binder" document. 
  •  Graded participation in this phase of the course is optional. It will require a sense of adventure, some determination and an understanding of college level, non-calculus math. A special mandatory excel training class will be scheduled during September, in the Donnarumma 148 pc lab, to show you how to run Excel. Subsequent to this training session, each student must hand in the answers to a specific MANDATORY exercise as evidence of participation in and mastery of Excel. 
  • As ongoing support during the semester, lab assistants will be available on the third floor of Donnarumma including my office, D-327. They will be there at specific times, to assist you in the event that you have questions regarding the problems to be solved. This lab assistant can also help you with exam and quiz related questions regarding economic concepts that are not necessarily based on the Excel problems. If you choose to participate, you may elect to substitute the solutions to several assigned problems to the in-class quizzes #2 and/or #3. All students must take quiz #1. Computer assignments are due the same day as the quizzes and carry a slightly greater point weight of 50 points each. The extra 15 points are treated as bonus points in recognition of the additional effort required from excel 
  • I urge you to try the Excel assignments. They may seem more difficult at first, but the knowledge gained is very rewarding. Before you attend the special instruction class, please read the introductory pages in the Excel section of the "Binder”. 
 
Excel Substitute Quiz Assignments
  • QUIZ #2 -- PROBLEMS # 1, 2, 3, AND 4. 
  • QUIZ #3 -- PROBLEMS # 5, 6, 7, AND 8.

 

Readings and Schedule
 
  The following pages contain the reading assignments and the proposed class outline. The student is expected to read the assignment before class and be able to participate intelligently in class discussions. This participation may be a factor in your final grade. Periodically, articles may be added to the list and placed on reserve in the library.
 
 
Meeting Number and Topic:
 
1.  
The Nature of the Economic Problem – Scarcity, Markets, Prices. 
  • McConnell and Brue Ch.1, Pp. 22-25, 34-39, and Ch.4.
  • Walstad and Bingham Ch.1, Ch.2 (part), and Ch.4. 

 
2.  
The Forces of Supply and Demand – The Basics of a Market. 
  • McConnell and Brue Pp. 42-53. 
  • Walstad and Bingham Ch. 3. 

 
3.  
Market Equilibrium and Real World Applications 
  • McConnell and Brue PP. 53-58, AND 137-141. 
  • Walstad and Bingham CH. 7. 
4.  
Demand Elasticity – Measuring Consumer response to a price change. 
  • McConnell and Brue PP. 124-133. 
 5.  
 Application of the Elasticity Concept 
  • STUDY GUIDE QUIZ #1, ON MEETINGS 1-4. 
6.  
Marginal Utility – Explaining Consumer Behavior. 
  • McConnell and Brue CH. 8 (Omit the appendix) 
  • Walstad and Bingham CH. 8 
7.  
Market Failure -The Limits of the Market. 
  • McConnell and Brue PP. 86-88, 356-360, AND 340-344. 
  • Walstad and Bingham CH. 17. 
8.  
Externalities - An Economic Evaluation of the Environmental Problem.
  • McConnell and Brue PP. 344-355.
9.  
EXAM #1 -Topics Covered in Meetings 1 - 8.
10.  
The Firm and the Production Process in the Short Run 
  • McConnell and Brue PP. 164-170. 
  • Walstad and Bingham CH. 9. 
11.  
Short Run Cost Concepts – Relationship of Cost and Production.
  • McConnell and Brue PP. 170-175.
12.  
Production Costs in the Long Run
  • McConnell and Brue PP. 175-183. 
13.  
Identifying the Four Theoretical Market Structures 
  • McConnell and Brue PP. 187-191, and 218-220. 
  • Walstad and Bingham CH. 10, AND CH. 11 (Part). 
14.  
Short-Run Profit Maximizing Behavior – Cases 1-4. 
  • McConnell and Brue PP. 191-197. 
  • STUDY GUIDE QUIZ #2, On Meetings 5-13.
15.  
Short Run Price and Output Determination in Pure Competition – The Firms Short Run Supply Curve 
    McConnell and Brue PP. 198-201. 
16.  
Purely Competitive Profit Maximization in the Long Run 
  • McConnell and Brue PP. 201-207. 
17.  
Pure Competition and the Long Run Efficient Use of Scarce Resources 
  • McConnell and Brue PP. 207-210. 
18.  
EXAM #2 
19.  
Monopoly – Price and Output Determination 
  • McConnell and Brue PP. 213-224. 
  • McConnell and Brue CH. 11. 
20.  
Monopoly – Economic Effects + Government Regulation. 
  • McConnell and Brue PP. 224-232. 
21.  
Monopolistic Competition – Price and Output Determination. 
  • McConnell and Brue PP. 235-242.
  • Walstad and Bingham CH. 12. 
22.  
Oligopoly – Competition Among a Few Firms. 
  • McConnell and Brue PP. 242-258. 
23.  
The Antitrust Laws – Controlling Cartels Behavior & Market Power.  
  • McConnell and Brue PP. 384-395. 
  • Walstad and Bingham. CH. 19. 
24.  
Control Through Regulation And Industrial Policy. 
  • McConnell and Brue PP. 395-401. 
25.  
Marginal productivity Theory - Demand for Economic Resources. 
  • McConnell and Brue CH. 14. 
  • Walstad and Bingham CH. 14. 
  • STUDY GUIDE QUIZ #3, On Meetings 18-30. 
26.  
 Poverty And The Distribution of Income In America. 
  • McConnell and Brue CH. 21. 
  • Walstad and Bingham CH. 21. 
  
FINAL EXAMINATION - Comprehensive including multiple choice, key terms and essay questions. December 1999.