Course Outline

In this class the majority of the assignments are completed using the APLIA learning system.

In Aplia , you will notice that many topics have two problem sets with similar names, for example, "Changes in Demand I" and "Changes in Demand II." These paired problem sets have been provided so that you can do the first as a practice assignment and the second as a graded homework assignment.

In general, the problems in the first set are less difficult than those in the second set and are often simple applications of the concepts. The problems in the second set are typically more difficult and often ask you to apply the concepts in more realistic situations.

Aplia Sample Page

Your grade is based on the graded assignments. The Practice assignments are there as a learning tool.


The Key to Success is...

Due Dates

Graded Assignments Due Sundays at 11:45 p.m.


WEEK 1

Due: Sun, 10.15.06 11:45 PM

Math and Graphs Tutorial

You should complete this assignment if you missed any of the problems from the Pretest. First view the tutorial at the beginning of each section. Then complete the corresponding questions to assess your understanding of this concept. These are practice problems, so they won't count toward your grade and you will be able to see the correct answers right away. This is recomended but NOT required!

Interactive Tool Tutorial

This problem set will show you how to use Aplia's interactive tools to answer questions. It offers step-by-step instructions for using each tool. You can return to this problem set at any time if you have trouble using a particular tool.

Pretest

Assess your knowledge of graphs, slope, area, numerical calculations, and equations. After the due date, you can see how you did. Then complete the tutorials and exercises on the areas where you need practice. This test will be graded. However, you will have a chance to raise your score by taking another test. Only your best score will count.

Posttest

This problem set will test your knowledge of the concepts of graphs, slope, area, numerical calculations, and equations. This problem set will be graded, but only your best score on this or the Pretest will count, so if you did well on the Pretest you can skip this one.

Introductory Practice Problem Set

How to use online problems in practice mode.

Introductory Graded Problem Set

How to use online problems in graded mode.

Discussion Board on Web CT

Please read Chapter 1 and comment within Web CT Discussion Board.


WEEK 2

Graded Assignments Due Date: Sun, 10.22.06

Chapter 2--Trade, Trade-Offs, and Government Policy I

Covers production possibilities curves, comparative advantage, trade, and the role of government in markets.

Chapter 2--Trade, Trade-Offs, and Government Policy II

Covers production possibilities curves, comparative advantage, trade, and the role of government in markets.

Winners and Losers from Trade

International trade creates many winners and some losers. Sometimes, a few losers in rich countries try to stop trade that would make winners of workers in very poor countries.


WEEK 3

Graded Assignments Due Date: Sun, 10.29.06 11:45 PM

Chapter 4--Supply and Demand I

This problem set covers both movements along and shifts of demand and supply curves, as well as equilibrium determination of market-clearing price and quantity.

Chapter 4--Supply and Demand II

This problem set covers both movements along and shifts of demand and supply curves, as well as equilibrium determination of market-clearing price and quantity.

The Market (or Markets) for Music on the Internet

Survey evidence suggests that fewer people are sharing music files on the Internet. Does this represent a movement along a demand curve, a shift in a demand curve, or both?


WEEK 4

Graded Assignments Due Date: Sun, 11.05.06 11:45 PM

Chapter 5--Using Supply and Demand I

Covers applications of the supply and demand model, including exchange rates, price ceilings, price floors, excise taxes, quantity restrictions, and third-party-payer systems.

Chapter 5--Using Supply and Demand II

Covers applications of the supply and demand model, including exchange rates, price ceilings, price floors, excise taxes, quantity restrictions, and third-party-payer systems.

Hurricane Katrina and Gas Prices

Why did gas prices increase nationwide after Hurricane Katrina struck New Orleans on August 29, 2005, even before the physical effects of the disruption to the gas industry could have affected supply?

Rent Control: Preventing Capitalistic Acts between Consenting Adults

Rent control is the economist's classic example of what happens when governments prevent capitalistic acts between consenting adults. Good intentions, providing affordable housing to working families, produce bad results: decreased supply of rent-controlled apartments, increased prices for non-rent-controlled housing, and the creation of a bureaucracy to prevent free trade between willing adults.


WEEK 5

Graded Assignments Due Date: Sun, 11.12.06 11:45 PM

  Chapter 6--Describing Supply and Demand: Elasticities I

This problem set reviews how to calculate elasticities. It reviews definitions of price, cross-price, and income elasticities of demand; supply elasticities; the main factors affecting these elasticities; and the effects of elasticities on total revenues.

Price Elasticity of Demand

The World Health Organization claims that millions of lives could be saved if countries increased cigarette taxes by 10%.

Chapter 6--Describing Supply and Demand: Elasticities II

This problem set reviews how to calculate elasticities. It reviews definitions of price, cross-price, and income elasticities of demand; supply elasticities; the main factors affecting these elasticities; and the effects of elasticities on total revenues.


WEEK 6

Graded Assignments Due Date: Sun, 11.19.06 11:45 PM

Chapter 7--Taxation and Government Intervention I

Covers consumer and producer surplus, as well as the effects of taxes and price controls.

Chapter 9--Production and Cost Analysis 1 I

After finishing this problem set, you should be able to identify a firm's explicit and implicit costs, analyze a firm's production table and cost schedule, derive and explain a firm's short-run cost curves, and explain the relationship between a firm's output and costs in the short run.

Chapter 7--Taxation and Government Intervention II

Covers consumer and producer surplus, as well as the effects of taxes and price controls.

Chapter 9--Production and Cost Analysis 1 II

After finishing this problem set, you should be able to identify a firm's explicit and implicit costs, analyze a firm's product schedule and cost schedule, derive and explain a firm's short-run cost curves, and explain the relationship between a firm's output and costs in the short run.

Indonesian President Prescribes a Bitter Pill

Discusses the painful shift from price controls to free markets in Indonesia.


WEEK 7

Graded Assignments Due Date: Sun, 11.26.06 11:45 PM

Chapter 10--Production and Cost Analysis 2 I

After finishing this problem set, you should be able to explain a firm's long-run production decisions, identify technical and economic efficiency, analyze long-run cost curves, and apply production theory to real-world supply decisions.

Chapter 11--Perfect Competition I

After finishing this problem set, you will be able to explain how price and output are determined in perfect competition, how firms decide to enter and leave a perfectly competitive industry, and how changes in demand affect short-run and long-run pricing and production decisions for a perfectly competitive firm.

Chapter 10--Production and Cost Analysis 2 II

After finishing this problem set, you should be able to explain a firm's long-run production decisions, identify technical and economic efficiency, analyze long-run cost curves, and apply production theory to real-world supply decisions.

Chapter 11--Perfect Competition II

After finishing this problem set, you will be able to explain how price and output are determined in perfect competition, how firms decide to enter and leave a perfectly competitive industry, and how changes in demand affect short-run and long-run pricing and production decisions for a perfectly competitive firm.


WEEK 8

Graded Assignments Due Date: Sun, 12.03.06 11:45 PM

Chapter 12--Monopoly I

This problem set covers a market with a monopoly and how it differs from a perfectly competitive market. You will determine a monopoly's profit-maximizing price and output and the inefficiency that arises from its production decisions.

Chapter 13--Monopolistic Competition, Oligopoly, and Strategic Pricing I

After finishing this problem set, you will be able to explain how a monopolistically competitive firm maximizes profit, and how firms make decisions in the short run and the long run. You will also be able to identify traditional oligopoly models, use game theory to predict price and output in an oligopoly, and explain other strategic decisions between firms.

Chapter 12--Monopoly II

This problem set covers a market with a monopoly and how it differs from a perfectly competitive market. You will determine a monopoly's profit-maximizing price and output, and the inefficiency that arises from its production decisions.

Chapter 13--Monopolistic Competition, Oligopoly, and Strategic Pricing II

After finishing this problem set, you will be able to explain how a monopolistically competitive firm maximizes profit, and how firms make decisions in the short run and the long run. You will also be able to identify two traditional oligopoly models, use game theory to predict price and output in an oligopoly, and explain other strategic decisions between firms.

Is Financial Aid Price Discrimination?

What do you call charging different customers different prices for the same product produced at the same costs? Economics students know the answer: price discrimination. Colleges use a different term: financial aid.


WEEK 9

Graded Assignments Due Date: Sun, 12.10.06 11:45 PM

Chapter 18--Government Policy and Market Failures I

This problem set builds skills in understanding positive and negative externalities. It introduces social values and social costs to compare market outcomes with and without government intervention, and to explain why government intervention may lead to efficient levels of output. It also introduces public goods and the market value of a public good, as well as market failure due to imperfect information.

Chapter 18--Government Policy and Market Failures II

This problem set builds skills in understanding positive and negative externalities. It introduces social values and social costs to compare market outcomes with and without government intervention, and to explain why government intervention may lead to efficient levels of output. It also introduces public goods and the market value of a public good, as well as market failure due to imperfect information

Diamonds Are Forever, But Are Profits Also Forever in the Diamond Industry?

"Diamonds are forever." These three simple words are part of a marketing campaign that has delivered monopoly profits to the diamond industry and its dominant firm, the De Beers Company, since the late 1930s. With the emergence of competition, however, De Beers has adjusted the campaign to focus on its own diamonds in an effort to shift its diamond demand curve outward. This news analysis demonstrates that shifting the demand curve affects profits through changes in price and quantity.


WEEK 10

Graded Assignments Due Date: Friday, 12.15.06 11:45 PMAttention Last Day is Friday!Note Last day of class is Friday

Chapter 14--Real-World Competition and Technology I

This problem set covers the problems of profit maximization, the fight between competitive and monopolistic forces, regulating and protecting monopolies, and the efficiency implications of technological advance in various market structures.

Chapter 14--Real-World Competition and Technology II

This problem set covers the problems of profit maximization, the fight between competitive and monopolistic forces, regulating and protecting monopolies, and the efficiency implications of technological advance in various market structures. Chapter 14 and 21 are to be done by students seeking make up work. You can make up only one missed assignment. If you did not miss any assignment feel free to challenge yourself!

Chapter 21--International Trade Policy, Comparative Advantage, and Outsourcing I

In this problem set, you will learn about the gains from free trade, winners and losers from trade, and the effects of trade-restricting policy. You will also learn some of the popular arguments used to support trade restrictions.

Chapter 21--International Trade Policy, Comparative Advantage, and Outsourcing II

In this problem set, you will learn about the gains from free trade, winners and losers from trade, and the effects of trade-restricting policy. You will also learn some of the popular arguments used to support trade restrictions. Chapter 14 and 21 are to be done by students seeking make up work. You can make up only one missed assignment. If you did not miss any assignment feel free to challenge yourself!

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No Extension! No Make Ups! No Excuses!

All assignments are open. You may start on any assignment within APLIA at any time, however the the Due dates are FIRM!

In order to facilitate a class discussion , Discussion Posting need to be done during the week of the assignment!

Aplia is worth 200 points