Syllabus

| Description | Learning Outcomes | Grading | Academic Integrity | Text |

The economic theory of demand, production, product and input markets, welfare, and general equilibrium. Applications of price theory, including its use in evaluating and forming public policy.  Prerequisite:  Economics 101

Upon completing this course, students should be able to:

(1) quantitatively analyze supply and demand, including market equilibrium and elasticity

(2)  use graphical analysis to determine the impact on consumers of various events, including public policy

(3) understand the nature of production and costs for firms

(4) be able to compare the implications for firm behavior resulting from the different types of market structure

(5) be able to apply tools such as pricing strategies, present value analysis, and game theory to make business decisions

(6) understand the concept of general equilibrium and how it is utilized to analyze the impact of different events

There will be three tests during the semester, each worth 20% of your grade, and a final worth 30%. The tests will consist of problem, graphing, short answer, and essay questions. If you miss a test during the semester and have a written excuse, you have two options:  (1) You can take a makeup test during the class period immediately following the scheduled test, or (2) the weight of the other exams will be increased appropriately, with the difficulty of each exam factored in.  The final must be taken at the date and time scheduled, so please be sure there are no conflicts.

In addition to the tests, there will be homework assignments worth a total of 30% of your grade. The assignments will allow you to apply the theories developed in class.  They can be submitted in hard copy form or via e-mail up until midnight of the due date.  No late assignments will be accepted.

Ethical behavior is expected at all times. From the Undergraduate Bulletin: "Academic dishonesty is an affront to the integrity of scholarship at USD an a threat to the quality of learning. . . Violations of academic integrity include: a) unauthorized assistance on an examination; b) falsification or invention of data; c) unauthorized collaboration on an academic exercise; d) plagiarism; e) misappropriation of research materials; f) any unauthorized access to an instructor's files or computer account; or g) any other serious violation of academic integrity as established by the instructor. An act of dishonesty can lead to penalties in a course such as reduction of grade; withdrawal from the course; a requirement that all or part of a course be retaken; and a requirement that additional work be undertaken in connection with the course."

Robert S. Pindyck and Daniel L. Rubinfeld.  Microeconomics, 8th Edition, Prentice Hall, 2013.