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Telephone: 972-883-2807 email: homepage:wwwpub.utdallas.edu/~liebowit/ |
Business
Economics MECO 6303
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Professor Office: SM 3.801 Off Hours: T 3pm or by appointment |
Main Text: Business Economics Landsburg/Mankiw.
UTD Edition. Notes for the course, old exams, and so forth can be found on my home page.
This is basically a course in microeconomic analysis. That means
that it focuses on individual markets, not
on the national economy as a whole. The emphasis will be on applied fundamental
aspects of economic analysis. I do not assume that you have prior knowledge of
economics although most of you will.
Grades
will be based on a midterm and a final exam. The midterm counts for 40%, the
final for 60%. The final covers the entire term's material.
An older and somewhat different version of this course was
taught as an online course through the UT Telecampus. There are powerpoint
slides for the lectures with audio that is matched to the slides. If you miss a
class, or want to double check on what happened (e.g., foreign students who
want to replay the lecture) you can download the slides. mod1 mod2 mod3 mod4 mod5 mod6.
Approximate schedule:
Weeks 1-2 (August 23, 30): Chapter 14 (477-498),
Chapter 1 (1-32), 4.4 (105-111). Topics: Assumptions, Opportunity Cost,
Scarcity, Economic Goods, Production Possibility curves, Demand and Supply, equilibrium,
Elasticiticity. Illustrations: When Should a firm raise its price? Elasticity
for firm and industry.
Weeks 3-4 (September 6, 13): Chapter 8.1,
8.2, the meaning of price and value,
Economic Efficiency, consumer and producer surplus; maximizing behavior of
firms. Illustrations: Diamond-water paradox, costs of theft, and Comparable
Worth
Week 5-6 (Sept 20, 27): Chapter 8.3 who
pays for a tax?, impact of price controls.. Illustrations: Labor unions; farm
price supports
Week 7 (October 4): Midterm,
Week 8-9 (October 11,18). Chapters 5,
6.1 Topic: Production, Costs, equimarginal principal,
Competition and Monopoly. Illustrations: Impact of Sunk costs on firm behavior;
Long run and short run effects of price changes.
Week 10-11 (October 25, November 1):
Chapter 6.2, 6.3, 7 Competition.
Illustrations: when should a firm shut
down?; rent seeking behavior; taxi cab medallions, selling the broadcast
spectrum
Week 12-13 (November 8, 15): Chapter 10
Price searching, Price Discrimination, natural monopoly regulation, patents,.
Illustrations: Discount coupons, and
airline pricing, journals pricing.
Week
14 (Nov 22): Chapter 17: The Role of International Trade
Week
(Nov 29): Final Exam