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This 3 page Class Notes was uploaded by Sidney Hong on Tuesday September 15, 2015. The Class Notes belongs to ECO 106 at Pace University taught by Cesar Castope in Fall 2015. Since its upload, it has received 148 views. For similar materials see Principles of Economics: Macroeconomics in Economcs at Pace University.
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Date Created: 09/15/15
Fall 2015 Principles of Economics Micro EC0106 CRN 72490 MondayWednesday 900 AM 1025 AM Professor Cesar Castope 0902 Introduction Course Text O39sullivan Sheffrin Perez Microeconomics Principles Applications and Tools Eighth Edition PearsonPrentice Hall 2013 ISBN0133403 87 Grading Assignments 30 Exam 1 20 Exam 2 20 Final Exam 30 Assignments are normally due Sundays at 1159 pm Assignments due 0909 0 Obtain the Course text and enroll in MyEconLab 0 httpspearsonmylabandmasteringcom o Instructor course ID castope31438 0 Course name Will be Fall 2015 ECO 106 section72490 0 Read chapters 1 2 and 3 from the textbook 0909 Supply and Demand Economics 0 Social science that attempts to allocate limited resources to satisfy our limited wantsneeds Resources Factors of Production 0 Capital 0 Human knowledge and skill 0 Physical infrastructure and assets 0 Entrepreneurship ideas management allocation and risk taking 0 Land natural resources and space 0 Labor employees and human capital Human Capital 0 Only some skillsabilities are transferable others are nontransferable Economics Answers these 3 Questions 1 What to produce 2 How to produce 3 Whom to produce for Economic Models 0 Theory framework based on O Assumptions that individuals are rational thinkers that think on the margin 0 Ceteris Paribus 0 They do not work 100 of the time o It is hard to distinguish between correlation vs causation Consumer Margin 0 Making decisions based on change 0 Bene t vs cost per unit marginal 0 Consumers purchase on assumptions that the marginal bene t is equal to or larger than the marginal costs Positive statements are stated in a factual manner while normative statements are open to opinions Assignments due 0916 0 Prepare for Exam 1 on chapters 1 to 4 0 Practice questions and its answers can be found below 0 http wwweconucdavisedufacultygclarkecnl ahwkey l ahw2pdf O httpwwweconucdavisedufacultvgclarkecnlaPROBLEMSZZO12answerspdf 0 Do online homework and quizzes on MyEeonLab 0 Get started homework and quiz due 0918 0 Chapter 1 homework and quiz due 09 18
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