University of Hartford

Barney School of Business & Public Administration

Intro. to Microeconomics

EC 211



Class Days

Tuesday and Thursday



Class Hours

M 9:30-11:20 & W 10:30-11:20

M 11:30-1:20 & W 11:30-12:20


Fall, 2001

Class Location




Dr. Demetrios Giannaros




Office Phone:



Fax Number:






Web Site: for course materials/links

T&TH 11:15-12:30, Monday 3:00-5:00 P.M. or by appointment

*NOTE: e-mail is a good way to send me a message for a timely response!!


O’Sullivan Arthur and Steven M. Sheffrin, Microeconomics-Principles and Tools, 2nd Edition, Prentice Hall, N.J., 2000.

**See also the book’s website ( for more information & exercises.

OPTIONAL STUDY GUIDE (but highly recommended!):

Janice Boucher Breuer, Study Guide for Microeconomics-Principles and Tools, by O"Sullivan/Sheffrin, Prentice Hall, N.J., 1998.

Course Description:

EC 211-Principles of Microeconomics (3 credits)—

This is an introductory course in microeconomic theory. Students will learn basic principles of economic decision making from the perspective of the individual, firm, and industry. Particular attention is given to the market system and how prices and profits coordinate the actions of economic decision-makers. Topics include: demand and supply, consumer behavior, costs and production, market structure, market failure, regulation, poverty, and income distribution.

Course Objectives

Upon completion of the course students should be able to understand how the market economy system works. More specifically, the student will be able to understand how prices, wages, interest rates, rents, foreign exchange rates and profits are determined and, in turn how they affect the allocation of resources, production, employment, and income. It also will assist the student to understand what motivates consumer and producer decision making.


Three midterm exams 60% (Hourly Exams)

Final exam 25% (Date: Friday: Dec 21, 2001; 2-4PM)

Class participation and

Home assignments 15%

Students are expected to have read the assigned readings and do the exercises in the study guide, the textbook, and/or the book’s website ( before the lecture. It is also expected that you will participate in discussing relevant economic issues that relate to the subject matter. Real world application of economic concepts is a must for understanding and retention of economic concepts. Therefore, it is expected that you will be reading current microeconomic issues through either the Wall Street Journal or or or similar sources. Some of the articles in the internet or Newspapers will be used for class discussion and application of the concepts.


Contextual Coverage:

Ethics: Indirect references regarding producer and consumer behavior.

Global: Current events, global examples/ applications and theory discussed.

Political, social, legal, regulatory and environmental: Substantial discussion in

connection to market structures, pricing and public policy

Technological: Some coverage, including the role of the internet/telecommunications

and other technologies in production.

Demographic diversity: Some references in the context of labor markets and wages.

Communication skills: Portion of exams is usually written.




* NOTE: Syllabus may be changed with at least a week’s notice (class announcement will be made). No make-up exams are allowed unless there are documented medical reasons.







Topics Covered: (Use the book’s website ( for each chapter to practice and for additional l information; Also, see the Giannaros website for some problem sets etc)

  1. What is Economics? Scarcity of Resources, Production Possibilities and other Basic Economic Concepts.
  2. O'Sullivan Chapters 1, 2 (review)

    Read and practice carefully the Appendix: Using Graphs and Formulas in Chapter 1

  3. The Role of Government in a Global Market Economy and
  4. Alternative Economic Systems.

    O'Sullivan Chapter 3 (review)

  5. The Key to Understanding Markets and Prices in a Market Economy: The concepts of Supply, Demand, Market Equilibrium and the Global Economy.
  6. O'Sullivan Chapter 4 (review)

    Play economic detective---Solve the three economic Mysteries (Poultry, Cocaine

    and Health Care) on page 84-88

  7. What is Price Elasticity of Supply and Demand? Why is it Important? If I Know that, Could I Predict Revenue Changes due Price Changes?
  8. O'Sullivan Chapter 5

    Appendix: Other Elasticities of Demand

    Play Economic Detective: The video elasticity mystery, p 108

  9. The Impact of Government Intervention In markets and Market Failures. The Minimum Wage (Price), Maximum Price, Quotas, Import Controls and the Spillover Principle and its soltions.

O'Sullivan Chapters 6

Play economic detective---The case of the cheap salon, p.131

  1. Why does the Consumer behave this way or that way? Satisfaction (Utility) Maximization and Consumer Demand.
  2. O'Sullivan Chapter 7

    Analyze: Gasoline or Gasohol?, p153

  3. Production: Determining the Short-term and Long-term Costs of Production.
  4. O'Sullivan Chapter 8

    Play economic detective-"The cost of pencils", p. 172

  5. Profit Maximization under conditions of Perfect Competition and the Long-run Supply and Demand Dynamics.
  6. O'Sullivan Chapter 9

    Play economic detective-"The turnaround artist", p. 192; "Butter Prices", p. 204

  7. Pricing Behavior and Market Restrictions under Imperfect Competition: the Cases of Monopoly, Natural Monopoly, Oligopoly and Monopolistic Competition. Is this the Reason why we have Antitrust laws? How is Globalization Affecting Markets?
  8. O'Sullivan Chapters 10, 11, 12

    Play economic detective: A decrease in demand decreases prices, p. 228; How many gas stations, p. 242? ; Ballpoint Pens, p. 276

  9. The Effects of Using Market Power and the Antitrust Laws that Prevent it.
  10. O’Sullivan Chapter 13 and 14

    Play economic detective: Why hardcover books so expensive?, p. 279; The missing ads for generic drugs, p. 282; Check the Yellow Pages, p. 299.

  11. Public Goods, Taxes and Public Choice: Solving the Environmental Problems of Global Warming, Ozone Depletion and Acid Rain through Economic Policy.
  12. O'Sullivan Chapter 15 & 16

    Play economic detective: "The mystery of the Three-Clock Tower", p 312;

    "No market for marketable permits", p. 339

  13. Labor Markets, Wages, Poverty, Aging and Health Care*.
  14. O'Sullivan Ch 18, 19 (degree of in-class coverage depends on time availability)

    Play economic detective: "Higher wages at Ford Motor Company", p. 389 and "Wages of College and High-School Graduates", p. 404

  15. International Trade: Free Trade, Protectionism and NAFTA Do they Really Affect my Well-Being?

O'Sullivan Chapter 20 (Degree of in class coverage depends on time availability)

Play economic detective - " NAFTA and the giant sucking sound", p. 426.


Disability Guidelines

If you have been diagnosed with a disability and you require reasonable accommodations, you must make an appointment with the Director of Student Services at 768-4260. Documentation must be presented so that you may be referred to the appropriate office for these accommodations. All information is kept strictly confidential.



Academic Honesty Statement from The Source and Manual of Academic Policies and Procedures:

    1. All students are expected to observe generally accepted principles of scholarly writing in all examinations, compositions, papers, essays, tests, quizzes, reports and dissertations whether written in the classroom or outside. Sources of information used by a student in the preparation of work submitted as a basis for credit, or for a grade, or to satisfy graduate or undergraduate thesis requirements shall be clearly indicated in some conventional manner, such as by the use of quotation marks, footnotes, and bibliography.

C. Students are forbidden to submit as their own any project, paper, or creative work which is in whole or part the work of another.

D. The use of a term paper writing service, such services being prohibited by Connecticut law, is academically dishonest and violate rules of scholarship.

    1. All examinations and quizzes are to be completed without reference to books or notes, except when the instructor of a course shall have given explicit authorization for an "open-book examination" or some other specified sort of assistance. Except as authorized by the instructor, no student is to give or receive assistance in the completion of an examination or a quiz.

Action to be taken in event of an alleged act of academic dishonesty

    1. 2. To report that the student is considered to be guilty of the alleged violation beyond a reasonable doubt, and to recommend one or more of the following:
    1. that the student be dropped from the course and/or a grade of "F" be assigned.
    1. that the student be suspended (I) for the remainder of the current semester, losing credit for their current academic program, or (ii) for the following semester or year;

© that the student be dismissed from the university.


Guidelines on Student Conduct

In an effort to create an environment that is conducive to learning, the following guidelines are presented to make explicit expectations that the Barney School has for students in its classes. Students are expected to

  1. Follow the Academic Honesty Policy without fail.
  2. Respect differing views on campus and to engage in responsible discussion with others with whom you do not agree.
  3. Regularly attend classes and submit assignments on or before specified deadlines.
  4. Prepare for each class by completing reading assignments, homework and/or case preparation.
  5. Not bring food and drink into the classroom unless instructor approval is given.
  6. Raise a hand if you wish to speak or be excused from the classroom. Students are not permitted to get up and leave at will.
  7. Act in a reasonable manner in the classroom and halls so as not to disrupt others.
  8. Dispose of gum, trash and paper in designated receptacles. Do not leave trash in the stairwells, classrooms, desktops or any other non-designated receptacle.
  9. See professors during their regularly scheduled office hours or by appointment. Office hours are posted on each professor’s door.
  10. Take exams when they are scheduled unless you have been excused on official university business, such as participation in athletic events, or medical emergency (notifying your professor prior to the exam).
  11. Immediately contact professors if you will miss or have missed a class or exam and also to make up what you have missed.

The Source also specifies the following acts as punishable misconduct and subject to Judicial Review.

  1. Damage, destruction or theft of University property;
  2. Deliberate interference with any class or University function;
  3. Refusal to vacate a building;
  4. Tampering with fire alarms or fire-fighting equipment;
  5. Possession or use of a dangerous article;
  6. Illegal or unauthorized entry or presence in a facility;
  7. Alcohol – no possession or use in class;
  8. Noise and general disorderliness;
  9. Providing false information to a University office;
  10. Acting with violence;
  11. Failure to respond to a reasonable request and to produce identification;
  12. Possession, use or storage of drugs and drug paraphernalia;
  13. Abuse of computer access – incl. Copying software;
  14. Visitors – you are responsible for the actions of your visitors.

Back to Home Page