Agricultural Economics 1041 Course Schedule Introduction Website listings are for AmosWeb.com.  This free resource has substantially more content than any textbook.  All readings are from “Essential Foundations of Economics,” 4^th edition by Bade/Parkin. I.  Market Analysis 1) Tuesday, August 25 Topic: Introduction.  Terms to remember: scarcity, marginality, opportunity cost, incentives….. Reading:  Preface; Chapter 1, pp 1-32 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=utility http://www.amosweb.com/cgi-   bin/awb_nav.pl?s=wpd&c=dsp&k=opportunity+cost Adam Smith is one of the few names that you should know for this course.  He is considered the father of modern economics.  He coined the term “invisible hand” to describe how free markets function so effectively Guest: Greg Cain of the Wall Street Journal Note: No assigned reading from Chapter 2 but skimming it would be a good idea  2) Thursday, August 27             Topic: Graphs.  Opportunity cost.  PPC and comparative advantage Reading:  pp 23-32; Chapter 3, pp 61-82 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=marginal+utility http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=production+possibilities+curve http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=4 Guest : Roy Robinson, International Studies Director, CAFNR August 31 – Last day to register, add or change sections 3) Tuesday, September 1 Topic: Consumer decision making; lowest opportunity cost = highest net benefit Reading:  Chapter 4, pp 83-86 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=rule+of+consumer+equilibrium http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=9 4) Thursday, September 3             Topic: Demand; buyers’ side of market Reading:  Chapter 4, pp 85-91 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=demand http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=demand+curve http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=5 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=demand+determinants September 4 – Last day to change grading option September 7 – Labor Day Holiday NO CLASSES 5) Tuesday, September 8             Topic: Supply; sellers’ side of the market Reading:  Chapter 4, pp 92-98 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=supply http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=supply%20curve http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=law+of+supply http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=supply%20determinants http://www.amosweb.com/cgi-   bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=6 6) Thursday, September 10             Topic: Market equilibrium Reading:  Chapter 4, pp 99-110 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=equilibrium http://www.amosweb.com/cgi-   bin/awb_nav.pl?s=wpd&c=dsp&k=market+equilibrium 7) Tuesday, September 15             Topic: Tying the pieces together; it is all about utility and opportunity cost Reading: Chapters 2 & 4 http://www.amosweb.com/cgi-  bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=9 8) Thursday, September 17             Topic: Elasticity; own-price elasticity of demand Reading:  Chapter 5, pp 111-123 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+elasticity+of+demand http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=income+elasticity+of+demand http://www.amosweb.com/cgi-   bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=11 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=12 September 19 – Last day for 50% refund 9) Tuesday, September 22             Topic: Elasticity, supply, cross-price and income Reading:  Chapter 5, pp 124-136 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=income+elasticity+of+demand http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=11 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=12 10) Thursday, September 24 FIRST EXAM, 130 POINTS September 28 – Last day to drop course without grade II. Markets and the Government 11) Tuesday, September 29             Topic: Market efficiency and measuring value Reading:  Chapter 6, pp 137-148 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=consumer+surplus http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=producer+surplus 12) Thursday, October 1 Topic: Market values, deadweight loss, government intervention in markets & excise taxes Reading:  Chapter 6, pp 149-166; Chapter 7 pp 167-173; http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=deadweight+loss http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=disequilibrium+price http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+ceiling http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=price+floor 13) Tuesday, October 6             Topic: Government intervention continued, price controls Reading: Chapter 7, pp 174-194 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=government+functions http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=public+sector 14) Thursday, October 8             Topic: Government intervention continued; trade Reading:  Chapter 8, pp 195-204 15) Tuesday, October 13             Topic: Trade Reading: Chapter 8, pp 205-208; 211-222 16) Thursday, October 15 SECOND EXAM, 130 POINTS October 16 – Last day for 25% refund III. Decision Making by Firms 17) Tuesday, October 20             Topic: Profit and cost Reading:  Chapter 10, pp 247-252 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=profit http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=profit+maximization 18) Thursday, October 22             Topic: Production, diminishing returns Reading:  Chapter 10, pp 253-258 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=marginal+revenue+product http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15 October 26 – November 18 – SP2010 Early Registration (current students   only) 19) Tuesday, October 27 Topic:  Short run costs Reading:  Chapter 10, pp 259-266 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=production+time+periods 20) Thursday, October 29             Topic: Long run costs             Chapter 10, pp 267-274 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&fcd=lsn&crs=micro&lsn=15 November 2 – Last day to withdraw from a course 21) Tuesday, November 3             Topic: Connecting firm decisions to markets Reading:  Chapter 11, pp 275-279 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=17 22) Thursday, November 5             Topic: Market structure (types); perfect competition, marginal analysis, general market response Reading:  Chapter 11, pp 280-302 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=17 23) Tuesday, November 10             Topic: Monopoly Reading:  Chapter 12, pp 303-317, 331-334 http://www.amosweb.com/cgi-bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=18             Note:  Rest of Chapter 12 assigned for 11/17 24) Thursday, November 12             Topic: Monopolistic competition and oligopoly Reading:  Chapter 13, pp 335-342, 361-364 November 16 – Last day to transfer divisions 25) Tuesday, November 17             Topic: Regulation Reading:  Chapter 12, pp 318-334 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=cls&c=dsp&crs=micro&fcd=lsn&lsn=18 http://www.amosweb.com/cgi- bin/awb_nav.pl?s=wpd&c=dsp&k=price+discrimination 26) Thursday, November 19 THIRD EXAM, 130 POINTS November 21 – Thanksgiving Recess Begins, close of day November 30 – Class work resumes, 8:00am 27) Tuesday, December 1             Topic: Externalities and necessary government roles Reading:  Chapter 9, pp 223-246 28) Thursday, December 3             Topic: Property rights and Coase Theorem Reading: Chapter 9 29) Tuesday, December 8             Current Events; review of major concepts December 9 – Semester ends Final Exam Schedule 8 a.m. Section        Tuesday, December 15^th      8:00 a.m. – 10:00 a.m.         Waters Auditorium 11:00 a.m. Section  Friday, December 11^th    8:00 a.m. – 10:00 a.m.          Ellis Auditorium [Course Schedule] | [Grading & Excuse Policy] | [Ag. 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