ECO 157 Microeconomics - Fall 2007
Richard Vogel, Ph.D. Farmingdale State University of New York
Department of History, Economics & Politics
Office: 232 Memorial Hall Voice: 631.420.2063
E-mail: richard.vogel@farmingdale.edu
web site: www.farmingdale.edu/~vogelrm
Required Materials
Sexton. Exploring Economics. 4th Edition. Thomson South-Western. 2007
Course Objectives/Description
This course is an introduction and overview of the basic concepts and analytical tools of microeconomics analysis.
Topics such as consumer and producer behavior, and the determination of prices and output un der alternative market
structures are presented within a graphical and algebraic framework. Economic concepts are discus sed from both an
applied and theoretical perspective. Students are expected to be able to define key concepts as well as demonstrate
the ability to use analytical tools to solve problems illustrative of everyday economic concerns. Some of the skills
you will be expected to show include:
!Use Demand/Supply analysis to determine equilibrium market price and output.
!Explain the concept of utility maximization and its importance to individual behavior
!Explain the concept of profit maximization and its importance to firm behavior.
!Define and illustrate a production possibility frontier.
!Define, calculate, and interpret the price elasticity of demand
!Determine market price and output under various forms of market structure including Perfect Competition,
Mon opo ly, M ono pol istic C ompetit ion , and Oli gopoly
Grading
Grades will be based upon the satisfactory completion and weights of the activities listed below. Exams will consist
of a combination of true-false, multiple choice, problems, and essay questions. Your fin al grade will be calculated
as follows:
!(50%) Average of your exams from Exam 1 and, Exam 2. (EA)
!(15%) Class participation
!(35%) Group Exercise Average (GEA)
!To calculate your grade: .50(EA) + .15(Class Part. Av.) + .35(GEA)
Letter grades are given according to the following scale: 90-100 A, 85-89 B+, 80-84 B, 75-79 C+, 70-74 C, 65-69
D+, 60-64 D, 0-59 F. An incomplete will be granted only in the most extraordinary of circumstances, and only if at
least 70% of the course work has been completed in a satisfactory manner (with a grade of 70 or better). If for any
reason you miss one of the regularly scheduled midterm exams, the comprehensive final exam score may be
used in place of one (on ly one) of the midterm grades. There are no make-up exams or group exercises
available. No exams will be given early (Please do not ask). If you are registered with the Office of Stud ents
with Disabilities (OSD), please get in touch with me to make arrangements to take the exam on its schedu led
day at the OS D office in Laffin Hall at the earliest time possible.
Class Participation
Throughout the semester you will have many opportunities in class to ask questions regarding, engage in class
discussion, and respond to questions posed in class. You will need to buy a package of 3x5 index cards and bring
them with you to class. Whenever you ask or respond to a question, or add a cogent comment to the ongoing class
discussion, you will note the question/comment on the card (please make sure that your name and the date of the
class is on the card as well) and turn the card into me at the end of the class. Your comments and questions should be
based upon the course material and should reference the topic at hand. You do not receive credit for questions such
as; “When is the exam?”, “What is on the exam?”, etc. No credit will be awarded for cards that are turned in after the
class, whether it is 10 minutes later, or 2 or 3 days later. Participation credit is awarded as follows:
