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My info.

My info. Name: Xue(sherry) Qiao Office: 83 Heady Hall OH: MW 11-12 E-mail: sherryqi@iastate.edu Course web:http://www.econ.iastate.edu/classes/econ301/qiao/ TA: Yoon, sjyoon@iastate.edu. Syllabus.

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My info.

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  1. My info. • Name: Xue(sherry) Qiao • Office: 83 Heady Hall • OH: MW 11-12 • E-mail: sherryqi@iastate.edu • Course web:http://www.econ.iastate.edu/classes/econ301/qiao/ • TA: Yoon, sjyoon@iastate.edu

  2. Syllabus • Textbook: Jeffrey M. Perloff, Microeconomics, 3rd edition. (Not required, but recommended) • Grading: 1st mid-term: 25% 2nd mid-term: 25% Final: 35% Homework&in-class exercise 10% Bonus 5% Note: Exams will be cumulative, but more weighs will be put on the later part.

  3. Important Dates • Tentative exam dates: 1st mid-term: Friday, June 4 2nd mid-term: Friday, June 25 Final: Friday, May 9 Notes: I will put sample exams on-line. There will be multiple-choice questions and problem-solving questions in the exam.

  4. Preparing for exams • Best way to prepare for exams is to do the following three things: 1. Attending the class: better understanding and in-class exercise. 2. Do the homework by yourself: help to find where you are wrong and correct it. 3. Do the sample exams. Notes: The questions on exam will be withdrawn from the above three sources.

  5. Chapter 1: Introduction • What is economics? • Positive VS Normative statement • Mathematic review

  6. What is economics? • Definition. Economics is the study of the allocation of scarce resources. • Branches of economics. • Behaviors that we study. • Some examples.

  7. Positive VS Normative • Defn’s • Differences. • Examples. • Why do we consider these in this course? • Some practice.

  8. Positive statement • Def: A testable hypothesis about cause and effect. • Deals with the question of what is • Do not involve value judgment or opinions. • Example: 1,000 jobs were lost because of free trade. Consumers saved 1 million because of free trade.

  9. Normative statement • Def: A conclusion as to whether something is good or bad. • Deals with the question of what ought to be. • Cannot be tested because a value judgment cannot be refuted by evidence. (subjective). • Example: We should protect our industries. We should support free trade.

  10. Practice • A cut in wages will reduce the number of people who are willing to work. • High interest rate prohibit many young people from buying their first home. • The government ought to behave in such a way as to ensure that resources are used efficiently. • Hong Kong government should increase its budget allocation to reduce the number of illegal immigrants from mainland of China.

  11. More challenging practice • Smoking is harmful to human. • You need to stop smoking because smoking is bad for you. • You need a college education. • One-third of the college-age population wants to go to colleges at current prices.

  12. Next topic Supply and demand

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