Principles of Microeconomics

Are you interested in Economics as a possible major or minor?
Click here for information.

General course information and requirements

Semester: Fall 2006
Course: Economics 215, Principles of Microeconomics, section 5
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
E-mail address: stonebrakerr@winthrop.edu
Office hours: MW 3:30-5 p.m., TR 9-11 a.m., F 12:30-1:30 p.m. (no appointment needed)
                       Other times are available by appointment.

Text:

Microeconomics: A Contemporary Introduction, 7th edition, by William A. McEachern. Although exam questions are based on the lecture material, the text material closely parallels the lectures. Good lecture notes and conscientious textbook reading reinforce each other. A few supplemental web-based readings are listed in the course outline below.  To access a reading, click on the title.

South-Western College Publishing maintains an extensive web site for McEachern's text [http://mceachern.swcollege.com].  The site contains economic data, news, debates, links, and, most importantly, an interactive study center with graphing tutorials glossaries and on-line quizzes.

Grades will be determined by four exams (the final exam is the fourth exam) as follows:

 

        Exam with highest score:                           30%

                  Exams with 2nd and 3rd highest scores:     25% each

        Exam with lowest score:                            20%

Economics is not about memorization; it is about understanding and applying analytical concepts to explain behavior.  I try to test accordingly.  Exam questions will stress analysis rather than factual information and will be based on the material presented in class. You will be expected to write short essay/explanation answers and to solve graphical and numerical problems. Students caught copying/cheating will be dealt with harshly.  The final exam will be given at the officially scheduled time and will include some specified review material. You may use non-programmable calculators during exams, but graphing calculators, cell phone calculators or other programmable calculators are NOT allowed.

 

The approximate grading scale for exams will be:

        85 - 100%      A
        70 - 84%        B
        60 - 69%        C
        50 - 59%        D
          0 - 49%        F

A number of problem sets will be distributed through the semester.  You will be asked to turn in the first two.  These I will correct and return.  The remaining sets will not be handed in.  The answers will be posted on the web page.  It will be your responsibility to do these problems, check the answers, and ask questions about any that are not clear.  Although the problem sets do not directly impact your grade, students who are serious about learning the material and doing well in the course will complete them.  Similar problems will appear on exams.

 

In-class assignments:

 

There will be a number of in-class activities.  Some will ask you to write out an explanation of a concept we have covered, others might have you try to work out solutions to graphical or numerical problems. Some will involve working with classmates; some will not. You will lose one percentage point from your final course average for each missed or unacceptable assignment (in excess of three).  Students who must miss an extensive number of classes for what I consider to be a legitimate cause may request make-up assignments.

Make-up policy:

 

Make-up exams will be given to students with what I judge to be a valid excuse. Needing more time to study is not a valid excuse. If you can't make an exam I expect to be notified as quickly as possible, preferably before the exam. Students who do not notify me in a timely manner should not expect a make-up exam.

Attendance policy:

 

You are expected to attend every class on time and are responsible for all class material whether or not you attend. Attendance will not be graded directly, however students absent from more than three classes run the risk of losing points due to missed in-class assignments.

Course withdrawal:

 

Friday, October 20 is last day to withdraw from a full fall semester course.  (Automatic N grade is issued.)  Students may not withdraw from a course after this date without documented extenuating circumstances.

Students with Disabilities:

 

Winthrop University is dedicated to providing access to education.  If you have a disability and need classroom accommodations, please contact Gena Smith, Coordinator, Services for Students with Disabilities, at 323-3290, as soon as possible.  Once you have your Professor Notification Form, please tell me so that I am aware of your accommodations well before the first assignment.

Expectations:

As a student you should expect me to take my class responsibilities seriously.  You should expect me to deliver quality instruction in each class, to start and end each class on time, to be responsive to student perspectives and questions, and to treat each of you with respect.  As an instructor, I expect similarly responsible behavior from you.  In particular, I expect that you will:

1.   Attend every class.   In addition to the obvious negative impact on your own learning, your absences can damage your classmates as well. Students that skip classes, ask questions that were answered last week, and then mooch missed notes and material from conscientious classmates who are trying to pay attention impede the learning of others and slow the pace at which material can be covered. 

2.   Come to class on time and stay until its conclusion.  Late arrivals and early departures are disruptive and inconsiderate of others. 

3.   Turn off and put away all cell phones and pagers.  I expect never to see these devices in class.

4.    Pay attention and participate.   While in class you should be concentrating on class.  That means no idle conversations with those around you, no attempts to complete work or study for other classes, and no other extraneous activities.

 

How to succeed in this course:

 

I asked previous students.  Do you want their advice?  Click here.

 

 

Course Outline

I. Fundamental Concepts

A. Scarcity and choice

B. Economic models

C. Trade and comparative advantage

     Chapters 1 and 2 (the appendix to chapter 1 gives a useful review of understanding graphs)

II. Price Determination

A. Demand and supply

     Demand and Supply: An Overview

     Good Intentions Gone Awry

     The Untied Knot: Marriage on the Skids

B. Elasticity

     Supply-Side Drug Policy: Will it Ever Work?

     Chapters 4 and 5

Exam #1: Approximately September 18

C. Price controls, taxes, and subsidies

III. Behind Demand: Consumer Theory

Chapter 6

IV. Behind Supply: Competitive Markets

A. Cost of production

B. Competitive market behavior

C. Competitive market efficiency

     Chapters 7 and 8

Exam #2: Approximately October 20

V. Imperfect Competition

A. Monopoly

     That Old-Time Religion

     Price Discrimination

               Chapter 9

B. Oligopoly and monopolistic competition

     Arms Races

     Rational Ignorance

               Chapter 10

Exam #3: Approximately November 15

 

VI. Externalities and Public Goods

To Attend or not to Attend

Chapters 16 and 17

 

VI. Labor and Resource Markets

A. Marginal productivity theory

B. Labor market issues

     It isn't Easy Being Green

     Chapters 11 and pp. 266-270 in chapter 12

VIII. Poverty and Income Distribution Issues

What's Fair is Fair

Chapter 18

Exam #4: Final Exam