Principles of Microeconomics

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General course information and requirements

Semester: Fall 2011
Course: Economics 215, Principles of Microeconomics, section 3 (3 credits)
Instructor: Dr. Stonebraker
Office: 401 Thurmond
Office phone: 323-2488
E-mail address: stonebrakerr@winthrop.edu
Office hours:  T 9 - 11 a.m. and 3:30 - 4 p.m., W 1 - 2 p.m., R 9 - 11 a.m. and 3:30 - 5 p.m., F 11 a.m.  - 12 p.m.
                        Other times are available by appointment.

Course goals and objectives:

Students completing this course should gain a solid foundation for understanding and applying basic microeconomic concepts. In doing so, we expect students to develop stronger problem-solving skills. In addition, as a General Education Social Science, this introductory course will assist students in every field of study to better analyze and understand human behavior. It involves the following General Education goals:

To acquire and appreciate quantitative skills:  Quantitative data and relationships are an integral part of any course in economics. Students will learn how to calculate, analyze and use such quantitative measures as costs, revenues, productivities and demand elasticities.

To use critical thinking, problem-solving skills and a variety of research methods: Students will be expected to critically analyze a wide variety of public and private policy initiatives.

Understand the nature of social and cultural conflict and methods of resolution: Social and cultural conflict often originates with the disparate goals of consumers and producers, of competing producers, and of competing interest groups. Students will learn to appreciate how an efficient economic system can resolve these conflicts in a way that maximizes overall social value.

Examine problems, issues and choices that confront citizens of the world: Students will be expected to analyze such critical issues as poverty, resource scarcity, international trade, pollution, government regulation and the pros and cons of big business.

Text:

Principles of Microeconomics, by Libby Rittenberg and Timothy Tregarthen.  This is a customized online text published by Flatworld Knowledge that can be accessed at http://students.flatworldknowledge.com/course/555468.  You may purchase hard copies (either color or black and white) or individual chapters at very reasonable prices through the website. Alternatively you can set up an online account and read the text for free.  While exam questions are based on the lecture material, the text material closely parallels the lectures -- partly because I have customized the online text accordingly. 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.
Grading:
 
The grading will be straight letter grades: no plusses or minuses. Three exams will determine 91% of your grade. Three short writing assignments will determine the remaining 9% of your grade. The weight for each assignment is:

 
Exams:
 
Exam questions will stress analysis rather than factual information and will be based both on the material presented in class and the web textbook readings. 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  3 p.m. on Tuesday, December 13 and will include some specified review material.  Calculators will not be permitted during exams.  College students should be able to do arithmetic. The approximate grading scale will be:

        90 - 100%      A
        76 - 89%        B
        64 - 75%        C
        54 - 63%        D
          0 - 53%        F

Click here for a spreadsheet that will calculate your course average.
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.
Writing Assignments:
 
Students will be expected to submit three very short papers applying concepts discussed in class to current or personal events.  For detailed instructions, click on: Writing Assignment Instructions.
Problem Sets:
 
A number of problem sets will be distributed though the semester.  You will not be asked to turn them in and they will not be graded.  The answers will be posted on the course 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 are not graded, students who are serious about learning the material and doing well in the course will complete them.  Similar problems will appear on exams.
Class participation:
 
Each student automatically begins with four participation points added to their final course average.  Students who attend regularly, come to class on time, and pay attention will keep these points throughout the semester.  Students who miss classes without good cause, who often come late, who sleep during class, who use their cell phones during class, who read or study non-class material during class, or who exhibit other problems of attentiveness will lose points. 
Attendance policy:
 
You should attend every class on time and are responsible for all class material whether or not you attend. Students with multiple absences run the risk of losing participation points. In addition, following the Winthrop University Attendance Policy, students missing as many as 1/4 of the classes who do not withdraw by the deadline will receive a grade of F, or U, whichever is appropriate. 
Course withdrawal:
 
Friday, October 21 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, Office of Disability Services, 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 addition to adherence to Winthrop’s Code of Student Conduct, 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 can be disruptive and inconsiderate of others.  However I recognize that well-meaning students must occasionally be late or leave early. If you do arrive after the class has begun, please enter the rear door and sit in the back row so as to minimize the distraction for others. Similarly, if you must leave early, please notify me in advance and sit near the back door so that you can leave unobtrusively.

3.   Turn off and put away all cell phones. I expect never to see these devices in class. That means no listening to iPods or other media devices, and no texting or checking messages under the desk where you think I will not see them.

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. Such behavior distracts others and negatively impacts on the learning environment.

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 (an appendix gives a useful review of understanding graphs)

II. Markets, Prices and Efficiency
A. Demand and supply
     The Untied Knot: Marriage on the Skids
B. Elasticity
     Supply-Side Drug Policy: Will It Ever Work?
     Chapters 3 and 4
C. Price controls, taxes, and subsidies
     Chapter 5
D. Marginal analysis and efficiency
     Chapter 6

Exam #1: Approximately Monday, September 26

   
III. Behind Demand: Consumer Theory
Chapter 7

IV. Behind Supply: Competitive Markets
A. Cost of production
B. Competitive market behavior
C. Competitive market efficiency
     Chapters 8 and 9

V. Imperfect Competition
A. Monopoly
     That Old-Time Religion
               Chapter 10
B. Oligopoly and monopolistic competition
     Arms Races  
               Chapter 11


Exam #2: Approximately Monday, November 7

 
VI. Externalities and Public Goods
Chapter 12


VII. Labor and Resource Markets
A. Marginal productivity theory
B. Labor market issues
     It Isn't Easy Being Green
     Chapter 13
 
VIII. Poverty and Income Distribution Issues
Chapter 16

Exam #3: Final Exam: Tuesday, December 13 (3 p.m.)

 

I reserve the right to modify this syllabus with cause if unexpected circumstances occur.

Last modified 08/10/11