ECON 2302 Principles of
Microeconomics
SYLLABUS
Fall 2008
AUGUST 25 THROUGH
DECEMBER 14
CLASS DAYS AND TIMES: Monday
AND Wednesday
09:10 AM – 10:25 AM
SYNONYM 22300 SECTION 031
BLDG SAC 1 ROOM 1317
INSTRUCTOR: Jake C.
Bloom
OFFICE HOURS: ONE
HOUR PRIOR TO OR AFTER CLASS AS
PREARRANGED AT ADJUNCT FACULTY
OFFICE
E-MAIL CAMPUS: jbloom@austincc.edu
HOME PHONE: 512 –
989 – 5964
CELL PHONE: 512 –
796 – 0634
E-MAIL HOME: jake27conroy@sbcglobal.net
Feel free to contact
me after 7:00 am and before 11:00 pm (17/7)
CONFERENCES:
Students should make an appointment for a conference.
TEXTBOOK AND STUDY
GUIDE: Principles of Microeconomics,
17e,
by
Study Guide is by
William B. Walstad. It is not mandatory
but it is highly recommended. The study
guide has lots of questions, graphs and problems to work for practice. Answers are given.
WEB MATERIALS: Students will be asked to visit several websites presenting and discussing data on several economic variables and presenting articles on a number of microeconomic topics/issues as assigned by instructor.
COURSE DESCRIPTION: Principles of Microeconomics deals with the interactions between individual households and business firms. The concepts of supply and demand will be studied; students will learn what these concepts mean, how they operate, and how prices are determined. Market structure, market failure, and income distribution will also be considered.
INSTRUCTIONAL METHODOLOGY: Lectures will be given. Students are encouraged to present inputs to the class for discussion, or ask questions. Power Point (optional), overhead projected view graphs, and posters will be utilized to illustrate and to apply points presented in lectures. Hand-outs will be given, the purposes of which include: provide copies of lecture notes; give further explanation of difficult concepts; to supply additional information to supplement and complement topics covered in the textbook; and to provide students with articles from a variety of economic and business online news sources and journals for applications of microeconomic concepts and theories. Students must stay abreast of current economic events, issues, and problems, especially those identified by your instructor. In addition to historical economic events, knowledge of current events will enable the student to apply economic analysis learned.
COURSE RATIONALE: This course is meant to give students insight into the dynamics of our market based economy and how through its mechanism scarce resources are allocated. The theoretical and actual role of government in this market system will also be addressed. Knowledge gained in the course will make students better informed citizens and allow them to follow the debates over various economic events and policies reported in the news media. This course is also a foundation course that will prepare students to be successful in upper level finance, marketing, business administration, economics, government, and social work courses.
COURSE OBJECTIVES/STUDENT OUTCOMES: Students who complete this course will be able to understand:
1) basic concepts of resource scarcity, opportunity costs, and marginal analysis;
2) forces of demand and supply and how they interact to determine equilibrium price;
3) how and why equilibrium prices change and their impact on resource allocation;
4) the theory of consumer behavior;
5) the theory of the firm, costs of production, and profits
6) the theory and application of market structures of perfect competition, imperfect competition, monopoly, and oligopoly.
7) markets for resources and income distribution
8) interest, marginal revenue product, and economic rents
COURSE
EVALUATION/GRADING SYSTEM:
TESTS: Four tests will be given, tentatively scheduled on the Tentative Schedule of Topics and Tests. Each test is worth 100 points. Types of test questions are as follows: multiple choice; true or false; comparisons between values of variables; problems requiring algebra; completion; definitions; matching; short answer essay; and graphs/problems/questions sets.
Indeed, equations
and graphs are very important in this course and every test will include
questions/problems concerning equations and graphs. If
you miss a test for illness or some other emergency,
see the instructor to schedule a make-up test.
Only one make-up test can be allowed.
To be granted an excused absence, documentation will be required. Procure a documentation form from your
instructor.
Letter grades on tests will be earned according to the following point system:
A = 90 to 100 points
B = 80 to 89
C = 70 to 79
D = 60 to 69
F = below 60
RECENT/CURRENT EVENTS: Students are
encouraged to stay abreast of current events. Students should study handouts on
current events. Some of them will be covered in class. Students should also follow current events
reported in the media. Be up on the
latest economic indicators: unemployment rate; inflation rate (CPI); growth
rate of real GDP; rate of growth of labor productivity; number of new jobs
created each month; ten leading indicators; measure of consumer confidence;
stock market prices; bond prices; bond yields; index of industrial production;
interest rates, especially the federal funds rate; public debt. Keep
abreast of developments in various industries and developments with key
firms. Stay up on such concerns
as: poverty; environment; energy; crude oil/gasoline prices; health care; job
outsourcing; illegal markets; should marijuana be legalized or not;
immigration; should markets for organs be legalized or not; vehicle hybrids;
government budgets for various expenditures; private and public spending on
Research and Development; and more. Current events may be included on Tests.
TERM PAPER: Is required. It will count 60 points. This will be library research on some microeconomic topic. A listing of possible topics will be provided. If you want to do your paper on a topic not listed, please consult your instructor. Ground rules for doing your paper are as a minimum:
1) 4 to six typewritten pages (more if you choose);
2) double-spaced;
3) use appropriate footnotes;
4) provide a bibliography;
5) paper will be graded on content, organization of material and grammar.
Students are encouraged to make use of various websites which provide access to major economic databases, economic/business journals and economic/business news media sources. Oral presentation of paper (5 minutes) is worth up to 15 additional points.
Some class periods
may be designated for term paper research.
Students should spend this class time working on their term paper or
homework assignments.
WEB-BASED EXERCISES: Three web-based exercises will be given. Each counts 15 points for a total of 45 points. They must be turned-in the day of each Test, beginning with Test II.
Practice Test A: One will be given prior to each Test. Each counts up to 15 points for a total of 45 points (the lowest score will not be counted).
Attendance: Each student will start with 30 escrow attendance points. For each unexcused absence, 5 points will be subtracted.
Total possible points: Tests…………………….400
Web-Based Exercises….. 45
Practice Tests A……….. 45
Term Paper…………….. 75
Perfect Attendance……… 30
Total………………. 595
Total number of points will be divided by 5.5 to determine final points average.
FINAL LETTER GRADES: Letter grades are earned based on the following letter grade/final points average scale:
A = 90
B = 80
C = 70
D = 60
F = 59
ATTENDANCE, CLASS DISCUSSION, HOMEWORK, AND TEST ANSWERS: Students should expect to:
1) read all materials and complete all homework assignments prior to each class;
2) participate in class discussion;
3) should make every effort to attend every class and be on time (many points in lecture will be emphasized with a high probability of showing up on a test, hence, a word to the wise—ATTEND!)
4) IF YOU QUIT COMING TO CLASS, DO NOT ASSUME THAT YOUR INSTRUCTOR WILL AUTOMATICALLY DROP YOU—YOU MUST BE SURE TO WITHDRAW BEFORE THE WITHDRAWAL DEADLINE OR ELSE YOU WILL RECEIVE AN F.
5) demonstrate on test papers understanding of economic concepts in writing and using math to include comprehension of graphs and linear algebraic equations.
6) Students on the borderline between two grades (one or two points below what is needed for the next higher grade) will be given the higher grade if they have perfect attendance.
WITHDRAWALS AND INCOMPLETES: Any student considering withdrawing from the course should talk it over with the instructor first. I can show you a way to complete the course earning a minimum grade of C. Withdrawals must be done by the school deadline to avoid receiving a failing grade. The possibility of receiving an incomplete must be negotiated with your instructor. This is seldom granted, and can be approved only in case of extenuating, unavoidable circumstances. Student must be passing. Only six withdrawals are permitted over your undergraduate years.
SCHOLASTIC DISHONESTY/STUDENT DISCIPLINE: Acts prohibited by the college for which discipline may be administered include scholastic dishonesty, including but not limited to cheating on an exam or quiz, plagiarizing, and unauthorized collaboration with another person in preparing outside work. Academic work submitted by students shall be the result of their own thought, research, or self-expression. Academic work is defined as, but not limited to tests, quizzes, classroom presentations, and homework. Penalty to be imposed for student dishonesty will be decided by the instructor in coordination with the Task Force Chair/Program Coordinator.
STUDENT FREEDOM OF EXPRESSION: Each student is strongly encouraged to participate in class. In any classroom situation that includes discussion and critical thinking, there are bound to be many differing viewpoints. These differences enhance the learning experience and create an atmosphere where students and instructors alike will be encouraged to think, to learn and to contribute. On sensitive and volatile topics, students may sometimes disagree not only with each other but also with the instructor. It is expected that faculty and students will respect the views of others when expressed in classroom discussions.
STUDENTS WITH DISABILITIES: Each ACC campus offers support services for students with documented physical or psychological disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes. Students are encouraged to do this three weeks before the start of the semester.
TENTATIVE COURSE OUTLINE OF TOPICS AND TENTATIVE SCHEDULE OF TESTS ARE GIVEN IN A SEPARATE HANDOUT ON THE FIRST CLASS DAY.