Principles of Microeconomics ECO 2020 Fall 2012

Katherine M. Sauer, Ph.D. AD 530-R 303-556-3037 ksauer5@msudenver.edu

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Microeconomics is the study of how individuals, groups and firms make decisions about how to allocate their scarce resources (e.g. time, money, natural resources).

Fundamental Economic Principles
week 1: ch 1 & 2 Learning Objective: Identify/define the fundamental concepts of economics.

How Markets Work
weeks 2 - 4 -Why we use markets (ch 3) -Model of Supply and Demand (ch 4) -Adding precision to the model (ch 5) -Measuring the well-being of consumers and producers (ch 7) Learning Objective: Apply microeconomic analysis to evaluate economic events and/or problems.

Government Intervention in Markets
weeks 5 - 6 -Price controls (ch 6) -Taxes on goods and services (ch 8) -International restrictions (ch9)

Learning Objective: Explain the effects of various government interventions on market outcomes.

Advanced Applications
weeks 13 - 14 -The Labor Market (ch 18) -Consumer Choice Theory (ch 21 ) Learning Objective: Apply microeconomic analysis to evaluate economic events and/or problems.

When Markets Fail
week 7

Markets

-Externalities (ch 10) -Public Goods (ch 11) Learning Objective: Describe types of market failures and potential solutions to market failures.

Markets & Competition
weeks 9 - 12 -Production, Costs and Profits (ch 13) -Competitive Markets (ch 14) -Monopoly Markets (ch 15) -Other Types of Competition (ch 16,- 17)

Learning Objective: Describe and interpret economic data, tables and charts. weeks 2-15

Learning Objective: Explain the features and implications of competitive and noncompetitive market structures.

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Additional Learning Objectives Since this course satisfies a General Studies requirement, you’ll also work to meet the following: 

Demonstrate the ability to locate sources when information is needed, and to evaluate the authenticity, validity, and reliability of resources applied to a specific purpose - At the end of the term, you’ll be writing an essay based on a current event that you find.

Analyze texts, sources, and argumentation, identify cause and effect relationships and recognize fallacies of argument - Our market analysis and firm analysis will be techniques that you will use to demonstrate cause and effect relationships.

Use and document sources and evidence in an ethical manner - The essay that you write will contain proper source citation and will not be plagiarized.

Describe how the methods of science are used to generate new knowledge - This course teaches you about economic models and how they are scientifically derived.

Describe the forms and impacts of geographical conditions or social, economic, financial, or political practices on the human experience using analytical methods appropriate to the field. - Throughout the course we’ll be exploring the impact of markets on the human experience. We’ll use theory, data, algebra, and graphical analysis.

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Course Learning Activities In order to assist you in meeting the course learning objectives, course activities will include class participation, homework, an essay and 2 exams. Course activities are weighted as follows: To prepare for daily class participation, the successful student will read the text in advance, bringing notes to class complete any assigned work To receive credit for class participation, students should actively contribute to discussion and solving in-class problems. Problem sets are posted online, with due dates posted alongside each one. You’ll answer each question, click “grade it now”, and then see whether you got it correct and can view a corresponding explanation. Participation 5% Essay 5%

Homework 30%

If you are not satisfied with your score for that problem, you can try again with Due online on another similar problem. (3 tries total) The scores from each of your attempts will be averaged together. Mondays at 11pm. You can work on the problem set all at once, or in pieces up until the due date. You can work with your classmates on homework if you like. The midterm exam will consist of multiple choice questions and some longer problems similar to the ones we solve in homework and in class. The midterm exam covers chapters 1 – 11. October 11
th

Midterm Exam 25%

A review sheet will be posted online along with suggestions for study strategies. During the term you will complete a written analysis of a current event. Due by 11/29 Refer to the “Guidelines for Article Analyses” document for detailed instructions. If you would like me to look over a rough draft of your analysis prior to the due date, please bring a copy of your work to me in office hours or make an appointment to see me. The final exam will consist of multiple choice questions and some longer problems similar to the ones we solve in homework and in-class assignments. The final exam covers chapters 1 – 11, 13 – 18, 20 – 21. A review sheet will be posted online along with suggestions for study strategies.

Final Exam 35% Date TBA – the exam will be given according to the official campus schedule

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Prerequisites In order to successfully meet the learning objectives in this course, you’ll need some background skills. The prerequisites for this course are: One of these Math courses MTH 1080 MTH 1110 MTH 1112 MTH 1120 MTH 1210 MTH 1230 MTH 1310 MTH 1320 MTH 1400 MTH 1410 MTH 1610 and One of these English courses ENG 1010 ENG 1020

For our course, you will be expected to know how to do algebraic calculations, understand graphs, and communicate clearly. If you have not met the prerequisites, you’ll need to drop the course and re-register for it in a future semester once the prerequisites have been met. Quick math Self-Assessment: 1. Identify the y-intercept and the slope in this equation: 2. Solve each of the following equations for X: 3 = 20 X 0.75 = X 5 1/4 + 2/3 + X = 5 y = 50 – 2x
Marginal Cost

y = 100 – 2x

3. Solve this system of equations for x and y:

y = 30 + 3x

4. Plot the following points on the axis given. Quantity Marginal Cost 5 $10 6 $9 7 $8 8 $9 9 $10 10 $11 11 $12 12 $13 13 $14 14 $15 4
Quantity

Required Course Materials 1) Textbook & Electronic Homework: Our course textbook is Principles of Microeconomics (6th edition) by Greg Mankiw. It is one of the most popular textbooks nationwide. We’ll be utilizing an electronic version of this textbook, bundled with an online homework resource system called Aplia. The cost is $122, which is cheaper than a paper copy of the text alone. If you like, you’ll have the option of adding a paper textbook to your online bundle for an additional fee. Or, feel free to find a used copy of a previous edition – since you’ll have access to the current version online, you shouldn’t miss anything. Here are the directions to register for and purchase Aplia: If you already have an account, sign in using your previously chosen login. Go to: http://login.cengagebrain.com The course key is 3NCB-N28M-GMGM If you don’t have an account, click the Create an Account button. The course key is 3NCB-N28M-GMGM Please register for Aplia before our next class so you can access our textbook, course materials and so you can complete your first reading assignment. You can use Aplia for free until 11:59pm on 9/9/2012.

2) Access to a printer For most of our class meetings, you’ll be asked to do some prepwork. Some of the work will require you to print your work from an electronic source.

3) Access to the internet Since the reading and homework is online, you’ll need to plan to be near a reliable internet source several times during each week. Course materials and announcements will be posted on our Aplia website.

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Office Hours My Office Hours are a resource to assist you outside of our class time. Reasons to come to office hours: - you have a question on the homework - you would like some additional explanation on a concept - you feel entirely lost in the course - you have an accommodation letter from the Access Center - you want some advice to help you with time management or study skills - you are in the neighborhood and just want to say hi You do not need an appointment to see me during office hours – please just stop by. You may also make an appointment in advance to see me during other days/times. Please note my schedule for this fall. Day Tuesdays Time 10-12 12 – 1:30 Office Hours AD 530-R 2-3:15 Principles of Micro KC 203 3:30-4:45 Intermediate Micro KC 203 Wednesdays Office Hours AD 530-R Office Hours AD 530-R Principles of Micro KC 203 Intermediate Micro KC 203 Thursdays

My office is located in the Administration building (AD) in room 530-R.

Source: Google Maps

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Course Grading 92.5% to 100% 89.5% to 92.4% 86.5% to 89.4% 82.5% to 86.4% 79.5% to 82.4% 76.5% to 79.4% 72.5% to 76.4% 69.5% to 72.4% 66.5% to 69.4% 62.5% to 66.4% 59.5% to 62.4% 59.4% and below A AB+ B BC+ C CD+ D DF

To calculate your course grade, please use the following formula:
(homework %)(0.30) + (midterm %)(0.25) + (essay %)(0.05) + (participation %)(0.05) + (final exam %)(0.35) = course grade %

Throughout the semester there will be opportunities for bonus. Bonus points come into play only when a grade is “borderline”. For example, suppose your course grade is 79.4%. A 79.5% would round to an 80% which is a B-. The 79.4% is still a C+, but it is close. If you complete some of the bonus opportunities, I can objectively (in fairness to all students) bump your grade up to a 79.5% to give you a B-. If you do not complete the bonus opportunities then your grade will remain a C+. Bonus points are not the same as percentage points. I’ve noticed that it often takes a while to “get” economics (between 10 and 12 weeks into the course is when the material really starts “clicking” for most students). Since the midterm is in week 8, many students find that they do not perform as well as they hope on the midterm. What matters to me is that in the end, you can demonstrate that you’ve learned the concepts. As such, if you score higher on your final exam than you did on your midterm, I will count the final more heavily to reflect your learning.

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Course Policies Missed Assignments and Exams Assignments: At the beginning of the semester, you’ll know when each online homework assignment is due. This means you should work ahead if you know you have a conflict with a due date. Your lowest problem set grade will automatically be dropped from your grade. One additional optional/make up assignment will be given at the end of the semester (chapter 22).

Participation: If you are in class and actively participating and have completed the prepwork, then you will receive full credit for that day’s participation. Two participation scores will be dropped from your grade.

Exams: A make up exam is given only in grave extenuating circumstances. Please do not ask to take the final exam early – I will give it according to the official final exam schedule.

Essay: Your essay must be turned in on time (that is, by the beginning of class on the due date) to avoid a penalty of 1 point per calendar day deduction. The Essay is out of 20 points. Please turn in a paper copy of your essay. _______________________________________________________________________________________ Grade Disputes Sometimes you might interpret a question differently than I intend. If you have a dispute or disagreement with a particular question’s grading, please observe the following procedure:

1. Observe a 24 hour “cooling off” period.

2. Submit in writing an explanation of your argument/dispute/ disagreement. Include supporting evidence from class resources.

3. Your case will be reviewed by our next class period. You can set up an appointment to meet with me to discuss my response.

This process helps me improve the way that I write and grade questions. It is not meant to be scary or argumentative. **If your only dispute is an incorrect calculation of your grade, let me know as soon as possible. A submission in writing is not necessary.** ___________________________________________________________________________________

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Email Please use your @msudenver email address when emailing me. If you do not, you run the risk of my email filter program deciding that your message is spam. Additionally, due to Federal privacy regulations, I can’t discuss any grade-related information via email unless you use your official university account. Please do not use the email feature in BlackBoard/Web CT to email me. Write directly to me at ksauer5@msudenver.edu . (In the past messages sent through that system had frequently gotten lost.) Please try to use proper sentences and punctuation when writing to me. I am getting older by the day and can’t always figure out what your short-hand abbreviations are trying to say  ____________________________________________________________________________________ Disability Accommodations The Metropolitan State University of Denver is committed to making reasonable accommodations to assist individuals with disabilities in reaching their academic potential. If you have a disability which may impact your performance, attendance, or grades in this class and are requesting accommodations, then you must first register with the Access Center, located in the Auraria Library, Suite 116, 303-5568387. The Access Center is the designated department responsible for coordinating accommodations and services for students with disabilities. Accommodations will not be granted prior to my receipt of your faculty notification letter from the Access Center. Please note that accommodations are never provided retroactively (i.e., prior to the receipt of your faculty notification letter.) Once I am in receipt of your official Access Center faculty notification letter, I would be happy to meet with you to discuss your accommodations. All discussions will remain confidential. Further information is available by visiting the Access center website http://www.msudenver.edu/access/ ____________________________________________________________________________________ Religious Holidays Students at MSU Denver who, because of their sincerely held religious beliefs, are unable to attend classes, take examinations, participate in graded activities or submit graded assignments on particular days shall without penalty be excused from such classes and be given a meaningful opportunity to make up such examinations and graded activities or assignments provided that advance written notice that the student will be absent for religious reasons is given to the faculty members during the first two weeks of the semester. Nothing in paragraph 1 of this policy shall require MSU Denver faculty members to reschedule classes, repeat lectures or other ungraded activities or provide ungraded individualized instruction solely for the benefit of students who, for religious reasons, are unable to attend regularly scheduled classes or activities. However, presentations, critiques, conferences and similar activities involving individual students shall be scheduled to avoid conflicts with such students’ religious observances or holidays provided that reasonable advance notice of scheduling conflicts is given to faculty members. Because classroom attendance and participation is an important aspect of learning, MSU Denver students should not register for courses if regularly scheduled classes or activities routinely conflict with their religious observances or holidays (e.g., conflicts resulting in weekly absences for an entire semester). ____________________________________________________________________________________ 9

No Credit (NC) Grades During the first 10 weeks of class, you may opt for NC through MetroConnect online. You do not need a signature from me. After the 10th week, I do not have authorization to grant you a NC. The Fall 2012 NC deadline is Monday October 29th. ____________________________________________________________________________________ Academic Integrity As students, faculty, staff and administrators of Metropolitan State University of Denver, it is our responsibility to uphold and maintain an academic environment that furthers scholarly inquiry, creative activity and the application of knowledge. We will not tolerate academic dishonesty. We will demonstrate honesty and integrity in all activities related to our learning and scholarship. We will not plagiarize, fabricate information or data, cheat on tests or exams, steal academic material, or submit work to more than one class without full disclosure. For more information: http://www.msudenver.edu/studentengagementandwellness/studentconductandconflictresolutionservices /academicintegrity/ ___________________________________________________________________________________ Student Code of Conduct Metropolitan State University of Denver has a Student Conduct Code and every student is expected to be familiar with it Available online: http://www.msudenver.edu/studentengagementandwellness/studentconductandconflictresolutionservices /studentcodeofconduct/ ___________________________________________________________________________________ Academic Calendar / Important MSCD Dates Last day to drop with 100% tuition refund: No classes, Labor Day: Last day to drop with 50% tuition refund and course deleted from transcript: Last day to drop with NC grade: No classes, Fall Break: Final exam week: Grades available online: Sunday August 26th Monday Sept. 3rd Wednesday Sept. 5th Monday Oct. 29th Nov 19th – Nov 23rd Dec 10th – 14th Friday Dec. 21st

Note: Registration for all Economics courses closes at midnight Thursday, August 23 (that is, 12:00am Friday August 24th). There will be no exceptions for those wishing to add a class or switch sections.

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