ECN-2020-49291 - PRINCIPLES OF ECONOMICS II (MICROECONOMICS)
COURSE SYLLABUS - FALL 2006
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Instructor: |
Bob Schaller, Ph.D. |
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Office Hrs: |
After class or by appointment |
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Telephone: |
301-934-7518 (w), 301-475-2068 (h),
Fax 301-934-7692 |
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Web Page: |
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E-mail: |
bobs@csmd.edu (w) or schaller@uzoom.net (h) |
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Day/Time: |
Tues/Thurs |
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Location: |
Room C318 |
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Required Text: |
McConnell and Brue, Microeconomics:
Principles, Problems, and Policies, 16th ed, McGraw-Hill
Irwin, 2005, or http://highered.mcgraw-hill.com/sites/0072875615/information_center_view0/ |
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Suggested: |
Study Guide to accompany Microeconomics by William
B. Walstad and Robert C. Bingham |
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Prerequisite: |
ECN 2010 or permission of department
chair |
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Course Description: |
In this introduction to modern
microeconomic theories and practices, students examine American economic
growth; the theory of consumer demand, supply, and cost of production;
competitive market models such as pure competition, monopoly, monopolistic
competition, and oligopoly; resource markets; labor unions; anti-trust laws;
and international economic issues. |
Course Objectives: Upon
completion of this course, the student should be able
to:
·
Analyze demand and supply factors and
how they affect the firm and industry.
·
Discuss the nature of scarce resources
and the market allocation of resources.
·
Determine the effects of revenue of a
particular product's demand elasticity.
·
Analyze the impact of consumer behavior
decisions on the firm's demand curve.
·
Analyze marginal productivity of labor,
diminishing returns, and its affect on costs.
·
Derive and differentiate production
costs at total and marginal levels.
·
Differentiate revenue, cost, and demand
characteristics for the market models of pure competition, monopoly,
monopolistic competition, and oligopoly.
·
Decide production levels based on
marginal revenue, marginal cost, and fixed and variable costs.
·
Analyze resource markets and their
effects on production decisions.
·
Differentiate the effect of pure
competition versus monopsony labor markets and their impact on wages and levels
of employment.
·
Discuss the labor union impact on the
employment of labor and wage levels.
·
Analyze the government impact on firms
and markets through antitrust laws and taxation.
·
Compare industrialized advanced
countries to LDCs and the impact on poverty and productivity.
·
Discuss local economic development and its
impact on the local economy.
·
Explain comparative advantage in
international trade; evaluate international concerns through analyzing trade
issues, exchange rates, and macroeconomic policies that impact the trade
balance.
·
Apply market and cost concepts to a
particular product in a particular industry. Research industry and current
literature and write a paper detailing your analysis.
STATEMENT ON GENERAL EDUCATION: This course is designated a general education
(GenEd) course by the college and the Maryland Higher Education Commission.
Successful completion of this course provides the transfer student with three
GenEd credits in the area of Social/Behavioral Science. CSM faculty consider
GenEd a body of values, skills, and knowledge to which all graduates with
associates degrees should be exposed and for which we may determine certain
levels of competency.
General
Education Competencies Addressed in this Course:
1. Economic
-- Graduates should:
a. Be
familiar with basic economic principles (e.g., supply and demand) and economic
systems (e.g., socialism and capitalism).
b. Be
aware of the role played by business, consumers, and government in influencing
our economy.
2. Mathematics
-- Graduates should be able to:
a. Interpret
graphs, tables or charts.
b. Understand
mathematical information and relationships stated in words.
c. Utilize
appropriate mathematical models to solve problems while recognizing the models'
assumptions and limitations.
3. Learning
and Observation -- Graduates should be able to:
a. Apply
appropriate theories to solve practical problems.
b. Evaluate
the significance of the conclusions reached.
4. Reasoning
-- Graduates should be able to:
a. Draw
reasonable conclusions from information found in various sources.
b. Identify,
evaluate, and solve problems.
c. Recognize
cause and effect.
5. Natural/Technological
-- Graduates should:
a. Have
a basic knowledge of local, national, and world geography.
b. Be
familiar with the role of technology and human activity in shaping our society,
economy, and environment.
Attendance
and Participation: Attendance for this
class is essential to your success - please try to make every class.
Exceptional attendance can increase your grade, but there is a penalty for
excessive absences. Each student is responsible for keeping up with the
assigned materials and being aware of schedule or test date changes. Please
notify the instructor in advance of any planned absences.
During class
discussion, please participate as it makes the whole class more enjoyable.
Although class participation is not graded, it may be considered in cases of
borderline grades. The attendance bonus and penalty point schedule is as
follows:
|
# absences* |
bonus/penalty points (to final grade) |
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0 |
+3 |
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1 |
+2 |
|
2 |
+1 |
|
3-7 |
No bonus/penalty |
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8 or more |
-10% (a full letter grade) |
*
does not apply to exam dates
The instructor
will take attendance at each class meeting. If you arrive late for class,
please inform the instructor after class in order to receive credit.
Exams: Exams represent the largest component of your
final grade. They will primarily cover all assigned text readings, but may
include other outside assignments, and all material covered in class (lectures,
group exercises, cases, articles, guest speakers, etc.). Lecture material and
in-class assignments can include information that is not in the text. You are
expected to read all assigned chapters, cases, and related articles.
Exams will
consist of true/false, multiple choice, fill in, and short essay questions, or
any combination of the above. Except for the final, exams will only cover
material from the just-completed section. The instructor will review each
section prior to each exam.
Make-up
Exam Policy: Exams are to be
taken at their scheduled times (see schedule). Make-up exams must receive prior
approval from the instructor and must be taken at the testing center located in
Room A103 (across from library) within one week of the originally scheduled
date. Testing Center hours are as follows (check first, subject to change):
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Mon-Thurs |
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Friday |
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Saturday |
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1.
Homework:
Homework (selected problems from the text or other sources) is assigned for
most class dates to reinforce material studied in class and to help students
prepare for exams. See schedule of assignments. Students are expected to
complete all homework problems. This is very important - not doing homework
will only hurt you. Answers will be reviewed at the beginning of each class
session. Homework will not be collected or graded, however the instructor may
ask to review student's homework during the exams.
2.
Group Project (Topic TBD):
Students will be organized in groups of about four to study a particular
economic topic of significance. The instructor will provide more information on
this assignment over the first weeks of the semester. The project is worth 50
points.
3.
Economic Analysis Report:
Each student is required to submit a 4-5 page, double-spaced, typed paper on an
economic topic of his/her choice. The report is worth 50 points. See attachment
for specific paper requirements. It's important that you choose a topic that
interests you. Please see the instructor if you are having difficulty with a
topic. You will need to choose a topic by Week 6 (see schedule). Example topics
from past classes include:
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Cable TV Industry |
IBM |
Microsoft |
Lego's |
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Anheuser-Busch |
Philip Morris |
Disney |
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McDonald's |
Nike |
PepsiCo |
NASCAR |
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SMECO or BGE |
Pharmaceuticals |
Eastman-Kodak |
AT&T |
Please
see the instructor for guidance on student paper topics. He has copies of previous
papers and will make them available to students as guides, not sources.
Guidelines on Assignments:
Format and Quality
- All work submitted must be neat, legible, and double-spaced. Ideally, all work should be typed. The
student is responsible for using proper grammar, composition, and correct
spelling (use spell checker if available). If possible, have someone else
review and proof written material before submission.
Timeliness
- All assignments are due on the date specified in the enclosed schedule. Late
assignments will be subject to a reduction in grade, regardless of the quality.
An assignment submitted more than three class dates after the required due date
may not be accepted and could receive a grade of 0%.
Grading: Letter grades will be assigned based
on a mathematical calculation. All points awarded, throughout the semester,
will be added together and divided by the total number of possible points for
the course. Mid-term grades will be issued based on points awarded up through
that time. Letter grades will correspond with the following scale:
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100 - 90% = A |
4 Exams |
400 |
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89* - 80% = B |
Group Project |
50 |
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79* - 70% = C |
Analysis Report |
50 |
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69* - 60% = D |
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*Below 60% = F |
Total possible points |
500 |
*
Borderline grades: As a rule, numeric grades will not be rounded up, but
the instructor reserves the right to adjust a borderline grade to the next
highest grade or down to the next whole numeric grade based on your overall
participation and performance during the semester. Attendance points will be
added or subtracted after the final point average is calculated.
Course Audit/Withdrawal:
Academic Integrity: Any student discovered cheating,
fabricating, and/or plagiarizing will be appropriately penalized in grade,
possibly including a semester grade of F, and may receive further disciplinary
action by the college. You are responsible for following the college policy on
Academic Integrity in the Student Code of Conduct section in the Student
Handbook.
Just to remind
you, when you use a direct quote, you must quote the sentence and refer to the
source. Even if you use another person's idea you must reference the author.
Copying another person's work without referencing him or her is not only
against college policy, it is also illegal.
Class
Conduct:
All students will conduct themselves in a mature fashion consistent with a
college level atmosphere. Students will respect their classmates as well as
other points of view. Although we may not always agree with the viewpoints of
others we may have to agree to disagree on some topics or points of view. Cell
phones, pagers, i-pods, etc. will be turned off (or set to vibrate) and no ear
phones or text messaging will be allowed in class.
Unauthorized
Persons:
Unauthorized persons (those not enrolled in the class, children, family
members, etc.) are not allowed in the classroom. This is part of a college-wide
policy to reduce legal liability for the college. More information on this
policy can be found in your Student Handbook.
Disabled Student Services: Students with disabilities who believe that they may
need accommodations in this class are encouraged to contact Disabled Student
Services in the Learning Assistance Department at 301-934-7614 as soon as
possible to better ensure that such accommodations are implemented in a timely
fashion.
Tentative Schedule: The following schedule is for planning
purposes only and is subject to change by the instructor.
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Wk |
Day |
Date |
Ch |
Exams |
Homework
(subject to change, page #’s only good through Exam1) |
Pts |
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1 |
T |
8/29 |
Intro |
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Check roster, review syllabus, etc. |
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Th |
8/30 |
1,2 |
|
Ch1, pp13-14, #1, #13 |
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2 |
T |
9/5 |
2,3 |
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Ch2, p37, #12, Ch3 #13 |
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Th |
9/7 |
4,7 |
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Ch4, p72, #7 |
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3 |
T |
9/12 |
7 |
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Ch7, pp126-7, #2 |
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Th |
9/14 |
8 |
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Ch7, pp126-7, #5, #6 |
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4 |
T |
9/19 |
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Review |
Ch8, pp139-140, #2, #5 |
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|
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Th |
9/21 |
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Exam 1 |
Chps 1-4, 7-8 |
100 |
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5 |
T |
9/26 |
9 |
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Group project topic selected |
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Th |
9/28 |
9,10 |
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Ch9, p177, #4, #7 |
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6 |
T |
10/3 |
10,11 |
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Th |
10/5 |
11 |
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Ch10, p203, #4 a-e (f-g optional) |
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7 |
T |
10/10 |
11,12 |
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Ch11, pp225-6, #4, #5 |
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Th |
10/12 |
12 |
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Ch12, p251, #11 |
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8 |
T |
10/17 |
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Review |
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Th |
10/19 |
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Exam 2 |
Chps 9-12
(most difficult exam) |
100 |
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9 |
T |
10/24 |
13 |
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Th |
10/26 |
14 |
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Ch13, p272, #13 |
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10 |
T |
10/31 |
14,15 |
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Ch14, p290, #2, #4 (Happy
Halloween!) |
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Th |
11/2 |
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Present |
Group
Projects due |
50 |
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11 |
T |
11/7 |
15 |
|
Election Day, Please Vote! |
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Th |
11/9 |
16 |
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Ch15, p313, #4, #6 |
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|
12 |
T |
11/14 |
|
Review |
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Th |
11/16 |
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Exam 3 |
Chps 13-16, Note: last
day to Withdraw is TODAY! |
100 |
|
13 |
T |
11/21 |
16 |
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Th |
11/23 |
No |
Class |
Happy
Thanksgiving! |
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|
14 |
T |
11/28 |
17 |
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Ch16 TBD |
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Th |
11/30 |
18 |
|
Ch17, p351, #11 |
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|
15 |
T |
12/5 |
19 |
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Ch18, #9 |
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Th |
12/7 |
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Review |
Ch19, p390, #5, #14 |
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|
16 |
T |
12/12 |
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Exam 4 |
Chps 16-19 |
100 |
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Th |
12/14 |
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Present |
Analysis
Reports due, Class Over! |
50 |
ECONOMIC
ANALYSIS REPORT Due 12/14/06
Requirements:
1.
Each student is required to submit a 5+
page, double-spaced, typed paper on an economic topic of his/her choice.
2.
Independent research of books, current
literature articles, trade publications, trade association reports -- a minimum
of 3 sources is required (including the text). A recommended source is Hoover's Handbook (American Companies or
International Directory of Company Histories), published yearly -- available in
library and online at http://www.hoovers.com
(note that there is a subscription fee for some histories). Most large firms also
have web pages with good historical background information.
3.
The report should address the following
areas regarding a firm or industry:
a.
discuss the historical background
citing key events (new products, patents, mergers, etc.)
b.
identify the correct market model
(pure competition, monopolistic competition, etc.) at present and support
this analysis -- use text characteristics as a guide
c.
identify the primary competition
(who and why), see http://www.disclosure-investor.com/retail/index.cgi?VENDOR=PIRC
(old link) and other sources
d.
discuss elasticity of demand of
products/services
e.
comment on short- and long-term profitability
and growth
f.
speculate on future firm's/industry's future
prospects
4.
Use charts/graphs (in addition to the
required 4-5 pages) to support your analysis. Have at least one supporting
chart or graph, even if only a copy from one from one of your sources (sales,
profits, relative market share, market/industry growth).
5.
This is a 50 pt. assignment and will be
graded on a peer-basis with emphasis on:
a.
difficulty of the subject matter
b.
your analysis of the issue (level of
research, sources cited, charts/graphs)
c.
neatness, organization, completeness
6.
I'm interested in your analysis --
remember just reporting what someone else says could be considered
plagiarizing. Please read the paragraph on Academic Integrity for
additional guidance in the preparation of your paper.
7.
All papers will be due on the date
specified -- late submissions will not be accepted -- early submission is
encouraged.
8.
On the due date class, need at least 4
(prefer 6) students to do brief presentations of their topics (10 minutes
maximum) for extra credit!