ECON 2610 – Principles of Microeconomics - PageOut

INSTRUCTOR:PREREQUISITE:ECON 2610 – Principles of MicroeconomicsFall 2009T Th 9:30 – 10:45 amDr. Jolien A. HelselOffice: DeBartolo Hall, room 306Phone: (330) 941-2048.E-mail: jahelsel@cc.ysu.eduOffice hours: T Th 10:45 am – 12:30 pm, Weds 12:00 – 1:30 pm; and by appointment.MATH 1501, or a level 3 or higher on the math placement exam.COURSE MATERIALS:Required Text: Principles of Economics (4 thedition, 2009) by H. Robert Frank and Ben S. Bernanke; McGraw-Hill.COURSE WEBSITE:http://jhelsel.pageout.netAny announcements, course schedule changes, supplementary materials, etc. will be posted on the course website. Thiswebsite includes a bulletin board, which allows you to ask questions outside of class, discuss issues and problems related tothe course, and get to know other students.In order to gain unrestricted access to all the materials on the course website, you must “register” yourself with the site andselect a userID and password:1. Click on the course link [ “Principles of Microeconomics (Fall 2009) – T Th 9:30 am” ]2. Click on the “Student Registration” link3. Click on the “Create New Account” button. (If you already have a userID and password from another course thatuses a website ending in pageout.net don’t click on the “Create New Account button. Instead, enter this usernameand password and ignore steps 4 and 5).4. Complete the registration form (ignore the “External Student ID” field).5. Click the “Create” buttonYou will be prompted for your userID and password when you click on restricted activities, so be sure to write them down andkeep them in a secure location.COURSE DESCRIPTION AND GOALS:The purpose of this course is to introduce you to the main concepts of microeconomics. Microeconomics considers howindividuals and firms make decisions about how to use the resources they control, and how the interactions of individuals andfirms affect the overall allocation of society’s resources. The main focus of the course will be on gaining an understanding ofhow markets work and how microeconomics can be applied to analyze policy issues.PERFORMANCE OBJECTIVES:1. To gain a basic understanding of microeconomic theory issues, e.g., how do consumers maximize their satisfaction? Howdo firms maximize profits? How do markets allocate resources? When will markets allocate resources in ways that match thepreferences of consumers and when won’t they? How will competition affect prices and output? How will labor marketsdetermine wages and the distribution of income?2. To apply microeconomic concepts to social and economic problems.3. To learn how to use basic tools of economic analysis.GRADES AND ATTENDANCE:Test 1 20%Test 2 20%Test 3 20%Cumulative final exam 30%Assignments / quizzes 10%Grading scale: 85% -100%: A 75% - 84%: B 65% - 74%: C 55% - 64%: D below 55%: FAttendance is not required but strongly encouraged. Please note that yOU ARE RESPONSIBLE FOR EVERYTHING DISCUSSED INCLASS, which includes any material not covered in the text. You may want to copy another student’s lecture notes, and checkthe website for any announcements, handouts, or assignments.Exams may consist of multiple choice, true/false, problem, and/or short-answer / graphical questions. You will be expected totake all exams at the scheduled times. Make-up exams will be given only if I judge your reason for missing the exam to be

valid (to be sure, valid excuses do not include sleeping in, forgetting, not knowing, vacation trips, etc.). You must have eithermy prior consent to be allowed to take a make-up exam, or notify me within 24 hours (by phone/voice mail, email, or inperson) if you miss an exam due to an emergency. A written statement from a physician or other documentation of yourcircumstances may be required. Make-up exams may be of a different format than the regularly scheduled exams, and will beadministered at a time and location designated by me.Homework Assignments will be due throughout the semester. Online assignments must be accessed via the course website(click on “Course Contents” for due dates and instructions). Other assignments may be given in class for manual submission.Quizzes may be either online or in-class. Online quizzes must be accessed via the course website (click on “CourseContents” for due dates and instructions). In-class quizzes may be announced or unannounced.PLEASE NOTE:Deadlines for quizzes and assignments are strictly adhered to. Missed quizzes and assignments, either online or inclass,cannot be made up. The two lowest quiz/homework assignment scores will be dropped.Academic Honesty: If you are caught cheating on an exam, quiz or assignment, you will be given a failing grade for the courseand may be referred for disciplinary action (refer to the University’s Policy on Academic Honesty/Plagiarism in theUndergraduate Bulletin or the Student Code of Conduct).Incomplete Grades are possible ONLY if you have a passing grade at the time of the final AND you are unable to complete thecourse work for a legitimate, verifiable reason.Student Conduct: The Student Code of Conduct requires that we behave in a manner that is conducive to a productiveteaching/learning environment. This means that we are expected to treat each other with mutual respect, and conductourselves in such a way that we do not interfere with one another’s ability to concentrate and pay attention. Please turn off allelectronic equipment; no cell phones should be used in class (including texting).STATEMENT REGARDING DISABILITIES:Americans with Disabilities Act: Anyone requiring special adaptations or accommodations should inform the instructor as soonas possible. In accordance with University procedures, if you have a documented disability and require accommodations toobtain equal access in this course, please contact the Office of Disability Services (phone: 330-941-1372) in the Center forStudent Progress at the beginning of the semester or when given an assignment for which an accommodation is required.Students with disabilities must verify their eligibility through the Office of Disability Services.CENTER FOR STUDENT PROGRESS:The Center for Student Progress is a resource on campus established to help students successfully complete their universityexperience. Please phone 330-941-3538 or visit the Center for assistance in tutoring or for individualized assistance withsocial and academic success. The main Center is located in Kilcawley West under the Bookstore.SUPPLEMENTAL INSTRUCTION:The Center for Student Progress has provided Supplemental Instruction (SI) for this course. The SI leader will attend classesand take notes just like the students that are enrolled. He will set times at which he will be available to meet with students.During these meetings, he will review the material covered in class and provide guidance and study help. I encourage you totake advantage of this opportunity. In the past, students who attended the SI sessions scored higher than students who didnot. The SI sessions are an additional source of help, but are not meant to replace lectures or my office hours. I encourageyou to come and see me if you have any questions.ADDITIONAL STUDY RESOURCES:The course website provides links to a number of additional study resources, including online practice quizzes. Furthermore,graduate students will be available in the department to provide free tutoring at designated times (to be announced).IMPORTANT DATES:Monday 9/7: University closed (Labor Day)Thursday 10/29: Last day for withdrawing with a grade of “W”Monday, 11/11: University closed (Veterans Day)Thursday, 11/26 through Sunday, 11/29: Thanksgiving Academic Break2

3TENTATIVE SCHEDULE:READINGChapter 1, + AppendixChapter 2Chapter 3Chapter 4Chapter 5Chapter 6Chapter 7Chapter 8Chapter 9Chapter 10Chapter 11Chapter 13Chapter 14Chapter 15TOPICIntroduction; graphs; fundamentalsOpportunity costs; PPF; comparative advantageDemand and supplyElasticitiesDemand, consumer choice; utilityPerfect competition; supplyEfficiency and exchangeEconomic profit; the “Invisible Hand”Monopoly, monopolistic competition, and oligopolyStrategic decisions; game theoryExternalitiesLabor markets; poverty; income distributionEnvironment, health, and safetyPublic goods; tax policyMid-term exams:Exam 1: Tuesday 9/22Exam 2: Thursday 10/22Exam 3: Tuesday 11/24Final exam (cumulative):Thursday 12/10 (8:00 – 10:00 am)Please note: Exam dates (except the final exam) are tentative and may be changed at the discretion of the instructor.

4GENERAL EDUCATION REQUIREMENT:Economics 2610 fulfills a Societies and Institutions requirement for General Education by meeting Goals 11 and12.Goal 11: Evaluate the impact of theories, events and institutions of the social, economic, legal andpolitical aspects of societyHow Goal 11 is met:The primary objective of this course is to study the decisions of individual households and firms and the allocationof resources in individual markets under conditions of scarcity. During this exploration, we will ask specificrelevant real world questions which will cause us to evaluate the impact that these theories have on the economicaspects of society. Through our study of markets, we will learn the issues involved with producing and distributingoutput. First we will examine the product market and the theories of supply and demand and see how prices ofgood and services are determined. In our discussion of labor market theory, we will learn how wages aredetermined and what might cause differences in wages (wage discrimination). We will examine issues of incomedistribution and poverty and specifically how income differs with education, gender, and social prejudices. We willalso focus on the way in which consumers and firms reach their goals and objectives, given the constraints theyface. We will examine the theory of utility maximization and later of profit maximization. We will look at profitmaximization under different assumptions of market structure. We will examine the theory of regulation and thespecific ways in which government institutions choose to regulate firms. We will also consider the effects ofgovernment regulation of prices on social welfare and resource use. Your ability to critically evaluate specificeconomic proposals, predict the outcomes of proposals, and determine the appropriate policy is enhancedthrough your study of microeconomic theory, events and institutions.Goal 12: Comprehend and appreciate the development of diversity in America in all its forms.How Goal 12 is met:The role of diversity in microeconomics will be discussed in many ways. First, we will pay specific attention todiverse needs and goals of the participants in the economy. In a market system the actions of one participant areneeded to reinforce or constrain the actions of other participants. The economy as a system needs all of itsparticipants. You will gain an understanding of the role of the different participants and their effects on socialwelfare maximization. The discussion of diversity will be important in many specific topics as well. For example, inour discussion on poverty, we will examine the poverty rates and how those rates differ by demographics. We willalso discuss the various responses to economic incentives (for example, a tax on cigarettes has been shown tobe more effective in reducing smoking among teenagers than for adults), and how markets provide a system forefficiently meeting the needs of diverse populations.