Econ 102 Syllabus - Summer 2009

GRAND VIEW COLLEGE SYLLABUS Department and Course #:

ECON 102

Course Title:

PRINCIPLES OF MICROECONOMICS

Academic Term:

SUMMER 2008, SECTION 6

Class Time:

MONDAYS, 5:45 – 10:25pm; 7/9/09, 5:45 – 10:25pm

Academic Division:

SOCIAL SCIENCES

Instructor:

TOM SCHENK

Telephone Number:

515-281-3753

Email:

[email protected]

ACADEMIC MAJOR GOALS AND OBJECTIVES 1. Demostrate abilities to conduct research to access relevant information and then communicate the results of the research to others in written and oral format. 2. Demonstrate abilities to work in a team environment, as a leader and as a follower, to generate solutions to specific situations. 3. Develop skills in analyzing business situations and recommend courses of action that show a thorough understanding of the internal and external envorments. INSTRUCTIONAL OBJECTIVES *Learning as Knowledge The student will: 1. Identify the definition(s) of economics and microeconomics 2. Identify the basic principles of the law of supply, law of demand, and market equilibrium. 3. Identify and understand the basic types of market structures and economic properties of each structure. 4. Understand the economy as a system. *Learning as Process or Behavior The student will: 1. Relate political economy systems to the U.S. and other economies. 2. Study how the market system allocates products and services to consumers. 3. Apply economic theory in real-world applications 4. Learn how policy affects all the elements of the economy. *Learning as Attitude The student will: 1. Appreciate the basic underlying dilemma of economics. 2. Develop an awareness of how economics impacts their daily lives. 3. Appreciate the complex interactions in an economy. CONTENT OUTLINE • Elements of economics: political economy, science, and moral philosophy • Economic institutions • Trade-offs (opportunity cost) and the formation of an economy

• Supply and Demand: individual choice to market equilibrium

• Elasticity: the responsiveness of supply and demand • Applications: Taxation and market efficiency • Constructing supply and demand: individual choice and industrial production costs

• Market structures: perfect competition, monopoly, and monopolistic competition 1

• A Beautiful Mind: game theory Time permitting: • Applications: antitrust policy and regulation • Work, labor markets, production, and income inequality • Nonwage inputs, capital, and interest rates • International trade: from the individual to nations INSTRUCTIONAL PROCEDURES Instructional procedures for this course will include lectures, class discussions, “company” (group) exercises, case analysis, and individual assignments. Students will successfully pass the class if they aforementioned activities. INSTRUCTIONAL RESOURCES

1. Textbook: Economics by David Colander, 7th Edition, McGraw-Hill, Irwin: 2006 2. 3. 4.

ISBN: 0-07-340286-9 Periodicals: The Economist, The Wall Street Journal, The Des Moines Register, New York Times Blogs: See Homework #1 Other readings will be distributed online and in-class.

ASSESSMENT OF ACADEMIC ACHIEVEMENT

Y = 0.2 • E1 + 0.2 • E2 + 0.3 • F + 0.2 • A + 0.07 • P + 0.03 • C Y = total score; E1 = Exam 1 E2 = Exam 2 F = Final A = Average of best assignments (5) P = Participation C = Company Score Exams: Two exams will be administered throughout the semester. The exams will consist of a multiple choice, argument, and long problems. Multiple choice questions will test basic economic vocabulary and elementary relationships. Argument questions will ask the student to reply to a normative statement using economic reasoning taught in class. I may use quotes from recent periodicals and/or blog posts. Finally, long problems will be multi-part and will test whether the student can work through an economic model. Each exam will implicitly be cumulative insofar as the principles of economics are tightly intertwined, but the emphasis will be on the contemporary lesson. Final: The final will explicitly be cumulative, although the emphasis will be slightly more on the latter third of the class. The format will be similar to exams: multiple choice, essay, and long problems. The test is worth slightly more and, thus, will be slightly longer than exams. Assignments: Seven (6) assignments will be given throughout the semester. The five (5) best assignments will be calculated in the student’s score. One multiple-question exam will be distributed every Tuesday and will be due the following Tuesday at the beginning of class. Assignments are not meant to be taxing, but to help the student prepare for exams and the final. Most assignments will involve a question that will resemble an exam’s ‘long problem.’ Participation: Students are expected to regularly participate in classes and on Blackboard. Students must post at least three (3) replies throughout the semester on Blackboard. Lack of participation and irregular attendance will be especially noticed if the student is struggling in class. The professor will warmly reward struggling students who seek help through email and questions. Company Score: Students will be randomly assigned to companies of 3 individuals, depending on the final class size. Companies will accumulate points throughout the semester based on exams, assignments, participation, and

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any other metric the professor feels is appropriate. These activities are meant to be fun and introspective, while being educational. At the end of the semester, points will be assigned as the inverse of company rank multiplied by 100, e.g., first place: (1/1)*100 = 100, second: (½)*100 = 50, etc. The company score is especially helpful toward boarderline students. Final Grade: Letter grades will be assigned as follows: A = 90-100% B = 80-89% C = 70-79% D = 60-69% F = < 60% MISSED EXAMS AND ASSIGNMENTS Assignments will be due at the beginning of class every Tuesday and tests will be given on the days denoted below. Late assignments will be penalized 40 percent. Students will be allowed to make up exams ONLY when the professor received prior notification for the inability to complete the exams. In extreme cases where prior notification is impossible, the student must provide written documentation—not by the student—explaining the absence. Students who miss a test for an unexcused absence will receive a zero. ATTENDANCE Students will be expected to attend every class. Irregular attendance will be reflected in participation and company exercise scores. WRITING AND CRITICAL THINKING Modern economics is intensely mathematics, but few people possess the training to grasp a mathematical model. As such, economics is typically communicated in written periodicals so it is no coincidence that well-known economists tend to be good writers—e.g., Paul Krugman, Herny James, John Gailbraith, and Milton Friedman. Employers often lament and seek those with sharp writing ability. Although writing ability is hard to notice during an application procedure, employers will often quickly promote those who effectively communicate. This class will challenge student to reply to assertions during an examination. Students will need to synthesize economic theory and writing to convince the professor the original argument was either fallacious or correct. This experience will be different from writing an essay or research paper. Argument portions of the exam will give the student little room to wonder or “add fluff”. TENTATIVE SCHEDULE & READINGS Economics is truly an interdisciplinary subject involving political theory, moral philosophy, mathematics, and elements of all social sciences. This course will be based around the cold logical and mathematical aspects often satirized in TV and movies. However, this class will also overtly emphasis applications of economic theory and briefly highlight the moral philosophy and political philosophy elements. Readings are mandatory and should be completed prior to the beginning of class, with the exception of the first week. Suggested readings are not mandatory, but will help the student understand the mandatory content if needed. The suggested readings will often re-explain the material from a slightly different perspective, much like the function of this sentence to the former sentence. Lastly, voluntary readings are tangential to the topic— interesting, but not necessary knowledge for the class. These readings will delve into political theory, philosophy, and other classical writings that will add to the student’s comprehensive knowledge. Students will not be tested over the material and absolutely should complete other assignments first. I hope this syllabus will be a resource for the student after the class has been completed.

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29 Jun: Review of the syllabus and introduction What is Economics? ***Chp. 1 – Colander Economic institutions ***Chp. 3 – Colander Production possibilities frontier ***Chp. 2 – Colander **Chp. 2, Appendix A – Colander Supply, demand, and equilibrium ***Chp. 4 – Colander Algebra Review Find your favorite algebra book and/or begin Chp. 5, Appendix A – Colander, pp. 121-123 6 Jul: Supply, demand, and equilibrium (con’t) ***Chp. 4 – Colander 9 Jul: Elasticities: responsiveness to supply and demand ***Chp. 6 – Colander ***Chp. 5, Appendix A – Colander 13 Jul: Test (Chps. 1 – 6) Economic efficiency, taxation, and price controls ***Chp. 5 – Colander ***Chp. 7 – Colander 20 Jul: Constructing the supply curve: production costs and output ***Chp. 8 – Colander Constructing the demand curve: individual choice and budgets ***Chp. 9 – Colander ***Chp. 10 – Colander 27 Jul: Test (Chps. 5–10, 19) Market failures, externalities, and applications to environmental economics ***Chp. 19 – Colander 3 Aug: Market structures: perfect competition ***Chp. 11 – Colander Market structures: monopoly ***Chp. 12 – Colander **Chp. 12, Appendix A – Colander Real-world marketplace and regulation ***Chp. 15 – Colander ***Chp. 16 – Colander Market structures: monopolistic competition ***Chp. 13 – Colander 10 Aug: Final (Chps. 1 – 16, 19, emphasis on 11–16)

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Revised: 4/13/04, 6/24/05, 8/01/06, 12/21/06, 6/04/07

GRAND VIEW COLLEGE INSTITUTIONAL SYLLABUS STATEMENTS Mission Statement Grand View Collegeengages, equips, and empowers students to fulfill their ambitions and to serve society. Believing that each person possesses natural strengths and developing abilities which can lead to a full and satisfying life, Grand View Collegeadmits and educates students who represent a wide range of ages, achievements, and expectations. Committed to the development of the whole person–mind, body, and spirit–and to preparing students for responsible citizenship in their communities and in a diverse and changing world, Grand View: • Believes that learning is a collaborative process in which respectful interaction is the norm; • Offers quality programs which expect intellectual growth of students; • Integrates liberal arts education with career preparation in an urban learning environment; and • Affirms Christian faith and ethics as a vision for life, a vision that respects the diversity and dignity of all people and the pursuit of lifelong learning. Building on its Danish Lutheran heritage, Grand View is a School for Life.

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Accelerated Courses Grand View offers courses in an eight week or alternative delivery format. These offerings are designed primarily for students enrolled in the College of Adultand Professional Learning (CPAL). They cover the same subject content and require the same or comparable assignments that are associated with a traditional fourteen week course. Students who have successfully completed previous baccalaureate level course work, are well organized, are able to allocate adequate time for out-of-the-classroom study and preparation, and are highly disciplined may find this delivery format appealing.

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Classroom Conduct

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Grand View Collegeexpects students to conduct themselves as mature members of the College community respecting the rights of others. Behavior that threatens the safety of others or which interrupts the learning and teaching process is not tolerated. When students engage in behavior which threatens their own or the safety of others and/or interferes with classroom learning and teaching, the professor has the authority to ask students to leave the classroom. Readmission to the classroom is dependant upon the approval of the instructor. The instructor may also require a student to meet with the Provost before returning to class.

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The Electronic Portfolio All students who have taken INTS 101, New Student Seminar, are required to maintain an Electronic Portfolio that documents their success at Grand View College. At various times during their years at Grand View, these students are required to update their portfolio and to reflect upon the growth in knowledge and skills. This on-going reflection culminates in INTS 470, Knowledge in Social Context, where students review the material they have assembled and consider their college experience in its entirety.

Appeal of Final Course Grade or Other Academic Disciplinary Action Students who wish to appeal a final course grade or other academic disciplinary action of an instructor must complete and file an Academic Appeal with the Provost within fourteen calendar days after the end of the academic term in which the issue of disagreement occurred.

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