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DALTON STATE COLLEGE
PRINCIPLES OF MICROECONOMICS (Econ 2106)
COURSE SYLLABUS: FALL 2001
Class Time: 08:55-10:10 AM: TR: Section 02
Instructor: Dr. Aref A. Hervani Office Hours: M: 1:00-3:00 T: 10:30-11:30 / 2:00-3: Office Room # 226 Memorial W: 1:00-3:00 R: 10:30-11:30 / 2:00-3: Office phone # 272-4509 and by appointment Email: ahervani@em.daltonstate.edu
Student Learning Outcomes
The student shall be able to:
1 Understand an overview of the economy including microeconomics and macroeconomics and how the overview applies to the free enterprise system and the role of the government in the economy.
2 Demonstrate a knowledge of the measurement and use of national output, national income, the price level, aggregate demand, and aggregate supply and their impact on the problems associated with the business cycle: unemployment and inflation.
3 Describe and discuss the creation/destruction of money by the U.S. banking system, the role of money in our economy, and the role of the Federal Reserve in this process.
4 Apply macroeconomic theory to analyze the benefits and limits of fiscal policy and monetary policy approaches in correcting imbalances in the economy.
5 Present written and/or oral reports using critical thinking, economic data, economic theory.
6 Perform basic mathematics operations in economic analysis.
7 Comprehend and communicate data presented graphically and/or mathematically.
8 Gather data for basic research from various sources, including the computer and other forms of electronic media, such as the Internet.
9 Demonstrate knowledge and skills necessary for active citizenship.
Required Textbook: Robin Bade and Michael Parkin, “ Foundations of Microeconomics”, Addison- Wesley Publishing, sixth Edition, 2002. The textbook can be obtained from the bookstores.
Recommended Textbook: W. Adams and J.W. Brock, “The Tobacco Wars”, South-Western College Publishing, 1999. The textbook can be obtained from the bookstores.
Recommended Textbook: Study guide that accompanies the sixth edition of "Microeconomics: A Contemporary Introduction" by Thomas Meyer and Mark Rush, 2002.
Course Description : This course is designed to acquaint you with how markets do-and sometimes don't-deal with the problems of scarce resources and their uses. Most important, you will learn how to apply this knowledge to economic analysis and the relationships between economic changes and their consequences. By the end of the term, you have learned how to think like an economist. And successfully apply economic logic to problems that range from personal to world-wide issues. This course will help you to understand such issues as:
How markets function; what determines price and quantity? What factors influence consumers' behavior? What affects firm's decision-making? Characteristics of perfect competition and imperfect market structures How market imperfections affect social welfare?
Course Requirements
The grade for the course will be determined primarily on the basis of your performance on quizzes, class participation, discussions, and class debates, a term paper, three midterm examinations and the final exam. The in-class midterm examinations are scheduled for September 20 th , October 23 th , and November 20 th. A final exam is scheduled for the week of December 10 t h^ , through 14 t h^ , which will be announced in class as the information becomes available.
Class participation requires attendance, and individual class discussions and participation. Class debates requires prior readings from the text “Adam Smith Goes to Moscow” and preparation and presentation in the classroom. The term paper is designed to enhance student’s learning’s from the course materials and make a connection to service learning pedagogy. The paper should be analytical in nature and must be a minimum of 6 pages (see the term paper handout). The exams contain multiple choice (and possibly essay) questions. The essay questions may be conceptual or analytical in nature. Quizzes will be True/False or Fill-in Blanks.
The final grade for the course will be determined as follows:
Midterm Exams 10 % each
Final Exam 25 %
Term Paper Project 20 %
Assignments 10 %
Class Participation /Discussions/ Debates 5 %
Quiz 10 %
- Exam dates and Course Lectures are subject to change
Course Outline
August, 2001
Date Topic Required Reading
8/21 (^) Getting started:
Key Concepts: Microeconomics, Macroeconomics, Standard of Living, The Cost of Living, Economic Fluctuations, Rational Choice, Opportunity Cost, Marginal analysis, Recession, Expansion, Depression.
Chapters 1
8/23 Getting started- continued (Appendix)
The U.S. Economy:
Key Concepts: Consumption goods, investment goods, Government
Chapters 1
Chapters 2
goods, Factors of production, Land, Labor, Capital, Entrepreneurship, Circular flow, Inflation, Cost of Living, Economic Fluctuations, Federal Government, State Government.
8/28 Getting started- continued^ Chapters 2
8/30 (^) The Economic Problem:
Key Concepts: Production Possibilities Frontier, Tradeoff, The opportunity cost, Efficiency, Production and allocative efficiencies, Marginal benefits and costs, Comparative advantage, Absolute advantage.
Quiz I Assignment I Due
Chapters 3
September, 2001
Date Topic Required Reading
9/4 The Economic Problem- Continued^ Chapters 3
9/6 Demand and Supply :
Key Concepts: The law of demand and supply, demand/supply schedules and curves, changes in demand and supply, market equilibrium, Complement, Normal and inferior goods, Preferences, Surplus, Shortage.
Chapter 4
9/11 Demand and Supply - continued Chapter 4
9/13 Elasticities of Demand and Supply:
Key Concepts : price elasticity of demand, price elasticity of supply, Elastic and Inelastic demand and supply, Slope and Elasticity, Total revenue and elasticity, determinants of elasticities, elasticity and tax incidence, elasticity
Chapter 5
October, 2001
Date Topic Required Reading
10/02 Externalities-continued Chapter 8
10/04 Public Goods and the Tax System:
Key Concepts: Public good, Private good, Nonrival, Rival, Nonexcludable, Excludable, free rider, Taxable income, Marginal tax rate, Average tax rate, Progressive tax, Proportional and Regressive taxes.
Chapter 9 (PP 204-208) (PP 214-220)
10/09 Consumer Choice and demand:
Key Concepts: Budget line, Relative price, Utility analysis, measuring utility, Diminishing marginal utility, Utility-maximizing rule, scarcity, indifference curves and utility maximization, willingness to pay, consumer surplus, producer surplus, cost and minimum supply price, efficiency and competitive markets.
Chapter 10
Fall Break Holidays: October 11 through 13
10/16 Production and Cost:
Key Concepts : Explicit and Implicit costs, Economic depreciation, Normal profit, Economic profit, Short-run VS long-run, Total, Marginal and Average products, Cost curves (TC, TFC, TVC, MC, AFC, AVC, ATC), Economies and diseconomies of scale, Short and long run average cost curves.
Quiz IV Assignment IV Due
Chapter 11
10/18 Production and Cost - continued Chapter 11
10/23 Second Midterm Exam
10/25 (^) Perfect Competition:
Key Concepts : Market types, price taker, revenue concept, perfect competition, profit maximizing output, short-run versus long-run profit maximization, marginal cost, marginal revenue, entry and exits, long-run demand and supply curves, perfect competition and efficiency, and gains from.
Problem Solving
Chapter 12
10/30 (^) Perfect Competition- continued Chapter 12
November, 2001
Date Topic Required Reading
11/1 Monopoly:
Key Concepts: Barriers to entry, natural monopoly, legal monopoly, single-price monopoly, price-discriminating monopoly, price and marginal revenue, rent seeking, perfect price discrimination, price discrimination efficiency, marginal and/or average cost pricing rule.
Chapter 13
11/6 Monopoly - continued Chapter 13
11/8 Monopolistic Competition and Oligopoly:
Key Concepts: M onopolistic competition, product differentiation, four- firm concentration ratio, Herfindahl-Hirschman index, capacity output (excess capacity), Oligopoly, collusion and cartel, game theory, prisoners’ dilemma, Nash equilibrium, kinked demand curve.
Chapter 14
December, 2001
Date Topic Required Reading
12/3 (^) International Trade:
Key Concepts: Balance of trade, gains from trade, specialization, comparative advantages, consumer and producer surplus, tariffs, import quotas, and net effects of trade on social welfare, the case against protection.
Quiz VI
Chapter 19
12/5 (^) International Trade- continued
Discussion: “The Tobacco War” (The War and Peace) Review For Final Exam
Chapter 19
12/10-12 FINAL EXAM
Important Dates:
Events Dates
First Mid-Term Exam: September 20 th
Second Mid-Term Exam: October 23 th
Second Mid-Term Exam: November 20 th
Term Project Due: November, 30 th
Final Exam: To be announced
Footnotes:
- No Make-up for Exams will be given
PRINCIPLES OF MACROECONOMICS (Econ 2106)
TERM PAPER : FALL 2001 (Service Learning Project)
Term Paper: Option 1
As part of this course, you are required to write an essay of high quality on the current state of an economy within the state of Georgia. This economy can be a locality, town, or city within the state of Georgia. In this essay, you will discuss what is “good” and what is “bad” about the current state of the economy. You are also required to (a) identify the underlying causes of the “bad” and suggest possible solutions to these problems and (b) discuss the major economic challenges of the future. This project is required from each individual student and is designed to help to promote community awareness and get students involved in positive community change!
Service Learning is a teaching pedagogy that connects classroom learning with the community by utilizing course concepts in addressing community issues. Through critical analysis and reflection, this project will allow you to apply economic concepts in addressing an identified community problem. This will be the last assignment in regard to Service Learning and will hopefully conclude your learning with a concise understanding of how college students can help their communities.
This project serves the purpose of allowing you to apply your classroom learning in addressing a community issue. The learning objectives of this optional assignment are:
a. To apply economic theories to real-life situations such as the concepts of rationality, opportunity cost, efficiency and growth, marginal analysis, and government intervention and its impact on market operation and efficiency; b. To analyze how equilibrium output and prices are determined under various market structures and how these different market structures may influence local small businesses and community members, in relation to the identified community issue, and; c. To critically examine community issues.
Select a community, locality, town, or city (it should be within Georgia). Discuss with your parents, friends, public officials, or town residents to identify a problem facing the community and its needs in addressing the problem. Utilizing this information, develop a project idea that can be used to address the issue. In developing your project idea, follow the following format:
- Write a problem statement describing the situation the community is facing. Include identifying information of the community, such as: name, location, population size, and the number of person(s) affected by the issue.
- Describe your project idea aimed at alleviating/resolving the identified problem.
- Explain clearly what is the goal and purpose of the project you have identified.
- Lay out the methods or steps necessary to achieve the goal and objectives.
- State how the goals and objectives of your project should be achieved utilizing concepts and theories learned in economics. In addition to economic theories and concepts, you are encouraged to examine the issue with principles learned from other disciplines.
The Organization of your paper:
First, you will identify and collect data on the economic indicators such as GDP or
unemployment rate and use this data to determine the health of the economy and further elaborate on the current state of the economy. Once you have identified the variables that are commonly used to measure the state of the economy, then you will use this knowledge to take on the analysis to the second part of your paper.
Second, you will utilize this information and integrate it to service learning pedagogy. Service Learning is a teaching pedagogy that connects classroom learning with the community by utilizing course concepts in addressing community issues.
Your paper must be typed and a minimum of 7 pages (double-spaced pages) not including the cover page, appendices, and bibliography. If you decide to include any charts, diagrams, or tables, they must be placed at the end of your paper in an appendix (before the bibliography) and appropriately referenced within the paper.
Format of Paper
The paper must have the following format:
- Cover Page: Title, Name, Date, etc.
- Body of Paper:
(i) Introduction (ii) Main Body (iii) Conclusion
- Appendices: If you have any charts, tables, etc., you place them here.
- Bibliography: An appropriate listing of all the sources you have used in writing your paper.
Here are some of the things that I will be expecting while I will be grading your essays:
- The title indicates the main point of the paper and creates interest
- The paper has a clear thesis/purpose
- The opening sentence catches the reader’s attention
- Each paragraph contains one clear idea stated in a topic sentence
- The idea in each paragraph is well developed with logical support for the topic sentence
- The ideas are sound
- Transitions are smooth and make sense
- The paper is logical (organized and coherent)
- The ending is effective in reaching a conclusion
- Punctuation is correct
Deadline:
The paper is due on November, 30th. Late reports will not be accepted.
