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DALTON STATE COLLEGE
PRINCIPLES OF MICROECONOMICS (Econ 2106)
COURSE SYLLABUS: SPRING 2002
Class Time: 08:55-10:10 AM: TR: Section 02
Instructor: Dr. Aref A. Hervani Office Hours: M: 10:00-12:00 / 1:00-3:00 R: 3:00-4: Office Room # 226 Memorial W: 10:00-12:00 / 2:00-4: 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 January 31 st , February 28 th , March 28 th , and April 23 d. A final exam is scheduled for the week of May 1 st, through 7 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 (4) 10 % each
Final Exam 20 %
Term Paper Project 20 %
Assignments (4) 10 %
Class Participation /Discussions/ Debates 5 %
Quiz (4) 5 %
- Exam dates and Course Lectures are subject to change
Course Outline
January, 2002 Date Topic Required Reading
1/8 (^) Getting started:
Key Concepts: Microeconomics, Macroeconomics, Standard of Living, The Cost of Living, Economic Fluctuations, Rational Choice, Opportunity Cost, Marginal analysis, Recession, Expansion, Depression.
Chapter 1
1/10 Getting started-Continued: Appendix: Graphs
1/15 (^) The U.S. Economy:
Key Concepts: Consumption goods, investment goods, Government goods, Factors of production, Land, Labor, Capital, Entrepreneurship, Circular flow, Inflation, Cost of Living, Economic Fluctuations, Federal Government, State Government.
Chapter 2
1/17 The U.S. and Global Economies- Continued
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
Chapter 3
1/22 The Economic Problem- Continued
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. Assignment I Due (Chapters 1,2, 3)
Chapter 4
1/28 Demand and Supply - continued
1/31 Exam I: (Chapters 1-4)
February, 2002 Date Topic Required Reading
2/5 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 calculation.
Chapter 5
2/7 Elasticities of Demand and Supply – continued
Discussion I:“The Tobacco War” (The Consumer Front)
2/12 (^) Efficiency and Fairness of Markets:
Key Concepts : Marginal benefit (MB) and marginal cost (MC), Allocative Efficiency, Demand and MB, Consumer Surplus (CS), Supply and MC, Producer Surplus (PS), Efficiency of competitive equilibrium, The invisible hand, Externalities, Public Goods, Monopoly, Deadweight loss.
Chapter 6
2/14 Efficiency and Fairness of Markets – continued
Government Influences on Markets :
Key Concepts: Tax incidence, Tax incidence and elasticities of demand and supply, Payroll tax, Excess burden, Rent ceiling, Price ceiling, Black market, Search activity, Minimum wage law, price floor. Quiz II
Chapter 7
2/19 Government Influences on Markets – continued
Assignment II Due (Chapters 4,5, 6)
2/21 (^) Externalities:
Key Concepts: Externality, Negative and positive externality, Marginal private, external, and social costs, Property rights, common pool problem, The Coase Theorem, Transaction costs, Emission charges, Marketable permits, Marginal private, external, and social benefits.
Chapter 8
2/26 Externalities-continued
Discussion II: “The Tobacco War” (The Social Welfare Front)
2/28 Exam II: (Chapters 5-8)
April, 2002
Date Topic Required Reading
4/2 (^) Monopolistic Competition and Oligopoly:
Key Concepts: Monopolistic 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
4/4 Monopolistic Competition and Oligopoly- continued
4/9 Regulation and Antitrust Law:
Key Concepts : Regulation , natural monopolies, regulation in public interest, rate of return regulation, incentive regulation and deregulation, oligopoly regulation, antitrust law, average-cost and marginal-cost pricing.
Assignment IV Due (Chapters 12,13, 14)
Discussion III: “The Tobacco War” (The Antitrust Front)
Chapter 15
4/11 Demand and Supply in Factor Markets:
Key Concepts: Factor price, labor market, financial capital and markets, stock market, bond market, derived demand, value of marginal product (MVP), Labor demand curve, labor supply curve, natural resource markets, renewable and nonrenewable natural resources, economic rent.
Chapter 16
4/16 Demand and Supply in Factor Markets – continued
Quiz IV
4/18 (^) Earnings Differences:
Key Concepts : Skill differentials, labor union, union-nonunion wage differentials, monopsony, monopsony and unions, bilateral monopoly, monopsony and the minimum wage, job types and discrimination, differences in human capital and degree of specialization, effective wage policies.
Chapter 17
4/23 Exam IV: (Chapters 14-17)
4/25 (^) 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.
Chapter 19
4/30 International Trade-continued
Important Dates:
Events Dates
Exam I January 31 st : Exam II: (^) February 28 th
Exam III: (^) March 28 th
Exam IV: (^) April 23 d
Term Project Due: April, 25 th
Final Exam: To be announced
Footnotes:
- No Make-up for Exams will be given
- Late assignments will be penalized
Course Grade Distribution 90-98 A 80-89 B 70-79 C 60-69 D 59 AND BELOW F
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 Αreaching a conclusion”
- Punctuation is correct
Extra Points (Optional):
An opportunity is provided for those students who would like to earn extra points (up to 15 extra points). In order, to earn this bonus point, your paper should include a section (prior to the conclusion) that will address the following aspects of the company you have selected. These aspects of interest are:
- How free markets work in the global economy
- How businesses operate by identifying a market need and then profitably producing and marketing a product or service to fill that need.
- The personal entrepreneurial, communications, technology and financial management skills needed to successfully compete.
- Business ethics: Practicing business in an ethical and socially responsible manner that support the principles of a market economy.
Deadline:
The final report is due on April 25. Late reports will not be accepted.
