Rockhurst University
Helzberg School of Management
[EC 1100 PRINCIPLES OF MICROECONOMICS ]
[LCB 21682 ]
[***FALL, 2011***]
Instructor:
Professor Michael Tansey
Classroom:
C 002
Meeting Time: 9:30-10:45 a.m., TTh
Office:
CONWAY 313
Office hours: 11:00 a.m.-12:30p.m. T and Th; and by appointment.
Also, beginning March 24 from 4:30 to 5:30 pm on Monday
School Meetings are frequently scheduled at the 2:30-5 p.m. time slot- please
call me to schedule office hours ahead of time if you need to see me during that time.
Also call to schedule times outside of normal office hours. I particularly like to attend
group study sessions, so organize one, call me ahead of time, and we’ll meet.
Telephone:
Tansey [cell phone at 913-485-7550]
E-mail:
michael.tansey@rockhurst.edu
Fax:
816-501-4693
Course Website: http://cte.rockhurst.edu/tanseym under courses click on EC
2100 MIC.
KEEPING UP-TO-DATE: Class SYLLABUS, ASSIGNMENTS, NOTES (chapters), CASES,
AND POWER POINT SLIDES FROM LECTURE will be on the website:
cte.rockhurst.edu/tanseym under the course “EC 2100” They are continually revised throughout
the course depending on the speed of learning of the class. It will be necessary to reference this
site regularly to keep up-to-date on everything posted. Use my e-mail to contact me. For
purposes of security, all information concerning grades will be sent to you through your WEBCT
account.
TEXTOOK: Bradley R. Schiller. The Economy Today, 12th edition New York: McGraw Hill
2010
OR
Bradley R. Schiller. The Micro Economy Today, 12th edition New York: McGraw Hill 2010
Lectures will both introduce and apply the material in the Schiller textbook. Extra course
materials and this syllabus (with all modifications that are entered and which you are responsible
for finding) will be available on the Website (cte.Rockhurst.edu/tansey at EC2100).
Learning Objectives
EC 1100 Principles of Microeconomics—A first course in microeconomics, a social science, that
introduces students to theories of how consumers and producers interact through supply and demand within the
economy. This course helps students in developing a scientific approach to studying economic systems such as
modern capitalism. Students investigate the structure of market behavior, performance in the marketplace and
optimizing behavior regarding consumer demand, revenues, costs, and profits.
BSBA Program
EC
After completing the course, students should be able to:
Learning Goal[s]
L.O.
#
1
Demonstrate written communication skills by articulating and
supporting ideas using appropriate economic terminology
2
Develop the capability for studying and turning in assignments
PAPERLESSLY.
Evaluate the role and effectiveness of government in the economy
3
4
Articulate differing value systems and their relevance to different
economic paradigms.
5
Acquire the habit of reading quality media often and critically
6
Use EXCEL to analyze data
7
Collect and analyze data on markets and industries.
8
Analyze price and output decisions for the eight market types using
competitive analysis and an understanding of vertical relationships
among markets.
Effectively grasp appropriate economic methodology.
13
3
14
Use elementary microeconomic theory and models to understand
buyer and seller behavior in both the product and resource market.
5
15
Evaluate the impact of macro and government policy on the firm.
3
16
Apply microeconomic theory and models to current events.
3
17
Consider and discuss social justice issues, and how they relate to the
firm.
2
18
Analyze various industry structures and evaluate their effects.
3
Course Requirements and Grading: Think of the teacher as a coach. Think of yourself as
being on a team. In order to win you must learn what you don't know. Once you can tell the
coach what you don't know, he can help you learn the few tricks he knows. For the rest, you must
be resourceful, creative, and willing to share with others what you have learned. In class we will
share and learn together. For these reasons, grades are based on the following:
1)
2)
Class Discussion and Exercises (15%+): You are expected to be current in and to discuss
major issues that are presented in the media and to explicate economic concepts based on
the chapters assigned for the week or in previous weeks. Oral quizzes over the chapter
material will frequently be made in class. Such oral quizzes often be voluntary and will be
awarded with points. Particularly good insights and use of economic concepts introduced in
discussion may also be awarded with points. The best preparation for these oral quizzes
and discussion is to read the textbook chapters that are assigned and to keep current with
the media. Also we will frequently have in-class exercises. These will often be graded for
extra credit. To receive an “A”: in the class you need to make points through other sources
besides tests and homework assignments.
HOMEWORK (45%): Regular homework exercises will be assigned (check
cte.rockhurst.edu/tanseym at EC2000). Your average grade on these assignments will be
weighted as 45% of the course grade (400 points maximum). Each assignment is graded on
a percentage basis. IN ORDER TO PROMOTE FAIRNESS TO ALL OF THE STUDENTS
IN THE CLASS WHO DO NOT HAVE ACCESS TO HOMEWORKS OF PREVIOUS
STUDENTS, ALL ARTICLES THAT YOU USE FOR ASSIGNMENTS MUST HAVE
APPEARED IN THE MEDIA AFTER THE FIRST DAY OF CLASS DURING THIS
SEMESTER
3)
Summary
EXAMS (40%): There are three exams. The first two are worth 10% of the grade each. The
final is worth 20% of the grade. Your average grade on these exams will be weighted as
40% of the course grade (400 points maximum). Each assignment is graded on a percentage
basis.
Class
Participa-
Homework
Exam I
Exam II
Final Exam
Tion, Exercises
Percentag
e
15%
(150 45%
(450 10% (100 points 10%(100
points
points
points +)
maximum)
maximum)
maximum)
20%(200 points
maximum)
GRADES: The following grades will be matched to point totals for students: A=90%+,
B=80%+, C=70%+, D=60%+ & F is below 60%. "+" and "-" are used for borderline cases.
These limits may be adjusted downward but will not be adjusted upward. In other words, you
may be able to make a better grade for a given numerical score, but you will not make a worse
grade.
TURNING IN ASSIGNMENTS AND OTHER COMMUNICATIONS:
The
assignments must be sent by email to me at Michael.tansey@rockhurst.edu
FOR THE PURPOSES OF DEVELOPING A PORTFOLIO TO WHICH YOU WILL
HAVE ACCESS AT THE END OF THE COURSE, PLEASE SUBMIT YOUR
ASSIGNMENTS AS FOLLOWS:
 Please name the subject line any e-mail with your included assignment or with any
communications on the assignments as "Mic12sLastnameASSNi". Where "Lastname"
should be replaced with your last name. Where "i" should be replaced with the number
of the assignment that is being turned in. My e-mails are grouped by subject and without
that name your email will not be found.
 Please also name the files you send as "Mic12sLastnameASSNi"
 If you are allowed to resubmit an assignment then label it as
"Mic12sLastnameASSNiresubmitj" where “i” is the assignment and “j” indicates the
number of resubmission. If you do not include “resubmit” at the end of your title and file
name it will simply wipe out the previous assignment without being graded AND WILL
APPEAR TO BE LATE BECAUSE OF THE LATER DATE ON THE RESUBMITTED
FILE
 Always name BOTH the “subject” line of your e-mail AND the file with
the same name.
 TO BE SAFE JUST LABEL EVERYTHING WITH
“Mic12sLastnameASSNi” THAT WAY I CAN FIND IT – EVEN YEARS
FROM NOW WHEN I AM WRITING RECOMMENDATIONS FOR
YOU.
Byassignments
following these
instructions
carefully
wille-mail
be able
to preserve
files
you sendtome
All
should
be sent to me
throughI the
system
. If youthe
send
a message
meinata
portfolio
which will
help me to write a recommendation for make
you anytime
the future.
It
my
E-mail address
(michael.tansey@rockhurst.edu)
sure the in
SUBJECT
LINE
will
also
allow
you
in
the
future
to
request
copies
from
me
of
what
you
have
done
in
the
of the e-mail bears the title “Mic12SlastnameWhateversubject” with whatever subject after your
class.
“lastname”.
Otherwise, I can’t be responsible for finding the message.
You will need TO send your assignments using Microsoft Office (2003 OR 2007)- generally in
Microsoft’s EXCEL or WORD (see appendix I below).
Policies

Make-up exams. Since exams are cumulative, missing an exam will be made up by taking the average
percentage of the quiz grades (weighted appropriately according to the material) applied to the
maximum possible point total on the exam. If the final is missed, an average percentage based on the
quizzes and two previous exams (weighted appropriately according to the material) will be applied to
the maximum point total on the final exam. In other words, once you have shown you can do the
material, I try to give you the benefit of the doubt. Setting the system up this way provides a reward
to people who learn the material and do well early.

ON-Time Assignments. DUE BY THE BEGINNING OF CLASS: NO EXCEPTIONS (HOMEWORK CAN BE
TURNED IN EARLIER: up to 50% OFF IF LATER). The deadlines for some assignments may be
extended beyond what is shown in the syllabus. But such extensions will be announced before the
deadline shown in this syllabus and can be done only with permission of the professor. In-class
questions and quizzes may not be made up, providing an incentive for regular attendance.

Individual Effort. Exams, finals, homework, questions and quizzes will not be team efforts; they
must be done alone.

Attendance: It is required that students attend classes regularly and be on time for the class.
However, if a student expects to miss class, the permission of the instructor is required in advance to
receive an excused absence, and the instructor may ask for additional work to be performed to make
up the class. The instructor will lower one grade for each unexcused absence above 4 absences.
Unless a student drops out, Six unexcused absences or more will result in an “F” for the course.
Students are responsible for keeping track of their attendance.
ADA Statement

RU official policy: “Rockhurst University is committed to providing reasonable accommodations for students with
disabilities. Please contact Sandy Waddell, Director, Access Office (Massman Hall Room 7, (816) 501-4689,
sandy.waddell@rockhurst.edu) to provide documentation and request accommodations. If accommodations have already
been approved by the Access Office, please communicate with the instructor of this course regarding these arrangements by
the second week of class in order to coordinate receipt of services.”
Student Contact Information:

RU official policy: “Student contact information must be kept current in order to receive important notices from Rockhurst
University. Your contact information is online via your RockWeb account. Please check your local address, local phone
number, and emergency contact information on RockWeb and revise as needed. All important University notices will be
sent only to your RU email address. Please check your RU email account in addition to any other email accounts you may
have. Accounts are activated at the Computer Services Help Desk (Conway 413).”
Academic Honesty Policy:

Plagiarism and cheating will not be tolerated. The Rockhurst University Catalog provides examples of academic dishonesty
and outlines the procedures, penalties, and due process accorded students involved in academic dishonesty. All infractions
will be immediately referred to the Dean's office. In your research paper, make sure you provide citations for all ideas and
information that are not your own. In your homework, make sure you provide citations for all ideas and information
that are not your own. Data from the internet must include the complete URL from which the data came so that I
can verify the data. In addition the date and time at which you collected the data must be submitted.
Crisis Management

The Crisis Management Team for Rockhurst University, out of a concern for the safety and welfare of
all community members, urges you to familiarize yourself with Campus Emergency Procedures as
well as emergency, evacuation, and shelter signage located within and outside of buildings across
campus. They also request that you sign up for Rock@lerts, the University’s emergency
communications system. All community members must comply with University staff instructions
during regularly scheduled fire/tornado drills as well as actual emergencies. Information regarding
the above resources can be found at www.rockhurst.edu/emergency.
Copies of The Wall Street Journal will be available in the lobbies of Conway and Massman Hall. You will be
receiving information about your online subscription to WSJ via your Rockhurst email account. Please check
your email for the registration information from WSJ/Dow Jones.
Please check to make sure your main mailing address in RockWeb is correct. Your Business Week will be
sent to that address. Changes to your address can be made by going to:
http://www.businessweek.com/service.htm. You can also contact our Education Support Team at
bwkedusupport@cdsfulfillment.com or 1-800-843-7352.
Topical Outline
DATE
SUBJECT
Jan 19 Demand and Supply
Th
Jan 24-6 Equilibrium, Shortages,
Surpluses, Elasticities
Martket Failure and
Government Failure
Jan 31
T-Feb 2
Th
Marginalism
Feb7
Tu-9 Th
Feb 14 production,Cost
T-16 Th
Feb 21 Production, Cost, Competition
T-23 Th
Extra
Economy
MicroEcon
Reading
power point on
demand and supply
Today
3
Today
3
Hw #1 examples and
regulation handout
Hw #2 Examples and
chapter 1 and
powerpoint lecture
on market failure
1.marginalism and
20 (not
5 (not
appendix) appendix)
4
4
CLASS EVENTS
Bring WSJ. Hwk #1
due by beginning of
class on Feb 2
21
6
22
7
balloon experiment
2. structure, conduct, 23
performance and
competition
8
Quiz (preparation for
the exam
Handout,
andPowerpointt,
Production and cost.
and ppt slides
Feb 28 Monopoly
T-Mar 1
Th
Mar 3- spring break!!!!! be careful
11
Mar 13 Oligopoly
T-Mar
15 Th
Mar 20 Monopolistic Competition
T-Mar
22 Th
Mar 27 Porter Model. Vertical Market
T-Mar power
29
3. Monopoly,
oligopoly, etc
24
9
.
25
10
26
11
Vertical Markets
class handout
30
15
Ap 3 TAp 5 Th
Summary of market
structure
29
14
Quiz:
preparation
for exam
Chp 17
4 ,27, 28
4, 12, 13
EXAM II. Example
Hwk #3 Examples
31
16
Hwk #3 by beginning
of class on Ap 19
20-21
Vertical example for
test . With graphs and
answers
and Final Exam
Answers
Labor Markets: Getting a job,
Unions
Ap 10 Market Failure revisited
T-Ap 12
Th
Ap 17
T-Ap 19 financial markets
Th
Ap 24 T- International Trade International Class handout (bring to 35-36
Ap 26 Th Finance
class)
May 1 T Review
example of Final
Exam.
May 3
Th
FINAL EXAM: Th. 10:30-12:30
EXAM #1. (Mar 1)
Example
Hwk #2 Due by
beginning of class on
March 22