Principles of Economics – Microeconomics
Economics 201
California State Polytechnic University, Pomona
Dr. Anne Bresnock
Winter, 2015
Office:
Office Hours:
Phone:
E-Mail:
Research Website:
Building 1, Room 338
MW 12:00 – 2:00 p.m. and by appointment
(909) 869-4593
aebresnock@csupomona.edu and bresnock@earthlink.net
http://www.cpp.edu/~aebresnock/aebres/earth/index.html
(Economics
section.)
Required Text:
Paul Krugman and Robin Wells Microeconomics, 3E (New York, NY:
Worth Publishers, 2012). (Study guide recommended.)
Class Website:
http://www.cpp.edu/~aebresnock/aebres/ec201/ec201.html
Text Website:
http://www.worthpublishers.com/krugmanwells
Module Website:
http://class.csupomona.edu/simecon/
Course Objectives:
The key objectives in this introductory course in microeconomics include:
1.
The student should develop a solid foundation of basic economic concepts pertaining to the
market system. The nature and method of decision-making units -- consumers, producers,
and governments--to make choices while constrained by limited resources will be carefully
analyzed. Additional constraints to the decision making process-government regulations,
imperfect competition, etc.--will also be investigated.
2.
The student should develop an understanding of the institutional framework of the American
economy within which our system of mixed capitalism operates. Thus, an analysis of the
various ways producers organize their business, the role of labor unions in labor markets, the
role of taxes in directing economic choices, the effect of government regulations on
production decisions, etc., will be pursued.
3.
The student will develop the ability to apply basic economic concepts and principles to
problem situations. In order to accomplish this problem solving aptitude, the student will
acquire the basic methodology and tools of analysis necessary to formulate economic
decisions. Often the ability to select and utilize economic data to reach a solution will be
required as well as a comprehensive justification of the solution.
4.
The student will develop the ability to communicate the logic of economic thinking
qualitatively and quantitatively. Through the use of objective, problem set and short
answer testing techniques, the student will be expected to utilize the principles of
economics, to analyze and synthesize answers to problem situations.
5.
Finally, the student will develop a better understanding of the role of economics in our
sociopolitical environment as well as the role economics plays in decision making processes
which crossover to other disciplines -- the arts, natural sciences, and other social sciences.
Such knowledge is important to gain awareness of the overall operation of society.
Economics 201
Winter, 2015
Page 2
Testing and Grading: There will be two examinations. Please note the exam dates that are listed
in the attached syllabus. Under no circumstances are make-up examinations given. Students
missing the midterm for a serious and unavoidable reason will be excused from that test if the
professor approves acceptable documentation for such an excuse. Students with approved excuses
for a missed midterm will have their final exam score doubled. Students missing an examination
without a valid reason will receive a zero grade for that exam. No one will be excused from the
final exam.
The midterm and final examinations will contain multiple-choice (60%), and problem-solving, or
short answer (40%), sections. The midterm and final exams will consist of 30 multiple-choice
questions worth 4 points each, or 120 points, and 2 problems or short answer questions worth 40
points each, or 80 points, for a total of 200 points. The problems and short answer questions will
typically require graphical, numerical and/or a brief verbal analysis, and be no more than one to two
pages in length each.
Your grade in Economics 201 will be determined as follows:
Multiple Choice Quizzes with Explanations
Midterm
Final Examination
Total Course Points
Grading Scale
90 - 100%
80 - 89%
70 - 79%
60 - 69%
Below 60%
Total Accumulated Points
540 - 600
480 - 539
420 - 479
360 - 419
0 - 359
Total Maximum Points
200 ( 33.3%)
200 ( 33.3%)
200 ( 33.4%)
600 (100.0%)
Course Grade
A- to A
B to B+
C- to C+
D- to D+
F
Your grade in Economics 201 is thus determined solely on the criteria described above, not on the
basis of “need” or special circumstances. There will be no extra credit opportunities to raise your
grade. Incompletes are strictly forbidden in this course except in highly extraordinary and
unavoidable circumstances. Please immediately consult university policy and specific dates to
drop a class. You are expected to adhere to university drop policies. The instructor will make no
exceptions unless highly extraordinary and unavoidable circumstances should prevail. Students
taking the class on a pass/no pass basis must complete all course requirements. To receive a Pass
grade you must earn a minimum grade of a C (73%) in the course overall.
Economics 201
Winter, 2015
Page 3
The computer project assignments will be collected in class lecture on the dates indicated in the
course syllabus. You must turn in the assignments no later than immediately after the lecture on the
date indicated. Any assignments not received by that time on the due date will receive a zero grade
because I will be immediately posting the answers.
Multiple Choice Quizzes with Explanations
Students will be assigned to small groups (3 – 6 students) for completing multiple choice quizzes
with explanations. The groups will be assigned in class, and the quizzes will be completed
outside of class time. The quizzes will be distributed by E-Mail. Due dates for the quizzes are on
the last page of the syllabus. Answer keys will be posted on the due dates. More details on these
assignments will be explained in class.
Some Suggestions
To be successful in a course of this nature the following suggestions are offered:
1.
Attend class regularly. Excessive absences (more than two per term) tend to result in a low
or failing grade.
2.
Expect to spend 6 hours per week in preparing for this course in order to earn a C grade.
3.
Read the assignment before class. Work problems and practice quizzes that pertain to the
assignment in advance of class discussions. Problems and practice quizzes may be found at
the end of each chapter, in the recommended study guide, and via the text website.
(“Bookmark” or add this site to “Favorites” in your Web browser.)
4.
Download the partial class lecture notes prior to each class meeting. They are posted in
advance on the class website, and it is your responsibility to bring a copy of the notes for
each class to lecture.
5.
Reread the assignments for clarity after class lectures. Some times rereading certain
sections of the text several times will be necessary to obtain a firm grasp of a concept.
6.
Write down questions that come up while reading the assignment and discuss them with me
during my office hours. By reviewing the material with others much learning may be
gained. Consider forming study groups with other class members.
7.
Utilize the text study guide and website to prepare for lectures and exams.
8.
Work through the recommended problem sets found in the class website for this course.
9.
Form study groups to review the assignments and prepare for the exams. Use the“Additional
Problems”, “Handouts”, and “Homeworks” found on the class website to reinforce the
concepts. All of these problems have posted answer keys.
Economics 201
Winter, 2015
10.
Page 4
Come by my office to clarify any sections of the lecture notes that you miss or do not
understand. If you miss a class, come by to copy the notes that you have missed.
On-Line Resources
It is highly recommended that you complete the on-line quizzes and utilize the Student PowerPoints
found at: http://www.worthpublishers.com/krugmanwells
immediately after reading each of the assigned chapters. Take the quizzes honestly. Take them
repeatedly until you get 100% correct and know why your answers are correct. These quizzes, if
used in this manner, will give you excellent feedback on your understanding of the course material,
and will also prepare you for the objective questions on the course exams.
Course Outline and Assignments
I.
Introduction to Economics
Lecture 1
1/5
A.
Scope and Method of Economics
Assignment: Krugman/Wells, Ch. 1
Lecture 2
1/7 and 1/12
B.
Scarcity and Choice: The Economic Problem
Assignment: Krugman/Wells, Ch. 2 and Appendix
ClassWeb Recommendations: Additional Problems (and Answers)
= PPCs; Other Notes = PPCs; and Handout #1 (and Answers);
Homework 1 (and Answers)
II.
Lecture 3
1/14, 1/21 and 1/26
The Market Mechanism: Elements of Price Theory
A.
Theory of Demand and Supply
Assignment: Krugman/Wells, Ch. 3 and Ch. 5
ClassWeb Recommendations: Additional Problems (and Answers)
= Markets; Other Notes = Types of Goods; and Handout #2 (and
Answers)
1/19
Lectures 4 - 5
1/28, and 2/2
Holiday -- Martin Luther King -- NO CLASS
B.
Elasticity and Efficiency
Assignment: Krugman/Wells, Ch. 6 and Ch. 4 and Ch. 7 pp. 181
87
ClassWeb Recommendations:
Additional Problems (and
Answers) = Elasticity; Other Notes = Elasticity; and Handout #2 (and
Answers); Homework 2 (and Answers)
Economics 201
Winter, 2015
Page 5
III.
Lecture 6
2/4
Competitive Market Behavior
A.
Consumer Decision Making: Further Demand Analysis
Assignment: Krugman/Wells, Ch. 10
ClassWeb Recommendations: Additional Problems (and Answers)
= Utility Analysis.
NOTE: Additional Problem #2 and Handout #3 are NOT
covered.
2/9
Review
2/11
Midterm
Lectures 7 and 8
2/18, 2/23 and
2/25
B.
(Covers Chapters 1, 2, 2A, 3, 4, 5, 6, 7 pp. 181 – 187
and 10)
Producer Decision Making: Further Supply Analysis
Assignment: Krugman/Wells, Ch. 9 pp. 243 – 254, and Ch. 11)
ClassWeb Recommendations: Additional Problems (and Answers)
= Production Analysis and Cost; Other Notes = Production Function
and Production Cost; and Handout #4 (and Answers); Homework #3
(and Answers)
IV.
Lecture 9
3/2 and 3/4
Economics of the Firm: Price and Output Determination
A. Theory of the Firm: Pure Competition
Assignment: Krugman/Wells, Ch. 12
ClassWeb Recommendations: Additional Problems (and Answers)
= Pure Competition; and Handouts (and Answers) = #5
Lecture 10
3/9
3/11
3/16
B.
Theory of the Firm: Monopoly
Assignment: Krugman/Wells, Ch. 13
ClassWeb Recommendations: Additional Problems (and Answers)
= Pure Monopoly; Other Notes: Efficiency and Long Run
Equilibrium; and Handouts (and Answers) = #6; Homework #4 (and
Answers)
Review
Final Examination
3:50 – 5:50 p.m. (4:00 Class)
Economics 201
Winter, 2015
Page 6
Economics 201 Quick Reference
Winter, 2015
Week
1
Monday
January 5
Lecture 1
2
January 12
Lecture 2
January 14
Lecture3
Quiz 1 Due
3
January 19
Holiday
January 21
Lecture 3
4
January 26
Lectures 3 - 4
January 28
Lectures 4 - 5
Quiz 2 Due
5
February 2
Lecture 5
February 4
Lecture 6
Quiz 3 Due
6
February 9
Review
February 11
Midterm
7
February 16
Lecture 7
February 18
Lecture 8
Quiz 4 Due
8
February 23
Lecture 8
February 25
Lecture 9
Quiz 5 Due
9
March 2
Lecture 9
March 4
Lecture 10
Quiz 6 Due
10
March 9
Lecture 10
March 11
Review
Quiz 7 Due
11
Tuesday
Wednesday
January 7
Lecture 2
Final Exam Week
March 16
3:50 – 5:50 p.m.
Thursday
Friday