ECO 201 – 03
Principles of Microeconomics
Spring 2015
Monday 6:00-8:50pm
Bryan 202
Instructor:
Michael Hall
Office: Bryan 467
E-mail: mjhall@uncg.edu
Office Hours: By Appointment
Course Description:
An introductory microeconomic analysis of how individuals and firms cope with the fact that
they have unlimited wants but limited resources.
Learning Objectives:
1. Demonstrate how scarcity forces trade-offs, how every choice has an opportunity cost, and
how different opportunity costs give rise to comparative advantages.
2. Apply knowledge of supply and demand, market equilibrium and elasticity to demonstrate
how price allocates scarce resources.
3. Explain how markets reach efficient outcomes, why markets sometimes fail, and how
government intervention can impact markets.
4. Describe a firm’s production process and resulting cost structure and show how output
decisions are made.
5. Distinguish between perfectly competitive and monopolistic markets and understand the
implications of each on market efficiency.
The Bryan School of Business and Economics’ Mission Statement:
In the Bryan School of Business and Economics, we create and disseminate knowledge about the
theory and practice of business. In addition to our courses and research, we accomplish this
through hands-on projects, global experiences, and outreach to the community. Our work
produces principled leaders and exceptional problem solvers who have a global perspective, an
innovative mindset, a broad understanding of sustainability, and a commitment to improve the
organizations in which they work and the communities in which they live.
Student Learning Goals:
Each program within the Bryan school has separate learning goals as listed with the degree
program. The essential components of a professional education in business (excluding the B.S.
and B.A. in Economics, the B.S. in Consumer, Apparel, and Retail Studies and the B.A. in
Sustainable Tourism and Hospitality) include common courses for breadth and opportunities for
advanced work for depth in the various business disciplines. These core business programs share
the following common learning goals:
1. Students will implement the various steps of the critical thinking process, supported by the
appropriate use of analytical and quantitative techniques, to formulate recommendations for
subsequent decision making.
2. Students will apply appropriate ethical standards when making recommendations for business
decision making.
3. Students will evaluate business decisions in the context of sustainability goals, balancing
environmental, social, and economic needs, conditions, and potential decision impacts.
4. Students will formulate appropriate strategies, in the context of global issues and forces, to
improve business performance in the world economy.
5. Students will explain the roles of innovation and innovation management in achieving
successful business strategies, decisions, and performance.
6. Students will be able to plan, schedule, contribute to, and lead projects.
Impact of this Course on the Program Student Learning Goals:
Upon successful completion of ECO201, students will have developed competencies toward
Learning Goals #1, #2, #3, and #4
Materials:
1. The text for this course is Essential Foundations of Microeconomics, 6th Ed. by Bade and
Parkin.
2. All students are REQUIRED to register for MyEconLab through http://pearsonmylab.com/.
Homework assignment and submission occur through this on-line account. Registration
instructions are posted on Blackboard under the Syllabus link.
To register, you will need a:
• course ID (hall27107)
• student access code
Custom textbooks (containing only the chapters covered in this course) are available from the
UNCG bookstore for $155.45 (price as of Fall 2014). These come packaged with the required
student access code for MyEconLab. If you find the textbook at a good price from another seller,
you can buy a student access code for MyEconLab for $55 through http://pearsonmylab.com/.
Alternatively, you can buy the eText and student access code for $100 through
http://pearsonmylab.com/. If you're waiting for financial aid and can't pay immediately, you can
get temporary access to MyEconLab without payment for 14 days.
Grading:
Homework
Lowest Midterm Exam
Highest Midterm Exam
Final Exam
20%
15%
30%
35%
Your course letter grade will be assigned based on the following scale:
97% and above1: A+
At least 93% but less than 97%: A
At least 90% but less than 93%: AAt least 87% but less than 90%: B+
At least 83% but less than 87%: B
At least 80% but less than 83%: BAt least 77% but less than 80%: C+
At least 73% but less than 77%: C
At least 70% but less than 73%: CAt least 67% but less than 70%: D+
At least 63% but less than 67%: D
At least 60% but less than 63%: DLess than 60%: F
Assignments:
Homework Assignments:
There will be approximately 8 homework assignments, administered through MyEconLab. All
assignments are due by 11:59 pm on the evening of the stated deadline. Late submissions will
be accepted for 48 hours after the deadline but will be penalized by 10% for each day the
assignment is late.
I will drop your lowest homework score before calculating your homework average. The
remaining assignments will receive equal weight in your homework grade.
Extra Credit:
You can earn up to 6 extra credit points (percentage points) on each of the three exams. Extra
credit points are earned by correctly answering Quiz questions, administered through
MyEconLab. For each quiz question answered correctly, you earn 0.1 points (percentage
points), which will be added to the relevant exam score. Each exam will have three quizzes
leading up to it. (For example, correctly answered questions on Quiz 1, Quiz 2 and, Quiz 3 will
earn you extra credit points towards Exam I.)
1
A+ grades will only be assigned to students who earn a 97% or above before any potential course
average curve is applied.
Exams:
The exam dates are listed below. Put them in your calendar immediately because there are no
makeup exams and very few acceptable excuses for missing one. Acceptable excuses include
a death in the family, a University-sponsored event or excursion, or a serious illness documented
by a doctor. Acceptable excuses must be approved before the scheduled exam date. Exams
are all closed-book, closed-note, and closed-friend/neighbor. You may bring a calculator to the
exam, but all calculators must be non-programmable. Cell phones cannot be used as calculators.
You must bring a red scantron sheet purchased from the UNCG bookstore to each exam. Please
note that the final exam will be given only on the date scheduled by the University.
Exam I
Exam II
Cumulative Final Exam
February 23rd
March 30th
May 4th
in class
in class
7:00-10:00pm
University Policies and Guidelines:
Academic Integrity Policy:
Students are expected to know and abide by the Honor Code in all matters pertaining to this
course. Violations of this code will be pursued in accordance with the code. The link to UNCG’s
academic integrity policy is:
http://sa.uncg.edu/handbook/academic-integrity-policy/
Faculty and Student Guidelines
Please familiarize yourself with the Bryan School’s Faculty and Student Guidelines. These
guidelines establish principles and expectations for the administration, faculty, staff, and students
of the Bryan School of Business and Economics. The link for this document is
http://www.uncg.edu/bae/faculty_student_guidelines.pdf
Additional Rules:
In order to provide equitable treatment for all students, no late work is accepted or extra credit is
granted outside of the guidelines presented above. The rules outlined in this document will be
applied equally to all students.
DO NOT CHEAT. I will use every feasible avenue to enforce the Academic Integrity Policy.
Cheating is unacceptable and will not be tolerated. Missing points for an incorrect answer is
much less devastating to one’s final grade than receiving no credit for an assignment/test.
Come to class prepared to learn. This means reviewing the course material ahead of time so that
you are able to focus your questions.
Do not cause distractions in class. I reserve the right to dismiss you from the class if you
infringe upon the ability of others to learn. Students are expected to respect the privilege of
other students to have a comfortable, safe, and, accepting learning environment. The following
general guidelines for classroom etiquette:
• Don’t talk to your neighbors in class. It’s distracting to everyone.
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If you bring your laptop to class, do not view distracting or inappropriate materials.
Phones should be switched to silent mode in class. If your phone does ring, please quiet it
as quickly and discretely as possible. If you are texting, or otherwise using an electronic
device for non-educational purposes, I will ask you to leave.
If you need to leave the class for any reason (e.g., to use the restroom), do so in a manner
that is as least distracting as possible.
Do not eat or drink in class. If you need partake in sustenance, please do so elsewhere
and return to class when you are finished.
I strongly encourage you to take notes with paper and pen/pencil. I believe this is the best way to
learn the material and is also beneficial for learning how to use graphs.
When you begin to feel lost, BE PROACTIVE! I am more than happy to answer questions
during the lecture. If you do not understand a concept or the definition of a word, please inform
me so that I may provide clarity.
I want to make it known up front that I expect you to spend a minimum of 5 hours each week
reading, reviewing, and completing homework assignments outside of class. If this is not feasible
for you given your other time commitments, perhaps this is not the class for you.