Economics 201
Principles of Microeconomics
Spring 2015
SOEB 114 T TH 11:00 – 12:15pm
Instructor:
Dr. Jeff Sarbaum
Office: 466 Bryan Building
Email: jksarbau@uncg.edu
Office Hours: T TH 12:15-2:00
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Course Description:
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An introductory microeconomic analysis of how individuals and firms cope with the fact that they have
unlimited wants but limited resources.
Learning Objectives:
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5.
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Demonstrate how scarcity forces trade-offs, how every choice has an opportunity cost, and how
different opportunity costs give rise to comparative advantages.
Apply knowledge of supply and demand, market equilibrium and elasticity to demonstrate how
price allocates scarce resources.
Explain how markets reach efficient outcomes, why markets sometimes fail, and how
government intervention can impact markets.
Describe a firm’s production process and resulting cost structure and show how output
decisions are made.
Distinguish between perfectly competitive and monopolistic markets and understand the
implications of each on market efficiency.
Required Materials:
1.
Textbook: Essential Foundations of Economics by Bade and Parkin
(You do not have to buy the most recent edition of this book.)
2.
All students are REQUIRED to register for MyEconLab through http://pearsonmylab.com/.
Homework assignments and submissions occur through this on-line account. Registration
instructions are posted on Blackboard under the Syllabus link.
To register, you will need a:
• course ID (sarbaum92137)
• student access code
Custom textbooks (containing only the chapters covered in this course) are available from the UNCG
bookstore. 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
through http://pearsonmylab.com/. Alternatively, you can buy the eText and student access code directly
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
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20%
15%
30%
35%
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Your course letter grade will be assigned based on the following scale:
99% and above:
At least 93% but less
At least 90% but less
At least 87% but less
At least 83% but less
At least 80% but less
At least 77% but less
At least 73% but less
At least 70% but less
At least 67% but less
At least 63% but less
At least 60% but less
Less than 60%:
than
than
than
than
than
than
than
than
than
than
than
99%:
93%:
90%:
87%
83%:
80%:
77%:
73%:
70%:
67%:
63%:
A+
A
AB+
B
BC+
C
CD+
D
DF
Homework:
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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. No late assignments will be
accepted.
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:
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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 before the end of the semester. Extra credit quiz 1, 2 and 3 are due before Exam 1; 4,
5 and 6 are due before Exam 2; and 7 and 8 are due before the final exam.
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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 documented
death in the family, a documented University-sponsored event or excursion, or a serious illness
documented by a doctor. Acceptable excuses must be approved before the scheduled exam date.
Showing up with a doctor’s note after the exam date without notifying me in advance is not an
acceptable excuse. 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 santron sheet purchased from the UNCG bookstore to each
exam. !
Academic Integrity Policy:
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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://academicintegrity.uncg.edu/complete/
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 Requests:
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No laptops are allowed in the classroom without permission. If you would like to use your laptop
to take notes, you must get permission from me during the first week of class and must sit in
the first two rows of the classroom. However, 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.
Do not talk to your neighbors during class. It distracts the students around you, and it distracts
me. It will not be tolerated. If you talk during class I reserve the right to ask you to leave the
room.
I know about the parking problems on campus and am sympathetic, but I do request that you be
on time.
Please make sure that all cell phones are shut off during lecture. If I see you texting I reserve
the right to ask you to leave the room.
I encourage you to work together on homework assignments, although every student is responsible
for submitting his/her own answers to each graded assignment in order to receive credit.
When you begin to feel lost, BE PROACTIVE!! I am more than happy to answer questions
during lecture.
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
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