EC 200
Fall 2013
Principles of Microeconomics
Course Syllabus
PRINCIPLES OF MICROECONOMICS
EC 200 A
Course Syllabus
FALL 2013
Instructor:
Dmitri Nizovtsev
Office: 310N in Henderson Center
Phone: (785) 670-1599
E-mail: dmitri.nizovtsev@washburn.edu
Meeting Time:
T R
Office Hours:
T 1:30 pm – 3 pm, R 2 pm – 5 pm + Open door policy
Required Materials:
Hubbard and O’Brien, Microeconomics, 3rd ed.
A copy of the Class Notes
Prerequisites:
MA116 or higher, and 24 hours, or consent of instructor
11 am – 12:15 pm
HC 204
Course Description:
The fundamentals of price theory. A study of the interaction of markets and decisions made by consumers and firms.
Market structure, allocation of resources, and efficiency issues are addressed.
Course Objectives:
Upon completion of this course, students should be able to:
1. Apply economic principles and reasoning to problems in a critical, disciplined manner.
2. Describe how scarce resources and unlimited wants lead to making economic choices.
3. Graphically apply the supply-and-demand framework to analyze changes in the marketplace.
4. Demonstrate familiarity with various applications of the concept of elasticity.
5. Explain the strengths and weaknesses of the marketplace.
6. Explain the motivations and impact of government involvement in the marketplace.
7. Determine graphically and algebraically the profit maximizing output and price of a firm.
8. Explain the differences between the four basic market structures and the effect the market structure has on profit
maximization.
Relevance For General Education And Business:
As a course on how the economy works and on economic thinking, the Principles of Microeconomics course provides a
foundation for informed citizenship and for informed practice of a variety of professions. For business professionals, the
study of economics provides an understanding of how markets work and of the economic and regulatory environment of
business. For business majors, the study of economic models and theory provides the conceptual and technical
foundation for course work in finance, marketing, and accounting, as well as in economics.
Within the language of the Washburn University General Education Statement, this course falls into the social
sciences general education group. It provides students with opportunities to acquire and further develop their
quantitative reasoning and scientific literacy skills.
The aforementioned skill is crucial for the overall success in the course. It will be developed and improved
through lectures, classroom discussion, examples and exercises used in class, practice problems, homework
assignments, and the feedback provided by the instructor. The attainment of subject knowledge and general
education skills will be assessed primarily by questions on the comprehensive final examination.
Expected Workload:
This course is worth three credit hours. For every credit hour awarded for a course, the student is typically expected
to complete approximately one hour of classroom instruction, online interaction with course material, or direct
faculty instruction and a minimum of two additional hours of student work each week for approximately 15 weeks
for one semester or the equivalent amount of work over a different amount of time.
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EC 200
Fall 2013
Principles of Microeconomics
Course Syllabus
Grading:
Grades are distributed on a curve based on students’ weighted scores at the end of the semester. The cutoffs for A, B, C,
and D I usually use on the curved scale are 90, 80, 70, and 60, respectively. This, however, is just a guideline. I reserve
the right to deviate from it slightly, in which case you will be informed in advance.
The components of the overall score are as follows:
Practice quizzes: 10% of the overall score.
HW assignments: 20% of the overall score.
Two midterm tests: 20% of the overall score each, for the total of 40%.
Final test: 30% of the overall score.
The grade appeal procedure can be found on pp. 65-66 of the Washburn University 2013-2014 Catalog.
Quizzes:
Once in a while, in-class pop quizzes will be given. Quizzes will be graded. Each quiz is worth one point on the final
100-pt grade scale. If over the semester there happen to be more than 10 quizzes, then at the end of the semester only 10
best scores will count.
Homework:
Homework will be assigned on a regular basis. Each assignment is due at the beginning of the next class. Late submission
of homework will result in substantial point deductions. Homework assignments will be graded and solutions will be
discussed in class, handed out, or posted on the class web page.
Examinations:
There will be two in-class midterm tests, tentatively scheduled for Sep 26th and Nov 7th, respectively. Test 1 will cover all
the topics from the first six weeks. Test 2 will be based primarily on topics covered since the previous test. However, it
will most likely include some questions that require knowledge of the earlier material as well. The final exam is going to
be comprehensive, with a slight bias towards the most recent material. The exact time and date of the final exam can be
found at http://www.washburn.edu/academics/course-schedule/files/fall/final-exam-schedule.pdf
The majority of the test questions will be in the form of problems and “short-answer” questions. A limited number of
multiple-choice questions may appear on some tests as well. Answering test questions may involve plotting graphs and
performing calculations. Calculators for the tests are provided by the university as needed.
Attendance:
All students are expected to attend all the class meetings according to the university policy. While I am not going to take
attendance, I reserve the right to issue warnings and take action. Pop quizzes may also be viewed as a spot-check tool.
Naturally, every student is personally responsible for learning the material covered during the class period that was
missed.
Class Participation:
Everyone is strongly encouraged to ask questions and make comments during the class. I hope you will soon discover it is
in your best interest to do so as it helps you understand the material covered.
Communication and Feedback:
Talking to me before or after class or coming to see me during my office hours (see above) will probably work the best.
However, you can also make an appointment to come see me at any other time, or just drop by whenever my office door
is open.
I am always very eager to hear any comments from you about the class, especially if you would like to suggest changes
to the way the class is taught. If you are uncomfortable discussing those issues in person, you can do it anonymously
using a link provided on the class Web page (see below).
Your Washburn University e-mail address will be the official address used by the University for relaying important
messages regarding academic and financial information and the University will consider this your official
notification for important information. It may also be used by your instructors to provide specific course
information. If you prefer to use an alternate e-mail address to receive official University notices, you can access
your MyWashburn e-mail account, choose the "Options" tab, and select "Settings", scroll to the bottom of the screen,
click enable forwarding and enter the e-mail address you would like your Washburn emails forwarded to in the “mail
forwarding” area. Click add and the click on save changes. This will complete the process of forwarding your
Washburn e-mail. It is your responsibility to ensure that your official e-mail box does not exceed your message
quota resulting in the inability of e-mail messages to be accepted into your mailbox.
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EC 200
Fall 2013
Principles of Microeconomics
Course Syllabus
Make-up Policy:
If you miss a quiz, you cannot make it up. The only exception is when you travel on university related business (road
games, competitions, etc.). Late homework is accepted, but with substantial point deductions.
Normally, no make-up tests are given. The most I can do is discuss a possibility of redistributing the weights of your
final score in the case when you have to miss a test due to significant unforeseen circumstances. Even that is possible only
if I have been informed about your absence in a timely manner (before the test, preferably, or within hours after the test).
Any official documentation that may serve as an explanation for missing a test is appreciated.
Web page:
I have set up a Web page for this class at www.washburn.edu/sobu/dnizovtsev/Econ200.html. On that page, I am going to
post assigned readings, homework assignments, your current scores, review problems and other material that can aid you
in learning. Visit it often so that you don’t fall behind. The page can be accessed by typing its URL directly in the address
field of your browser (bookmarking the page on your personal computer may be a good idea) or through MyWashburn
(in that case, choose the “My Classes” tab, then “EC200”, then “Links” on the left).
Withdrawal Policy:
To view the deadline dates for your courses visit the “Last Day” Deadlines web page at: https://www2prod.washburn.edu/self-service/coursedates.php Depending on the timing of the request to withdraw from a course,
students may be responsible for repaying all or a portion of their financial aid. Students who do not attend their
courses and fail to officially withdraw themselves will receive a grade of “F” and may also be required to repay all or
a portion of their financial aid based on their non-attendance.
For further information, contact the Financial Aid Office at 785.670.1151 or e-mail financialaid@washburn.edu.
Although it is the student's responsibility to initiate course withdrawals, an instructor, after due notice to the student,
may request withdrawal of the student from a course because of nonattendance through the same date as the last day
a student may withdraw from a course. This would NOT absolve the student of financial responsibility for
tuition/fees for the course in question. The inclusion of this information in the syllabus is considered due notice.
Success Week:
Success Week for undergraduate students is designated as the five week days preceding the first day of scheduled
final examinations each Fall and Spring semester. It is intended to provide students ample opportunity to prepare for
final examinations. For guidelines related to workload and assignments during Success Week, see
www.washburn.edu/sobu/dnizovtsev/successweek.pdf
Disability Services:
The Student Services Office (SSO) is responsible for assisting in arranging accommodations and for identifying
resources on campus for persons with disabilities. Qualified students with disabilities must register with the office to
be eligible for services. The office MUST have appropriate documentation on file in order to provide services.
Accommodations may include in-class note takers, test readers and/or scribes, adaptive computer technology,
brailled materials. Requests for accommodations should be submitted at least two months before services should
begin; however, if you need an accommodation this semester, please contact the SSO immediately.
Location: Student Services, Morgan Hall Room 135
Phone: 785-670-1629 or TDD 785-670-1025;
E-Mail: student-services@washburn.edu
Students may voluntarily identify themselves to the instructor for a referral to the Student Services Office.
Academic Misconduct Policy:
All students are expected to conduct themselves appropriately and ethically in their academic work. Inappropriate
and unethical behavior includes (but is not limited to) giving or receiving unauthorized aid on examinations or in the
preparation of papers or other assignments, or knowingly misrepresenting the source of academic work. Washburn
University’s Academic Impropriety Policy describes academically unethical behavior in greater detail and explains
the actions that may be taken when such behavior occurs. For guidelines regarding protection of copyright, consult
http://www.washburn.edu/statements-disclosures/copyright/index.html. For a complete copy of the Academic
Impropriety Policy, contact the office of the Vice President for Academic Affairs, Bradbury Thompson Alumni
Center Suite 200, or go on-line to: http://www.washburn.edu/faculty-staff/faculty-resources/facultyhandbook/faculty-handbook-section-7.html.
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EC 200
Fall 2013
Principles of Microeconomics
Course Syllabus
Student Health Services/WU Counseling Services:
Student Health Services (SHS) works closely with WU Counseling Services to provide support for students
experiencing challenges with learning and adapting to university life. More information can be found at
http://washburn.edu/current-students/services/health-services/index.html and http://washburn.edu/currentstudents/services/counseling/index.html
Office of Academic Advising:
As a Washburn student, you may experience difficulty with issues such as studying, personal problems, time
management, or choice of major, classes, or employment. The Office of Academic Advising is available to help
students either directly through academic advising, mentoring, testing and developing learning strategies or by
identifying the appropriate University resource. If you feel you need someone with whom to discuss an issue
confidentially and free of charge, contact Academic Advising in Morgan 122, 785-670-1942,
advising@washburn.edu.
Topics covered and readings assigned
The following list is tentative and subject to change. More accurate day-by-day reading assignments will be regularly
posted on the class Web page. It is in your best interest to make yourself familiar with the material prior to coming to
class.
All the page numbers refer to the required text, Microeconomics by Hubbard and O’Brien (3rd ed).
Topic
Course Requirements and Syllabus.
Economics as a Science.
Opportunity Cost. Production Possibility Frontier.
Utility and Consumer Choice.
Demand. Supply. Market Equilibrium.
Price Controls. Welfare Analysis.
Externalities and Public Goods.
Elasticity and Its Applications.
Production. Short-Run and Long-Run Decisions. Total,
Average and Marginal Product.
Short-Run and Long-Run Costs. Returns to Scale.
Perfect Competition.
Techniques of Profit Maximization.
Accounting Profit and Economic Profit.
Monopoly.
Pricing strategies.
Monopolistic Competition
Oligopoly.
Game Theory and Its Application to Markets.
Market Concentration Measures.
Corresponding pages in the textbook
Ch.1, pp.2-19, Ch.9, pp.296-299
Ch.1 Appendix, pp.24-34
Ch.2, pp.36-44
Ch.9, pp.280-282, 288-291
Ch.4, pp.98-101
Ch.3, pp.64-87
Ch.4, pp.96-112, 118-119
Ch.5
Ch.6, pp.166-193
Ch.4, pp.112-117
Ch.10, pp.327-335
Ch.10, pp.335-345
Ch.11, p.367-393
Ch.14, pp.461-485
Ch.15, pp.493-511
Ch.12, pp.401-421
Ch.13, pp.432-443
Ch.14, pp.479-480
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potential, leading to becoming productive and responsible citizens. We are
committed to excellence in teaching, scholarly work, quality academic and
professional programs, and high levels of faculty-student interaction. We
develop and engage in relationships to enhance educational experiences and our
community.
Washburn University Board of Regents, 2010
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