Course Syllabus
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Introductory Microeconomic Analysis and Policy
ECON302
Fall 2021
Instructor: Dr. Austin Boyle
Email: aboyle@psu.edu
Office: 814-867-3532
Office Hours: Monday 10:30-11:30am and Wednesday 8-9pm on Zoom. See Zoom
links in "Zoom" on the course navigation menu. Also available by appointment (email me
or ask after class)
Canvas Course Management System: https://psu.instructure.com/
Weekly study session with Abbey: Sunday 7-8pm on Zoom.
Class time/location: Tuesday/Thursday 1:35-2:50pm in Forum 108
Video and audio recordings of class lectures may be part of the classroom activity. The
video and audio recording is used for educational use/purposes and only may be made
available to all students presently enrolled in the class. For purposes where the
recordings will be used in future class session/lectures, any type of identifying
information will be adequately removed.
Mask statement:
Penn State University requires everyone to wear a face mask in all university buildings,
including classrooms, regardless of vaccination status. ALL STUDENTS MUST wear a
mask appropriately (i.e., covering both your mouth and nose) while you are indoors on
campus. This is to protect your health and safety as well as the health and safety of your
classmates, instructor, and the university community. Anyone attending class without a
mask will be asked to put one on or leave. Instructors may end class if anyone present
refuses to appropriately wear a mask for the duration of class. Students who refuse to
wear masks appropriately may face disciplinary action for Code of Conduct violations. If
you feel you cannot wear a mask during class, please speak with your
adviser immediately about your options for altering your schedule.
Course Materials:
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Required: Pindyck & Rubinfeld. Microeconomics. 9th edition. Pearson. ISBN:
978-0134184241. NOTE: You do NOT need MyEconLab for this course so
you can buy a CHEAP used copy; older editions will work just as well.
Required: Course Pack: Economics 302 Fall 2021 Coursepack by Austin
Boyle. Note that this is custom made for this course and is available at the
PSU Bookstore. Get it at one of the University bookstores and be sure not to
pick up a copy by another professor. And in case you're wondering: I don't
make any money from this.
Course Description:
The goal of this course is to give you the fundamentals of microeconomics that will be
applied widely to 400 level courses in economics. We begin the course by developing a
model of consumer behavior. From this model we will be able to derive a consumer’s
demand for a good, and then we will investigate numerous applications of this model,
including income and substitution effects of a price change, and the determination of
relative prices in a general equilibrium framework. We then switch to the supply side of
the market. We will study the theory of the firm, and explore firm behavior and welfare
analysis in various market settings including perfectly competitive markets, monopoly,
oligopoly and strategic interaction between firms. Other topics will be included as time
permits. A general course outline can be found at the end of this syllabus.
Economics is an analytical subject. You will learn to use inductive reasoning and other
scientific methodology necessary to understand this and other (social) sciences. In short,
you will learn to think like an economist.
Expectations.
This course will require your devotion. You are expected to attend nearly every class
meeting and you should expect to do an average of 6-9 hours of homework/studying
per week Links to an external site.in order to perform well.
It is expected that you will read and be familiar with the syllabus. Students should read
the chapters assigned for the day before coming to class. Class should be used as a
supplement to the text. If you have questions about something we did not cover, please
meet with me or a TA. Students should keep up with Canvas and stay aware of all due
dates and grades.
Students are expected to have access to a computer, printer, and the Internet (see Zoom
section below). Students should know how to operate technology. Students should
check Canvas at least once per week. Assignments are expected to be turned in on
time.
Zoom.
You will be able to access our office hours Zoom meetings through the course navigation
menu in Canvas (note that this will not be available before the beginning of the
semester). Zoom meetings will be recorded. In the event that classes are moved to a
virtual setting, they will be held on Zoom. You will not need a webcam for this
class. Video and audio recordings of class lectures will be part of the classroom
activity. The video and audio recording is used for educational use/purposes and only
may be made available to all students presently enrolled in the class. For purposes where
the recordings will be used in future class sessions/lectures, any type of identifying
information will be adequately removed.
Exams and Grades.
There will be two midterm exams, five homework assignments (each followed by a selfgrading of that assignment), and a comprehensive final exam.
This class will utilize night exam periods for the midterms.
Midterm 1 is on Thursday, October 7 from 8-10pm in 100 Thomas
Midterm 2 is on Thursday, November 4 from 8-10pm in 100 Thomas
Exam dates are listed at the end of this syllabus. These dates will only be changed if the
university is closed. If that is the case, the exam will be administered the next scheduled
class period that the university is open. If a student misses a midterm exam, then they
can take a cumulative conflict exam at the end of the semester to stand in for the score
of the exam they missed. The cumulative conflict exam will be administered during the
penultimate week of classes and it can stand in for a missing midterm 1 or midterm 2.
The semester score will be calculated based on the following categories:
Category
Weight (%)
Writing Assignments
5
Kaltura quizzes
5 (4% for viewing time, 1% for answering quiz questions)
HW
25 (5% each for 5 assignments)
self-grading
5 (1% each for 5 assignments)
MT1
15
MT2
20
Final Exam
25
Grades
Grades are earned based on your performance. Be careful to note the requirements for
earning the grade you desire and be sure to devote yourself accordingly. You will have
to earn points in this class by doing tasks described below. To reach a grade, you must
reach the cutoff for that grade; I do not round grades up. Below are the cutoffs for
certain grades. The corresponding quality of performance according
to https://www.registrar.psu.edu/grades/grading-system.cfm Links to an external site.
Cutoff
Quality of Performance
Grade
(%)
A
93
Excellent - Exceptional Achievement
A90
B+
87
Good - Extensive Achievement
B
83
B80
C+
77
Satisfactory - Acceptable
Achievement
C
70
Poor - Minimal Achievement
D
60
Failure - Inadequate Achievement
F
0
Midterm Exams: Exams will be short answer problems and essays. You are responsible
for material from all reading assignments, all lectures, and all internet assignments (see
below). Important points will be emphasized in class.
DO NOT MISS EXAMS! Exam dates are listed in the syllabus. Please be sure to check
them now to ensure that there is no conflict with your schedule! In certain cases, you
may receive an excused absence for an exam. It is your responsibility to provide timely
notification to the instructor of a university-approved excused absence prior to missing
an evaluative event. To do this, visit my office along with proper documentation of your
situation. After providing such notification, you will be scheduled to take a cumulative
conflict exam given during the penultimate week of the semester.
Writing Assignments: Throughout this course you will be assigned four surveys about
your learning experience in this course. There are no right or wrong answers to these
surveys. Your responses will not be graded for content and you will receive credit based
on completion. I will not see class responses (only completion rates) until after grades are
submitted. Each survey is worth 10% of your writing assignments grade. We will have
two brief writing assignments (500-600 words) that prompt you to review and reflect on
the content in this course. These assignments will be delivered through Canvas with
further instructions. They will be graded based on completion. Each writing assignment is
worth 40% of the writing assignments grade.
Homework & Self-Grading Assignments: Homework assignments are designed to
improve your understanding of concepts and help prepare you for exams. Homework
assignments must be submitted on Canvas as a SINGLE .pdf FILE. If you upload multiple
files, ONLY the first one to appear in the Canvas Speedgrader (the most recentlysubmitted file) will be graded. Homework submitted by email will not be accepted. No
late homework will be accepted. You may discuss homework assignments with your
classmates, but you should write up the assignment individually. It is OK to talk about
the questions in the group chat but DO NOT directly copy your answers from another
student or online source. For the self-grading, please refer to the answer key which will
become available within a few hours of the due date for the assignment. You can check
your work against the answer key and DO NOT need to wait for a grade to populate in
the Canvas gradebook. Self-grading assignments are due the Wednesday after the
corresponding homework.
Comprehensive Final Exam: Everyone is required to take the final exam. The time and
location will be determined by the university.
Please note that no programmable calculators will be allowed during exams! You may
use non-programmable calculators.
Attendance
You will find that consistent class attendance and participation will greatly increase your
chances for success, as well as lightening your workload outside of class. You will watch
the "lecture" portion of the class via video quizzes in Canvas. Synchronous class time
will be devoted to follow-ups from those videos along with answering student questions
and working through problems.
Valid Excuses
During the course, many possible situations may arise that would result in your inability
to attend class, attend exams, or perform at a minimally acceptable level during an
examination. Illness or injury, family emergencies, certain University-approved curricular
and extra-curricular activities, and religious holidays can be legitimate reasons to miss
class or to be excused from a scheduled examination.
In the case of your own illness or injury, confirmation from a physician, physician’s
assistant, a nurse-practitioner, or a nurse is required. Be advised that University Health
Services cannot provide such verification unless they have provided treatment and the
student authorizes release of information to the instructor. Further, barring
extraordinary circumstances, the confirmation must be available to the instructor prior to
the missed course event.
With regard to family emergencies, you must provide verifiable documentation of the
emergency. Given the vast array of family emergencies, the instructor will provide
precise guidance as to what constitutes adequate documentation. Unless the emergency
is critical you should notify the instructor in advance of your absence from the scheduled
course event. In cases of critical emergencies, you must notify the instructor within one
week of your absence.
For University-approved curricular and extra-curricular activities, verifiable
documentation is also required. The student should obtain from the unit or department
sponsoring the activity a letter (or class absence form) indicating the anticipated
absence(s). The letter must be presented to the instructor at least one week prior to the
first absence.
In the case of religious holidays, the student should notify the instructor by the third
week of the course of any potential conflicts.
Academic Integrity.
I am passionate about academic integrity. Academic integrity is much more than "don't
cheat", though that is certainly part of it. Here are some reasons why an academically
ethical classroom is so important:
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Integrity in school is predictive of integrity in adult life in general. Research
shows that school cheaters are more likely to be dishonest in their jobs and at
home - e.g. steal from work, lie to customers and employers, cheat on taxes,
falsify insurance claims, lie to spouses, etc.
Cheating in school leads to the belief that lying and cheating are a necessary
part of success – a destructive mindset which is the biggest predictor of
dishonest behavior in the adult world.
Ethical environments make for happier, more committed people - in
classrooms, workplaces, and families.
You'll learn more. Completing work honestly, no matter how far the subject is
from your major, will make you a better learner and thinker. This in turn will
improve the likelihood that you will be better professionals in whatever future
career you choose.
Here are some specifics to help clarify what is and isn't cheating in this class. Not
cheating: You are encouraged to interact and discuss ideas with the professor, TAs, and
other students in the class, which means you can (and should!) talk about course
concepts with other students and help each other learn. Helping each other learn is at
the heart of academic integrity. All work submitted by you should be an honest
reflection of what you yourself personally know, understand, and can do without
assistance. Cheating: Any action whereby a student fails to do all the assigned work on
their own, relying instead on the work of others or on unauthorized sources of
information, is considered cheating. Violations include, but are not limited to: obtaining
and submitting answers from other sources rather than figuring them out for yourself on
assignments or exams, furnishing questions, answers, or other course content to any
other person or source, copying, plagiarizing from any source (including the web), lying
to the professor in any way, falsifying or exaggerating an excuse for missed work,
copying the work of another student, posing as or submitting answers on behalf of
another individual, fabricating of information or citations, having possession of exam
questions before an exam, giving, posting, or distributing information about exam
questions to anyone else, using unauthorized aids during an exam, submitting work of
another person, submitting your own work previously used (even from another class)
without requesting permission from both instructors, tampering with the academic work
of other students, or facilitating acts of academic dishonesty by others.
See https://handbook.psu.edu/content/academic-integrity for more information on
Penn State's policy on academic integrity.
Computers, Technology, and the Internet
Canvas will be used to post announcements, assignments, homework problems, and
other class related items. You are responsible for checking it on a regular basis, and
completing any assignments posted there. Also, links to interesting websites may be
provided on the class web page. If this is the case, you are responsible for accessing
those links, and being familiar with the content of the website plus any discussion we
may have in class. These will be selected to be both interesting and instructive. Again,
anything for which you are responsible will be posted on the course web page and
announced in class.
Email
Due to the large volume of email that I typically receive, it has become necessary to use
filters to organize my email. In order to ensure that I respond promptly, you must put
“Econ 302” in the subject box. You may include other information to indicate the nature
of the email if you wish. You are encouraged to email me about any arrangements or
special needs you might have. Also, email is very useful for answering quick questions or
making arrangements. It does not work well for explaining lengthy concepts. If you do
not understand a particular concept, it is probably better to see me in person. Finally,
during certain times of the semester (usually before and after exams) the turnaround
time for email may be lengthy. If you have something important to discuss with me, it is
best to see me in person during office hours or by appointment.
Course Outline
Section 1: Consumer Theory
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Supply and Demand review. Text ch. 2.1, 2.2, 2.3
Consumer Theory. Text ch. 3.1, 3.2, 3.3, 3.5 Coursepack sections 1, 2, 5, 6, an
6-A
Applying Consumer Theory. Text ch. 4.1, 4.2, Coursepack sections 5.1, 5.2,
5.3, 7, 8, 9
General Equilibrium and Pareto Efficiency. Text Ch. 16.1, 16.2, Coursepack
section 10, 11
Exam 1: Thursday, October 7 from 8-10pm in 100 Thomas
_____________________________________________________________________________
Section 2: Theory of the Firm, Perfect Competition, Market Power, and Market
Structure
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•
•
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Firms and Production Process. Text ch. 6.1, 6.2, 6.3, 7 Coursepack section 12
Costs. Text ch. 6.4 Coursepack section 13
Competitive Firms and Markets. Text ch. 8.1, 8.2, 8.3, 8.4, 8.5,
8.6 Coursepack section 14
Consumer and Producer Surplus. Text ch. 4.4, 9.1, 9.2,
Monopoly. Text ch. 10.1, 10.2, 10.3, 10.4, Coursepack sections 15, 16
Exam 2: TUESDAY, November 4 from 8-10pm in 100 Thomas
______________________________________________________________________________
Section 3: other topics
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Revealed Preference. Text ch. 3.4
Risk, Uncertainty, and the Market for Insurance. Text ch. 5.1, 5.2, 5.3, 17.1,
Excise Taxes. Text ch. 2.5, 9.6 Coursepack section 3, 4
Price Controls and Bundling (if time permits) Text ch. 2.7, 11.5
Comprehensive Final Exam: Time and Place TBA
-------------------------------------------------------------------------------------------Please note that the period for filing for a conflict exam is Monday, September 27 Sunday, October 17. If you do not file for a conflict exam during this time, you are
required to take the final exam at the time and place designated by the university.
This outline represents a basic course plan that is subject to change. You are responsible
for any changes announced in class and/or posted on the course web page.
BE RESPECTFUL OF OTHERS
While attending class, be aware that many other people are in the room. As such, please
be quiet and attentive. It is problematic if your behavior negatively impacts another
student’s classroom experience.
Importantly, if you are sick or not feeling well, do NOT attend class, go to tutoring, or
come to my office. In the current environment, this is perhaps the best way you can be
courteous and respectful of your classmates. If you miss class, you can get notes later
from a classmate or by attending a future tutoring session. This is much better than
potentially spreading illness to others.
Standard Disability Access Statement
The Pennsylvania State University encourages qualified people with disabilities to
participate in its programs and activities and is committed to the policy that all people
shall have equal access to programs, facilities, and admissions without regard to personal
characteristics not related to ability, performance, or qualifications as determined by
University policy or by state or federal authorities. If you anticipate needing any type of
accommodation in this course or have questions about physical access let me know as
soon as possible.
Additional resources are available through Penn State’s Student Disability Resources
(SDR), 116 Boucke Building, 814-863-1807.
Standard Educational Equity and Bias Reporting
Statement
Penn State takes great pride to foster a diverse and inclusive environment for students,
faculty, and staff. Acts of intolerance, discrimination, or harassment due to age,
ancestry, color, disability, gender, gender identity, national origin, race, religious belief,
sexual orientation, or veteran status are not tolerated and can be reported through
Educational Equity via the Report Bias webpage.
Standard Counseling and Psychological Services
Statement
Many students at Penn State face personal challenges or have psychological needs that
may interfere with interfere with their academic progress, social development, or
emotional wellbeing. The university offers a variety of confidential services to help you
through difficult times, including individual and group counseling, crisis intervention,
consultations, online chats, and mental health screenings. These services are provided
by staff who welcome all students and embrace a philosophy respectful of clients’
cultural and religious backgrounds, and sensitive to differences in race, ability, gender
identity and sexual orientation.
Counseling and Psychological Services at University Park (CAPS) : 814-863-0395
Standard Nondiscrimiation Statement
The Pennsylvania State University is committed to the policy that all persons shall have
equal access to programs, facilities, admission, and employment without regard to
personal characteristics not related to ability, performance, or qualifications as
determined by University policy or by state of federal authorities. The Pennsylvania
State University does not discriminate against any person because of age, ancestry,
color, disability or handicap, national origin, race, religious creed, sex, sexual orientation,
or veteran status.
Course Summary:
Date
Details
Mon Aug 30, 2021 Assignment Lesson 2 - Consumer Choice (Part 1 Assumptions
and Indifference Curves)
Tue Aug 31, 2021
Assignment Lesson 2 - Consumer Choice (Part 2 Utility, Budget
Constraints)
Assignment Practice File Upload
Thu Sep 2, 2021
Assignment Lesson 2 - Consumer Choice (Part 3 Optimal Bundle)
Due
due by 11:59pm
due by 1:30pm
due by 11:59pm
due by 1:30pm
Date
Details
Tue Sep 7, 2021
Assignment Lesson 2 - Consumer Choice (Part 4 Deriving
Demand & Engel Curves)
due by 1:30pm
Thu Sep 9, 2021
Assignment Lesson 2 - Consumer Choice (Part 5
Income/Substitution Effect, CV/EV, indirect utility & expenditure
function)
due by 1:30pm
Sun Sep 12, 2021
Assignment Homework 1
due by 11:59pm
Mon Sep 13, 2021
Quiz Course Survey #1
due by 11:59am
Tue Sep 14, 2021
Assignment Lesson 3 - Edgeworth Box (Part 1 Intro, Gains from
Trade, Contract Curve)
Wed Sep 15, 2021
Assignment Self-Grading: Homework 1
Thu Sep 16, 2021
Assignment Lesson 3 - Edgeworth Box (Part 2 Prices)
due by 1:30pm
Thu Sep 23, 2021
Assignment Lesson 4 - Production (Part 1 Intro, short-run/longrun concepts)
due by 1:30pm
Sun Sep 26, 2021
Assignment Homework 2
Tue Sep 28, 2021
Assignment Lesson 4 - Production (Part 2 Profit Maximization)
Wed Sep 29, 2021
Assignment Self-Grading: Homework 2
Assignment Lesson 5 - Elasticity
Due
due by 1:30pm
due by 11:59pm
due by 11:59pm
due by 1:30pm
due by 11:59pm
due by 1:30pm
Thu Oct 7, 2021
Calendar Event Midterm 1
8pm to 10pm
Sat Oct 9, 2021
Quiz Course Survey #2
due by 11:59pm
Sun Oct 10, 2021
Assignment Writing Assignment #1
due by 11:59pm
Date
Details
Tue Oct 12, 2021
Assignment Lesson 6 - Perfect Competition (Part 1 Assumptions,
Returns to Scale, Short-run Properties)
due by 1:30pm
Thu Oct 14, 2021
Assignment Lesson 6 - Perfect Competition (Part 2 Profit & Loss,
Long-run Equilibrium)
due by 1:30pm
Sun Oct 17, 2021
Assignment Homework 3
Tue Oct 19, 2021
Assignment Lesson 7 - Monopoly
Wed Oct 20, 2021
Assignment Self-Grading: Homework 3
Thu Oct 21, 2021
Assignment Lesson 8 - Revealed Preference (Part 1 - WARP)
Sun Oct 24, 2021
Assignment Homework 4
Tue Oct 26, 2021
Assignment Lesson 8 - Revealed Preference (Part 2 - SARP & a
policy application)
Wed Oct 27, 2021
Assignment Self-Grading: Homework 4
due by 11:59pm
Sun Oct 31, 2021
Assignment Writing Assignment #2
due by 11:59pm
Thu Nov 4, 2021
Assignment Lesson 9 - Uncertainty, Risk, & Insurance (Part 1 intro)
Calendar Event Midterm 2
Due
due by 11:59pm
due by 1:30pm
due by 11:59pm
due by 1:30pm
due by 11:59pm
due by 1:30pm
due by 1:30pm
8pm to 10pm
Fri Nov 5, 2021
Quiz Course Survey #3
due by 11:59pm
Tue Nov 9, 2021
Assignment Lesson 9 - Uncertainty, Risk, & Insurance (Part 2 Risk Premium, Certainty Equivalent)
due by 1:30pm
Tue Nov 16, 2021
Assignment Lesson 10 - Excise Taxes (Part 1 - intro)
due by 1:30pm
Date
Details
Due
Thu Nov 18, 2021
Assignment Lesson 10 - Excise Taxes (Part 2 - Economic
Incidence)
Sun Dec 5, 2021
Assignment Homework 5
due by 11:59pm
Quiz Course Survey #4
due by 11:59pm
Assignment Self-Grading: Homework 5
due by 11:59pm
due by 1:30pm
Wed Dec 8, 2021
Assignment Final Exam
Assignment Final-Group
Assignment Final-individual
Assignment Midterm 1 Group
Assignment Midterm 1 individual
Assignment Midterm 1 Score (total)
Assignment Midterm 2 group
Assignment Midterm 2 individual
Assignment Midterm 2 Score (total)
Assignment SemesterGrade
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