COURSE TITLE: Principles of Microeconomics
SEMESTER: Spring 2011 , 1/18/2011 – 5/12/2011
CLASS MEETING TIME: Section F T. & TH. 11:00 a.m. – 12:20 p.m.
Section H T. & TH. 12:30 p.m. – 1:50 p.m.
2:00 p.m. – 3:20 p.m. Section K T. & TH.
CREDITS: 150 minutes per week, 3 Cr. Hrs.
Room 1032
Room 1012
Room 1032
INSTRUCTOR: Mr. Ka Fu (George) Tang, M.A. in Economics
OFFICE: 1026
OFFICE HOURS: 10:15 a.m. – 11:00 a.m. & 2:00 p.m. – 3:45 p.m. on M. & W.,
10:15 a.m. – 11:00 a.m. & 3:30 p.m. – 3:45 p.m. on T. & Th., or by appt.
OFFICE PHONE: (312) 553-5768
EMAIL: ktang@ccc.edu
COURSE WEBSITE: ccc.blackboard.com.
Course Description: Covers micro or price analysis; includes the markets, production function, income distribution, and international trade. Writing assignments, as appropriate to the discipline, are part of the course.
Course Prerequisites: Eligibility for English 101. Eligibility for Math course beyond Math 99, formerly
Math 112 is strongly recommended.
Required Texts and Materials:
Texts:
• Economics Today: the Micro View/ 15 th
ISBN-10: 0135119502
Edition/ Roger LeRoy Miller/ Prentice Hall Publisher /
• Books are available at Beck’s Books, 60 E. Lake St.
Materials:
• Three Ring Binder (At least 11/2 - 2 inches, hard cover recommended)
• Tab Dividers
• Highlighter and calculator are strongly recommended
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Course Objectives: The main objective of this course is to provide students with a fundamental understanding of basic economic terminology and theories concerning the household, business firms, markets and prices, and government policy. Emphasis is placed on the practical application of these principles to economic problems. The course will also have a small focus on China’s economy.
Student Learning Outcomes:
Upon successful completion of this course, students will be able to:
• Distinguish between microeconomics and macroeconomics;
• Identify three basic questions that all economies must answer;
• Explain how people and countries gain from trade by specializing according to comparative advantage;
• Explain what it means to shift demand and supply and why shifts might occur;
• Describe how the marketplace settles on the equilibrium price and quantity;
• Identify the changes to equilibrium that result from simultaneous changes in demand and supply;
• Explain the concept of social surplus and how it is divided between consumers and producers;
• Explain how elasticity is used to measure the responsiveness of quantity to changes in price;
• Compute the elasticity of demand;
• Explain the significance of the income elasticity of demand, the cross elasticity of demand, and the elasticity of supply;
• Explain why marginal utility diminishes;
• Apply the rule of utility maximization;
• Identity the three legal forms of business and the advantages and disadvantages of each;
• Describe the firm’s short-run costs;
• Explain the rule of profit maximization;
• Explain profit maximization within the context of profit, loss, and the shut down;
• Name four market types and describe the characteristics of each type;
• Identity the balance of payments accounts and their significance;
• Interpret exchange rates and explain how forces of supply and demand determine their values; and
• Use the concept of a world price to explain imports, exports, and the gains from trade.
Grading:
Attendance & Class Participation = 30 pts (5%) Grade Distribution
Best Three Exams = 240 pts (80%)
1 Special Assignment = 100 pts (10%)
90% to 100% = A
80% to 89% = B
70% to 79% = C
60% to 69% = D
Below 60% = F
Participate in Economic Conference or Academic
Related Workshop = 10 pts (5%)
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Attendance: Regular class attendance is expected and necessary to master the course material. Attendance will be taken during each class session. If you miss 3 or more sessions, your final grade will be lowered by one letter grade. In addition, you will earn one point for every class attended, excluding the first day, Spring Break, and last day, for a total of 30 points. A sign in sheet will be passed out 10 minutes after the class begins. It will be your responsibility to sign the attendance sheet. If you fail to sign in, you will be considered absent. I highly recommend you do not miss any classes.
“No Show” Policy: No refunds of tuition and/or fees will be issued for classes with no-show withdrawals
(NSW). Students will be held accountable for the payment of tuition and fees of NSW courses. Federal financial aid cannot be used to cover the cost of NSW classes. Students who do not attend the first two class sessions will be withdrawn from the class by the instructor and issued an NSW. Students who do not attend the first class session of a course, which meets only once per week, will be considered a no-show
(NSW).
In-Class Exams: Exams will consist primarily of multiple-choice questions and may contain one essay or short-answer question. Exams will cover all material discussed in class, regardless of whether the material appeared in the text. Four exams will be given, each worth up to 80 points; the lowest exam grade will be dropped. You are required to take the exam #4 in order to pass this course even if you take the first three exams and are satisfied with your grade. If you show up late for an exam and ANY student has completed the exam (left the room), you will not be able to take the exam.
Make-up Exam Policy: All students are expected to take the exams on scheduled exam dates. If you have a legitimate reason for missing a scheduled exam and present the proper supportive documentation, such as a doctor’s statement, etc., you can make-up the exam during the class session immediately following the session in which the exam was originally given. Make-up exams may be more difficult than the regular exam, so it is in your best interest to take exams on regularly scheduled exam days.
Economic Conference or Academic Related Workshop: Each student is required to attend or participate in an Economic Conference or Academic Related Workshop. The requirement is intended to make students more engaged and involved in school activities. For example, students can attend a HWC transfer fair to find the classes they need to take in order to transfer and major in Economics at a 4-year institution. Each student will be required to submit a two-page paper on what they learned at the transfer fair. This will be worth 10 points, for a total of 5% of your grade. Further instructions will be given in class.
Academic Honesty Policy: In fairness to students who put in an honest effort, cheaters will be harshly treated. Any evidence of cheating will result in a score of zero (0) on that assignment or examination.
Cheating on the final exam results in an “F” for the course. Cheating includes but is not limited to bringing notes or written or electronic materials into an exam, using notes or written or electronic materials during an exam, copying off another person's exam or assignment, allowing someone to copy off of your exam or assignment, and having someone take an exam or assignment for you.
Laptop Policy: No laptops are allowed in lecture unless required to accommodate physical or other disability. Violation of this policy will result in losing the attendance point for that day.
Text Message and Cell Phone Policies: It is important for students to pay 100% attention during the lecture. Students are not allowed to use their electronic devices to text messages during the class. In addition to this rule, no cell phones are to be active during class sessions. Please have your cell phone completely turned off (do not leave you cell phone on vibrate) as you enter the classroom.
Violation of these policies will result in losing the attendance point for that day.
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Classroom Etiquette: During each class, you are expected to behave in a courteous and respectful manner. You are also expected to come to class on time, so you do not disrupt the lecture and other class activities by entering the classroom late. You are expected to remain in your seat throughout the class and refrain from conversations during the lecture. Conduct contrary to these guidelines could result in a lower final grade.
Students with Disabilities: Students with disabilities who need accommodations in the course are encouraged to speak to the instructor individually early in the semester. In order to receive accommodations, students need to provide documentation of their disability to the Disability Access Center
(DAC) located in room 107.
Course Calendar:
Week
1
Date
Jan. 18 & 20
Topics will be covered in the class
First Day of School
The Economic Perspective
2 Jan. 25 & 27 Production and Trade
3 Feb. 1 & 3 Demand and Supply
4 Feb. 8 & 10
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6
Feb. 15 & 17
Feb. 22 & 24
The Power of Prices
Exam #1 will be on Feb. 10
Elasticity: Measuring Responsiveness
Consumer Behavior
7 Mar. 1 & 3 The Firm and Production
8
9
Mar. 8 & 10
Mar. 15 & 17
Costs and Profit-Maximizing Output
Exam #2 will be on Mar. 10
Intro the International Marketplace
10
11
Mar. 22 & 24
Mar. 29 & 31
Policy Toward Trade
Pure Competition
12
13
14
April 5 & 7
April 12 & 14
Monopoly and Antitrust
Exam #3 will be on April. 7
Oligopoly Competition
Spring Break Holiday April 19 & 21
15 April 26 & 28 Markets for Labor and Other Inputs
16 May 3 & 5 Earnings and Income Distribution
17 May 10 & 12 Review for Exam #4
Exam #4 will be on May 12
Last Day of School
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