ECONOMICS 201 PRINCIPLES OF MICROECONOMICS, SPRING 2012
AN ONLINE COURSE OFFERED THROUGH DISTANCE AND CONTINUING EDUCATION
WELCOME!!!
COURSE DESCRIPTION. The course provides an introduction to microeconomic principles (how
individual participants within an economy operate). Topics covered include: nature, method, and scope
of economic analysis; economic scarcity; resources; specialization of labor; supply-demand analysis;
production and cost analysis; product and resource market structures; distribution of income; and
international trade.
GENERAL EDUCATION. This course has been approved for the Social and Behavioral Sciences Category
(B) in general education because it explains human behavior in the context of the economic marketplace.
You will also meet the General Education Global Perspective requirement because the course focuses on
analysis of worldwide issues illustrating the interdependence of the world and its people.
COURSE OBJECTIVES. It is expected that by the end of the course students will better understand the
fundamental models used to explain the behavior of producers and consumers in a market-based
economy. A main purpose of the course is to improve students’ analytical thinking skills and problem
solving abilities. Detailed course objectives are presented at the beginning of each chapter. General
objectives for the course are listed here. At the completion of this course, students should be able to:
1. Define, provide an example of, and write problems including scarcity and choice, opportunity cost,
marginal analysis, allocative efficiency, price efficiency, and elasticity.
2. Describe the origin of the supply curve and the demand curve.
3. Define and explain the law of demand and the law of supply.
4. Differentiate between microeconomics and macroeconomics.
5. Describe the characteristics of a market system, and identify those characteristics for the United States
market economy and one command economy.
6. Answer the five fundamental economic questions of economics quantitatively using firm cost and
revenue data under perfect competition, monopoly, oligopoly, and monopolistic competition conditions.
7. Describe a market using the circular flow diagram.
8. Define factors as affecting supply or / and demand, the directionality of the effect, and the resultant
expected movement in price and quantity in the market.
9. Discuss the government’s role in the market, and identify sources and uses of government funds.
10. Describe quantitatively the concept of comparative advantage as it relates to international trade.
11. Calculate and interpret own-price, cross-price, and income elasticity.
This course is offered through Distance and Continuing Education. Credits paid for this course therefore
do not apply to the 12-credit maximum tuition fee.
PROFESSOR.
Dr. Cheryl J. Wachenheim
Department of Agribusiness and Applied Economics
cheryl.wachenheim@ndsu.edu
CLASS ‘MEETS’ FROM JANUARY 10TH TO APRIL 27TH. ALL CHAPTER WORK IS DUE BY NOON ON
WEDNESDAY, APRIL 25TH, AND THE ONLINE FINAL MUST BE COMPLETED BY NOON ON FRIDAY, APRIL
27TH. YOU MAY BEGIN IMMEDIATELY.
1
CORRESPONDING WITH YOUR INSTRUCTOR (ME!)
Email will be very important in our course as it is a true Distance-Learning course. I will not be on
campus at all. I will rather be at a Forward Operating Base in the Zabul Province of Afghanistan.
Zabul Province is just east of Kandahar
Province and borders Pakistan. The United
States military considers it “RC South”
(regional command south). While I am
physically very far away from you, our
communication will likely be no different than
if I was in the states. In fact, because my
location is 9 ½ hours ahead of central time, it
is likely many of you will be working in the
evening when I am already starting the next
day. Thus, when you need assistance in
comprehending the material, I am available
and will do so by email. If you feel it is very
important to talk to me by phone or Skype,
just let me know and I will arrange this for us.
Other than occasional day-long flights or extremely dusty conditions, which make satellite
communication “not work so well”, my location should not affect my ability to correspond with you, and
provide any assistance you need. I look very much forward to interacting with you throughout the term.
I will check email as often as possible, and generally do so several times each day. However, it is
possible that I may not check my email on any given day, particularly if I am traveling. Should you
require an immediate response, contact Edie during the week (701) 231-7441 or email her at
edie.watts@ndsu.edu. Do not forget to include your contact information so we can get back to you as
soon as is possible. Please ALWAYS USE the subject line ECON 201 in your email correspondence.
If it is a technical issue (e.g., you were locked out of an exam), I strongly encourage you to
contact Edie first. She will be our technical issue contact and will generally be in the office during
regular office hours (these are 8:00 a.m. to 4:30 p.m.). If it is a content question or issue (e.g., you don’t
understand the material, how to complete a problem, or why the correct answer is correct), you must
contact ME. You must also work directly with ME for any requests associated with the due date for any
particular activity. Edie cannot approve any changes to due dates. The Department of Agribusiness and
Applied Economics, within which this course is offered, is located in Barry Hall.
TEXT. McConnell, Brue, and Flynn, Economics, 19th edition. You can buy your textbook with or without
CONNECT access from the university or another bookstore, or you can buy the textbook digitally (see
instructions posted in your blackboard). Essentially you need the textbook AND CONNECT access.
Summary Options for Course Supporting Materials
 Economics (or Microeconomics) textbook, study guide and Connect Plus access from a NDSU
bookstore. Apparently it is $168.75 if the package includes the Economics textbook and $90 if it
includes the Microeconomics textbook. The latter seems a better deal but the choice is your own.
 Economics (or Microeconomics) (your already-owned textbook or purchase at a bookstore) and
purchase Connect access from a bookstore or directly from McGraw-Hill off the course link
http://connect.mcgraw-hill.com/class/c_wachenheim_copyofmastersectionforndsu-spring2012.
2
PROCEDURES AND POLICIES
HOW TO EARN YOUR GRADE. Your course grade is based on a total possible of 2,102 points. Points are
earned through homework assignments, quizzes, chapter exams, interactives and a final exam. I will drop
the points from the two chapters for which the combined grades of the quiz, exam, assignment,
LearnSmart activity, and logic case are the lowest. Thus, the overall possible grade and the grading
points outlined on the following page reflect the points for 14 (not 16) chapters. You may use your
textbook, and course and other notes to complete the material. However, you must complete them “on
your own”, that is, without outside human assistance. This course may be ‘a lot of work’ compared to
your expectations based on other online courses you have taken so be prepared to put some time into it!
ASSIGNMENTS. ALL ASSIGNMENTS ARE DUE AT NOON ON THE DATE DUE.
SELF INTRODUCTION. You will receive up to 100 points for completing a self-introduction. This must be
completed prior to noon on January 25th (the same day the syllabus quiz and the introductory assignments
on graphing and math are due). There is a specific rubric for this self-introduction (i.e., there are specific
questions to answer). You may answer the questions in any written way that works for you (e.g., list of
answers; in paragraph form). Include responses to EACH QUERY to receive all the points.
LEARNSMART FLASH CARDS. There is an extensive flash card activity for each chapter. These are
designed to help you learn the material, and are responsive to your level of understanding. For example,
you will see additional flash cards again for material you need additional help on, but less so for content
for which you have demonstrated an understanding. You will receive up to 10 points for each chapter’s
LearnSmart activity, depending on the percentage of the flash cards you complete by the chapter due date.
CHAPTER ASSIGNMENTS. There is a welcome assignment on graphing, several math review assignments,
and an assignment for each chapter. The chapter assignments are worth 20 points regardless of the
number of questions, and can be repeated to increase your assignment grade.
LOGIC CASES. There are logic cases for each chapter. Each case is worth 10 points regardless of the
number of “parts” or questions. Simply complete the activities as indicated.
VIDEOS AND NEWS ARTICLES. There are three chapters with video assignments and six chapters with
news articles. Chapters 3 and 7 have one of each. Each of these activities is worth 10 points regardless of
the number of “parts” or questions. Simply complete the activities as indicated.
QUIZZES
You will receive up to 30 points for completing the syllabus quiz. It must be completed by noon on
January 25th. There is a quiz worth 20 points for each chapter (10 questions, two points each). Each quiz
can only be taken once, and there is no time limit. Do not enter the quiz until you are prepared to take it
because, once you enter, you cannot re-enter the quiz (that is, you must take it at that time).
EXAMS
There is an exam worth 50 points for each chapter (25 questions, two points each). Each exam can only
be taken once and there is a 90-minute time limit. Do not enter the exam until you are prepared to take it
because, once you enter, you cannot re-enter the exam (that is, you must take it at that time).
Your final exam is comprehensive and online. It is worth 300 points. There is a two hour time period for
this 50 question exam. It must be completed by noon on Friday, April 27th.
3
GRADING POLICY
Self-introduction
Syllabus Quiz
LearnSmart Flash Cards
Chapter Assignments
Logic Cases
Videos / News Articles
Chapter Quizzes (best 14 of 16)
Chapter Exams (best 14 of 16)
Final Exam
Total graded points
POINTS
100
30
140
322
140
90
280
700
300
------------2,102
GRADE BREAKDOWN
The grade breakdown indicates the percentage of total course points you will need to earn to receive each
grade as indicated.
90 to 100 percent (1892 points or greater)
A
80 to 89.9 percent (1682 to 1891 points)
B
70 to 79.9 percent (1471 to 1681 points)
C
60 to 69.9 percent (1261 to 1470 points)
D
Less than 60 percent
NC
SPECIAL CONSIDERATIONS
1. HONOR CODE. All work in this course must be completed in a manner consistent with NDSU
University Senate Policy, Section 335: Code of Academic Responsibility and Conduct.
http://www.ndsu.nodak.edu/policy/335.htm. In addition, all students taking any course in the College of
Agriculture, Food Systems, and Natural Resources are under the Honor System. The Honor System is a
system that is governed by the students and operates on the premise that most students are honest and
work best when their honesty and the honesty of others is not in question. It functions to prevent cheating
as well as penalize those who are dishonest. It is the responsibility of the students to report any violations
of the honor pledge to the instructor, honor commission, or the Dean of the College. The URL is
http://www.ag.ndsu.nodak.edu/colag/honor.htm.
2. COUNSELING AND PERSONAL GROWTH CENTER. Students with special needs are encouraged to contact
the Counseling and Personal Growth Center for assistance and so that your instructor may be aware of the
situation.
3. VETERANS. Veterans and student soldiers with special circumstances or who are activated are
encouraged to notify the instructor in advance.
4. You are encouraged to visit directly with the instructor about any suggestions you may have about this
course. For technical issues, it is sometimes more expedient to contact our student services staff directly.
I AM GLAD YOU ARE TAKING THE CLASS! ENJOY IT!
4
SCHEDULE. Specific deadlines are shown on the next page, and there is room to mark your scores or
simply check that you have completed the activity. The following page has the same information and
indicates possible points for each activity.
Your syllabus quiz, self introduction, and the introductory graph and math assignments must be
completed by NOON on Wednesday, January 25th. Chapter work to be completed by noon on the date
indicated includes all assignments, interactives, quizzes, and exams. The final exam must be completed
by noon on Friday, April 27th. Granting of exceptions is very rare so plan ahead for things to go wrong at
the last minute (e.g., computer problems or unavailability; illness). There will not be extensions granted
for chapter work, but rather you will be allowed to drop the chapter assignment, LearnSmart flash card
exercise, the logic case, and the quiz and the exam from two chapters (those for which the combination of
points is the lowest, including zero if you did not complete any of the chapter material). You need to
complete all news articles and video exercises, and you will not be allowed to mix and match your
dropped activities. For example, you cannot drop quizzes from two specific chapters, and the exams (or
anything else) from other chapters.
Without exception, plan to complete work AT LEAST THREE FULL DAYS BEFORE THE DEADLINE to
avoid missing the opportunity when unexpected events occur. Chapters will soon all be available to you,
and you may work ahead as you see appropriate. I encourage you to do so.
5
ECON 201 SPRING 2012 CHECK-OFF SCHEDULE
Due date
Activity
JAN 25
Self-Introduction
JAN 25
Syllabus Quiz
JAN 25
Introductory Connect Assignments
FEB 1
Chapter 1 Limits, Alternatives, and Choices
FEB 1
Chapter 2 The Market System and Circular Flow
FEB 15
Chapter 3 Demand, Supply, and Market
Equilibrium
Chapter 4 Elasticity
FEB 15
FEB 15
FEB 29
Chapter 5 Market Failures: Public Goods and
Externalities
Chapter 6 Consumer Behavior
FEB 29
Chapter 7 Businesses and the Costs of Production
MARCH 7
Chapter 8 Pure Competition in the Short Run
MARCH 7
Chapter 9 Pure Competition in the Long Run
MARCH 21
Chapter 10 Pure Monopoly
MARCH 21
Chapter 11 Monopolistic Competition, Oligopoly
APRIL 4
Chapter 12 The Demand for Resources
APRIL 4
Chapter 13 Wage Determination
APRIL 18
Chapter 14 Rent, Interest, and Profit
APRIL 18
Chapter 15 Natural Resource and Energy
Economics
Chapter 16 Public Goods, Externalities, and
Information Asymmetries
Final Exam (covers chapters 1 through 16)
APRIL 25
APRIL 27
Due date
FEB 1
Activity
Chapter 1 Limits, Alternatives, and Choices
FEB 15
Chapter 3 Demand, Supply, and Market Equilibrium
FEB 15
Chapter 4 Elasticity
FEB 29
Chapter 6 Consumer Behavior
FEB 29
Chapter 7 Businesses and the Costs of Production
APRIL 4
Chapter 12 The Demand for Resources
APRIL 4
Chapter 13 Wage Determination
LearnSmart
Assign
Video
Logic
case
Quiz
Exam
News Article
* Last day to drop with 100% refund, no-record drop of the class or withdraw to zero credits, and for on-line adding
of the class is January 19th. January 30th is the last day to submit requests to audit the course and select the pass / fail
option. April 5th is the last day for record drop of this course and to withdraw to zero credits for the spring.
6
ECON 201 SPRING 2012 DETAIL ON POINTS BY CHAPTER
Subject /
Chapter
Date due
Selfintroduction
JAN 25
Graphing
JAN 25
13
Math
Syllabus
quiz
JAN 25
29
1
FEB 1
20
50
2
FEB 1
20
3
FEB 15
4
FEB 15
5
FEB 15
6
FEB 29
7
Learn Smart
Flash cards
Logic
case
20
10
10
50
20
10
10
20
50
20
10
10
10
20
50
20
10
10
10
20
50
20
10
10
20
50
20
10
10
Quiz
Exam
Assignment
Videos
News
articles
100
JAN 25
30
FEB 29
10
10
10
20
50
20
10
10
8
MARCH 7
20
50
20
10
10
9
MARCH 7
20
50
20
10
10
10
MARCH 21
20
50
20
10
10
11
MARCH 21
20
50
20
10
10
12
APRIL 4
20
50
20
10
10
10
13
APRIL 4
20
50
20
10
10
10
14
APRIL 18
20
50
20
10
10
15
APRIL 18
20
50
20
10
10
16
APRIL 25
20
50
20
10
10
Final exam
APRIL 27
320
160
160
Total
10
10
300
362
800
30
Sum
total
minus drops
60
2,322
2,102
7