ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
Course Outline
Instructor: Aram Balagyozyan
Office Location: Brennan, 405
Office Hours: 4:00-5:30PM, Mondays and Wednesdays, or other times by appointment.
Email address: aram.balagyozyan@scranton.edu
Alternate email: abalagyozyan@gmail.com
Office Phone: 570.941.5934
REQUIRED TEXT
 Hubbard & O'Brien, (HB) Microeconomics, 4th editions. Prentice Hall
 I will post/link some more reading selections on ANGEL as we proceed through the semester.
COURSE DESCRIPTION (from the catalogue)
This course centers on the salient characteristics of the modern free-enterprise economy. Topics
include the operations of the price system as it regulates production, distribution, and consumption,
and as it is in turn modified and influenced by private groups and government.
COURSE OVERVIEW AND OBJECTIVES
Economics is the study of choice or decisions in a world of scarcity. Microeconomics analyzes choice
among consumers and firms. This course centers on the fundamentals of how the decisions of
consumers and firms shape the way prices in individual markets and patterns of economic life are
established. It also explores the feedback relationship of how production and consumptions patterns
are influenced by prices, market structures, and government. The course will start with the fundamental
problem of choice. We will look at the basic ingredients such as scarcity, trade-offs, and comparative
advantage that shape one's rational decision (Chapter 2). We will further look at how the interaction of
individual decisions made by many buyers (demand) and sellers (supply) in a free-market economy
determine the quantity of each product produced and their respective prices (Chapters 3 and 6). Then
we will move on to more policymaking aspects and the economic well-being of both, the consumer and
firm, operating both freely and restrictively (Chapter 4, 5, and 8). From there, we will dive into the
metrics of rational and irrational choice made by consumers (Chapter 9) and producers (Chapter 10).
The last part of the course will be devoted to the study of how the market structure in which firms
operate influences their viability, profitability, and price- and output-setting decisions (Chapters 11-15).
The broad aim of this course is to enable students to master the concepts and tools essential for
understanding how the market mechanism operates in a decentralized decision-making economic
system. More specifically, this course will enable students to understand:
1) consumers' influence on and reactions to prices and firm behavior.
2) firms' influence on and reaction to prices and consumer behavior.
3) dynamics of firms' behavior under different cost and market structures.
4) the interaction and interdependency of firms and consumers and how that leads to a fully
operational free market system.
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ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
GRADING:
Online Tests – 15%
2 Exams – 2 x 25% =50%
Final – 30%
Attendance – 2.5%
Participation – 2.5%
After obtaining your final score using the above weighting, I will compare your percentile rank in class
with your score and use the maximum of these two numbers as your score for the course.
Consequently, the grade scheme below will be used to come up with your course grade.
A = 93 – 100
A- = 90 -92.9
B+ = 87 - 89.9
B = 83 - 86.9
BC+
C
C-
= 80 - 82.9
= 77 - 79.9
= 73 - 76.9
= 70 - 72.9
D+ = 67 - 69.9
D = 60 - 66.9
F = 0 - 59.9
EXPLANATION OF GRADING
All online tests and in-class examinations are mandatory. All in-class examinations are closed book and
closed notes tests. During all in-class tests, you have to be equipped with a simple calculator, a pen, a
pencil, and an eraser. Note that cell phones, i-products, and other programmable electronics will not be
allowed during the quizzes and exams.
Online Tests. There will be one online multiple-choice/true-false test for each chapter covered in class.
These online tests will be posted on ANGEL under Lessons as we proceed. Since we will be covering
roughly one chapter per week, generally you will be responsible for one online test per week. Each
online test will be due at 5:00 PM on Saturday exactly one weekend after we finish covering the
corresponding chapter in class. So for example, provided that we finish the first chapter by the end of
the first week, the first online test will be due at 5:00 PM on September 8th. I generally try not to forget
to announce the due dates in class, but it is your responsibility to check the due dates in your course
page or personally with me. Online tests will be taken off the course page right after the due date and
time. You will be given 3 attempts to complete each online test. The highest score of these 3 attempts
will be counted as your overall score for that test. The maximum time allowed for each attempt is 3
hours. Each quiz will be preceded by a practice, non-graded test with unrestricted number of attempts
and amount of time, and explanations provided. If you have difficulties answering questions online you
should try to consult with the textbook and/or see me during my office hours. You should also email
or talk to me if you have technical difficulties taking the quizzes. I will try to address all technical
concerns regarding any online test if an only if I was acknowledged about the problem on or before
12:00 AM on Saturday before the due date. Hence, for example, if you were taking the quiz at 4:30PM
on the due date and your computer froze, you will receive zero for that quiz. However, since
computers do hang sometimes, I am willing to accommodate unresolved last-minute technical
problems by dropping the lowest online test grade.
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ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
Exams. There are two (midterm) exams. Please see the class schedule for the calendar of examination
dates. These exams will go for the entire session. You must attend all exams. There will be no makeups for the midterms.
If you must miss a midterm test, then I require the following:
1) an email or voice mail message before the exam explaining why you cannot attend;
2) a written note or documentation to support your absence with appropriate contact numbers for
verification.
Only if both conditions above are met, the grade of the missed midterm will be evenly accounted by
the other examinations. Please note, traffic jams or car breakdowns are not valid excuses. On the day
of an exam, I expect you to leave in plenty of time to compensate for these relatively common
occurrences. If you miss a midterm exam without contacting me prior to the test, then you will receive
zero for that test.
Final Exam: The final exam is semi-cumulative, will follow the same format as the midterms, and will
go for two hours.
Attendance and Participation: Class attendance is mandatory. A student who is absent for more than 15
percent of the class hours in the semester (that is 7 classes in the semester) will be assigned a WU
(withdrew unofficially), subject to the discretion of the instructor. Excellent attendance plus
participation, on the other hand, will earn you 5 points towards your final grade.
Extra Credit Assignments: Some opportunities for extra credit will come up as we go. However, keep
in mind that when extra credit assignments are given, they will be open to the entire class and cannot
be assigned on individual basis.
POLICY
Expectations
Some take to economics quickly. Most of us, however, find economics difficult and it is. Nevertheless,
there is no reason why everyone can’t get an A or B in this class. However, it takes work. To get the
most out of lecture (and me) it is very important that you read the chapter before class and take the
online quizzes and tests seriously. In that way you will come to class looking for answers to issues or
problems that remain unclear. Believe it or not, economics can be stimulating way to view the world. If
you walk into class cold, you’ll be struggling to keep up and much of the discussion will make little
sense.
No Laptops or Cell Phones in Class: Usage of laptops and cell phones during lectures and exams is
prohibited.
Cheating and Plagiarism: Cheating has not been a major problem during tests in my class. However, I
view cheating as a form of intellectual theft and it will not be tolerated. A student will receive an
automatic F for the assignment or exam if caught cheating. Note that I consider all tacit coalitions and
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ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
cooperation during all exams and quizzes as cheating. For your reference, here is an excerpt from the
student handbook about academic honesty:
"Students have responsibility for governing their own conduct in compliance with the Academic Code of
Honesty, which addresses behavioral integrity in the academic work of the University. Conduct that violates
the Code includes plagiarism, duplicate submissions of the same work, collusion, providing false
information, unauthorized use of computers, theft and destruction of property, and authorized possession of
tests and other materials. Steps taken in response to suspected violations may include a discussion with the
instructor, an informal meeting with the dean of the college and a hearing before the Academic Dishonesty
Hearing Board. Students who are found to have violated the Code will ordinarily be assigned the grade F
by the instructor and may face other sanctions".
The complete Code of Honesty is available at www.scranton.edu/student_handbook.
From the Center for Teaching and Learning Excellence
Students with Disabilities
In order to receive disability-related accommodations and/or support services, the student
must self-disclose the presence of a specific disability and provide the appropriate
documentation to the Center for Teaching and Learning Excellence (CTLE). The CTLE will
handle all accommodation requests on an individual basis to ensure the student’s needs are
being met and the documentation supports the stated disability. If the documentation supports
the requested accommodation as reasonable, then the requested accommodations may be
granted. Incomplete documentation may delay this important process. Students are encouraged
to be proactive. It is important to keep in mind that despite the existence of a qualifying
disability, the requested accommodations may be denied if they are determined to be
unreasonable or inappropriate.
The CTLE provides academic accommodations for students with documented disabilities in
accordance with the ADA. These accommodations may include extended test taking time,
computer use during testing, alternative test formats and readers. Students must schedule a
meeting with the Learning Enrichment Specialist or the Reading Specialist at the beginning of
the semester to discuss academic accommodations.
CTLE Contact Information:
Mary Ellen Pichiarello, Learning Enrichment Specialist PHONE (570) 941-4039 (LSC 577)
James Muniz, Reading Specialist PHONE (570) 941-4218 (LSC 580)
Center for Teaching and Learning Excellence
St. Thomas Hall, Harper McGinnis Wing- 5th Floor
Telephone: (570) 941- 4038
Fax: (570) 941- 4154
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ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
Writing Center Services
The Writing Center focuses on helping students become better writers. Consultants will work
one-on-one with students to discuss students’ work and provide feedback at any stage of the
writing process. Scheduling appointments early in the writing progress is encouraged.
To meet with a writing consultant, stop by during the Writing Center’s regular hours of
operation, call 570–941–6147 to schedule an appointment, or complete the Writing Assistance
Request Form online. You can also schedule an online appointment using Google Docs and
Google Talk
PLAN FOR THE FALL 2012 SEMESTER1
Session
Date
Schedule of Assigned Reading and Related Notes
1
Mon, 8/27
Introduction to the course; Syllabus
2
Wed, 8/29
Economics: Foundations and Models; HB, Chapter 1
3
Fri, 8/31
Using Graphs and Formulas, HB, Appendix Chapter 1
Mon, 9/3
Labor Day Holiday, no classes are scheduled
4
Wed, 9/5
Trade-offs, Comparative Advantage, and Market System, HB, Chapter 2
5
Fri, 9/7
6
Mon, 9/10
7
Wed, 9/12
8
Fri, 9/14
9
Mon, 9/17
10
Wed, 9/19
11
Fri, 9/21
12
Mon, 9/24
13
Wed, 9/26
Where Prices Come From: the Interaction of Demand and Supply; HB, Chapter 3
Elasticity: The Responsiveness of Demand and Supply; HB, Chapter 6
Exam 1
ADMINISTRATIVE NOTE: Wed, 9/26 is the last day to drop the class with no grade.
14
Fri, 9/28
15
Mon, 10/1
16
Wed, 10/3
17
Fri, 10/5
18
Mon, 10/8
19
Wed, 10/10
20
Fri, 10/12
Economic Efficiency, Government Price Settings, and Taxes; HB, Chapter 4
Externalities, Environmental Policy, and Public Goods; HB, Chapter 5
Comparative Advantage and Gains from International Trade, HB, Chapter 9
ADMINISTRATIVE NOTE: Semester Midpoint. Last day to elect audit grade option
1
Mon, 10/15
Fall Break, no classes are scheduled
21
Wed, 10/17
Continued: Comparative Advantage and Gains from International Trade, HB, Chapter 9
22
Fri, 10/19
This outline may be subject to changes at the discretion of the instructor
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ECO 153-3, Principles of Microeconomics
University of Scranton, Fall 2012
23
Mon, 10/22
24
Wed, 10/24
25
Fri, 10/26
26
Mon, 10/29
Exam 2
27
Wed, 10/31
Technology, Production, and Costs; HB, Chapter 11
28
Fri, 11/2
29
Mon, 11/5
30
Wed, 11/7
Firms in Perfectly Competitive Markets, HB, Chapter 12
31
Fri, 11/9
ADMINISTRATIVE NOTE: Fri, 11/11 is the last day to withdraw from the course
32
Mon, 11/12
with W grade.
33
Wed, 11/14
Monopolistic Competition: The Competitive Model in a More Realistic Settings; HB,
34
Fri, 11/16
Chapter 13
35
Mon, 11/19
Wed, 11/21
Consumer Choice and Behavioral Economics; HB, Chapter 10
Thanksgiving Holiday, no classes are schedules
Fri, 11/23
36
Mon, 11/26
Monopoly and Antitrust Policy; HB, Chapter 15
37
Wed, 11/28
38
Fri, 11/30
T
Class is Canceled. Trip to the Federal Reserve Bank of New York.
39
Mon, 12/3
Oligopoly: Firms in Not Very Competitive Markets; HB, Chapter 14
40
Wed, 12/5
41
Fri, 12/7
42
Mon, 12/10
43
TBA
Final Examination
6