Economics 2106-OS: Principles of Microeconomics
Fall 2013
Class location and time: IC 103: Tuesday/Thursday 12:05pm-1:25pm
Professor:
Dr. Olga Shemyakina
Office hours:
Tuesday: 10am-11am and by appointment
Office:
Old CE 322
Phone:
404 894 9006
Email:
olga.shemyakina@econ.gatech.edu
Replies to emails should be provided within 24 hours, excluding weekends, holidays and during the professor’s
absence. Please ensure that you clearly identify yourself in your message and address your email to my name (e.g.
Dr. Shemyakina). Carefully read the syllabus, course notes and reference materials for answers to your questions
prior to contacting the professor. In some cases, the professor may request a meeting with the student to discuss the
question, rather than answering it by email.
Note: the syllabus is subject to change as the semester progresses if I believe that this will enhance student learning
and the overall quality of the course.
Syllabus Version: 08/16/2013
Course goals and teaching approach
Microeconomics studies how individuals, firms, the government, and other organizations make choices. By the end
of the semester, you should understand the main logical arguments used by economists to describe how the world
works, and be able to use these tools yourself to analyze business and public policy problems.
Economics is a way of thinking rather than a collection of facts, so throughout the course we will emphasize how a
few important tools can be used to understand a broad range of problems. I will divide our class time between
lectures that present the basic theoretical tools of microeconomics and discussions of specific examples that
illustrate these concepts.
Learning outcomes:
Students will demonstrate the ability to explain how the social, political, and economic forces influence social
behavior and affect economic outcomes. Your objective is to be able to apply economic concepts to new problems.
For example, students will be able to explain how recent instability in the Middle East and potential shortfall in the
supply of oil from this region, is likely to affect the expectations and behavior of producers and consumers of oil in
the global and domestic markets, oil prices and prices of related goods.
Our discussions of readings, homework problems, and in-class exercises are intended to provide this practice. The
exams will focus on your ability to apply the tools that you have learned to specific situations. There will be very
few exam questions that ask you to repeat memorized facts.
Textbook and Course Materials
The default text for this course is the 2nd edition of Modern Principles: Microeconomics by Tyler Cowen and Alex
Tabarrok (CT2).
During this course, to complete certain assignments, you will be required to access a website Aplia.com dedicated
to students and professors of economics. To access the website, you need to register for an account with Aplia at
http://econ.aplia.com. The detailed instruction sheet is provided at the end of this syllabus. The course key is
9WTP-NCAF-2KME. Please register on the website within 24 hours after the first class.
Copies of CT2 bundled with an Aplia.com access code are available at the Engineers’ and B&N GaTech bookstores.
You can also choose to pay only for Aplia.com access as the web-site provides an electronic version of the textbook.
T-Square
I will use t-square (www.t-square.gatech.edu/portal) to post announcements, distribute class notes and readings,
practice quizzes, etc. You need to have a GaTech email account to use T-square. Please verify that you can log on to
T-Square and access the information for this class.
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Economics 2106-OS: Principles of Microeconomics
Fall 2013
Grading
The course grade will be based on several measures of performance as defined below.
Grades will be distributed as follows:
Grades will be determined based on the following weights:
A’s = 90% of total points and above
B’s = 80-89.99% of total points
C’s = 70-79.99% of total points
D’s = 60-69.99% of total points
F’s = less than 60% of total points
Home assignments:
15% (15 %= 1.5% *10)
Two highest exam grades:
76% = 2*38%
Class participation and experiments:
9%
____________________________________________
Total:
100%
Those taking the class Pass/ Fail are required to earn a C-level grade to pass the class.
Please note that it is my responsibility to report your grade. I do not assign your grades. I will round up your
grade to two decimals, with 0.005 being a cut-off point. E.g. 91.875 will be rounded to 91.88; while 91.874 will
be rounded to 91.87. If you received 79.99% of the total grade – your grade will be reported as “C”. If you
received 80.00% of the total grade, your grade will be reported as “B”. There will be no exceptions.
EXAMS
There will be three tests: two midterms and one final exam. All exams have equal weight. The total exam grade is
the sum of your top two (2) exam scores. Only the best two of the three tests will count towards your final grade.
You must take both midterm tests in order to skip the final exam.
VERY IMPORTANT: Missed tests policy
If you miss a test for documented health reasons, personal or immediate family emergency, or due to GT official
business you can take a make-up exam. Please let me know ASAP if you know in advance that you will miss a test,
for example, due to GT official business and we will schedule your make-up test for an alternative date.
To avail of the option to take a make-up exam – you will need to show the following documentation:
a) If you are ill, you have to provide a doctor’s note that must specify that you were unable to take the test on the
specified date.
b) For the official GT business: a business trip, a team activity, e.g. a sports event where you are a participant, you
must produce relevant official GT documentation noting your absence. Social or personal events of any kind do not
count as a valid reason.
c) For immediate family emergencies: provide a valid documentation, e.g. an obituary, a doctor’s note, or a note
from the Dean of Students.
The dates for the two midterms and the final can be found at the end of the syllabus on the list of Important Dates.
Please make a note of these in your calendar.
During exams students may use hand-held calculators whose capabilities do not extend beyond the four basic
operations. Use of electronic devices that permit text storage and have access to the Internet (any i-devices, smart
phones or devices with similar functions) is strictly forbidden and will result in a failing grade.
Curve
If the class mean on a specific test falls below 77%, I will add a curve to bring it up to 77%. For example, if the class
mean is 75%, I will add 2% curve to that test. This policy applies only to single tests and protects you from the tests
that may be more difficult than others. The information about the curve will be posted on t-square. Since each test is
curved IF necessary, there is no additional curve at the end of the semester.
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Economics 2106-OS: Principles of Microeconomics
Fall 2013
Homework assignments
Weekly homework assignments are found on the Aplia website. These assignments will collectively count for 15%
of your grade. Expect to spend 20 minutes to one hour to complete one problem set.
Note that at least 18 graded homework assignments will be assigned. Only 10 of them with highest scores will be
used in a calculation of the student’s grade. Each homework assignment is worth 1.5% of the total grade. The grade
is normalized, such that if you answered 10 out of 10 questions correctly in the homework, you earn 1.5% for this
homework. If you answered 5 out of 10 correctly, you earn: 1.5*(5/10)=0.75%.
Bonus: if you complete 15 graded Aplia.com assignments with a score of 85% or above you will earn an extra 2%
of your total grade.
The assignments are in problem set format called “Grade It Now”. With, ‘Grade it Now”, students can attempt up to
three different versions of a question and will get immediate feedback. The score will be the highest of the attempts.
One of the first assignments for this class will guide you through the format of an Aplia problem set and will answer
any questions you may have about the format of Aplia assignments.
All assignments will have a firm due date. You can work on the assignment any time before the due date has passed.
Once the due date has passed, the grade will be recorded and it will not be possible to change your answers or
complete the assignment at this point. In other words, Aplia assignments must be completed by the due date. No
excuses are allowed. These assignments are posted in advance. Do them early to avoid any emergencies preventing
your completion before the due date. Note that as there are more than 18 homeworks available on the web-site, this
feature allows you to skip at least one homework due to an emergency.
In-class experiments:
We will conduct 4 (four) in-class experiments using Aplia.com.
You will need an access to a computer connected to Internet for these experiments. You are allowed to participate in
experiments remotely and do not have to come to class on the day of the experiment (as listed on the syllabus),
although you will enjoy it more if you were to attend an in-class session. Each experiment will be followed by a
review session for the material discussed in the preceding classes.
The first three experiments have 2 (two) variations. You must participate in both variations to receive full credit.
You must complete the fourth experiment to get the full credit. Each experiment has an equal weight.
Participation and Experiments
Your success in the course will depend on your class participation and fulfillment of out of class readings and
assignments. There will be occasional in-class exercises. These will form part of the participation grade. I will allow
time for questions and exercises that test students’ understanding of the course material. It is important that students
contribute to the discussion and complete in-class assignments. Participation and experiments will account for nine
percent of the course grade.
Occasionally, the class discussions will be based on articles from Economist.com. If you register on the
Economist.com web-site you will get a free access to six articles per week.
In-class participation: during the class I will ask questions about the material and the readings. You can earn
participation points by answering or asking questions in class, providing comments on the class material (questions
or comments do not include administrative issues) and participating in certain in-class activities. Every time you
participate in class verbally, record it on a piece of paper (put your name, question answered and the date) and
collect a signature from me at the end of the same class period. You are responsible for keeping track of your
participation points during the semester. You must submit your accumulated points in class in a sealed envelope
with your full name, GT ID number and the number of points written on the envelope on December 3rd, 2013. No
participation points will be accepted after December 3rd to allow for timely calculation of grades.
In addition to verbal participation, students will be also given an opportunity to complete an in-class written
participation assignment. If you are shy, prepare a question in advance and ask it in class. I will typically call on
volunteers to supply their comments but will also occasionally cold call on students using the roster.
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Economics 2106-OS: Principles of Microeconomics
Fall 2013
If you prefer, in lieu of participation points, you can prepare and present as a small group in-class short
presentation (5-7 min) on the current issues and their relevance to economic theories we have discussed in class.
The sign-up schedule and the rules for such presentations will be made available during the second week of classes.
In-class participation (5 points) (5*0.6%) =
Participation in experiments (4 experiments*1.50)=
3%
6%
Class Conduct
Classroom is a shared environment, and disturbances created by one person(s) typically impact a large number of
students and therefore disruptive behavior will not be tolerated. I expect you to treat your classmates with respect
and to accept responsibility for creating and maintaining classroom environment that is conducive to learning.
Please turn off all pagers, music players, cell phones, and laptops during class. Laptops can be used only on the days
when we conduct in-class experiments. If you have to use a laptop to take notes, please sit either in the first row or
in the last two rows of the classroom. Experiment dates are listed on the syllabus and will be announced in advance.
If you must leave early or arrive late, please sit in one of the two back rows in order to avoid inconveniencing
others.
If you are found listening to music, watching a movie, playing a videogame or having a long conversation with your
neighbors or participating in any activity that may distract other students you will be asked to provide your name
and leave the class. For every two times you were asked to leave the class during the semester, your grade will be
lowered to the next grade level, for example, from an A to a B level.
Special Accommodations
Students requesting academic accommodations based on a documented disability are required to register with the
Access Disabled Assistance Program for Tech Students (ADAPTS). Please obtain a form from the ADAPTS office
and turn it in to me during my office hours in the beginning of the semester.
The ADAPTS Office is located in the Smithgall Student Services Building, Suite 220. The phone number is 404894-2563 (V). http://www.adapts.gatech.edu/index.html
Academic Integrity
You are encouraged to work together with other students on the homework. Exams are taken individually, without
any help from other students or any resources. Each student is expected to maintain academic integrity and report
violations to me or to the office of the Dean of Students.
Course Outline
The following is a rough course outline and important dates. I intend to keep the exam dates fixed, but the timing of
the material we cover is likely to change.
The listed chapters correspond to the numbering of chapters in CT2. You can use this list to identify the chapters and
topics that are covered in class and then find these topics in an earlier edition of CT2.
Topic & Reading
1. Supply and Demand
The Big Ideas
Trade and Comparative Advantage
Supply and Demand
Equilibrium: How Supply and Demand Determine Prices
Elasticity and Its Applications
Taxes and Subsidies
2. The Price System
The Price System
Chapter 1 (read Appendix A)
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
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Economics 2106-OS: Principles of Microeconomics
Fall 2013
Price Ceilings and Floors
International Trade
Externalities
3. Firms and Factor Markets
Costs and Profit Maximization under Competition
Competition and the Invisible Hand
Monopoly
Price Discrimination
Cartels, Oligopoly and Monopolistic Competition
Competing for Monopoly: the Economics of Network Goods
Labor Markets
4. Government
Public Goods and the Tragedy of the Commons
Managing Incentives
Final Exam
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 21
Chapters 1-18, 21
Political Economy and Public Choice
Economics, Ethics and Public Policy
Chapter 19
Chapter 20
It time allows we will also cover chapters 19 and 20.
Econ 2106 – Fall 2013: Important Dates
Weekday
Date
Monday
2-Sept
Tuesday
Tuesday
Tuesday
Tuesday
Tuesday
Tuesday
10 Sept
24- Sept
1-Oct
3-Oct
15-Oct
12-Nov
Tuesday
26-Nov
Thursday
Tuesday
5-Dec
December 10th (Tuesday),
11:30am-2pm
Event
Official school holiday
Experiment 1 (Supply and
Demand)
Experiment 2 (Taxes)
Midterm Exam 1
Experiment 3 (Price Floors)
Student Recess
Midterm Exam 2
Experiment 4 (Common
resources)
Last day of the class
FINAL EXAM
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Economics 2106-OS: Principles of Microeconomics
Fall 2013
Aplia Website
The Aplia site requires a separate registration process. Here are the steps:
How to access your Aplia course
Principles of Microeconomics
Instructor: Olga Shemyakina
Start Date: 08/19/2013
Course Key: 9WTP-NCAF-2KME
Registration
Aplia is part of CengageBrain, which allows you to sign in to a single site to access your Cengage materials and
courses.
1.
2.
Connect to http://login.cengagebrain.com/
If you already have an account, sign in. From your Dashboard, enter your course key (9WTP-NCAF2KME) in the box provided, and click the Register button.
If you don't have an account, click the Create a New Account button, and enter your course key when
prompted: 9WTP-NCAF-2KME. Continue to follow the on-screen instructions.
Payment
Online: After registering, you can buy access to Aplia from myhome.cengagebrain.com.
Bookstore: Purchase access to Aplia from your bookstore. Check with the bookstore to find out what they offer for
your course.
If you choose to pay later, you can use Aplia without paying until 11:59 PM on 09/08/2013. After paying, you will
have the option to purchase a physical book at a discounted price.
For more information on registering for Aplia, please visit http://www.cengagebrain.com/aplia/.
You will only need to register once. After the registration process is complete, you will not need to enter the course
key again. For technical problems or problems signing in, please send an e-mail to a web-site administrator by
clicking on the "Help" link in the upper-right corner of any page or by e-mailing support@aplia.com. If this does not
work, please contact your instructor via email with the full description of the problem.
Student benefits:
By completing regular work in association with the lectures, you will better prepare yourself for the lectures and
exams in the course. Cramming is not an effective method of learning. Think of the regular assignments on Aplia as
a weekly Economics workout. Practicing and applying what you are learning from Aplia and lecture will better
prepare you for class. An additional benefit is that the assignments are available in advance and accessible from any
computer with an Internet access. You can complete them at any time after you registered for your course.
Disclaimer: I am not financially affiliated with Aplia and receive no monetary benefit from requiring this material.
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