P R I N C I P L E S
E
O F
M I C R O E C O N O M I C S
C O N O M I C S
2 0 2 3 - 0 1
SPRING SEMESTER 2013
DR. JOE CALHOUN
FLORIDA STATE UNIVERSITY
COLLEGE OF SOCIAL SCIENCES AND PUBLIC POLICY
DEPARTMENT OF ECONOMICS
HCB 101 Tuesday & Thursday; 9:30 - 10:45 am
COURSE DESCRIPTION & LEARNING GOALS
Economics is the study of how people make choices due to scarcity of resources. This class will focus on
the market system of economic choice. We will analyze how individuals, or relatively small groups of
individuals, involved in the market system make choices and how society's economic activities are
organized. We will also investigate how government policy impacts market outcomes.
John M. Keynes, a distinguished economist, wrote “Economics does not furnish a body of settled
conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the
mind, a technique of thinking which helps its possessor to draw correct conclusions.” As such, the general
objective of the course is to provide you with analytical tools to apply to microeconomic problems that
you will encounter every day.
Specifically, this course is designed to help the student master an understanding of:
1. How economic thinking can lead to better decision making
2. How choices are influenced by changes in incentives
3. How a market economy can produce desirable outcomes
4. How a market economy can produce undesirable outcomes
5. How consumers make decisions
6. How firms make decisions
7. How groups of firms (industries) determine market outcomes
8. What policy makers can do to influence market outcomes
9. How productive resources are used
10. How earnings and productivity are related
Each chapter will have specific learning goals.
CONTACT INFORMATION
AND
OFFICE HOURS
My office is located in 260 Bellamy, 850/644-3014.
My email is jcalhoun@fsu.edu. When sending email, you MUST completely identify yourself which
includes stating your full registered name and your class. For example, end with “John Doe, Micro 9:30”
or “Jane Doe, ECO2023-01.”
To the best of my ability, I will be available to you outside of class on Mondays, Wednesdays, and
Fridays from 11:00 am to 12:30 pm, and on Tuesdays from 2:00 to 3:00 pm. You do not need to
schedule an appointment during regular office hours- I will see students on a first-come, first-served
basis. I am usually on campus every day so you can request an appointment outside regular office hours.
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PREVIEW OF THE SEMESTER SCHEDULE
The following is the order in which we will proceed through the text. I will make every effort to follow
this order in its entirety. However, adjustments may be needed during the semester and I will give you as
much advanced notice as possible. My general approach is that exam dates will not be moved but the
material covered for each may be revised as necessary.
Chapters 1, 2, 3, 7, 8, 4, 5, 9 (only certain sections), 10, 11, 12 & 13
COURSE ROADMAP
This is the “big picture” or how the course will unfold. Chapters 1, 2, and 3 cover the principle tools of
economics and are taught in both ECO 2013 (Macro) and ECO 2023 (Micro) because they’re so
important. Chapters 7 and 8 provide more detail about some concepts from Chapter 3; Chapter 7 is about
firm behavior while Chapter 8 is about consumer behavior. Chapters 4 and 5 are extensions of the
supply and demand model from Chapter 3. Chapters 9, 10, and 11 cover pricing and firm interaction
which is known as industry analysis or industrial organization. Chapters 12 and 13 cover labor markets
and are extensions of the supply and demand model from Chapter 3.
PLEASE NOTE THE REALLY IMPORTANT DATES
Thursday, January 17: TurningPoint clicker points start accumulating toward your
grade
Monday or Tuesday, February 18 or 19: Exam 1 in the testing center, UCC 1200
Wednesday or Thursday, March 20 or 21: Exam 2 in the testing center, UCC 1200
Monday or Tuesday, April 8 or 9: Exam 3 in the testing center, UCC 1200
Tuesday, April 30: Final Exam, 10:00 to Noon in HCB 101
PLEASE NOTE THE REALLY IMPORTANT RULES
I will post daily clicker points from class on Blackboard as quickly as possible after class. You will have
two weeks from the posting date to appeal or correct that information. After that, no adjustments will be
allowed for any reason. It is your responsibility to monitor your grades on a regular basis.
I will not make any manual adjustments to clicker points except for extraordinary circumstances. It is
your responsibility to bring your clicker to class every day and check your points in Blackboard.
The three midterm exams will be administered in Suite 1200 of University Center C (left of the
Sportsmanship Statue). The testing center will admit you between 8:30 am to 7:00 pm on the day of your
scheduled exam. You must be seated by 7:00 pm and present a valid FSU ID to take the exam. You will
sign up for a time through Blackboard. Procedural details are provided separately.
COURSE MATERIALS
1. Main textbook: Microeconomics, Private and Public Choice, 14th edition by Gwartney, Stroup, Sobel,
and Macpherson. The 13th edition is also acceptable. You have multiple purchase options.
a. New and used copies of the paperback book, plus new copies of the loose-leaf version, are available at
the FSU Bookstore and at Bill’s. You may also rent a book from several different sources.
b. You can purchase directly at http://www.cengagebrain.com/micro/fsuecon for $110.25. Access to
Cengagebrain gets you three tools for the course: 1) An electronic version of the main textbook, 2) a
loose-leaf version of the book (mailed to you), and 3) optional homework (called Aplia). Directions for
signing up for the Aplia homework site will be posted on Blackboard.
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2. You may purchase a TurningPoint Radio Frequency XR or NXT transmitter and register your device
ID on Blackboard. Transmitters may be purchased at the FSU Bookstore or at Bill’s. The XR is an
older version while NXT is a new version.
You can buy a new clicker directly from the manufacturer for $40, which is cheaper than at the bookstore
(even after paying tax and a small shipping charge). Please go to the following web address to purchase:
http://store.turningtechnologies.com/
Enter school code 40oJ and purchase NXT clicker. You may also purchase a used one or borrow a
clicker. The only rule is that two students can't use the same clicker in the same class. The same clicker
can be used by different students in different classes. We will practice with the clickers on Thursday,
January 10 and Tuesday, January 15. Points will start accumulating on Thursday, January 17.
Instructors on campus will choose either iClicker or TurningPoint to use in class. Therefore it is possible
that you will be expected to purchase two different clickers for different classes. The use of clickers is
becoming more popular around campus so you should use either clicker multiple times during your FSU
career.
APLIA REGISTRATION
If you choose to purchase from Cengage, create a bookmark to http://www.cengagebrain.com. There is a
link from Blackboard (but you don’t have to go through BB, you can go to Cengage directly). Directions
for signing up for the Aplia homework site will be posted on Blackboard. When you register, use your
preferred email.
For technical questions concerning Aplia, please email the company directly at support@aplia.com. I
will not be able to assist you for these types of questions.
If you have registered at Aplia before, you do not need to register again. You will need to enroll in this
class and pay $110.25 because the text and problem sets are different. Each student has free access to the
site until January 28.
HOW TO EARN THE MOST DOLLARS
Here is the plan for not only maximizing the dollars you earn but also learning the most about economics.
First, skim through the reading assignment and write down the definitions to the key terms on the chapter
study guide before class. This will give you an idea about the definitions and major concepts that will be
discussed in class.
Second, complete the pre-chapter quizzes on time. These quizzes will ask introductory and definitionbased questions as a way to introduce the chapter.
Third, come to class, listen, take good notes, and participate in the discussion.
Fourth, read the assignment carefully and complete the chapter study guide after class.
Fifth, answer the chapter study guide questions. These are meant to be about the same difficulty level as
the post-chapter quizzes but a little easier than exam questions.
Sixth, complete the post-chapter quizzes on time. These quizzes are meant to be about the same difficulty
level as the exam questions and prepare you to perform well on the exams.
Also make sure to check Blackboard regularly for class announcements and new information. Due dates
for quizzes, exams, and any other assignments will also be emailed to you.
We will spend several class periods discussing each chapter so you don’t have to read the entire chapter
or complete the entire study guide at one time. Break the chapter into segments to coincide with the
number of days we discuss it. For example, we’ll probably spend at least two class periods discussing
Chapter 3 so review about 1/2 of the chapter at a time. I believe you will learn more by reading and
working in many relatively short study sessions as opposed to a few long ones.
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In addition, the Economics Department offers a free Helpdesk to undergraduate students. The Helpdesk
is located in 205 Bellamy Building. Starting the second week of classes, the Helpdesk is open Monday
through Thursday from 11:00 am to 6:00 pm and on Friday from 11:00 am to 2:00 pm. The room has
computers so you can access Blackboard and all course materials.
The ACE Learning Studio in the Johnston Building will have tutoring sessions available. Tutoring is free
for all enrolled FSU students. Students can make an appointment by calling 645-9151, logging on to
Blackboard Secure Apps, or stopping by. Periodically throughout the semester they will hold group
tutoring sessions to help students prepare for upcoming exams. Their web sites are
http://www.facebook.com/acelearningstudio and http://ace.fsu.edu/tutoring/index.html
GRADING TOOLS
AND
SCALE
Grading Tool
Syllabus Confirmation
Honor Code Confirmation
Final Exam Confirmation
Student Survey
Career Paper
Pre-Chapter Quizzes
Post-Chapter Quizzes
TurningPoint Clicker Questions*
Midterm Exam 1
Midterm Exam 2
Midterm Exam 3
Final Exam
Potential Dollars
$80
$20
$20
$55
$200
$250
$550
$700
$375
$375
$375
$2,000
Total
*Optional (see below)
Grade
A
AB+
B
BC+
C
CD
F
Minimum Purchase Price
$4,750 (95%)
$4,600 (92%)
$4,500 (90%)
$4,250 (85%)
$4,100 (82%)
$3,900 (78%)
$3,650 (73%)
$3,500 (70%)
$3,000 (60%)
$0
$5,000
If you attempt but earn less than the potential dollars on TurningPoint Clicker Questions, the remaining
weight will be shifted to the final exam. Therefore, missing any single class period will not directly lower
your grade.
Please note, I do not use percentages to assign final grades nor do I round dollar amounts. If you earn
$4,590 then your grade will be a B+. Please do not beg for dollars at the end of the semester.
SYLLABUS CONFIRMATION
By the start of class Tuesday, January 22, you will confirm you have read, understand, and agree to abide
by the rules and conduct of class as outlined on the syllabus by answering several questions on
Blackboard. Any unearned weight from this assignment will not be moved to your final exam.
HONOR CODE CONFIRMATION
By the start of class Tuesday, January 22, you will confirm you understand the honor code conditions for
this class by answering one question on Blackboard. Any unearned weight from this assignment will not
be moved to your final exam.
FINAL EXAM CONFIRMATION
By the start of class Tuesday, January 22, you will confirm you acknowledge when the final exam is by
answering one question on Blackboard. Any unearned weight from this assignment will not be moved to
your final exam.
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STUDENT SURVEY
By the start of class Tuesday, January 22, you will answer a few survey questions so I can get to know
you and the class better. Any unearned weight from this assignment will not be moved to your final
exam.
CAREER PAPER
By the start of class Thursday, March 7, you will submit a short paper describing your career path and
expected salary. Details will be provided separately. Any unearned weight from this assignment will not
be moved to your final exam.
FINAL EXAM
The final exam will consist of 80 multiple choice questions and the value of each question will vary for
each student, depending on the scores from the optional assignments. The starting value for each question
is $25. I will provide you with the value for each question the week before the final exam. The Final
Exam is cumulative.
Tuesday, April 30: Final Exam, 10:00 to Noon in HCB 101
The exam will reflect the fact that the class discussions and the text are not perfect substitutes. Most of
the questions will be based on material that is covered both in class and the text. Some of the questions
will be based solely on text material.
PRE-CHAPTER QUIZZES
Before we begin discussing a chapter in class, a 15-question quiz will be due. Typically, 10 questions
will be directly about definitions and details from the book. These questions will be worth $2 each. The
remaining 5 questions will be concerning class procedures as outlined on the syllabus and will be worth
$1 each. You are encouraged to use all the resources posted on Blackboard and Aplia (that is, open-book,
open-notes). You may take each quiz two times. While I expect to offer 15 quizzes, only your ten
highest scores count toward your grade. The remaining low scores will be dropped. Any unearned
weight from these assignments will not be moved to your final exam.
POST-CHAPTER QUIZZES
After we have finished discussing a chapter in class, a 15-question quiz will be due. Typically, 10
questions will be directly about the concepts from class and the book. They will be application or
problem-based questions and similar to exam questions. These questions will be worth $5 each. The
remaining 5 questions will be concerning class procedures as outlined on the syllabus and will be worth
$1 each. You are encouraged to use all the resources posted on Blackboard and Aplia (that is, open-book,
open-notes). You may take each quiz two times. While I expect to offer 15 quizzes, only your ten
highest scores count toward your grade. The remaining low scores will be dropped. Any unearned
weight from these assignments will not be moved to your final exam.
Please read the document titled "Quiz Procedures" on Blackboard for details about quizzes.
MIDTERM EXAMS
Three midterm exams will be conducted online via Blackboard and administered at Assessment Services
in University Center C-Suite 1200 (to the left of the Sportsmanship statue). The testing lab will admit
you between 8:30 am and 7:00 pm. on the day of your scheduled exam. You will sign up for a time
through Blackboard. Procedural details are provided separately. You will not be allowed to begin the
exam after 7 p.m.
On the day of your scheduled exam, you choose the time that is best for you and sign up on Blackboard.
When you arrive, notify the attendant that you are to take ECO 2023 Microeconomics with Dr. Calhoun.
You will be checked in then directed into the testing lab where you will log in to your Blackboard
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account. The lab proctor will enter the passcode and make the exam available to you.
minutes to complete the exam.
You will have 45
The testing center will strictly enforce the following rules:
1. You will not be allowed to take the exam unless you present a valid FSU ID.
2. No hats or other head garment will be allowed in the lab.
3. Cell phones and all electronic devices must be turned off and put away. If your device is activated in
any way, you will be immediately escorted out of the lab and won’t be able to finish the exam.
4. No scratch paper may be brought in or taken from the lab. The proctors will provide scratch paper
upon request and you must return it to them.
5. No calculators are allowed
On any given exam day, as many as 500 economics students will be required to take an exam plus other
students will be taking exams from other courses. It is imperative that you check in close to your signup
time. Signup times will be offer in forty-five minute increments so please arrive during that time frame.
If you check in at any other time, you will need to wait patiently until a station becomes available. If a
station does not become available by 7:00 p.m. you will not be allowed to take the exam. You will only
be allowed to take the exam on your scheduled day, absolutely no exceptions. You may call the testing
center at 644-8696 with any questions.
Each midterm exam will consist of 25 multiple choice questions valued at $15. Each midterm will cover
material assigned before that exam (i.e. not cumulative). Any unearned weight from these assignments
will not be moved to your final exam, unless you miss the entire exam (please see makeup policy).
The exams will reflect the fact that the class discussions and the text are not perfect substitutes. Most of
the questions will be based on material that is covered both in class and the text. Some of the questions
will be based solely on text material.
Please mark your calendars with the following exam dates.
Monday or Tuesday, February 18 or 19: Exam 1 in the testing center, UCC 1200
Wednesday or Thursday, March 20 or 21: Exam 2 in the testing center, UCC 1200
Monday or Tuesday, April 8 or 9: Exam 3 in the testing center, UCC 1200
TURNINGPOINT TRANSMITTER,
I.E.CLICKER,
QUESTIONS (OPTIONAL)
You will bring your transmitter to class and answer several questions each day. Most questions will be
scored as follows: three points for a correct answer and one point for an incorrect answer. Other
questions will be scored differently but communicated to you immediately after the question. You will be
awarded at least one point for each answer. At the end of the semester I will convert clicker points into
class dollars according to the following scale:
75% or more of clicker points obtained = $700 (maximum)
Less than 75% of clicker points obtained = the percent you received X $700.
For example, if you earn 60% of the points, you will receive $420. The remaining $280 will be
moved to your final exam.
Instructors on campus will choose either iClicker or TurningPoint to use in class. Therefore it is possible
that you will be expected to purchase two different clickers for different classes. The use of clickers is
becoming more popular around campus so you should use either clicker multiple times during your FSU
career.
Intentionally using another student’s TurningPoint transmitter to gain class credit is a violation of the
FSU Academic Honor Code and is strictly forbidden. All students involved in such behavior will
automatically lose all TurningPoint dollars and will be subject to the procedures as outlined in the Honor
Code.
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CREATIVE APPLICATION
(WAY
TO REDUCE WEIGHT OF FINAL EXAM
)
You may choose from several different types of creative applications of economics concepts. You may
work in groups of no more than three people. Here is a short description of the choices.
1. The “Weird Al” rewrite: take the tune of a popular song and rewrite the words with economics
concepts from class. (maximum value = $125 for rewriting; $250 for rewriting and singing the
new lyrics)
2. Flash or movie file: take an existing song that already presents some economics concepts and
insert popup boxes to fully explain or elaborate on the concepts (an example is provided on
Blackboard). (maximum value = $125)
3. Original video clip: produce your own video demonstrating a concept from class. This is not to
be a short lecture of you explaining a concept. It could be you singing a song or acting out a
concept. (maximum value = $250)
Each application will be used to reduce the weight of your final exam. Partial credit may be awarded
depending on the characteristics of the submission. The dollar amount will be based upon my opinion of
the creativity, effort, and effectiveness of the assignment. You will submit your application via a link on
Blackboard titled “creative application” and post your audio/video file on YouTube. You are allowed to
submit one application.
The project is due by midnight on Friday, March 29.
APLIA HOMEWORK
(ADDITIONAL
WAY TO REDUCE WEIGHT OF FINAL EXAM
)
In addition to an electronic version of the text, the Aplia site contains a homework assignment for each
chapter. I will award $1.00 for every point you earn on Aplia, and use that amount to reduce the weight
of your final exam. There are 622 points available from all of the assignments so you may earn up to
$622 to reduce the weight of your final. In addition, I will award $10 in extra credit for every 100 Aplia
points you earn. For example, if you earn 320 points, I will award $30 in extra credit.
Aplia utilizes a grading system referred to as “Grade It Now” which means your answer is graded as soon
as you submit it. You may answer a question several times and Aplia will report your average score for
all attempts. The scoring method is set to “Do No Harm” which means a lower score on a subsequent
attempt will not lower your average. You can only increase your average by attempting the question
again. You may choose to answer any questions in the assignment- you don’t need to answer them all to
accumulate points.
Some previous students found the homework assignments to be vital to their success in class.
During the two-week free trial period, only the first four chapters are available for viewing but all of the
homework assignments will be available. Your scores from Aplia will be downloaded and calculated
after Friday, April 12. You may continue to submit questions after this date but the scores will not be
included in the calculations to reduce the weight of your final exam.
ADDITIONAL READINGS
FINAL EXAM
OR
VIDEOS
(ANOTHER
WAY
TO
REDUCE
WEIGHT
OF
)
I will occasionally post an article or video on Blackboard relating to something we covered in class or of
a current news topic. There will also be a short assignment associated with the posting. After you read or
watch the video, complete the assignment, then submit your assignment during office hours. Only handwritten assignments that are submitted in person will be accepted. I will award $25 per assignment and
you may complete 5, for a maximum amount of $125.
EXTRA CREDIT
Students earning at least 95% of the clicker points will be eligible to receive extra credit on the last day of
class by answering questions during the review days at the end of the semester. The students who
answered the most questions during the review days will receive extra credit.
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I will award $10 in extra credit for every 100 Aplia points you earn. See "Aplia Homework" above for
details.
Other extra credit opportunities may arise. The type of assignments and the relative weights will be
determined at my discretion. Any extra credit will be provided to the entire class; I will not provide extra
credit to select individuals. No extra credit will be available after the last regular class day.
IF YOU HAVE SPECIAL NEEDS…
Or accommodations because of a disability (i.e. physical, mental, psychological, learning), have
emergency medical information to share with me, or need special arrangements in case the building must
be evacuated, please make an appointment with me as soon as possible.
This syllabus and other class materials are available in alternative format upon request.
In addition, I recognize that this class is not the only event taking place in your life right now. Other
personal or professional matters may arise during the semester. If another life event inhibits your ability
to perform in this class, please see me as soon as you can. Telling me about a situation after the semester
is over leaves me very little flexibility to help you.
MAKEUP POLICIES
Midterm Exams: If you miss a midterm exam, no action is required. The dollars from that exam will be
automatically moved to your final exam so you don’t lose the opportunity to gain those dollars.
Final Exam: According to FSU policy, the following are the only valid reasons for requesting a makeup:
(1) Four or more final exams within a 24-hour period around our exam (Tuesday, April 30 from 10:00 to
Noon in HCB 101); (2) Another exam scheduled at the same time as our exam; (3) A documented
medical emergency; (4) Some other documented extraordinary event. If one of these apply to you, you
must receive see me as soon as possible to schedule another time to take the exam.
Regular class meetings (TurningPoint): I do not allow any makeup assignments for any reason.
Missing a day won’t negatively impact your grade because the weight of the missed day will be moved to
your final exam so you won’t lose the opportunity to gain those dollars. If you miss a class period, the
best strategy to get caught up is to watch the class recording.
PROPER USE
OF
BLACKBOARD
AND
EMAIL
Since FSU is a public institution, email messages are subject to open access requests and other intrusions.
I will not address any specific grading or other sensitive issues via email. Those issues must be addressed
in person during office hours. Please do not email questions such as “Why didn’t I get all the clicker
points from Tuesday?” Also, do not state your SSN on any message.
The class Blackboard site is restricted for use of class-related material. Please do not use the site for
personal reasons such as selling property, advertising, or soliciting. Mass emails are especially suspect
because FSU administrators and faculty may be listed as users of the site and receive those messages.
Any files, including videos, are intended for educational use for this class only. Except for the class
podcasts and other specifically designated files, the material is subject to copyright laws and should not
be downloaded and distributed.
LIBERAL STUDIES
AT
FSU
The Liberal Studies Program at Florida State University has been designed to provide a perspective on the
qualities, accomplishments, and aspirations of human beings, the past and present civilizations we have
created, and the natural and technological world we inhabit. This course has been approved as meeting the
requirements for Liberal Studies Area III, History and Social Science, and in combination with your
other Liberal Studies courses, provides an important foundation for your lifelong quest for knowledge.
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QUESTIONS ABOUT CLASS
Chances are that I’ve already answered it. You should check Blackboard, this syllabus, or the Frequently
Asked Questions document BEFORE emailing me. If you email me with a question that I’ve already
answered, I will simply respond by saying “please see…”
ACADEMIC HONOR SYSTEM
The Academic Honor System of the Florida State University is based on the premise that each student has
the responsibility to: 1) uphold the highest standards of academic integrity in the student’s own work; 2)
refuse to tolerate violations of academic integrity in the academic community, and 3) foster a high sense
of integrity and social responsibility on the part of the University community. Violations of the
Academic Honor System will not be tolerated in this class.
STUDENT DATA
USED FOR
RESEARCH PURPOSES
Data on student use of TurningPoint devices, Blackboard, and other technology will be collected in order
to evaluate these as instructional tools. Since this data might be used in published research, I want to
assure you that neither student names nor identifiable individual data or records will be made public.
Your remaining in this course will constitute your informed consent to have your data analyzed and used
in published research. I will obtain all student birth dates so as not to analyze the data of any student who
is under 18 years of age. Any other student who does not wish to have his or her data analyzed should see
me during the first week of classes to have that data excluded from analysis.
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