Instructor Information:
Course Information:
Name: Jay Sexton
E-mail: jsexton@ben.edu (Best way to reach me.)
Cell Phone: 217-622-5749
Office Hours: By appointment
Session 2015-2 Summer
June 29, 2015 August 23, 2015
ONLINE
ECON 102-71 – PRINCIPLES OF MICROECONOMICS
I.
Course Description - Demand-Supply model, consumer and firm decision-making, market structures,
price determination, resource allocation.
II. Textbook and Materials - McConnell, Campbell R., Brue, Stanley L. & Flynn, Sean, Economics, 19th
Edition, McGraw-Hill Irwin, © 2012. ISBN: 978-0-07-3511443 Required
Students will use D2L as an instructional tool for this course. Students must take necessary steps to have
access to this essential resource prior to the beginning of the course. Necessary equipment includes, but is
not limited to, a computer, Internet connection, MS Word, MS Excel, D2L User ID, and D2L Password.
The use of this equipment and software will not be covered in the course.
III. Mission Statement – Benedictine University is dedicated to the education of undergraduate and graduate
students from diverse ethnic, racial and religious backgrounds. As an academic community committed to
liberal arts and professional education distinguished and guided by our Roman Catholic tradition and
Benedictine heritage, we prepare our students for a lifetime as active, informed and responsible citizens and
leaders in the world community.
IV. Goals, Objectives, and Student Learning Outcomes
A. Benedictine Core Goals
Benedictine University's core mission is to prepare students for active participation in an increasingly
interconnected world. Its Core Curriculum advances this mission by enabling students to attain a broad
range of learning goals, listed below:
1. Demonstrate an effective level of cognitive, communicative, and research skills;
2. Achieve a college level of computational skills and an ability to understand and interpret numerical
data;
3. Acquire a knowledge of the history and heritage of western civilization, to include
 the contributions of religious faith and philosophical thought to understanding the person in
community,
 the relationship of the individual to society: membership and participation in groups and
institutions,
 scientific literacy through a knowledge of the history, the methods, and the impact of science on
the individual, society, and the environment,
 artistic and literary heritage;
4. Develop an understanding of global society: cultural diversity, mutual relationships, interdependence
of peoples and nations;
5. Apply liberal learning in problem-solving contexts as preparation for active participation in society;
6. Make informed ethical decisions that promote personal integrity, the legitimate rights and aspirations
of individuals and groups, and the common good.
B. Course Goals/Objectives/Outcomes
As a distribution course within the Core Curriculum, ECON 102 was designed with the above Core
goals in mind. Thus, upon successful completion of this course, the student will be able to demonstrate
mastery of the following objectives and student learning outcomes:
1. Define economic terminology and apply it to current events
2. Analyze the impact of consumer behavior and utility maximization on economic choices
3. Understand the normal behaviors of product and resource markets within the context of the four
market models.
4. Consider the ramifications of market structure on resource payments, including wages.
5. Describe the impact of government in “correcting” inequalities and market failure.
V. Teaching Methods/Delivery System - This class will be completed online using D2L (including discussion
board, PowerPoint slides, assignments, etc.) Students should monitor various news outlets for economic
information that relates to the topics covered in the course.
VI. Course Requirements
A. Attendance/Participation – Students are expected to visit D2L for course information on a weekly
basis (preferably daily) to fully understand upcoming assignments. Attendance and participation
will be monitored through discussion board activity and weekly journal entries.
B. This course is highly accelerated, and students will need to take a great deal of responsibility for
their own learning outcomes. Attendance is required in each class meeting for the full period of
time. Any absence must be due to extraordinary circumstances and will required documentation for
it to be considered excused. Documentation must be provided immediately in order to determine
what, if any, accommodations are reasonable or possible. Class attendance will directly impact your
final grade, and each undocumented absence will be considered unexcused and will result in a 20%
reduction in the final grade for the course.
C. Due to the accelerated nature of the course, should you experience a medical condition which
prevents you from logging on and completing any coursework, appropriate medical documentation
must be provided immediately in order to determine what, if any, accommodations are reasonable or
possible.
D. Reading Assignments – Reading assignments in the textbook are listed in the Course Outline. The
instructor reserves the right to alter the reading schedule listed in this syllabus. If this occurs, an
announcement will be posted on D2L. Articles from various outside sources which relate to the
subject matter may be assigned throughout the course.
E. Written Assignments – Students are expected to complete a variety of written assignments for this
course, including discussion posts, weekly journal entries, exams, and a final paper. Writing skills
will be a significant portion of the final paper evaluation.
i. Exams will consist of a combination of multiple choice and True/False questions. The Final
exam will not be cumulative. Students should closely follow any instructions posted with the
exam.
ii. Detailed instructions for weekly assignments will be posted on D2L. Please note the due
dates to avoid penalties.
iii. Guidelines for the final paper will be posted to D2L during Week 4 or Week 5 of the class.
F. Makeup Work – No makeup exams will be given – exams must be completed by the stated time on
the syllabus and submitted according to instructions. It is the student’s responsibility to monitor all
due dates. No additional reminders will be sent to the students. The syllabus is your reminder. Late
work (written assignments and/or homework) will result in an automatic 25% reduction in the
assignment grade and will not be accepted more than 48 hours past the due date and time. All
assignments must be submitted via D2L – not by e-mail to the instructor. Instructions in D2L
must be followed closely.
G. Classroom Etiquette – Students are expected to exhibit respect and courtesy through any posts or
other interactions on D2L. Failure to do so will result in a loss of points for the assignment.
H. Benedictine University at Springfield Student Academic Honesty Policy The search for truth and the dissemination of knowledge are the central missions of a university.
Benedictine University at Springfield pursues these missions in an environment guided by our
Roman Catholic tradition and our Benedictine heritage. Integrity and honesty are therefore expected
of all University students. Actions such as cheating, plagiarism, collusion, fabrication, forgery,
falsification, destruction, multiple submission, solicitation, and misrepresentation are violations of
these expectations and constitute unacceptable behavior in the University community.
Student’s Responsibility
Though there is no formal honor code at Benedictine University at Springfield, students are expected
to exhibit academic honesty at all times. Violations against academic honesty are always serious and
may result in sanctions that could have profound long-term effects. The final responsibility for
understanding the Academic Honesty Policy of the institution, as well as the specific policies for
individual courses normally found in syllabi, rests with students. If any doubt exists about what
constitutes academic dishonesty, students have the responsibility to talk to the faculty member.
Students should expect the members of their class to be academically honest. If students believe one
or more members of the class have been deceitful to gain academic advantage in the class, students
should feel comfortable to approach the faculty member of the course without prejudice.
Violations of the Academic Honesty Policy will be reported to the Office of the Dean of Academic
Affairs. Along with a verbal warning, the following are consequences a student may face for
academic dishonesty:
 a failing grade or “zero” for the assignment;
 dismissal from and a failing grade for the course; or
 dismissal from the Institution.
I. Classroom Etiquette - Cell phones must be turned off during class and may not be used during
exams. Please show respect to your fellow students and the instructor by arriving on time and being
prepared for class.
VII. Means of Evaluation
A. Grading Scale:
630 to 700 pts = A
560 to 629 pts = B
490 to 559 pts = C
420 to 489 pts = D
<420 pts = F
B. Means of Evaluation:
Homework Assignments (7 @ 30 points each)
Journal Entries (7 @ 5 points each)
Discussion Questions (7 @ 15 points each)
Quizzes (3 @ 80 points each)
Analysis Paper
TOTAL
210 points
35 points
105 points
240 points
110 points
700 points
If a student believes that an error has been made in reporting a grade, an appeal must be made in writing to the
instructor and must be initiated within 60 days after the end of the term for which the grade in question was
reported. The appeal should contain specific information about why it is believed the grade reported is
inaccurate. See the Student Handbook for additional details.
Add/Drop Dates
Please refer to the current Academic Calendar for add/drop dates.
Incomplete Request
To qualify for an “I” grade, a minimum of 75% of the course work must be completed with a “C”, and a
student must submit a completed “Request for an Incomplete” form to the Registrar’s Office. The form must
be completed by both student and instructor, but it is the student’s responsibility (not the instructor’s) to initiate
this process and obtain the necessary signatures.
Student Withdrawal Procedure
It is the student’s responsibility to officially withdraw from a course by completing the appropriate form, with
appropriate signatures, and returning the completed form to the Advising Office. Please refer to the Student
Handbook for important financial information related to withdrawals.
VIII. Topical Course Outline - This schedule is tentative. Changes from the listed schedule will be announced
via D2L. Students who miss class are responsible for any announced changes.
Week
Week # 1
June 29th July 5th
Week # 2
July 6th July 12th
Week # 3
July 13th July 19th
Chapter
1, 3 & 4
5&6
7
Topics
Assignments/Assessments
Chapters 1 & 3 should be review for most
students. Price elasticity of demand, cross
elasticity, income elasticity, Price elasticity
of supply in short run & long run, elasticity
examples
Discussion Question Posts & Weekly
Journal Entry, Homework #1 due by
Sunday, July 5th at 11 pm.
Market failure, public goods &
externalities, consumer behavior, Law of
Diminishing Marginal Utility, consumer
choice
Discussion Question Posts & Weekly
Journal Entry, Homework #2 due by
Sunday, July 12th at 11 pm. Quiz 1 due by
Friday, July 17th at 11 pm.
Economic costs of production, profits,
short-run production, Long-run production
& applications of production costs
Discussion Question Posts & Weekly
Journal Entry, Homework #3 due by
Sunday, July 19th at 11 pm.
4 market models, pure competition characteristics, demand curve, profit
maximization, MR/MC test, short-run
supply, long-run profits, efficiency
Discussion Question Posts & Weekly
Journal Entry, Homework #4 due by
Sunday, July 26th at 11 pm. Quiz 2 due by
Friday, July 31st at 11 pm.
10 & 11
Pure Monopoly - characteristics, barriers to
entry, demand, price determination,
economic impact, price discrimination,
monopoly regulation, Monopolistic
competition - characteristics,
differentiation, efficiency. Oligopoly characteristics, game-theory, collusion,
economic impact of oligopolies
Discussion Question Posts & Weekly
Journal Entry, Homework #5 due by
Sunday, August 2nd at 11 pm.
12 & 13
Resource demand - derived, MRP theory,
determinants of resource demand, elasticity
of resource demand, Impact of productivity
on wages, Supply & demand of labor,
monopsony, impact of unions on wage
rates, minimum wage, wage differentials
Discussion Question Posts & Weekly
Journal Entry, Homework #6 due by
Sunday, August 9th at 11 pm.
Week #7
August 10th
- August
16th
14 & 16
Economic rent, interest, & economic
profits and their role in the economy,
government revenues and expenses at the 3
levels, tax incidence
Discussion Question Posts & Weekly
Journal Entry, Homework #7 due by
Sunday, August 16th at 11 pm. Quiz 3 due
by Friday, August 21st at 11 pm.
Week # 8
August 17th
– August
23rd
17
Asymmetric information, public choice
theory, government failure
Industry Analysis Paper due by Sunday,
August 23rd at 11 pm.
Week # 4
July 20th –
July 26th
Week # 5
July 27th –
August 2nd
Week #6
August 3rd –
August 9th
8&9
Homework Assignments: These will be posted under Content on D2L. This is the primary
learning tool of the class with students focusing on the key concepts from each chapter in
completing the assignment. Besides reading the text, this is where students are expected to
spend the majority of the time for the class.
Discussion Questions: Discussion questions for each week will be posted in the Discussion
section on D2L. Students are expected to post at least 1 response to each discussion question
each week and respond to at least 1 other student’s response (not one per each question, just one
total). Discussion board activity should be thoughtful and demonstrate that the student has spent
time considering the subject, not just a simple “Yes, I agree.”
Journal Entries: The purpose of journal entries is for the instructor to “touch base” with the
students. These will be submitted via D2L. They should be short and contain the following
information.
1. Explain and “relate to the real world” a key concept you learned that week.
2. What difficulties are you experiencing with this class? What is going well?
3. What suggestions do you have for improving the class or the presentation of the material?
IX.
Americans with Disabilities Act (ADA) - Benedictine University at Springfield provides individuals
with disabilities reasonable accommodations to participate in educational programs, activities, and
services. Students with disabilities requiring accommodations to participate in campus-sponsored
programs, activities, and services, or to meet course requirements, should contact the Resource Center as
early as possible: springaccess@ben.edu or (217) 718-5007.
X.
Assessment – The weekly journal entry will assist the instructor in assessing student progress.
JR 4/12
Lsa 5-9-12
Lsa 4/29/15