Department of Economics
Syllabus for Economics 201
Winter 2015
Instructor Information
D.W. Hedrick, Ph.D.
Professor of Economics
Office: Shaw-Smyser 420, 963-2426, dhedrick@cwu.edu,
Office hours: TBD – please contact using e-mail
Web Page: www.cwu.edu/~dhedrick/
Course Description:
The function of the market system in the allocation of scarce resources, determination of
prices and output in competitive and monopolistic markets, and distribution of income.
The role of government in the market economy.
Statement of Purpose
Students will be introduced to economic perspectives on human and social behavior, as
well as the relevance of the economic way of thinking to addressing problems that face
individuals and society. They will become familiar with the nature of the tools used in
economic analysis and learn how these tools can be used to understand “real world”
issues.
We will discuss the following topics and concepts:
 Introduction to economics, including the concepts of scarcity and choice
 Supply, demand, and market equilibrium
 Elasticity
 Efficiency of markets
 Cost
 Market structures – competition, monopoly, monopolistic competition, and oligopoly
 Profit maximization by firms
 Market failure
Course Outcomes
By the end of the course, students are expected to:
 Speak to the topics and concepts listed above;
 Demonstrate critical thinking skills with regard to personal, business, and government
decisions; and,
 Quantitatively and graphically apply economic theory to “real world” issues.
Textbook
Shrink-wrapped three-hole copies with the access code to MyEconLab are available at
the CWU Bookstore, or an on-line version of the book is available directly from Pearson
on their website which is accessible through the course Canvas site.
Required:
(1) Acemoglu, Daron, D. Laibson and J. List, “Microeconomics” Pearson. C. 2015.
(2) MyEconLab. Pearson. - An internet-program that will serve as the platform for
instruction, homework assignments, quizzes, examinations and other course
requirements. Available through Canvas.
Once you log into the Canvas course go to the MyLab and Mastery Tab and you should
be prompted to register for MyEconLab. No payment is necessary for two weeks.
Suggested Reading:
The Wall Street Journal
The Economist
Course Requirements
By virtue of enrollment in a College of Business Course class, all students are required to
commit themselves to learning the material and to acting in a civil manner in class and be
respectful of their peers and the professor. Behaviors contrary to the above will result in
disciplinary action and possible expulsion from the class. Attendance is not required but
strongly encouraged.
Grades will be based on chapter study plan (10%), chapter homework assignments
(15%), chapter quizzes (15%), and 3 midterm examinations (45%). The chapter study
plan should be done PRIOR to completing the chapter homework assignment. The dates
for homework assignments, quizzes and examinations are given in the MyLab and
Mastery Tab/ MyEconLab Course Calendar. Homework assignments, quizzes and
midterms are made available two weeks before they are due.
If you fail to take a homework, they are still available to take for one day after the due
date at a cost of 15% of the grade. Quizzes and midterm dates are final and will not be
changed for any reason. Insure against unexpected circumstances by taking assignments
early! I will drop the lowest two homework assignments and the lowest two quizzes.
Once again, no change to quiz or midterm (see optional final below) due dates.
Important: One must score 70% on the chapter homework assignment to be eligible to
take the chapter quiz. One must also get 70% on all chapter quizzes prior to a midterm to
be able to take the midterm. Midterm due dates are final so one must ensure that one has
satisfied the 70% requirement before the midterm due date or you will receive a zero on
the midterm.
It is possible that graded discussions and a paper may be added later. I will keep you
informed of such changes.
The optional final will be due Wednesday March 15 at 12 midnight. The final will
replace the lowest midterm score, if and only if, it improves the student’s course grade.
Course Grading
The following scale will be used to determine the final grade:
A
AB+
B
BC+
C
CD+
D
DF
>=93%
>=90% and <93%
>=87% and <90%
>=83% and <87%
>=80% and <83%
>=77% and <80%
>=73% and <77%
>=70% and <73%
>=67% and <70%
>=63% and <67%
>=60% and <63%
<60%
Course Outline (Subject to change as circumstances indicate)
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.
XI.
XII.
XIII.
XIV.
The Principles and Practice Of Economics
Economics Methods and Economic Questions
Optimization: Doing the Best You Can
Demand, Supply, and Equilibrium
Consumers and Incentives
Sellers and Incentives
Perfect Competition and the Invisible Hand
Trade
Externalities and Public Goods
The Government in the Economy
Markets for the Factors of Production
Monopoly
Game Theory and Strategic Play
Oligopoly and Monopolistic Competition
Miscellaneous
Economics is a challenging subject for most and requires significant study to successfully
master and apply economic concepts. I suggest that you read, or at least skim, the
chapters in the text before they are covered in class. As soon after class as possible, I
suggest you retire to a quiet place and reread the text and recopy the lecture notes. This
will help reinforce what you have learned and point out areas that you need clarified. Feel
free to ask questions in class. Remember, “There is no such thing as a dumb question.”
Also, please make use of office hours, particularly when you need a bit more help
understanding the material.
The classroom should be a productive, pleasant, and interesting learning environment. As
a consideration to your classmates, please make an effort to be on time. If you do arrive
after the lecture has begun, a quiet entrance would be greatly appreciated. Texting is not
an acceptable classroom behavior and is NOT allowed. In addition, please refrain from
eating, yawning noisily, and conversing with colleagues during class. Disrupting the class
will not be tolerated.
Students with Disability
Students with disabilities who wish to set up academic adjustments in this class should
give the professor a copy of their “Confirmation of Eligibility for Academic
Adjustments” form from the Disability Support Services Office at the beginning of the
course. Appropriate accommodation will be determined. Students with disabilities
without this form should contact the Disability Support Services Office, Bouillon 205 or
dssrecept@cwu.edu or 963-2171.
The above schedule and procedures in this course are subject to change and will be
announced by the professor.
How to access your Aplia course
Principles of Microeconomics, Fall 2014
Instructor: Prof. Hedrick
Start Date: 09/22/2014
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