Department of Economics
Syllabus for Economics 201 9:45am
Spring Quarter 2014
Instructor Information
D.W. Hedrick, Ph.D.
Professor of Economics
Office: Shaw-Smyser 420, 963-2426, dhedrick@cwu.edu,
Office Hours: M,T, and Th. 11:00 a.m. - 11:50 p.m., T 2:00 p.m. – 3:00 p.m., and by
appointment.
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
Required:
(1) Mankiw, N. Gregory, Principles of Economics, 7th Edition, Thomson –
SouthWestern, c2014
(2) Hakes, David, Study Guide to Accompany Principles of Economics (purchase on-line
through companies such as Amazon). There is no new edition.
(3) Aplia – An internet-based tutorial and homework program that will be used for the
required homework (see instructions below);
Course Key: TCHG-6GV8-R9AH
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.
Students will be given six quizzes, three mid-term examinations, numerous Aplia
Homeworks, and an optional comprehensive final examination. Makeup quizzes,
midterms and finals will only be given for emergencies and require a note signed by
a physician or by a senior officer in Student Affairs.
Quizzes will be Thursdays at the end of class except weeks when midterms are held.
Each quiz will count for 20 points and the lowest quiz will be dropped. The total points
from quizzes will be 100 points. Three midterm examinations will be given. The midterms dates are Thursday, Oct. 16; Thursday, Nov. 13; and Thursday, Dec. 4. Each
midterm will count for 100 points.
Each week online homework sets will be assigned using the innovative online service
provided by Aplia. Using the code given above students will setup an individual Aplia
account (go to http://www.aplia.com). The Aplia program is self-contained and includes
24 hour online and toll-free telephone support. Students who do not have computers at
home or a high-speed internet connection are encouraged to use the CWU computer labs.
The lowest homework assignments will be dropped and the remaining homework
assignments will count for 100 points.
The optional final will be held (9:45am is a 10am course) and will be Monday, Dec. 8
at 8:00am. The final will count for 100 points and replace the lowest midterm score, if
and only if, it improves the student’s course grade.
Course Grading
Grades are based upon the percentage of the 500 possible points from quizzes, Aplia
homeworks, midterms and the optional final. 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)
Topic
I . Introduction to Economics
Principles of Economic Thinking
Voluntary Exchange
II. Introduction to Demand and Supply
Market Demand and Supply
Elasticity
Government Policies and Markets
II. Markets and Economic Welfare
Efficiency of Markets
Taxation
International Trade
IV. Economics of the Public Sector
Externalities
Public Goods and Common Resources
The Tax System
V. Firm Behavior and Market Organization
Costs of Production
Competitive Firms
Monopoly
Oligopoly
Monopolistic Competition
VI. Income Distribution (if time permits)
Factor Markets
Text Chapter(s)
1, 2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Earnings and Discrimination
Income Inequality and Poverty
19
20
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
What is Aplia?
In just 10 years, more than one billion answers have been submitted through Aplia, the
premier online
assignment solution. Millions of students use Aplia to better prepare for class and for their
exams. Join
them today!
Registration
1. Connect to http://login.cengagebrain.com/course/TCHG-6GV8-R9AH
2. Follow the prompts to register for your Aplia course.
Payment
After registering for your course, you will need to pay for access using one of the options
below:
Online: You can pay online using a credit or debit card, or PayPal.
Bookstore: You may be able to purchase access to Aplia at your bookstore. Check with the
bookstore to
find out what they offer for your course.
Free Trial: You can access Aplia until 11:59 PM on 10/12/2014 during your free trial. After
the free trial
ends you will be required to pay for access.
Please note: At the end of the free trial period, your course access will be suspended until
your payment
has been made. All your scores and course activity will be saved and will be available to
you after you
pay for access.
if you already registered an access code or bought Aplia online, the course key to register
for this course is: TCHG-6GV8-R9AH