Department of Economics
Syllabus for Economics 201.01
Summer Quarter 2011
Instructor Information
Prof. D.W. Hedrick
Office: Shaw-Smyser 420, 963-2426, dhedrick@cwu.edu,
Office Hours: MWF 8:00-8:50 a.m. and T & TH 3:00-4:00 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
Please hold off buying a text until the first day of class. Students have the option of
buying an on-line text, without the study guide, at reduced rates.
Required:
(1) Mankiw, N. Gregory, Principles of Economics, 5th Edition, Thomson –
SouthWestern, c2009, or Mankiw, N. Gregory, Principles of Microeconomics, 5th
Edition, Thomson – SouthWestern, c2007 (This is included in (2) below)
(2) Aplia – An internet-based tutorial and homework program that will be used for the
required homework (go to Aplia.com). See below for registration information;
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. Texting is not allowed in class.
Attendance is not required but strongly encouraged.
Grades will be based on six mini- and Aplia homework. Mini-exams will each Thursday
at the end of class. Each mini-exam will count for 100 points. Makeup mini-exams will
only be given for emergencies and require a note signed by a physician or by a
senior officer in Student Affairs.
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 first assignment includes a tutorial on
mathematics and graphing that begins with a pretest and ends with a posttest. Prior to
subsequent assignments, students will have the opportunity to take an practice (not
graded) assignment. 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 highspeed internet connection are encouraged to use the CWU computer labs. The schedule
for the computer labs can be viewed at http://www.cwu.edu/~labstats/AllLabHrs.html.
The lowest 4 homework assignments will be dropped and the remaining homework
assignments will count for 300 points.
Course Grading
Based upon the percentage of the 900 possible points from mini-exams and Aplia
homeworks. 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
Earnings and Discrimination
Text Chapter(s)
1, 2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Income Inequality and Poverty
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. In
addition, please refrain from eating, yawning noisily, and conversing with colleagues
during class. Disrupting the class will not be tolerated.
Cheating is a violation of both University and College ethical standards. Students who
engage in cheating will be dealt with at the discretion of the professor. Cheaters will
receive either F on an assignment/examination or for the entire course.
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
Econ201: Principles of Microeconomics
Instructor: Prof. Hedrick
Start Date: 06/20/2011
Course Key: FSPR-8FJT-ZWPK
Registration
1. Connect to http://www.aplia.com/.
2. If you already have an account, sign in. Go to your My Courses page, and click the Enroll in a
New Course button.
If you don't have an account, click the Create a New Account button, and choose Student
Account.
3. Enter your Course Key when prompted: FSPR-8FJT-ZWPK. Continue to follow the on-screen
instructions to access your course.
Payment
Online: Purchase access to your course (including the digital textbook) from the Aplia website.
Bookstore: Purchase access to Aplia from your bookstore. Check with the bookstore to find out what
they offer for your course.
After paying, you will have the option to purchase a physical book at a discounted price. If you choose
to pay later, you can use Aplia without paying until 11:59 PM on 06/29/2011.