Econ 2302 – Principles of Microeconomics Spring 2012 “Economics is above all a science of measurement. It comprises an extraordinarily powerful and flexible set of tools that can reliably assess a thicket of information to determine the effect of any one factor, or even the whole effect.” – Freakonomics Professor: Josh Fairbanks Classroom: AD129 Office: Levelland Campus, Science Building, S117D Meeting Time: TR 2:30 -3:45pm Office Hours: By Appointment Only Phone: 806-894-9611, Ext. 2957 E-Mail: [email protected] Note: The best way to contact me is through the Blackboard Message System. I will respond to all messages within a 24-hour period. Required Material: Microeconomics: Principles, Applications, and Tools. 7th Edition. O’Sullivan, Sheffrin, and Perez. Pearson Publishing. With access to MyEconLab! Calculator (any will do) and access to Microsoft Word Recommended Prerequisites: Math 1314 College Algebra and minimum of a 2.75 GPA. About the course: The main objective of this course is to introduce students to microeconomics. In this course, we will spend time discussing the 5 core principles of economics, supply and demand, consumer choice and production, as well as the application of microeconomics to everyday life. Course Outline: Unit 1 – Key Principles, Supply and Demand Chapter 1: Introduction: What is Economics? Chapter 2: The Key Principles of Economics? Chapter 3: Exchange and Markets Chapter 4: Demand, Supply and Markets Unit 2- Elasticity, Consumer Choice, and Production Chapter 5: Elasticity: A Measure of Responsiveness Chapter 7: Consumer Choice Using Utility Theory Chapter 8: Production Technology and Cost Unit 3 – Market Structures and Pricing, and More Chapter 9: Perfect Competition Chapter 10: Monopoly and Price Discrimination Chapter 11: Market Entry and Monopolistic Competition Chapter 12: Oligopoly and Strategic Behavior Chapter 14: Imperfect InformationAcademic Misconduct: It is the aim of the faculty of South Plains College to foster a spirit of complete honesty and a high standard of integrity. The attempt of students to present as their own any work that they have not honestly performed is regarded by the faculty and administration as a serious offense and renders the offenders liable to serious consequences, possibly suspension. Cheating: Dishonesty on examinations and quizzes or on written assignments, illegal possession of examinations, the use of unauthorized notes during an examination or quiz, obtaining information during an examination from the examination paper or otherwise from another student, assisting others to cheat, alteration of grade records, illegal entry to or unauthorized presence in an office are instances of cheating. Plagiarism: Offering the work of another as one’s own, without proper acknowledgment, is plagiarism; therefore any student who fails to give credit for quotations or an essentially identical expression of material taken from books, encyclopedias, magazines, and other reference works, or from the themes, reports, or other writings of a fellow student, is guilty of plagiarism. Course Assessments: Exam I = 100 Exam II = 100 Exam III = 100 Homework = 100 Total Points 400 Grade Distribution: 385 points & above = A+ 370 – 384 = A 360 – 370 = A- 350 – 359 = B+ 330 – 359 = B 320 – 329 = B- 310 – 319 = C+ 290 – 309 = C 280 – 289 = C- 250 – 279 = D 230 – 249 = D- Below 230 = F Note: Suppose a student earns 359 points in the course. At the end of the semester, he or she will receive a “B” for the course. Let it be known, I will not “adjust” anyone’s grade for any reason, no matter how close they come to the next grade. The expected mean of the grade distribution for this course is 2.7. I do not grade on a curve, so results may vary. Under NO circumstance do I allow students to make-up exams or any other work! Grade Errors: If you feel that I gave you an incorrect score on an exam, you should email me or speak with me during my office hours explaining the details of the error. The communication of the error needs to be made as soon as you discover the error, but no later than the final exam date. With respect to the final exam or your final grade, I keep graded material for one year.Exams: Each exam tests the student’s knowledge of the material covered in lecture and assigned readings. There will be no makeup exams. Moreover, all exams are open book and open notes. Exam Dates: Exam 1: February 21, 2012 Exam 2: April 5, 2012 Exam 3: May 10, 2012 Exam Rules: (1) Keep your eyes on your own exam. (2) You may not use your cell phone, computer, or similar device during an exam. Keep cell phones in your backpack and keep your computers closed until the exam is over. (3) No talking is allowed during the individual exam. Raise your hand if you have a question. Breaking these rules can result in failure of the exam, failure in the course, and/or expulsion from the university. Homework: The chapter homework are intended to help the student learn the key principles and concepts presented throughout the text. I encourage each student to attempt the homework until she obtains a perfect score. The homework will incorporate a wide variety of question types range from, but not limited to multiple choice, true / false, fill in the black, matching, computational and short answer. The following is a summary of the homework requirements: - Time Limit: Unlimited - Number of Attempts: Unlimited - # of questions: 20 - The highest score will be recorded in the grade book. - Upon completion, the study plan will update. Extra Credit: The course contract and the GTK Discussion are the only extra credit assignments provided throughout the semester. Moreover, there will be no additional extra credit assignments provided throughout the course, so please do not ask. I believe that you can achieve whatever grade you desire based on the amount of effort you put into this course. Attendance Policy: Each student is expected to attend every class this semester. If you miss class, it is your responsibility to learn what was covered in class, including upcoming assignments and other announcements made in class. While I welcome the opportunity to help students outside of class, I will not go over