Cal Poly Pomona, Spring 2011 Office: 1-339; Phone: (909) 869-5074Professor: Bruce Brown email: [email protected] Hrs. Tu 10-12; Th 10-1:00Economics 201 -- Principles of Microeconomics - HYBRID Section 9 (CRN 11508)Three Mandatory In-Class Meetings, in 1-309, 6 PM Thursdays: 1/6; 2/17 (midterm) and 3/17 (final)Two websites will be used: - Blackboard platform at: https://blackboard.csupomona.edu/- Aplia website at: http://www.aplia.com/ course key codes: 87GR-L2JN-SCS8This class is conducted primarily via the Internet - including assignments quizzes and reading.Required Materials: Principles of Microeconomics, 5th edition, by N.G. Mankiw. An eBook version is provided with the mandatory Aplia software, which costs $90. Students who desire a hard copy may purchase this WITH APLIA ACCESS CODE at the Bronco Bookstore. Students who obtain a version of this text without the Aplia access code, must ALSO purchase Aplia access for $90. Previous editions are similar (except Chapters 16 & 17 are switched), so paying $90 to Aplia, and also purchasing an earlier edition is an option for students desiring a hard copy as well as the eText.The mandatory Aplia software serves two connected functions in this class: i) a means to obtain an electronic version of the text, accessible online, and ii) for completion of required problem set assignments. Background and Motivation:Economics can be defined as “the study of allocation of scarce resources by societies, firms, and households.” Although many definitions exist, most include the terms “allocation” and “scarcity.” While economics is closely related to business management, it is not directly about how to run a business firm or how to make money in the stock market. Nonetheless, economic reasoning is useful and should indirectly help individuals make beneficial market decisions. The relationship between economics and business is similar to that between physics and engineering. In both comparisons the former is more theoretical, and the latter more applied. Economics is a “social science” along with political science, sociology, anthropology, and psychology. It analyzes the be-havior of people. Economics focuses directly on individual consumers and producers and how their interaction in marketscan influence resource allocation (who gets what). In contrast, sociology focuses directly on groups, their goals, perspec-tives and behavior. At some universities the economics department is in the business school (e.g., Cal State Northridge), while at others it is grouped with social sciences (e.g., Cal Poly Pomona, where it is in the College of Letters Arts and So-cial Sciences, or “CLASS”).Microeconomics (EC201) examines the behavior of producers, consumers, and governments in the economy and how these decision making “agents” interact within markets. It addresses determination of prices in individual markets and how price changes effect production and consumption. In contrast, Macroeconomics (EC202) focus on aggregate or economy-wide values such as national output, unemployment, interest rates, and price inflation (or deflation). Expect to read the text several times in order to understand the material.Course Goals for Students: 1) Gain a basic understanding of economic ways of thinking and approaching questions. 2) Be able to use simple theory to analyze real world issues. 3) Understand and be able to use the terminology of economics. 4) Understand how microeconomic principles relate to the daily decisions and activities of individuals, groups of people,businesses, and government. 5) Appreciate how economics can provide a basis for understanding how economic forces condense information used to make choices.Grading:The course grade is exclusively determined by performance on the following assignments.Aplia Problem Sets 24% 120 pointsQuizzes (on-line) 24% 120 pointsAttendance (two in-class meetings 2% 10 pointsMidterm (in-class) 20% or 0% 100 or 0 pointsFinal (in-class) 30% or 50% 150 or 250 pointsGrade distribution: A: 85 % - 100 % of possible points; (e.g., 425 or more points)B: 75 % - 85 % “ “ (e.g., 375 – 424 points)C: 60 % - 75 % “ “ (e.g., 300 – 374 points)D: 50 % - 60 % “ “ (e.g., 250 – 299 points)F: below 50 % “ “ (e.g., below 250 points)Aplia software is required. It provides mandatory online “assignments” as well as the eText. Students must sign up and purchase Aplia access at http://www.aplia.com Use your Cal Poly email address and enter your Cal Poly Bronco ID number when registering. Aplia problem sets must be submitted online by 11:45 PM, Saturday evenings. After exactly 11:45 PM it will be impossible to submit the problem sets. The answers will be available on Sunday, and reviewing one’s performance on the Aplia problem sets will be helpfulto study for the quizzes, due Sunday evenings.Quizzes will be taken online on the Blackboard course site. Ten weekly quizzes will be assigned with the lowest two quizscores dropped (Week 3 has two quizzes due: quiz 2A and quiz 2B, so although the last quiz, “#9” is actually the tenth one). They will be due Sunday Evenings at 11:45 PM. Quizzes close at exactly 11:45 PM and may not be retaken after this point. Each quiz has 15 objective questions. Since only two quizzes will be dropped, more than two mistakes or computer problems will directly hurt a student’s grade. Students should read and study the material before taking the quizzes. Trying to “find” the answers after one has started the quiz is not a good way to learn the material or prepare for the final exam. Quiz answers will only be provided after the quiz due date. Students my “work together” on the quizzes and Aplia problem sets, but realize students will see different quiz questions. Exams: The midterm will be given at the end of class seventh week, Thursday evening 2/17 (8-9:50 PM), and will count for 20% of the course grade. The final exam will be given Thursday evening, 3/17 from 6-8 PM. For students who score better on the final exam, the midterm will be dropped and the final will count for 50% of the course grade. All students should take the midterm as the final will have a similar format. The final is mandatory – no late exams will be given. If a student has a written, verifiable reason why they can not attend the final exam and provides this before grades are