Syllabus for ECON 2510 Principles of Microeconomics SECTION 1

Offered at California State University, Stanislaus by Economics Dept., Fall 2013, for 3 units.

Class meets Mondays, Wednesdays, and Fridays 11:00-11:50 in C201 (201 Bizzini Hall).

 

Instructor:

 Elaine Peterson 

 Office hours:

In Turlock: M,W,F 10-10:50 am, &

 Office:

 101 D Bizzini Hall

 

                   Tues. 5-5:40 pm

 Office Phone:

 667-3327 

 In Stockton: Thurs. 5:00-5:45 pm

 Home Phone:

 529-3804 (Please, no calls after 8:00pm) 

 and also by appointment

 Official Email:

 epeterson@csustan.edu

 

 

 More reliable email especially for longer emails or attachments please use elainejpeterson@gmail.com

 

Course Description: Course covers basic principles of microeconomics including: price system and market structures, public policy and income distribution. Special problem areas in the American economy to be discussed include: urban economics, environmental economics, agricultural economics, poverty, and health economics. Some fundamentals of international economics, international trade, principles and problems of economic growth and development are also included.

Course Objectives: Introduce students to economics, facilitate development of student's ability to understand economic relationships, and to use models to analyze current economic problems, particularly problems facing individuals and firms.

Goals for General Education Courses:  This course meets the lower division general education requirement for the area “Social, Economic, and Political Institutions and Human Behavior” (D.2.a). The General Education program goals that must be addressed are:

  1. Subject Knowledge: To provide an educational experience that will enhance students' understanding of the disciplines' basic principles, methodologies, and perspectives.
  2. Communication: To provide an educational experience that will enhance the ability to communicate.
  3. Inquiry and Critical Thinking: To provide an educational experience that will enhance critical thinking skills and will contribute to continuous inquiry and life-long learning.
  4. Information Retrieval and Evaluation: To provide an educational experience that will enhance the ability to find, understand, examine critically, and use information from various sources.
  5. Interdisciplinary Relationships: To provide an educational experience that will enhance students' understanding of a discipline’s interrelationships with other disciplines.
  6. Global or Multicultural Perspectives: To provide an educational experience that will enhance the ability to look at issues from multiple perspectives and/or that will describe the disciplines' impact on or connection to global issues, AND/OR
  7. Social Responsibility: To provide an educational experience that will help students understand the complexity of ethical judgment and social responsibility and/or that will describe the disciplines' impact on or connection to social and ethical issues.

Text: Campbell R. McConnell, Stanley L. Brue, & Sean Flynn, Principles of Economics, ECON2500/2510 Edition for California State University Stanislaus, 19th ed., McGraw Hill, 2011. The 18th ed. of the text by Campbell R. McConnell & Stanley L. Brue or other versions will also work, but layout and chapter numbers are different. 

Additional Reading: You should read current newspapers & periodicals for economic news.  The Wall Street Journal and New York Times are good choices.  Think about how the news relates to the principles you are learning.  

Grading: Grading is intended to reflect evidence of student knowledge & understanding. Opportunities to provide such evidence include: class participation and short assignments, short papers, and exams. The weights used in your final grade for these activities are as follows:

Activity

Grading Weight

Class participation

10%

Short assignments

10%

2 short papers 10% each        

20%

3  1 hour exams  (13 1/3% each)

40%

2 hour final exam

20%

Pluses and minuses will be included in grades.  This class may be taken for a letter grade or for credit/no credit (CR/NC).  You must earn a C- or higher to receive credit (CR). If you would like to change to the CR/NC option please use an add/drop form.  Business majors should take the course for a letter grade to meet the requirements of their major. 

 

Class participation:  Regular attendance is expected. Reading should be done prior to class to enable participation.  If you must miss a class please contact me in advance or as soon as practical.  In some cases you may have an opportunity to make up work. Attendance will affect the class participation portion of the grade. Short assignments may be announced in class or via email and some may be done in class. WASC accreditation standards indicate for every hour in class students should be studying 2 to 3 hours.  This class meets 3 hours per week, so you should be studying 6 to 9 hours outside of class.  Please plan your time accordingly and try to use it efficiently.  If you do not understand something, make a note of it and bring it up in class as soon as possible.  The chapters relating to the material we will be discussing are indicated in the schedule below. In class think about the topic at hand, respectfully listen to your colleagues’ comments and questions, and offer your thoughtful comments and questions. Also please turn off beepers and cell phones.

 

Email: All students should join the email discussion list for this class as another way to participate and increase their learning experience.  Please submit your email address to the professor in writing or by sending an email message with your email address, your name, and the name of the class.  In all email messages please try to remember to indicate your full name, the name of the class, and a subject heading.  This basic information helps people know if they want to read your message.  There are a lot of junk emails, viruses, and worms going around so often people will delete your message without reading it if you forget such key information. 

 

Blackboard access: You can go to the web page http://www.csustan.edu/Blackboard/ and use your student id as your login and your CSU email password to get into a set of web pages restricted to students in the class.  Under “Information & Syllabus” are some PowerPoint slide presentations I may use in class.  If you decide to access these, I strongly recommend that you DO NOT just hit print.  Some of the PowerPoint slide presentations are quite long.  It would probably be smarter to download them to look them over.  Then if you would like a printed copy consider going into PowerPoint and under print, choose the slides you want based on the page numbers and under “Print what” choose “handouts”, and under “slides per page” choose “6”.  This will kill fewer trees & less of your budget. 

 

 

 

Short assignments:  Several short assignments will be announced in class or via email.  Usually the questions will be available on Blackboard under “Assignments”, but you will need to turn in a physical copy of your answers. The short assignments are intended to help you learn and you should feel free to refer to your text or ask questions as you work on them. 

 

Short papers:  You will have the opportunity to write 2 short papers using microeconomic principles to analyze current events or issues in the news. In each paper briefly summarize facts from a recent (published this semester) newspaper, magazine, journal, or internet article and then discuss how microeconomic principles relate to the event or issueNOTE: The summary portion of the paper should be extremely brief, no more than a few sentences.  If you do not see relationships to microeconomics then the article is not a good choice for this assignment.  Some particularly good sources for articles include the newspapers Wall Street Journal and the New York Times, and the magazines The Economist and Challenge. The papers should be approximately 1-2 double spaced typed pages, 12 point font with one inch margins.  A copy of the article should be submitted with the paper.  Be careful to use your own words.  Plagiarism will result in a failing grade.  You are welcome to bring articles to class for discussion or to submit a preliminary draft prior to the due date.  You may also discuss articles together and give each other helpful comments on each others’ papers.  If you receive substantial help from another student in the class you should cite them at the end of your paper.  In the economics field professional recognition is given for frequent citation.  Similarly if your paper is good they will be given extra credit towards the class participation portion of their grade.   Be sure your paper has basic required elements before you turn it in such as:

Your name

Your Paper Title (note this should not be the same as the title of the article)

Copy of the article published this semester that you are analyzing

Relates to microeconomics

Includes your analysis from a microeconomic perspective

 

Exams: Exams may involve short problems, multiple choice questions, and essays.  Practice exams are linked to the course web page: http://web.csustan.edu/Econ/Peterson/econ2510.html and are on BlackBoard.  You are encouraged to work together in studying, but not during exams.  Cheating will result in a failing grade.  Please note the dates of the exams in the schedule below and avoid scheduling conflicting activities.  In the event of an emergency remember my doctorate is in economics, not medicine.  After receiving appropriate medical treatment, as soon as practical please get in touch with me by phone or email.  When leaving phone messages please remember to speak slowly and leave your full name, class, and phone number.  When leaving phone numbers please speak slowly.

 

Principles of Microeconomics Fall 2013 Schedule
Chapters

Class

Topic

19th ed.  (18h ed.)

F Aug. 23

Introduction, Overview, Economics & Microeconomics, Scarcity, Benefits & Costs

1, 2       (1,2)

M Aug. 26

Modeling Demand & Supply (Think about products you buy or sell and what factors influence the supply and demand for each of these goods.)

3            (3)

W Aug. 28

Modeling Demand & Supply

3            (3)

F Aug. 30

Modeling Demand & Supply

3            (3)

M Sept. 2

Labor Day Campus Closed

4           (6 )

W Sept. 4

Demand & Supply Elasticities

 

F Sept. 6

Demand & Supply Elasticities,

Consumer and Producer gains from trade 

4           (6 )

M Sept. 9

Consumer Utility Maximization 

20         (7)

W Sept. 11

Consumer Utility Maximization

20         (7)

F Sept. 13

Firm Theory: Production Costs

21         (8)

M Sept. 16

Firm Theory: Production Costs (continued) 

21         (8)

W Sept. 18

Exam 1 

 

F Sept. 20

Overview of Industry Structures,

Determining Price & Quantity: Perfect Competition Case

22         (9)

M Sept. 23

Determining Price & Quantity: Perfect Competition Case

22         (9)

W Sept. 25

Determining Price & Quantity: Perfect Competition Case, short run versus long run

23         (9)

F Sept. 27

Determining Price & Quantity: Pure Monopoly Case

24        (10)

M Sept. 30

Determining Price & Quantity: Pure Monopoly Case, different types of monopolies & price discrimination

24        (10)

W Oct. 2

Determining Price & Quantity: Monopolistic Competition Case & Oligopoly

25       (11)

F Oct. 4

Determining Price & Quantity: Monopolistic Competition Case & Oligopoly

25       (11)

M Oct. 7

Compare and Contrast Alternative Competitive Situations:
Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly

 

W Oct. 9

Compare and Contrast Alternative Competitive Situations:
Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly

 

F Oct. 11

Exam 2

 

M Oct. 14

Resource Markets, Marginal Product x Marginal Revenue Þ Derived Demand 

26      (12)

W Oct. 16

Determination of Wages in pure competition model

27     (13)

F Oct. 18

Monopsony, Unions, Bilateral monopoly, Wage differentials, Pay schemes

27     (13)

& appendix   

M Oct. 21

Labor Issues Discrimination & Immigration

34 p.706-711 & 36

 (20 p.423-428 & 22)

W Oct. 23

Determination of Rent, Interest, & Profits (continued) 

Paper 1 due 

28     (14)

F Oct. 25

Determination of Rent, Interest, & Profits

28     (14)

M Oct. 28

Public Goods & Externalities

5      (16)

W Oct. 30

Public Goods, Externalities, Information Asymmetries

5      (16)

F Nov. 1

Information Asymmetries & Public Choice

31    (16 & 17)

M Nov. 4

Public Finance: Expenditures & Taxes 

30      (17)

W Nov. 6

Antitrust, Regulation, & Industrial Policies

32     (18)

F Nov. 8

Antitrust, Regulation, & Industrial Policies (continued) 

 

M Nov. 11

Veteran’s Day Observed Campus Closed

32     (18)

W Nov. 13

Exam 3

 

F Nov. 15

Agricultural Policies

33     (19)

M Nov. 18

Agricultural Policies

Paper 2 due

33     (19)

W Nov. 20

Poverty, Income Inequality, & Income Redistribution

34     (20)

F Nov. 22

Poverty, Income Inequality, & Income Redistribution (continued) 

34     (20)

M Nov. 25

Health Economics & Public Policy

35     (21)

W Nov. 27

Health Economics & Public Policy

35     (21)

F Nov. 29

Campus Closed as part of Thanksgiving Break

 

M Dec. 2

International Trade relationships to firms and consumers

37     (37)

W Dec. 4

Balance of Payments, trade deficits & exchange rates,

how they affect firms, industries & consumers

38    (38)

F Dec. 6

Balance of Payments, trade deficits & exchange rates,

how they affect firms, industries & consumers

38    (38)

M Dec. 9

Summary & Conclusions (last class)

 

F Dec. 13

FINAL EXAM 11:15 am - 1:15 in room where class is regularly held (Comprehensive)