Econ 102- Principles of Economics (Micro)

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1 Palomar Community College Econ 102- Principles of Economics (Micro) Farideh Rahmani Spring 2009 Dear Students, Welcome to Econ 102. I really hope you find this course interesting and enjoy it. This course is designed to provide an understanding of price theory and market economy. In this course you will engage in a detailed analysis of consumer, producer and market behavior, and you will learn how individual decisions of buyers and sellers lead to efficient outcomes for the society as a whole. It will also teach you the economic way of thinking when making personal and business decisions. Throughout this course you will be encouraged to solve problems, apply the theoretical concepts to real world situations, and get involved in the class discussions. This course can be challenging; it requires your full attention and active participation. If you follow the instructions on Course Requirement throughout the semester, I know you will be successful in this course. I welcome questions. So if you have any question about what is being discussed please ask it as it occurs to you. Also feel comfortable to answer the questions I might ask during a lecture, even if you are not sure if your answer is right. If you have any problems in this course during the semester and you need some help, please feel free to meet me during my office hours or you can make an appointment with me for some time different from my official office hours. Also you can discuss your problems through . Best wishes for a successful learning experience! Farideh Rahmani Please bring this syllabus to every class. It is a learning document that will be reviewed periodically to ensure that we are meeting the stated objectives 1

2 Instructor s Contact Information OFFICE LOCATION: Palomar College, Room P17 OFFICE HOURS: Monday 9:30 am to 10:30 am or by appointment. PHONE: (760) Extension ADDRESS: frahmani@palomar.edu Class Information LOCATION: Room O12 TIME: Monday and Wednesday 8:00 am to 9:20 am Required Textbook The text used in this course is Economics Today, the Micro View, by Roger LeRoy Miller. 14 th edition. The online study guide, MyEconLab Student Access Kit, which accompanies the text, is recommended as a way of reinforcing the reading and lectures. Prerequisites None. Econ 101 and 102 may be taken in any order Catalog Description Descriptive analysis of behavior of specific unites and individuals. Examines market structures and resource markets under varying degrees of competition. Includes international trade and finance. Learning Tools 1- Lectures utilizing Power Point slides, transparencies, and whiteboard 2- Taking Notes 3- Group activities 4- Reading to Learn 5- Blackboard 6- MyEconLab 7- In-Class Assignments 8- Out of the Class Assignments 9- Educational videos 10- Taking Quizzes and Exams On campus Support Services Counseling, guidance, & career Development: x 2184 Admissions and records: x 2171 Student Affairs: x 2595 Student Support Programs and services: x 2177 Health center: x 2380 Students with Disabilities Please inform your instructor and the department in advance if you need any additional academic accommodation. 2

3 At the end of this course students must be able to: 1. Understand scarcity, choice, opportunity costs, and production possibilities curve. 2. Explain the Demand and Supply laws, schedules, shifts, and how equilibrium price and quantity are determined. 3. Evaluate the effects of changes in demand and supply on equilibrium price and equilibrium quantity. 4. Explain how market failures such as externalities might justify economic functions of government. 5. Analyze consumer preferences and constraints. 6. Understand and calculate demand and supply elasticity. 7. Analyze production and costs in the short-run and long-run. 8. Graph the average, marginal and total costs curves. 9. Identify the characteristics of a perfectly competitive market. 10. Discuss the process by which a perfectly competitive firm decides how much output to produce and what price to charge. 11. Identify situations that can give rise to monopoly. 12. Discuss how a monopolist determines how much output to produce and what price to charge. 13. Explain characteristics of a monopolistically competitive industry and its output and pricing decision making process. 14. Outline the fundamental characteristics of oligopoly. 15. Contrast the characteristics and output and pricing decisions of firms in different market structures. 16. Develop an understanding of demand and supply in the labor market. 17. Discuss the theories and determinants of income distribution. 18. Understand externalities, and how economic activities can affect environment. 19. Analyze the importance of specializing in production and engaging in international trade. 20. Outline how exchange rates are determined in the markets for foreign exchange. 3

4 Readings Students are expected to read all the assigned reading material after the discussion of that topic in the class. These are not readings to be run through rapidly. Give your self time; go through graphs and analytical discussions. There are many general Microeconomic textbooks in the library. They might have different approaches but most of them are similar in parts to the required textbooks. For further reading students might enjoy going through some of these general books. Attendance To succeed you are strongly recommended to participate in the class. Students who do not show up to class may find themselves unprepared. You need to arrive to the class ON TIME. It is distracting when someone walks in late. Attendance is part of your class participation grade. Study Time Keep in mind that for each unit you take, you should plan to spend a minimum of two hours of study time per week. Therefore for this course you need to spend at least 6 hours of study time per week. Written Assignments Homework will be assigned at the end of each class. These assignments are an important part of the course, and will help you to be prepared for the exams and the final. So give your self enough time to analyze the problems thoroughly. While students are encouraged to work together, written work must be done individually There are three Projects. These projects help you to apply the concepts you have learned to the real world situations and build your research skills. I will explain each project in the class. Projects need to be turned in on the date that they are due (see course calendar). Five percent of the grade will be deducted for each class session it is late up to a maximum of 50%. Exams You will have three examinations made up of multiple choice and/or essay questions. There will be no make up exams unless the student has had a documented medical emergency. The lowest exam grade will be dropped. There will be eight in-class and/or online quizzes made up of multiple choice and / or essay questions. There will be a final exam, which will cover the entire course made up of multiple choice and/or essay questions. Students must take the exams on the days they are scheduled Academic Honesty I expect that you will adhere to the highest standards of academic honesty. Please read pages in the Palomar College Catalog. Cell Phones Please have courtesy towards your classmates and turn off your cell phones and pagers during the class. 4

5 Week Topic Assigned Reading Quiz/project Week 1 Introduction Ch. 1 Week 2 Scarcity and Production Possibilities Ch. 2 Week 3 Demand and supply Ch. 3 Quiz 1 Week 4 Applications of Supply and Demand Ch. 4 Quiz 2 Week 5 First Exam Week 6 Public Choice and Externalities Ch. 5 & 6 Project 1 Week 7 Consumer Choice and Elasticity Ch. 20 & 21 Quiz 3 Week 8 Cost of Production Ch. 23 Quiz 4 Week 9 Second Exam SPRING RECESS Project 2 Week 10 Perfect Competition Ch. 24 Project 3 Week 11 Monopoly Ch. 25 Quiz 5 Week 12 Monopolistic competition and oligopoly Ch.26 & 27 Quiz 6 Week 13 Labor Markets & Poverty Ch. 29 & 31 Quiz 7 Week 14 Third Exam Week 15 Environment & International Trade Ch. 32, 33 Project 4 Week 16 Exchange rates & Review for the Final Ch. 34 Quiz 8 Exam Monday May 18, :00-9:50 AM Final Exam I hope not to miss any class meetings, but if I do, the class will pick up where it left off when I return. All of the dates will then be adjusted and you will receive a revised syllabus. 5

6 Final grades will be calculated according to examinations, quizzes, class participation, homework, and the final. Assignments Points GRADING SCALE Two exams (100 points each) 200 Quizzes 160 Projects 40 Class Participation & 100 Homework Final Examination % + A 80% - 89% B 60% - 79% C 5o% - 59% D 49% - F Total 650 It is beneficial to have a contact or two or three in each class so that you can study together, get assistance with your assignments, or get information if you missed a class. Name: Telephone Number address Name: Telephone Number address Name: Telephone Number address 6