ECN : Principles of Economics: Microeconomics University of Rhode Island Fall 2015

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1 ECN : Principles of Economics: Microeconomics University of Rhode Island Fall 2015 Instructor: Bret Anderson Class room: 277 Chafee SSC Office: 811 Chafee SSC Course web page: Sakai/Sapling Class time: MWF: 12:00-12:50am Office Hours: MW: 1:45-3:15pm Course Summary: This course is an introduction to microeconomics. In microeconomics we study a broad range of economic concepts and principles underlying resource allocation, production, and income distribution in a market economy. Topics include demand and supply, consumer behavior, firm behavior, market structure, and elementary welfare analysis. The institutional foundations and other topics relevant to public policy will also be explored. While this level of microeconomics is not meant to be overly mathematical, we will use some mathematics to construct simple models of the economy that will give rigor to our more qualitative description of how the economy works. Problem sets will be done online at Saping Learning (see below). We will use TurningPoint classroom response clickers for in-class thought questions, activities, and miniquizzes. Course Goals: What should any college graduate be able to do with exposure to this economics course? Our aim will be twofold. First is to increase your economic literacy. This includes being able to make sense of real world economic data, being able to make efficiency-equity comparisons of different public policies, and building a foundation for which you can be more civically engaged. The second aim is to further your critical thinking skills through exposure to the tools of economic analysis. Critical thinking is a central component of any career or major. General Education: This course satisfies the Social and Behavioral Science General Education outcome. Student Learning Outcomes: Social and Behavioral Science Students will be able to: Identify relevant microeconomic concepts and vocabulary such as supply and demand, marginal costs and revenue, etc. Recognize tools used by economists to understand market interactions and outcomes. Ask questions or frame hypotheses about the impact of relevant events on a market Collect/obtain/select appropriate information/data relevant to a market or the economy Apply an economic model or concept in order to illustrate the impact of relevant events on the economy Page 1 of 5

2 Textbook: The textbook for the class Microeconomics, 3 rd edition (OR 2 ND EDITION IF YOU PREFER) by P. Krugman and R. Wells. You can find the book in the university book store or from your favorite online retailer. Our online homework service also offers the option to buy an integrated e-book (more on this below). The ISBN for the book is Sapling: There will be weekly online homework assignments that will be done through Sapling Learning ( These are typically due on Wednesday nights at 11:55 pm, with a few exceptions, and they are always submitted via the Sapling website. There are 10 assignments that will be counted towards your grade (each worth 10 points each). Many of the assignments will be available for you to work on in advance. There are no late home works accepted. There are, however, a few extra credit Sapling assignments. You will know which ones are extra credit by their points possible. Anything worth 10 points is for regular credit. Anything worth 2 points is optional and is extra credit. It is very important to devote at least a couple hours each week to completing these assignments as they will give you the practice you need to do well on the exams. In addition, the online problem sets are 20% of your final grade. The cost for Sapling Learning is $40 per semester. To register, follow the instructions below: Students: 1. Go to 2a. If you already have a Sapling Learning account, log in then skip to step 3. 2b. If you have Facebook account, you can use it to quickly create a SaplingLearning account. Click the blue button with the Facebook symbol on it (just to the left of the username field). The form will auto-fill with information from your Facebook account (you may need to log into Facebook in the popup window first). Choose a password and time zone, accept the site policy agreement, and click "Create my new account". You can then skip to step 3. 2c. Otherwise, click "Create account". Supply the requested information and click "Create my new account". Check your (and spam filter) for a message from Sapling Learning and click on the link provided in that Find your course in the list (you may need to expand the subject and term categories) and click the link. 4. Select a payment option and follow the remaining instructions. Once you have registered and enrolled, you can log in at any time to complete or review your homework assignments. During sign up - and throughout the term - if you have any technical problems or grading issues, send an to support@saplinglearning.com explaining the issue. The Sapling support team is almost always more able (and faster) to resolve issues than your instructor. Sapling Payment Bookstore: Purchase access to Sapling from the bookstore. Check with the bookstore to find out what they offer for your course. Online: Purchase access to your course (including the digital textbook) from the Sapling website. Page 2 of 5

3 Grades: Your grades will be calculated as follows: CONTENT POINTS (Top 10) Sapling Prob. Sets: 100 Two Highest Midterm Exams: 200 Final Exam: Class Participation (clicker): Total: 500 Final Course Grade: The following grading scale will be used to calculate your final course grade A B C D F * Minuses will not be used. However, plusses will be used sparingly and at the instructor s discretion. Exams: There will be three midterm exams (mostly multiple choice with the potential for 1 to 3 short answer questions) and one comprehensive final exam. The exams will have questions drawn from lecture, homework, and reading assignments. In calculating your final course grade, your lowest scoring midterm exam will be dropped. Thus, early or make up exams will only be given in cases of documented medical emergencies or University sanctioned events. Class Participation: We will use the TurningPoint classroom response system (aka clickers ), which is the University of Rhode Island campus standard for student response systems. As part of this class student s are required to purchase a TurningPoint clicker (if you don t already have one) from the Bookstore or from store.turningtechnologies.com (when prompted, the URI code is 4URI) or buy the TurningPoint ResponseWare app on your smartphone. You will need to register your clicker (or the app) on Sakai (go to Turning Technologies link on the course page) so that I can match the clicker with the student. We will use the clickers to do in class activities, to assess your understanding, and to give you a chance to be actively involved in the lectures. Accommodations for Special Needs Any student with a documented disability is welcome to contact me as early in the semester as possible so that we may arrange reasonable accommodations. As part of this process, please be in touch with Disability Services for Students Office at 330 Memorial Union, Academic Dishonesty All submitted work must be your own. If you consult other sources (class readings, articles or books from the library, articles available through internet databases, or websites) these MUST be properly documented, or you will be charged with plagiarism and will receive an F for the paper. In some cases, this may result in a failure of the course as well. In addition, the charge of academic dishonesty will go on your record in the Office of Student Life. If you have any doubt Page 3 of 5

4 about what constitutes plagiarism, visit the following website: the URI Student Handbook, and UNIVERSITY MANUAL sections on Plagiarism and Cheating at - cheating. Any good writer s handbook as well as reputable online resources will offer help on matters of plagiarism and instruct you on how to acknowledge source material. If you need more help understanding when to cite something or how to indicate your references, PLEASE ASK. Academic Enhancement Center The work in this course is complex and intensive. To do the best you can, it s a good idea to visit the Academic Enhancement Center (AEC) in Roosevelt Hall. The AEC offers a comfortable environment in which to study alone or together, with or without a tutor. AEC tutors can answer questions, clarify concepts, check understanding, and help you to study. You can make an appointment or walk in during office hours -- Monday through Thursday from 9 am. to 9 pm, Friday from 9 am to 1 pm, and Sunday from 4 pm. to 8 pm. For a complete schedule For a complete schedule - including when tutors are available specifically for this class - go to call (401) , or stop by the fourth floor in Roosevelt Hall. The Writing Center The Writing Center is for all writers, all disciplines, at all levels, and all stages of writing. If an instructor suggests that you go to the Writing Center, it is not a punishment, and doesn t mean that you are a terrible writer. It means the instructor wants you to receive more individualized attention to your writing than s/he is able to provide, given the constraints of the class. It will only improve your grade. If possible, call ahead for an appointment ( ). Drop-in tutorials are often available. You may make repeat appointments, requesting the same tutor each time if you wish. See their Web Page: for tips on how to make the best of your Writing Center visit. Standards of Behavior Students are responsible for being familiar with and adhering to the published "Community Standards of Behavior: University Policies and Regulations which can be accessed in the University Student Handbook. If you must come in late, please do not disrupt the class. Please turn off all cell phones, pagers, or any electronic devices. Religious Holidays It is the policy of the University of Rhode Island to accord students, on an individual basis, the opportunity to observe their traditional religious holidays. Students desiring to observe a holiday of special importance must provide written notification to each instructor. Page 4 of 5

5 Course Outline (Approximate): Reading Sapling Due I. INTRODUCTION AND FOUNDATIONS First Principles Intro. + Ch. 1 Sept. 9 Introduction to Economic Modeling CH. 2 Sept. 16 Quantitative Skills for Economics Ch. 2 Append. II. SUPPLY AND DEMAND The Basic S&D Framework Ch. 3 Sept. 23 A Basic Measure of Market Participant Welfare Ch. 4 Sept. 23 (practice only) EXAM 1 Sept. 25 How do price & quantity controls impact the market? Ch. 5 Oct. 7 How responsive are producers and consumers to price Ch. 6 Oct. 14 changes? APPLICATION: International Trade Ch. 8 Oct EXAM 2 - Oct. 21 IV. MARGINAL ANALYSIS AND PERFECT COMPETITION Marginal Analysis Ch. 9 Oct. 28 EXTENSION: Irrational Behavior and Identity class notes - NA - Economics Behind the Supply Curve Ch. 11 Nov. 10 (Tuesday) Perfect Competition Ch. 12 Nov. 13 (practice only) - EXAM 3 - Nov. 16 V. BEYOND PERFECT COMPETITION: MARKET POWER Monopolies Ch.13 Nov. 25 Monopolistic Competition Ch. 15 Dec. 2 Externalities Ch. 16 Dec. 9 Income Inequality Class notes - NA - - FINAL EXAM - Dec. 19 3:00-6:00 pm (SATURDAY!) Important Dates: No class: Wednesday, November 11: Veterans Day No class: November 26-29: Thanksgiving Recess Last day to add: September 15 Last day to drop with no W on transcript: September 30 Last day to drop: October 21 Page 5 of 5

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