PRINCIPLES OF MICROECONOMICS

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1 PRINCIPLES OF MICROECONOMICS Course Syllabus INSTRUCTOR Ken Williams kwilliams@chabotcollege.edu Office Phone: (510) CLASS HOURS MW 9:00 10:15 AM Room 552 and LOCATION MW 1:30 2:45 PM Room 552 TTh 9:00 10:15 AM Room 502 TTh 1:30 2:45 PM Room 502 W 6:30 9:20 PM Room 552 OFFICE HOURS Mondays & Tuesdays 11:30AM 1:30PM Wednesdays 12:30 1:30PM Anytime by appointment or during the scheduled times posted on my office, Rm. 402N. Please notify the instructor in advance of your intentions to meet during the scheduled office hours because of the potential for meeting conflicts, which could result in an unnecessary waste of the students time. The best time to make such an appointment is either at the beginning or at end of any class lecture period. I will make myself available for mentoring and academic consultation. REQUIRED TEXT Principles of Microeconomics, 7th edition, Mankiw (No other editions will be accepted). Textbook must be brought to class daily. Book Alert: You can bring an E-book to classes, but you must bring hard copies of all the QFR s, and/or other daily assignments. OTHER REQUIRED 0.9 mm mechanical pencil SUPPLIES 2. 1 binder with ten tabbed dividers 3x5 note cards 8 ½ x 11 sheets of typing paper Colored writing pencils A plastic French curve A permanent black felt tip marker Brown or green Scantrons A straight edge, and Two general test scoring electrographic pencils ( STAEDTLER #2 HB available at the Chabot Bookstore). COURSE OBJECTIVES Upon completion of this course, the student should be able to: 1 of 6

2 1. Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior; 2. Calculate and interpret measures of elasticity; 3. Demonstrate how markets function and what happens in the presence of market failures; 4. Analyze production and costs of the firm; and 5. Demonstrate how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short and long-run. PROGRAM LEARNING OUTCOMES 1. Be able to demonstrate the student understands economic theory and problem solving methodologies. 2. Demonstrate a basic understanding of the theory of the firm, and how it operates and how it maximizes profits and minimizes losses. STUDENT LEARNING OUTCOMES (SUBJECT TO QUANTITATIVE APPRAISAL THIS SEMESTER) 1. Demonstrate an understanding of economics terminology. 2. Demonstrate how to interpret economic graphs. 3. Demonstrate the ability to solve common economic problems. CATALOG DESCRIPTION: The Economics 1, Principles of Microeconomics, course at Chabot College will provide an economic analysis of the market system, price theory, including supply and demand analysis, marginal utility, cost and revenue concepts, imperfect competition, the theory of production, pricing of the factors of production, agricultural problems, poverty and income distribution, and international trade theory. 3 Hours/week PREREQUISITES: Each student must have already completed Intermediate Algebra (MTH 53, MTH 53B, MTH 55, MTH 55L) with a grade of C or higher at the college level or have demonstrated an appropriate skill level through the mathematics assessment process. The student will be required to sketch graphs of functions and relations; find and sketch inverse functions; graph linear equations and find the slope of a line. It is highly recommended that the Economics 1 student be eligible for English 1A and have reading and critical thinking skills sufficient to comprehend the assigned text. COURSE CONTENT: An investigation of Economics Concepts that include: 1. Economic Methodology 2. Scarcity 3. U.S. Economic Structure 4. Market Prices 5. Elasticity 6. Consumerism 7. Firm Organization 8. Output Decision Making 9. Capital Markets 10. General Equilibrium 11. Imperfect Competition 12. Public Policy 2 of 6

3 13. Income Distribution 14. Taxation 15. International Trade METHODS AND PRESENTATION (CLASS FORMAT) The class is organized into two 1 ½ hour sessions or one 3 hour session per week, over a course of approximately nineteen weeks. Each week typically begins and ends with a quiz covering the currently assigned (two) chapters. The first quiz, referred to as Recall Quiz is a pretest of 10 True/False questions that test your recollection of the textbook s point of view. The second quiz, referred to as Cognitive Quiz, is a test of 10 multiple-choice questions on the same chapters covered by the week s True/False Quiz. This second quiz evaluates your understanding of the concepts presented in the textbook and the lecture as opposed to simple memorization. ASSIGNMENTS AND METHODS OF EVALUATING STUDENT PROGRESS: 1. Typical Assignments: a. Outside assignments of questions designed to give students practice in doing economics ; b. In-class practice of graphical model development of different economic structures; c. Preparation for weekly short answer quizzes with student discussion. 2. Methods of Evaluating Student Progress: a. Quizzes, midterm, and final exams; b. Competitive performance class sessions referred to as Game Days ; c. Written assignments; and d. Participation in group discussions and presentations. STUDENT EVALUATION A. Quiz Grade It is the student s responsibility to complete the Student Grade Record Sheet handout as follows: 1. Fill in scores for the Recall Quiz, Cognitive Quiz, and Point Totals accumulated from the quizzes each week. 2. Immediately after the last Cognitive Quiz at the semester s end, fill in the total score from all Recall Quizzes, identify the lowest Recall score, and calculate the Net Recall (NR) Score (the sum of all recall quiz scores minus the single lowest recall quiz score). 3. Use the same method described in number 2 to arrive at the Net Cognitive (NC) Score. 4. Finally, calculate your Average Quiz % by adding the Net Recall and Net Cognitive Scores, dividing their sum by the 300 total possible quiz points, and multiplying by 100%. Net Recall + Net Cognitive x 100% = Average Quiz % 300 B. Final Exam Grade 1. Three comprehensive exams will be given at the end of a semester. You will receive the best of the 3 results as your Final Exam %. If, after the first comprehensive exam, students are satisfied with their grade, they may elect to forgo any of the remaining two exams. 2. There will be strict adherence to the printed Final exam schedule. C. Extra Credit 1. Each student is automatically given 10 gratis points for positive class involvement. These points may be reduced if the student does not follow class rules. For example: 3 of 6

4 a. Each time the student is called on to answer a QFR but does not have their typed and printed sheet of QFRs, 4 points will be deducted. b. Each time the student is late, 4 points will be deducted. c. If the student is found chewing gum, 2 points will be deducted the first time, 4 points will be deducted the second time, doubling for each encounter. 2. Students may earn additional extra credit points by answering QFR questions in class, midterm game questions (see the Midterm Game handout for more details), and bonus questions that may be asked from time to time by the instructor during the class period. Additional extra credit can also be earned by completing oral or written reports on topics of economic interest. These reports may be completed by individuals or groups of students. 3. Normally, the average amount of extra credit points earned in class is about 60, which includes all points mentioned above. However, extra credit points may increase without limit. 4. Extra credit will be recorded on the back of the Student Grade Record Sheet, summed, and converted to a weighted percentage using the following algorithm: Total XC Total Points/600 XC x 100% x 100% = Extra = Extra Credit % Credit % D. Grade Calculation 600 Your final grade will be calculated as follows: 1. Calculate your Average Quiz % by adding the Net Recall and Net Cognitive Scores, dividing their sum by the 300 total possible quiz points, and multiplying by 100%. Net Net Recall + Net + Net Cognitive x 100% x 100% = Average = Quiz Quiz % % The highest score of the final exams will be used as your Final Exam %. 3. The Average Quiz % and Final Exam % will be averaged as follows: Average Quiz % + Final Exam % = Final Grade % without XC 2 4. The total extra credit points will be divided by 600 to find the Extra Credit %. Total XC Points x 100% = Extra Credit % This Extra Credit % will be added to the Average Quiz & Exam % to find your Final Grade %. 6. Please note that students who are not satisfied with their final class grade may opt to take a comprehensive oral final exam covering all the materials presented in both the lecture and the textbook, if time allows. If there is not sufficient time, you will be allowed to take an in-class essay exam. If the grade earned for the oral exam is greater than the previously calculated Final Grade Percentage, then the grade earned for the oral exam will become your new Final Grade. 7. Your percentage is based on a maximum of 600 points and will determine your grade as follows: (A = 90% or more) (B = 80% to < 90%) (C = 70% to < 80%) (D = 60% to <70%) (F = less than 60%) 8. Please note that there is a no rounding policy. CLASS POLICIES: MAKE-UP EXAM There are no make-up exams for this course. However, students may take the exam ahead of time 4 of 6

5 by making prior arrangements with the instructor. The student must also write a typed explanation for his or her absence in advance of your requests to miss an exam. All documented school activities and/or personal emergencies will be honored and tests made available in advance. Late test taking will not be allowed under any circumstances. The instructor will allow you to throw out your single lowest Recall Quiz score and your single lowest Cognitive Quiz score. In the event that you miss more than one of each, a zero score will be recorded for that missed quiz. It is your responsibility to notify the teacher about which specific quiz grades should be dropped. *The only quizzes eligible to be dropped are quizzes with a Potential Point Value of 10 for Recall Quizzes and 20 for Cognitive Quizzes. That is to say, any Recall with a Potential Point Value greater than 10, and/or any Cognitive Quiz with a Potential Point Value greater than 20, cannot be dropped. In any case, all grades will be calculated based upon a division of a potential 300 point score, and not 330 (due to the 2 dropped scores of 10 and 20). PLAGIARISM POLICY Plagiarism is the handing in of someone else s work or ideas as your own, whether intentional or not. Plagiarism is a serious offense; any student found plagiarizing can receive an F in the course and possible administrative penalties ranging from probation to suspension. DISABILITY POLICY I need to hear from anyone who has a disability which may require modification of seating, testing or other class requirements so that appropriate arrangements may be made. Please see me after class or me as soon as possible. STUDENT BEHAVIOR EXPECTATIONS Students are expected to respect their classmates, peers and instructor according to the following guidelines. Arrive to class on time. Occasional lateness is forgivable. However, students must not call attention to their lateness. Please arrive quietly and shut the door quietly. Do not wear cologne or strong fragrances. Many people have allergies or other health conditions that react negatively to these fragrant enhancements. Do not eat or chew gum in class. A beverage in a closed container, such as a water bottle, is okay. Open cups are not. Do not interrupt your classmate or teacher when they are talking. Turn electronic devices off. I expect students to enjoy my course at all times. I work hard to create a constructive environment where the flow of thoughtful ideas, student and teacher criticisms are voiced and repeated by both the instructor and fellow students. Any breach of this conduct will result in the offending student being excused from class without the benefit of future attendance, unless both the teacher and the student reach a mutual agreement as to future participation in class. Let s keep it positive, fun and highly energetic. I will do my part You bring the rest. IMPORTANT DATES Refer to the Course Calendar handout. 5 of 6

6 DROP REQUIREMENTS Per Chabot policy, students who miss three consecutive or six cumulative hours of class may be dropped. If you must be absent from class for a significant reason, contact me to explain either by or in person. To drop this course, go to the Admission and Records in Building 700 and have a drop notice sent to the Instructor. The student can also drop the course online by going to the Chabot College website, clicking on Quick Links in the top right corner, clicking on CLASS-Web, logging in, and dropping the course. Remember that it is your responsibility to clear your name from any course that you would like to drop. These procedures are the only sure way to guarantee your withdrawal from class. Not following either of these procedures is very likely to result in a failing grade that can be easily avoided. TEACHING COURSE PHILOSOPHY This course is experimental in the sense that it is just one more attempt of the instructor to improve teaching effectiveness. It is this Instructors hope that through student feedback and course flexibility that together we will be able to create a dynamic, enjoyable course that is consistent with the academic achievement of standard behavioral objectives in an Economics Principles course. ENROLLMENT POLICY Due to budget concerns, most classes are oversubscribed. Therefore, my policy will be to allow any paid registered students to gain admission to my course so long as they arrive within fifteen minutes of the class start time on the 1 st day of class. If the student does not make this fifteen minute cut off time limit, those students shall be recorded as no show-ups and dropped. (However, documented emergencies will be treated on a case-by-case basis). This policy will allow students who are physically in their chairs on the 1 st day of class to be admitted in the place of those who did not show up in a timely fashion. Just because you are registered for the class does not guarantee your enrollment unless you are physically in the classroom and on time. I plan to take as many students on the 1 st day as is physically possible consistent with Uniform Building Code (U.B.C.) fire department guidelines. DISCLAIMER Dependant on the instructor's interpretation of the student's needs, the instructor retains the right to change the course syllabus and schedule in order to promote student's success. 6 of 6

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