University of Southern Indiana Department of Economics and Marketing ECON208.NO1 Principles of Microeconomics SP 2014

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1 University of Southern Indiana Department of Economics and Marketing ECON208.NO1 Principles of Microeconomics SP 2014 Instructor: Curtis R. Price, Ph.D. Office: BE2037 Phone: Office Hours: MWF; 9-10am; MW 11am-noon & by appointment Course Page: Course Prerequisite: Math111 or equivalent You can find free refresher courses on mathematics on the website here: Among the topics you may want to refresh yourself on are: -basic algebraic manipulation of equations - solving equations -graphing linear, quadratic, and rational functions -solving systems of linear equations -completing the square -calculating percent changes -calculating the slope of a line - understanding continuity - The number system: Real numbers, integers, rational numbers, whole numbers, natural numbers Required Course Materials: Course software: Aplia comes with e-text. ISBN13: The options for attaining the required materials above are outlined on the last page. Optional Course Materials: Hard Copy of course text: Text: Mankiw, N. Gregory, Principles of Microeconomics 6 th Edition, South- Western Cengage Learning, ISBN13: Thompson Video lectures- available in your Cengage Brain account. Course Core Fulfillment: This course fulfills the section C2 requirements of the University Core Curriculum (an understanding of individual development and social behavior) for all students. Section C2 seeks to promote an understanding of how individuals develop, interact, and organize themselves in political, religious, social and economic spheres. Students will develop an understanding of the significance and vitality of social organizations ranging from groups to institutions, and the role of the individual within social environments. Course Objectives: This course is structured to extend your awareness and understanding of the role of economics. Basically, the course is primarily oriented to teaching you how to think like an economist. Specifically, this course will help you apply the economist s way of thinking to explain many (if not most) everyday social phenomena. At the minimum, at the completion of this course a student should be able to: - understand the usefulness of cost-benefit analysis in a broad spectrum of applications - Use the supply and demand model to investigate how the burden of taxation is distributed; - Use the production possibilities model to investigate how trade may make all parties better off; - Explore the usefulness of market interference (e.g. taxes) to mitigate the impact of externalities, - Understand how competition in a market setting affects both the buyer and seller of goods - explore issues of personal interest. 1

2 College of Business Skill Development: This course will help to develop: Analytic Problem Solving. In particular, we will focus on the below traits associated with analytical problem solving. Trait Concepts Information Analytical Operations Interpretation Does Not Meet Expectations The student does not use relevant concepts to address problems or uses concepts incorrectly. The student does not use relevant information. The student fails to correctly calculate mathematical operations. The student s interpretation is incorrect or does not logically follow from prior analysis. Meets Expectations Students are able to identify the relevant concepts and accurately use most of the concepts. The student is able to correctly incorporate most of the relevant information. The student correctly calculates most of the mathematical operations. The student should be able to interpret the results of the problem in a succinct manner and explain the ramifications of the problem. Exceeds Expectations Incorporates multiple relevant concepts and accurately uses all concepts. The student is able to correctly incorporate all of the relevant information. The student correctly calculates all mathematical operations. Interpretation clearly and logically follows from the prior analysis. Each week there will be a problem assigned as outlined in the course schedule. You should attempt to do these problems without looking at the supplied answer key. A good way to tackle these problems is to take note of the rubric above and 1 st - identify the relevant concepts, 2 nd - identify important and unimportant information, 3 rd perform mathematical operations, and 4 th interpret the results of your analysis. The purposes of these assignments are twofold. First, the problems are designed to develop your problem solving skill and secondly, to reinforce the prerequisite of college algebra (Math 111). These assignments are not graded but approximately 20% of each of the midterm and final exams will be of a similar nature. Grading Policy: Grades are based solely on your performance on the following categories: Category: Potential Points Overall Grading Scale as % of total points A's 90% or more Chapter Problems (best 11 of 13) 275 B's 80%-89.9% Midterm Exam 250 C's 70%-79.9% Final Exam 300 D's 60%-69.9% Misc & Participation ~75 F's below 60% Total Points 900 Grading Notes: This grading scale is an outline of the proposed grades and reflects the maximum lower bound on each of the grade categories. The idea is simple, if you want to guarantee that you get an A in the course, you need to have at least 90% of the points at the conclusion of the semester. Will 89.9% of the points be sufficient for an A? Maybe, but don t count on it; below 90% there are no guarantees. Plus (+) grades will be assigned at the discretion of the instructor. Many variables go into this decision the most important of which is the completion of all graded work on time. Transfer students must earn at least a C to receive credit at another AACSB institution. 2

3 Chapter Assignments: Problems on each chapter will be given on Aplia and made available on Monday. Each assignment will be due Friday by 11:00pm in the week that they are assigned (see schedule). Chapter assignments will be assigned every week with the exceptions in the week of the midterm, spring break, and the last week of class. If for any reason you do not complete the problems you will receive a zero for that assignment. At the end of the semester your two lowest grades will be dropped. There are 13 chapter assignments given over the course of the semester but we will only use your best 11 grades. These assignments are designed to keep students current with the readings and are not designed to be difficult. The student should strive to do extremely well on these since they are multiple choice and you have a week to work on them. Midterm Exam & Final: A midterm exam and a final are scheduled during the semester and will be given on Aplia. See the schedule at the end of this syllabus for tentative dates. Exams will be partially multiple choice designed to test a broad cross-section of your knowledge. In addition, there will be a combination of essay and/or problem solving questions designed to test the depth of the student's understanding of important concepts or issues. There are no make-up exams except for extraordinary circumstances. If a student misses and exam for any reason, the final will be reweighted to account for the 250 points missed. Thus if a student misses the midterm exam, her final will be worth 550 points. All students wishing to pass the course must take the final exam. Misc. Points and Participation: This class is delivered entirely online. As adults, you must schedule your time so as to complete the requirements before the deadlines. Do not count on the instructor sending you reminders that you have work to complete. It is the student s responsibility to be aware of and keep pace with the course. Additionally, from time to time we will have graded assignments which you may have to complete with as little as two days notice thus it is crucial that you check your and Aplia every day throughout the day. These assignments could be a discussion board assignment, problem solving assignment, or something else determined by the instructor to have educational merit. When these assignments are made, you will be informed of the point-value of the assignment. Over the course of the semester, the instructor will have multiple assignments up to a total of 75 points. If at the end of the semester we have not had 75 points of assignments, the points in this category will be revised to account for the number of points given during the semester. If you do not complete any assignment on time you will receive no credit (a zero) for that assignment. Grade Disputes: If you have a dispute on any graded work, you need to notify the instructor in writing clearly outlining your problem with the grading and outlining why your answer warrants more points than the original grading. The grade dispute will then be ruled on by the instructor and the student notified of the ruling. The written notification of a grade dispute needs to be delivered to the instructor within one week of the grades being posted for that assignment/quiz/exam, etc.. After this time-frame, no changes will be made to the posted grades for any reason. Required Computer Access: This course will be delivered entirely via the internet using Aplia. You will need a reliable and fast internet connection. Note that the reliability of your connection is much more important than speed. An unreliable internet connection is not grounds for a make-up or extension on deadlines. ****Student error, computer error or inappropriate actions that result in an incomplete assignment attempt WILL NOT be reset by your instructor. Incomplete submissions for any reason will be graded AS RECEIVED in APLIA by your instructor.**** Also note that no system is perfect do not procrastinate and push the time limits on deliverables and exams. Make-up Policy on Missed or Late Deliverables and Exams: Missed or late deliverables and examinations may not be made up. Missed or late deliverables and examinations will result in a score of zero. Academic (Dis)Honesty: Academic dishonesty in this class including plagiarism, cheating, submitting another person s material as one s own, or doing work for which another person will receive credit will subject a student to disciplinary 3

4 action as outlined in the Student Rights and Responsibilities: A Code of Student Behavior. If you are found guilty of academic dishonesty in this class, you will receive a grade of F for this course and you may be dismissed from your degree program and from the University. Students are encouraged to meet and work together on the chapter assignments. Nonetheless, all work submitted on exams is to be the sole work of the individual student (i.e. No working together or asking someone about questions on the exams.) Collection of Data and Research The results of your examinations and other coursework may be used to compare facets of this course to other similar courses. The results of this analysis may be used for publication in scholarly journals. The instructor will take all due care that your personal information is not associated with any data and will, prior to any analysis of this data, remove all personal identifiers from the data so as to protect your educational privacy as outlined in the Family Educational Rights and Privacy Act (FERPA). If you wish to not be included in this research please notify the instructor in writing prior to the completion of the course. Disability Support Services: If you have a disability for which you may require academic accommodations for this class, please register with the Office of Disability Resources (ODR) as soon as possible. Students who have or who receive an accommodation letter from ODR are encouraged to meet privately with me to discuss the provisions of those accommodations as early in the semester as possible. To qualify for accommodation assistance, students must first register to use the disability resources in ODR, Orr Center Rm. 095, 812/ To help ensure that accommodations will be available when needed, students are encouraged to meet with course faculty at least 7 days prior to the actual need for the accommodation. Communication Guidelines: Students are required to use their USI for this course. This class is administered entirely through Aplia. Students must work to remain active and participate in the course. In particular, students should plan to communicate with me regularly throughout the course. Also, students should post any questions they may have to the Aplia Discussion Boards. The other students from the class and I will then have the opportunity to post a response for the entire class to view. For individual issues, students should contact me directly by (preferred) or in person by coming to my office (i.e. make an appointment). messages will normally be answered within 24 hours Monday Friday during regular business hours. If you me at unusual times (i.e. outside of normal business hours, 8-4 M-F), don t expect a reply until normal business hours. Additionally, I don t normally check or phone messages on Saturday or Sunday. It is the student s responsibly to plan accordingly. To facilitate communication, students are required use their USI account for all course communication and to check their several times a day. Additionally, when using you must clearly state (1) who you are, (2) why you are ing me, and (3) how to contact you. Don t assume I know any of these. I have many students each semester and teach several courses. Student Responsibilities: Time Commitment This course will require 4 10 hours per week plus an additional 1-3 hours for completion of deliverables. This requirement may influence the time allotted to and performance in other classes. Planning and time management are essential for students distance learning courses. If you signed up for this course with the thought that this class would be an easy way out, I STRONGLY encourage you to move to another traditional section immediately. 4

5 Students should contact me immediately if they are spending significantly more time than is estimated on assignments. Knowledge of Aplia As noted above, this course is delivered entirely via the internet using Aplia. It is the student s responsibility to become familiar with the mechanics of this system. There is a guided tutorial on Aplia which shows up on the first day of class. All students are expected to complete the tutorial. Course Timetable Requirement Students will not be permitted to accelerate the course. Deliverables are due during the weeks stated. I will not consider any requests to either accelerate or decelerate the schedule. All times specified for the course are based on Evansville, Indiana local time. On-time Delivery of Assignments / Virus Policy It is the student's responsibility to ensure that a virus-free assignment is delivered on time to the professor. An assignment is considered late if the professor does not receive it by the assigned time and date, even if Aplia automatically blocks that assignment due to a virus. Make sure your anti-virus software is up to date. Severe Weather Policy: See the University Guidelines concerning severe weather and university closings. Since this course is online and you will have several days to work on any graded work the closure of the University will not change the due date of any deliverable. 5

6 Outline of the Process Pathway to Success You should plan on spending at least 1-3 hours every day working on the course material. Do not try to do all the work in one day. What follows are the steps I recommend you follow for each day in this course. I believe that following this guide will greatly increase your probability of success in this course. Every one of you is different, so the process is designed to be flexible. However, I should be clear. These guidelines are what I believe will give you the best chance of success for the course. If you do not follow them, you do so at your own peril. Good luck! Step #1 Open and read the chapter material. This should be a thorough reading. You don t read a textbook like a novel. You should take notes and do the QUICK QUIZZES in the text. THERE ARE SOME REALLY GOOD STUDY TIPS ON PAGE 17 OF THE TEXT. I would expect that each chapter should take you at least a couple of hours to work though. If you do it much quicker than this, then you are likely not doing a thorough job. Step #2 Use the practice the material Aplia has ungraded problem sets for each chapter. I strongly urge you to do these and then learn from your mistakes. Take notes on problems/topics that you think are cumbersome and review this material in the text. Step #3 Open and complete the graded chapter problems. These problems are not due until the end of the week in which the chapter was covered but you will do much better if you do them immediately after covering the chapter and working on the practice problems. You can also start and stop the problems and review material. I suggest you answer the questions, review the associated material in the chapter and then review your answer. Your goal is to do very well on these since they are multiple choice and you have a week to work on them. Step #4 If you have completed the week s work then you need to study and review the material again before moving on to next chapter. It is also useful to come back to previous material when material in the current chapter builds on the idea from earlier chapters (e.g. when considering the deadweight loss from taxation and elasticity in chapter 8 it is a good idea to review elasticity from chapter 5). Remember, economics is a cumulative discipline. Understanding each chapter of the text is predicated on understanding of all prior chapters. Step #5 Repeat. 6

7 Readings/Course Schedule: We will follow the textbook closely and will cover approximately one chapter a week. Some information may not be found in the text that is covered in the course, it is the student s responsibility to be aware of what these topics are and have knowledge of what was covered in the course. These may include discussion topics, class assignments, etc. Week Description of Assignments Week 1: Chapters 1,2 1 Time Estimate (Hours) Reading & Prep Chapter Reading & Prep Chapter Points Due by 11:00pm on Assignments Chapters 1 & /17 Week 2: Chapter 3 2 Reading & Prep Chapter Assignment Chapter /24 Week 3: Chapter 4 3 Reading & Prep Chapter Assignment Chapter /31 Week 4: Chapter 5 4 Reading & Prep Chapter Assignment Chapter /7 Week 5: Chapter 6 Reading & Prep Chapter Assignment Chapter /14 Week 6: Chapter 7 Reading & Prep Chapter Assignment Chapter /21 Week 7: Chapter 8 7 Reading & Prep Chapter Assignment Chapter /28 7

8 Week Description of Assignments Time Estimate (Hours) Points Due by 11:00pm on Week 8: MIDTERM EXAM 8 Catch up Review and Prepare for Midterm 5-10 Midterm Exam /7 Week 9: SPRING BREAK 9 ENJOY! But maybe do some review Week 10: Chapter 10 Reading & Prep Chapter Assignment Chapter /21 10 Week 11: Chapter 11 Reading & Prep Chapter Assignment Chapter /28 11 Week 12:Chapter 12 Reading & Prep Chapter Assignment Chapter /4 Week 13:Chapter 13 Reading & Prep Chapter Assignment Chapter /11 Week 14:Chapter 14 Reading & Prep Chapter Assignment Chapter /18 14 START STUDYING FOR FINAL 8

9 Week Description of Assignments Week 15: Chapter 15,16 & Time Estimate (Hours) Reading & Prep Chapter 15,16 & Points Due by 11:00pm on Assignment Chapter 15,16 & /25 Problem Solving Assignment 1-2 Week 16:FINAL EXAM: Review & Catch Up 16 Review all material 10+ Cumulative Final Exam /2 9

10 How to access your Aplia course Instructor: Curtis R Price Start Date: 01/13/2014 Course Key: 9H38-EWYQ-MQED Econ208 ONLINE Spring 2014 Registration Aplia is part of CengageBrain, which allows you to sign in to a single site to access your Cengage materials and courses. 1. Connect to 2. If you already have an account, sign in. From your Dashboard, enter your course key (9H38-EWYQ-MQED) in the box provided, and click the Register button. If you don't have an account, click the Create a New Account button, and enter your course key when prompted: 9H38-EWYQ-MQED. Continue to follow the onscreen instructions. Payment Online: After registering, you can buy access to Aplia from myhome.cengagebrain.com. Bookstore: Purchase access to Aplia from your bookstore. Check with the bookstore to find out what they offer for your course. If you choose to pay later, you can use Aplia without paying until 11:59 PM on 02/02/2014. After paying, you will have the option to purchase a physical book at a discounted price. For more information on registering for Aplia, please visit 10

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