Los Angeles Harbor College Economics 1 Fall 2012 Section 3525, Thursdays 6:45pm 9:55pm,

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1 Los Angeles Harbor College Economics 1 Fall 2012 Section 3525, Thursdays 6:45pm 9:55pm, Room NEA-121 Instructor: Michael Fradkin michael.fradkin@hotmail.com; please include LAHC Econ-1 in the subject line when ing me. Voic (310) x4891 (please repeat your name and callback number twice, clearly and slowly when leaving me a message). Office Hours: Location - NEA-174 Time: 6:15-6:50 on Tuesdays 6:05-6:40 on Thursdays Important Dates (as it relates to this class): Last day to add by permit: September 6, 2012 Students not registered for the class will not be permitted in the classroom after September 6, 2012 Last day to drop without a "W": September 6, 2012 (in person) September 9, 2012 (online SIS) Last to drop for full refund: September 10, 2012 Last day to drop with a "W": November 15, 2012 (in person) November 18, 2012 (online SIS) Thanksgiving (College closed): November 22, 2012 Final exam (7:45pm -9:45pm): December 13, 2012 (subject to change) Please refer to Admissions and Records office for other important dates. Please be advised that even though it is your responsibility to drop the class, you may be withdrawn from the class by instructor if you do not attend first class meeting. Textbook: Required: Economics, by McConnell, Brue, Flynn, 19th Edition. McGraw-Hill ISBN(MHID): Optional: Study Guide for Economics, 19th Edition ISBN(MHID): Course Description: This course is an introduction to the principles of economic analysis and economic policy. Emphasis is placed on the micro, or price and market approach, with special emphasis on the allocation of resources and the distribution of income through the price system. Recommended prerequisite: Economics 2 should be taken before Economics 1. Eligibility for English 101, or eligibility for and concurrent in English 28. Calculus is highly recommended for Economic students. Student Learning Outcomes: 1. Examine the nature of the microeconomic principles of economic analysis 2. Explain resource allocation and price 3. Apply the principles and methods of economic analysis (marginal analysis to real world problems) 4. Describe and examine the characteristics and nature of American capitalism

2 5. Develop an understanding of demand and supply as a tool to examine markets and apply this tool to real world problems associated with price controls, externalities, agriculture, labor market, etc. 6. Recognize the nature of production functions - the relationship between production and the cost of production in both the short run and long run. 7. Describe the theory of the firm with regard to price, output, and the hiring of a factor of production 8. Compare and contrast the following market structures: pure competition, pure monopoly, monopolistic competition, and oligopoly both theoretically as well as in a historical sense 9. Recognize the role and impact of government on price and resource allocation via regulatory institution, the courts, and court cases Attendance and Participation: Attendance is CRUCIAL to your success. Attendance will be taken each class meeting. Being late or leaving class early without permission will count as ½ of absent time. Two absences or four times of being late (or leaving early) constitutes a basis for dropping from the class or may adversely affect your final grade. I may, but don't have to drop you; it is always the student s responsibility to drop the class. Please obtain contact information of at least two classmates to get information on class materials in case you missed the class. You are expected to actively participate in class, including answering questions and working problems at the board. Homework: Quizzes: Tests: Final Exam: All homework is due at the beginning of the class - before lecture starts; no late homework will be accepted. If you anticipate being late for the class you may me your homework. If it is in my inbox before class start time it will be accepted. Typed homework is preferable and receives a higher grade (one extra point up to a maximum grade for the assignment). Please PRINT your name and Econ-1 LAHC on all turned-in homework assignments. Questions similar to homework assignments will be on tests; by doing your homework you get double benefit: grade credit and preparation for the test. There will be no graded quizzes in this class. There will be two midterm tests. The dates of the tests are listed in the weekly course plan. There will be NO make-up tests for any reason, other than verified medical necessity or other matter of high importance. If you miss the test, it is given a score of zero; permission must be granted prior to taking a make-up test. Final is semi-comprehensive and mandatory. You have to take final exam to receive a passing grade for the course. The final exam will be given on Thursday, December 13 (7:45pm-9:45pm) date and time are subject to change. Grading Policy: Homework: 50 points 25% of final grade (10 points per HW, only five highest HW assignments counts) Midterm Tests: 100 points 50% of final grade (50 points per test) Final Exam: 50 points 25% of final grade Total: 200 points

3 Grade Scale: A points B points C points D points F 120 points Cell Phones and Electronic Devices: "As approved by the Associated Student Organization and by the Academic Senate, all cell phones and electronic sound-emitting devices shall be turned off at all times during classes. Cell phones and pagers put on vibrate are acceptable, headsets are not". Students using electronics devices or disrupting the class will receive no attendance credit for the day and/or may be asked to leave. If you are found using a phone during a test I reserve the right to deduct points up to the full value of the exam. Class Policies: Weekly Calendar: 1. College makes every effort to create free and encouraging learning environment for students, but we need your support to achieve our mutual goals. Please read LACCD's Standards of Student Conduct published in the College's catalog. Those rules outline students' expected behavior on campus and are strictly enforced. 2. No recording devices are allowed in the classroom. 3. No food or beverages are allowed in the classroom. 4. No plagiarism or any other form of academic dishonesty will be tolerated in this class. If you are caught cheating on any assignment, including homework, your grade will be severely affected and other unpleasant repercussions will follow. The event will be reported to the Department Chair for disciplinary action. Class suspension or expulsion from college will not make your life any easier. 5. It is expected that students will demonstrate respectful in-class behavior and will not interfere with class activities in any way. No talking in the class. No walking in the classroom during the class session. Please be mindful to your classmates before making a comment during class discussions. UNIT I Week 1 Thursday August 30, Ch1 p3-11 and Appendix Graphs: building and reading, math review. Nature of Economics, methods of studying, economic branches. Models. Scarcity, opportunity cost, economizing problem, ceteris paribus, positive and normative statements. Economic resources: land, labor, capital and entrepreneurship. Week 2 Thursday September 6, 2012 Ch1 p11-18, Ch37 p Production Possibility Curve, economic growth. Absolute advantage vs. comparative advantage. Gains of international trade. Week 3 Thursday September 13, 2012 Ch2 HW1 Due Economic systems: market and command. Fundamental questions: what to produce, how to produce, who gets products Rationality assumption, unlimited wants. Invisible hand. Circular flow model.

4 Week 4 Thursday September 20, 2012 Ch3 and Appendix HW2 Due Building Demand and Supply curves. Law of Demand, changes in demand vs. quantity demanded. Law of Supply, changes in supply vs. quantity supplied. Market equilibrium, changes in demand and supply, price floor and price ceiling. Week 5 Thursday September 27, 2012 Ch5 HW3 Due Water and Diamonds Paradox. Consumer and producer surpluses. Effect of sales tax. Efficiency (deadweight) losses. Public goods vs. private goods. Externalities. Week 6 Thursday October 4, 2012 Midterm Unit I UNIT II Week 7 Thursday October 11, 2012 Ch4 Price elasticity of demand, elastic demand, inelastic demand, elasticity and total revenue, applications of price elasticity. Price elasticity of supply, cross and income elasticity of demand. Week 8 Thursday October 18, 2012 Ch6 and Appendix HW4 Due Concept of utility, concept of marginal analysis, total utility and marginal utility, law of diminishing marginal utility. Theory of consumer behavior: choice and budget constraint. Utility maximization and demand curve. Diamond-Water paradox revisited. Indifference curve and map. Prospect theory. Week 9 Thursday October 25, 2012 Ch7 HW5 Due Economic profit vs. accounting profit. Isoquants and isocost curves. Law of diminishing returns, marginal vs. total vs. average product. Fixed vs. variable vs. total costs. Per-unit (average) costs, marginal costs. Cost curves. Short-run vs. long-run cost curves. Economies and diseconomies of scale. Week 10 Thursday November 1, 2012 Midterm Unit II UNIT III Week 11 Thursday November 8, 2012 Ch8, Ch9 p Market models. Pure (perfect) competition, characteristics. Profit maximization in the shortrun, marginal analysis. Pure competition in the long-run. Invisible hand revisited.

5 Week 12 Thursday November 15, 2012 Ch10 HW6 Due Pure monopoly, characteristics. Price determination, economic effects of monopoly. Natural monopoly. Week 13 Thursday November 22, 2012 Thanksgiving: No class Week 14 Thursday November 29, 2012 Ch11 HW7 Due Monopolistic competition: price and output. Oligopoly: game theory and prisoners dilemma. Effects of advertising. Week 15 Thursday December 6, 2012 Ch12 p , Ch13 Labor demand, derived demand for labor, market demand curve, labor market equilibrium. Labor outsourcing, labor unions, economic effects of labor unions. Minimum wage controversy. Review for final exam. Week 16 Thursday December 13, 2012 Final Exam (7:45PM-9:45PM) Standards of Student Conduct A student enrolling in one of the Los Angeles Community Colleges may rightfully expect that the faculty and administrators will maintain an environment in which there is freedom to learn. This requires that there be appropriate conditions and opportunities in the classroom and on the campus. As members of the College Community, students should be encouraged to develop the capacity for critical judgment; to engage in sustained and independent search for truth; and to exercise their rights to free inquiry and free speech in a responsible, non-violent manner. Students shall respect and obey civil and criminal law, and shall be subject to legal penalties for violation of laws of the city, county, state, and nation. Student conduct in all of the Los Angeles Community Colleges must conform to District and College rules and regulations. Violations of such rules and regulations, for which students are subject to disciplinary action, include, but are not limited to the following: Board Rule Willful disobedience to directions of College officials acting in the performance of their duties. Board Rule Violation of College rules and regulations including those concerning student organizations, the use of College facilities, or the t me, place, and manner of public expression or distribution of materials. Board Rule Dishonesty, such as cheating, or knowingly furnishing false information to the Colleges. Board Rule Unauthorized entry to or use of the College facilities. Board Rule Forgery, alteration, or misuse of College documents, records or identification. Board Rule Obstruction or disruption of classes, administration, disciplinary procedures or authorized College activities. Board Rule Theft of or damage to property belonging to the College, a member of the College Community or a campus visitor. Board Rule The malicious or willful disturbance of the peace or quiet of any of the Los Angeles Community Colleges by loud or unusual noise or any threat, challenge to fight, fight, or violation of any rules of conduct as set forth in this Article. Any person whose conduct violates this section shall be considered to have interfered with the peaceful conduct of the activities of the college where such acts are committed. Board Rule Assault or battery, abuse, or any threat of force or violence directed toward any member of the College Community or campus visitor engaged in authorized activities.

6 Los Angeles Harbor College Academic Senate Plagiarism Policy The following is a general campus policy and more specific examples may be devised by discipline. This policy is based on the following resources: Harris, R. (2001). The Plagiarism Handbook: Strategies for Preventing, Detecting, and Dealing with Plagiarism. Los Angeles, CA: Pyrczak Publishing. The Standards of Student Conduct in the Los Angeles Harbor College Catalog includes Board Rule which states, "dishonesty, such as cheating, or knowingly furnishing false information to the Colleges" shall be subject to disciplinary action. Definition: Plagiarism is a student's failure to distinguish his or her own words and ideas from those of a source the student has consulted. Ideas derived from another, whether presented as exact words, a paraphrase, a summary or quoted phrase, must always be appropriately referenced to the source, whether the source is printed, electronic, or spoken. Whenever exact words are used, quotation marks or an indented block indicator of a quotation must be used, together with the proper citation in a style required by the professor. Usually, three or more words in a row copied from a source without a citation constitutes plagiarism. Examples: Ex. 1. Common knowledge -- John Kennedy was assassinated in 1963 does not require a source, for example. (If a source is used, cite it.) Ex. 2. If you have a question about whether it is plagiarism, be sure to include the quotation marks and citation information. Penalty: The penalty process is decided by the instructor and departmental policies with the following suggested progressive discipline guidelines: warning, rewrite assignment, zero points on assignment, or Administrative discipline. Appeals: Appeals should be directed to the Division Chair for further action as required by due process.