Course Syllabus ECON 2020 - Introduction to Microeconomics Spring Semester, 2017 3.0 Credit Hours (Last updated 1/12/17) Instructor: Garry L. Carroll, M.A. Ed. Phone1: 731-989-1641 voice or text E-mail: glcrroll@memphis.edu E-mail2: garry@garrycarroll.com Office Hours: are normally 30 minutes prior to class each Tuesday, as this is a hybrid class combining both online and in-class instruction, the standard means for communicating with the instructor is in person before or after class or via course email throughout the semester. Course Overview: ECON 2020 - Intro to Microeconomics (3) Operation of the market economy at the individual and firm level; supply and demand analysis, consumer behavior, behavior of firms in both competitive and monopoly environments, income distribution theory, and effects of government intervention in the market economy. [G] Pre-Requisites/Co-Requisites: There are no course pre-requisites to enrolling in this course. However, the student should have a good grasp of basic mathematics and applied writing skills. In general, it is assumed that all students who are registering for Fogelman College classes have successfully completed any pre-requisites or are enrolled currently in any co-requisites associated with this course. Required Texts (and Related Materials): Principles of Economics, 6th Edition Author: N. Gregory Mankiw Published by: South Western/Cengage Learning ISBN: 978-0-538-45305-9 or 0-538-45305-2 Recommended Texts (and Related Materials): It is recommended (but not required) that students have access to at least one periodical that includes business news (Commercial Appeal, Wall Street Journal, Bloomberg, etc.) Location of Course Materials: This is a hybrid class which means a combination of classroom time and online course time is required. Many course materials (discussion topics, news, assignments, etc.) are located on the ecourseware website. Course Objectives : 1. The student should be able to define scarcity, opportunity costs, demonstrate how they affect economic decisions, and identify those costs in a given economic decision. 2. The student should be able to explain and apply marginal benefits and marginal costs to determine optimal economic decisions for both consumers and firms, and relate them to the Benefit-Cost Principle. 3. The student should be able to explain how markets allocate scarce resources via the interaction of supply and demand; how supply and demand are represented by supply curves p. 1
and demand curves, respectively; and what factors cause supply or demand to change. 4. The student should be able to explain how the interaction of supply and demand can create shortages and surpluses, and how this can cause price and quantity to change. 5. The student should be able to describe effects of government policies like taxes, subsidies, and/or price controls on prices and output, and define deadweight loss in this context. 6. The student should be able to define elasticity for different variables in the demand or supply function (e.g. own, cross, income, etc.), and should be able to describe the effect of a given elasticity on economic outcomes (e.g., revenues, tax burden, policy choices, etc.). 7. The student should be able to discuss how marginal cost helps determine the overall level of output produced within a market, and how much each individual firm produces. Using variable cost, fixed cost, and total costs, the student should be able to discuss other aspects of production, such as the level of economic profit, the decision to shut down or stay in business, and how these costs vary in the short run and long run. 8. The student should be able to identify how competition affects market outcomes, such as economic profit, the level of output, and price mark-ups, and how different types of markets have different such outcomes based on their level of competition. Fogelman College: Learning Outcomes for Your Degree This course is designed to help you to meet the overall learning objectives for the BBA degree offered by the Fogelman College. You should take the time to become familiar with the overall learning objectives as a student in the BBA program: http://www.fcbeassessment.net/learningoutcomes/bbadegreelearningoutcomes.pdf Course Methodology This is a hybrid class which means a combination of classroom time and online course time. Much of the learning will be self-managed and self-paced. This has the benefit of accommodating each student s unique schedule and learning style. All assignments will be done fully online following classroom lectures and instruction. Professor s Expectations of Students: In general, you should assist the instructor in creating a positive, supportive environment for learning by staying engaged in the course and actively participating in all online and classroom discussions. Student's Expectations of the Professor: In my role as your instructor, there are certain things you can expect from me including: well-organized and engaging learning experience, response to emails within two (2) business days, and feedback on all work submitted within 7-10 calendar days. Grading and Evaluation Criteria Over the semester, you will have a variety of opportunities to earn points towards your final (overall) letter grade in this course. This section of the syllabus describes the assessed work you will be doing and how overall (final) letter grades will be computed. p. 2
Final Course Grades Final course grades are earned according to the following table: Grading Scale: Points: A+ = 97% to 100% 873-900 A = 94% to 96% 846-872 A- = 90% to 93% 810-845 B+ = 87% to 89% 783-809 B = 84% 86% 756-782 B- = 80% to 83% 720-755 C+ = 77% to 79% 693-719 C = 74% 76% 666-692 C- = 70% to 73% 630-665 D+ 67% to 69% 603-629 D = 64% 66% 576-602 D- 60% to 63% 540-575 F = Below 60% Below 540 Your overall grade for the semester is based on how well you perform on a combination of formal activities including discussion boards, quizzes, unit assignments, and exams. A detailed description of each of the assessed activities can be found after the scoring summary table below. Summary of Graded Activities Points earned on the assessed activities will be distributed as follows: Deliverable Discussion Board (7 @ 28pts each) +5 based on punctual response Total Points 201 On-line Quizzes (3@ 33 ) 99 Unit Assignments (4 @ 50pts) 200 Exams (3@ 100pts) 300 Comprehensive Final Exam 100 p. 3
Total 900 pts p. 4
Course Topics: Topics to be covered and Referenced Text Material: UNITS Title Referenced Textbook Chapters Learning Objective Addressed UNIT 1 Topic 1 Intro to Econ / Key Principles Chapters 1 and 2 Topic 2 Choice, Opportunity Cost and Specialization Chapter 3 Topic 3 Demand and Supply Chapter 4 Topic 4 Elasticity and Its Application Chapter 5 Topic 5 Supply, Demand and Government Policies Chapter 6 Unit 2 Topic 6 Consumers, Producers, and the Efficiency Chapter 7 Of Markets Topic 7 The Costs of Taxtion Chapter 8 Topic 8 International Trade Chapter 9 Topic 9 Externalities Chapter 10 Topic 10 Public Goods and Common Resources Chapter 11 Topic 11 The Design of the Tax System Chapter 12 UNIT 3 Topic 12 The Costs of Production Chapter 13 Topic 13 Firms in Competitive Markets Chapter 14 Monopoly Chapter 15 Monopolistic Competition Chapter 16 Oligopoly Chapter 17 Unit 4 Markets for the Factors of Production Chapter 18 Earnings and Discrimination Chapter 19 Theory of Consumer Choice Chapter 21 Frontiers of Microeconomics Chapter 22 p. 5
Course Methods: 1. Lecture (classroom) 2. Discussion (classroom & on-line) 3. Videos (on-line) 4. Unit Assignment Questions & Problems (on-line) 5. Discussion Board (on-line) 6. Exams (classroom) Schedule of Activities For a complete semester schedule of readings, activities, and due dates for assignments, please refer to the Semester Calendar that can be found in the online course area under Getting Started. Final Exam Schedule The final exam for this class will be scheduled according to the Registrar s academic calendar website. Course Policies E-MAIL: All students are required to maintain and access their University of Memphis (@memphis.edu) email account. You will receive all official course correspondence at this email account. Any inability to receive incoming mail in a timely fashion (e.g., not regularly checking your email, having a full mailbox condition, etc.) is the student s responsibility. Attendance: You are expected to stay active and engaged throughout the academic term and keep up with the schedule of activities. Your full engagement in the class begins on the first day of the semester and should be maintained until the last assignment is submitted. For students receiving federal student loans, any lack of engagement in the course may be treated as non-attendance and potentially impact access to student loans in the future. The class objective is to not only advise you of the course material you will need to be successful in the "real" business world, but to aid you in developing good work ethics as well. One of the main areas of concern for companies today is how to encourage good attendance and punctuality. Attendance in this course is not mandatory but highly encouraged since it has been found that consistent class attendance highly aids in the success and retention of the class material! Taking detailed notes and participating in discussions and activities is also encouraged because the student is held accountable for information provided in class as well as the text. If a student portrays a "good work ethic" by having perfect attendance, two (2) additional points will be added to the final course grade. Students missing more than three (3) classes without instructor's prior approval may fail the class. Adding / Dropping: If you have questions about adding or dropping classes, please refer to this page on the Registrar s website. Academic Integrity: The University of Memphis has clear codes regarding cheating and classroom misconduct. If interested, you may refer to the Student Handbook section on academic misconduct for a discussion of these codes. Note that using a Solutions Manual is considered cheating. Should your professor have evidence that using a Solutions Manual has occurred, he/she may take steps as described on the campus Office of Student Conduct website. If you have any questions about academic integrity or plagiarism, you are strongly encouraged to review the Fogelman College's Website on Academic Integrity. p. 6
Participation: To be successful in this course as a student, you must stay active and involved throughout the entire semester. Students are expected participate in all interactive aspects of the course. You should also regularly communicate with the instructor as part of your overall learning experience, check into the course frequently for announcements (usually on the course home page), and actively participate in threaded discussion events (both formal and informal). You should plan on logging into the course at least three times each week. Classroom or Online Behavior: All participants in the course should be considerate of the other course participants and treat them (as well as their opinions) with respect. The class will operate under the assumption that any and all feedback offered is positive in nature and that the intentions of the person(s) providing feedback are strictly honorable. Insensitivity in this area will not be tolerated. If you have any questions about online communication, you should review the Fogelman College's Netiquette website. Late Assignments: Assignments and projects may be submitted anytime up to and including the date due. Please review all information in this syllabus and related Course Activity Summary / Schedule for all due dates for formally assessed work. If your work is not submitted on time, the instructor reserves the option to deduct up to 20% of the grade value for tardiness depending upon the circumstances and appropriate communication between the student and the instructor. Any assigned Quiz or Exam missed may be taken the last week of class. Extra Credit: There is no extra credit offered in this course. Your final grade will be computed based on your work on the formal/assessed activities previously described in this syllabus. You should make every effort to submit all assignments on time. When that is not possible your advanced communicate with the instructor could be beneficial. Reporting Illness or Absence: Due dates and deadlines have been established for each graded assignment. In this course, deadlines are taken very seriously. Please do not wait until the last day to submit assignments or to take quizzes and exams. If an emergency should arise, it is the student s responsibility to contact the instructor prior to the deadline to discuss the matter. A deadline extension will be considered only if all of the following conditions are met: (1) Extreme emergency and (2) Instructor contacted prior to the due date. Inclement Weather: In the event that inclement weather requires the cancellation of classes at The University of Memphis, local radio and television media will be immediately notified. Additionally, The University of Memphis has established an Inclement Weather Hotline at 678-0888 as well as TigerText, an emergency alert text messaging service to students, faculty and staff. This optional service is used in the event of an on-campus emergency, an unscheduled university closing, or a delay or cancellation of classes due to, for instance, inclement weather. Click Here for information on TigerText. Syllabus Changes: The instructor reserves the right to make changes as necessary to this syllabus. If changes are necessitated during the term of the course, the instructor will immediately notify students of such changes both by individual email communication through e-courseware and posting both notification and nature of change(s) on the course bulletin board. Student Services Please access the FCBE Student Services page for information about: Students with Disabilities Tutoring and other Academic Assistance Advising Services for Fogelman Students Technical Assistance p. 7
DISCUSSION BOARD - Each Discussion 28 points Each Discussion is worth 28 points from the rubric for a total of 196 points. Prompt participation was worth 28 in the rubric. Prompt participation will be worth five (5) additional points for a total of 201 points if all seven discussions receive the four points for early posts and replies. You must make your original post before you may reply to another student's post. It is acceptable to make an additional post if you think of something after you make your original post. You are encouraged to take advantage of the early post and reply points. If you make your original post before 11:59 p.m. on Thurs. and your first reply before 11:59 p.m. Sat. the opening week of the discussion, you will receive two points for each. It is preferred that your posts and replies are made on different days to allow time for review and the formation of your thoughts. All deadline times are 11:59 p.m. (one minute before midnight). No participation in a discussion board activity will result in a zero for that activity. The Discussion Board will be graded according to the following rubric: Criteria 4 3 2 1 Critical Thinking rich in content full of thought, insight, and analysis substantial information thought, insight, and analysis has taken place generally competent information is thin and commonplace rudimentary and superficial no analysis or insight is displayed Connections Clear connections to previous or current to real-life situations new ideas or connections lack depth and/or detail limited, if any connections vague generalities no connections are made off topic Uniqueness new ideas made with depth and detail new ideas lack depth and/or detail few, if any new ideas rehash or summarize other postings no new ideas I agree statement with Stylistics Few grammatical or stylistic errors Several grammatical or stylistic errors Obvious grammatical or stylistic errors Obvious grammatical or stylistic errors Errors interfere with content Makes understanding difficult Activity Read min. 6 original posts Read min. 5 original posts Read min. 4 original posts Read min. 3 original posts Replies Replied to min. 4 Replied to min. 3 Replied to min. 2 Replied to min. 1 Classmates classmates classmates Classmates p. 8
Discussion 1- Opens 7:30 p.m. Jan. 17, early post due by Jan. 19, early reply due by Jan. 21, Deadline is Jan. 22. Tell me and your classmates about yourself. Are you a full-time or part-time student? Do you have a job? How much and where do you work? Why are you taking this class? Where do you see yourself in ten years? What can I do to help you get there? How can I help you be a better student? What is your major? When do you plan to graduate? Is there anything else that you think I should know about you? No one is obligated to divulge any personal information about themselves they feel is too personal. I have told you about myself, now it is your turn. This is simply an exercise to become acquainted with the Discussion Board and each other. Discussion 2- Opens 7:30 p.m. Jan 24 early post due by Jan. 26, early reply due by Jan. 28, Deadline is Feb. 5. Read the Ten Principles again and choose one to discuss in detail. Which one do you think might be the most important and why? Justify your answer. You must make your original post before you can reply to another classmate's post. You should reply to other classmates posts between Jan. 24 and 11:59p.m. Feb. 5, preferably on two different days. Discussion 3- Opens 7:30 p.m. Feb. 7 early post due by Feb.9, early reply due by Feb.11, Deadline is Feb. 19. In your opinion should the United States trade with other countries when so many Americans are unemployed? Why or why not? Using your text and any other authenticated sources justify your answer with as much factual information as possible. Discussion 4- Opens 7:30 p.m. Feb. 21 early post due by Feb.23, early reply due by Feb.25, Deadline is Mar. 5. Page 20, #13. In 2010, President Barack Obama and Congress enacted a Healthcare reform bill in the United States. Two goals of the bill were to provide more Americans with health insurance (via subsidies for lower-income households financed by taxes on higher-income households) and to reduce the cost of healthcare (via various reforms in how healthcare is provided). Now, the new Congress has pledged to repeal the Healthcare Act. Please separate politics and personal opinions from Economics. a. How do these goals relate to equality and efficiency? b. Is Healthcare reform a sound Economic policy? Why or why not? c. Can the Healthcare Act be improved? If so, how? Please answer all three parts and justify your response. Document any sources of support for your statements. Discussion 5- Opens 7:30 p.m. Mar.14, early post due Mar 16, early reply due Mar. 18, closes Mar. 26. Review the following two links: 1) http://idebate.org/debatabase/debates/international/africa/house-believes-tanzania%e2%80%99staxation-mobile-phones-good-model 2) http://www.ibtimes.com/tanzanias-controversial-mobile-phone-tax-could-grow-revenues-expensepoor-1347125 Read the previous links and discuss the Pros and Cons of charging a tax on cell phones in the United States. Would this be a reasonable way to generate additional tax revenue for the United States? Discussion 6- Opens 7:30 p.m. Mar. 28, early post by Mar. 30, early reply by April 1, closes Apr. 9. Page 254 #5 Some states exclude necessities, such as food and clothing, from their sales tax. Other states p. 9
do not. Discuss the merits of this exclusion. Consider both efficiency and equity. Remember justify your response. Discussion 7- Opens 7:30p.m.Apr. 11, early post due Apr. 13, early reply due by Apr. 15, closes Apr. 23. When thinking about the four types of market structures, Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly; do you think the government should exercise the anti-trust laws? Are the consumers treated fairly with Anti-trust legislation? Justify your response with facts not opinions. Opinions may be stated but not as a source of justification. Please justify your opinions. UNIT ASSIGNMENTS Each worth a maximum of 50 points (Subject to change) Questions for Review / Problems and Applications: There is no length requirement answers should be succinct and with enough content that your knowledge of the material is proven. Answers must be submitted in the DROP BOX via e-learn before 11:59 p.m. the date due listed below (Sun. night prior to Exam). If the assignment is submitted late you automatically lose 10 points. UNIT Assignment #1 due February 19th Questions for Review- Assignment 1: Chapter 1- Pages 18-19 - #1 thru 10 Chapter 2- Page 38 - #1, 2, 4, 5, 8, 9, and 10 Chapter 3 Page 60 - #1 thru 7 Chapter 4 Pages 85-86 - #1 thru 8 Chapter 5 Pages 107-108 #1 thru 4 and #7 #9, and #11 Chapter 6 Page 128 - #1, 2, 3, and 4 Problems and Applications Questions: Chapter 1- Pages 19-20 - #3, #9, and #12 Chapter 2- Page 39 - #4 and #6 Chapter 3 Page 61 - #3 Chapter 4 Pages 86-87 - #1 and 10 Chapter 5 Pages 108 - #1 and #4 Chapter 6 Page 129 - #3 UNIT Assignment #2 due March 26th Questions for Review- Assignment 2: Chapter 7 page 152 #1, 2, 4, 5, and 6 Chapter 8 page 167 - # 3, 4, and 5 Chapter 9 page 189 - #1, 2, 4, 5, and 6 Chapter 10 page 214 - #1, 5 Chapter 11 page 230 - #1, 2, 3, and 4 Chapter 12 page 253 - #3, 5, and 7 Problems and Applications Questions: Chapter 7 page 152 - #2 Chapter 8 page 168 - #2 Chapter 9 page 191 - #5 Chapter 10 page 214 - #1 Chapter 11 page 231 - #7 Chapter 12 page 254 -#5 p. 10
UNIT Assignment #3 due April 16th Questions for Review- Assignment 3: Chapter 13 page 275 - #1, 2, 3, 5, 7, and 8 Chapter 14 page 296 - #1 thru 8 Chapter 15 page 325 - #1, 2, 3, 6, 7, and 8 Chapter 16 page 346 - #1, 4, 5, 6, and 7 Chapter 17 page 368 - #1, thru 8 Problems and Applications Questions: Chapter 13 page 275 - #1 Chapter 14 page 296 - #2, and 3 Chapter 15 page 327 - #7 Chapter 16 page 346 - #1, 2, and 3 Chapter 17 page 369 - #1 UNIT Assignment #4 due April 30th Questions for Review- Assignment 4: Chapter 18 Page 394 - #1, 4, and 5 Chapter 19 Page 412 - #1, 2, 3, and 5 Chapter 21 Page 462 #1 and #2 Chapter 22 page 486 - #1,2,3,5, and 6 Problems and Applications Questions: Chapter 19 Page 413 - # 1 and #8 p. 11