SACRAMENTO STATE UNIVERSITY Department of Economics Fall 2012 ECON 1B: INTRODUCTION TO MICROECONOMIC ANALYSIS Professor: Terri Sexton Office: 3018 Tahoe Hall Phone: (916) 278-6484 Office Hours: T&Th. 2:30 4:00 E-mail: sextont@csus.edu TA: E-mail: Christine Ulrich clulrich5@gmail.com Course Introductory microeconomic analysis of the workings of supply Description and demand in the determination of price, resource allocation, and distribution. Markets are analyzed as they affect economic efficiency and income distribution. Learning Objectives An economy can be thought of as a mechanism that allocates scarce resources among competing uses. In this course we will explore the workings of a market-based economy. In particular, we will examine how a system of markets answers the basic economic questions: 1. What goods and services will be produced? 2. How will these goods and services be produced? 3. For whom will these goods and services be produced? In order to answer these questions, we will need to take an in-depth look at how markets operate. We will study the behavior of individual buyers and sellers (this is where the micro in microeconomics comes from) in specific markets and how their interaction determines the quantity of a product sold and its selling price. Required Background No previous coursework in economics is required. You need not have completed Econ 1A: Introduction to Macroeconomic Analysis prior to taking this course. However, some elementary mathematical skills are necessary. In particular, the ability to make and use graphs is as important as the ability to read and write. Please refer to the Appendix to Chapter 1(Graphs and Their Meaning; pp. 22-26) for a review of the graphical tools we will be using.
Econ 1B, Fall 2012 2 Sexton SacCT On the SacCT page for this course you will find several tools to help you throughout the semester including lecture notes, worksheets, and practice test questions. In addition there will be 9 weekly quizzes to be completed on SacCT. Textbook Microeconomics: Principles, Problems, and Policies by Campbell R. McConnell, Stanley L. Brue, and Sean M. Flynn, 19 th Edition, McGraw-Hill Irwin, 2012. Note: Earlier editions of this text will also suffice. Attendance Class attendance is expected but not regularly recorded. Past experience suggests a very high correlation between course grades and attendance. YOU ARE RESPONSIBLE for ALL material covered in lectures AND reading assignments. Lecture material will both complement and supplement the text. Some topics covered in the lectures are NOT in the text and vice versa. To encourage attendance, there will be several classes during which extra credit points can be earned for completing in-class exercises available only to those in attendance that day. Study Tools In this course, your single most important task is to stay current. Make certain that you fully understand each concept as it is presented. This course is like a math course in that everything builds on everything else; therefore you must master each major topic as it is presented. Do not hesitate to (1) ask questions in class and/or (2) visit me should you have any questions concerning the subject matter of the course. Worksheets and their solutions along with practice exam questions will be posted on our SacCT course page. The purpose of the worksheets is to test your understanding of the concepts, to prepare you for exams, and to identify potential difficulties as they arise. The worksheets will not be graded or count directly in the determination of your course grade.
Econ 1B, Fall 2012 3 Sexton Quizzes Quizzes will be posted in SacCT on Thursdays by 5:00 pm and they will be due the following Thursday at 8:00 am. Note that no late quizzes will be accepted as it is impossible to reopen after the due date without resetting the submissions of the entire class. There will be a total of 9 quizzes and each quiz will consist of 10 multiple choice questions on material covered in class that week. Exams Three midterm exams and an optional comprehensive final exam will assess student comprehension of the course material. Exams are scheduled on the following days: Midterm 1: Thursday, October 4 Midterm 2: Thursday, November 1 Midterm 3: Thursday, November 29 Exams cannot be rescheduled or made up except for documented medical emergencies or documented absences due to active military or jury duty. In all such cases, I need to be notified PRIOR to the scheduled exam so that appropriate arrangements can be made. If you miss a midterm exam, you will be required to substitute the comprehensive final for the missed exam. Exams will consist of multiple-choice and short-answer questions. You are responsible for bringing a Scantron Form (882-E) and a number 2 pencil to all exams. All exams are closed-book, closednote, closed cell-phone, etc. However, you may use a standard, non-programmable calculator. Grading Your course grade will be determined by the weighted average of your quiz and exam scores. The following weights will be used: Quizzes Exams: 25 percent each 25 percent total 75 percent total There will be a total of 9 quizzes but only the top 8 will be used to determine your quiz score in the class, your lowest score will be dropped. There will be a total of four exams (three midterms and the optional comprehensive final). If you take all four exams, your lowest score (on a percentage basis) will be dropped. If you miss a midterm exam the optional final will be used to substitute for the missed exam. The letter grade you receive in this course will be based on a grading scale to be determined by the class curve after Midterm 3 and all quizzes have been graded. This scale may or may not coincide with the standard 10-point scale (e.g., 90-100% is an A, 80-89% is a B, etc.). I will provide feedback throughout the semester on the class curve so that you can track your progress.
Econ 1B, Fall 2012 4 Sexton TA Section A supplemental credit / no credit one-unit course led by a Teaching Assistant (TA) is available for my sections of Econ 1B. It is strongly recommended, but not required, that you register for this course. Our TA this semester, Christine Ulrich, is a graduate student working toward her Masters Degree in Economics here at CSUS. In this supplemental section, Christine will review and clarify concepts from class, guide you through the worksheets, and help you prepare for quizzes and exams. The TA section is not just for students who are worried about failing the class. It s for any student who wants to improve their understanding of the course material, which will likely have a positive effect on all aspects of performance in the course. Miscellaneous Policies Students are expected to adhere to the University Student Code of Conduct outlined in the CSUS University Policy Manual http://www.csus.edu/umanual/academichonestypolicyandproced ures.htm Anyone caught cheating on an exam will receive a grade of F in the course and the incident will be reported to the office of student affairs. Please turn off all cell phones, pagers, or other communication devices during lectures and exams. As a courtesy to other students, please refrain from text messaging during class. Students with documented learning disabilities or special needs should contact me at least one week in advance of scheduled exams if arrangements through the Testing Center are required. The best way to contact me is via my CSUS email. Please use my email address sextont@csus.edu rather than the email service that is part of SacCT. The latter requires that I be logged into SacCT in order to reply.
Econ 1B, Fall 2012 5 Sexton TENTATIVE COURSE CALENDAR DATE TOPIC ASSIGNMENT Aug. 28 Introduction Chapters 1 & 2 Aug. 30, Sept. 4, 6 How are Prices Determined? Chapter 3 Sept. 11, 13, 18 Elasticity of Demand and Supply Chapter 4 Sept. 20, 25, 27, Oct. 2 Consumer Behavior Chapter 6 & Appendix Oct. 4 MIDTERM 1 Oct. 9, 11, 16, 18 The Behavior of Firms: Production & Costs Chapter 7 Oct. 23, 25, 30 Perfectly Competitive Markets Chapters 8 & 9 Nov. 1 MIDTERM 2 Nov. 6, 8, 13 Monopoly Chapter 10 Nov. 15 Imperfect Competition Chapter 11 Nov. 20, 22 Thanksgiving break: NO CLASS Nov. 27 Imperfect Competition-continued Chapter 11 Nov. 29 MIDTERM 3 Dec. 4, 6 Factor Markets Chapters 12 & 13 Dec. 11, 13 FINAL EXAM Section 7: Dec. 11 (12:45 2:45) Section 6: Dec. 13 (10:15-12:15) Comprehensive