COURSE SYLLABUS PRINCIPLES OF MICROECONOMICS Course: Principles of microeconomics ECON 2302-02 Instructor: Dr. Bruno R. Arthur Term: Fall 2016 face-to-face Email: bruno.arthur@utrgv.edu Course Start Date: August 29, 2016 Telephone: (956) 665-3368 Course End Date: December 15, 2016 Office: ECOBE 130-B Class Schedule and Location Section Day Time Room 2302-02 MW 9:25 am 10:40 am ECOBE 118 Office hours when the instructor is: Available to students in person: Monday & Wednesday from 1:30 pm to 2:30 pm Available to students electronically daily: through Blackboard & by email Besides the office hours, diligent effort will be made to meet in person by appointment under reasonable circumstance. Appointment may be made by email. Course Description ECON 2302 Principles of Microeconomics is an introductory course to the economic problem and the fundamentals of microeconomics. The course covers the following topics: analysis of the market system (including market failure), consumer demand, the firm's supply decision, product and resource markets, resource allocation and efficiency, and international linkages such as comparative advantage. Prerequisite ECON 2301 with a grade of 'C' or better. Prior to taking this course, students should have taken the introductory course to the economy as a whole, which covers the following topics: national income and output; unemployment; inflation; market forces and economic growth; international linkages (such as trade deficits); and economic, social, and political structures and institutions (such as fiscal and monetary policies, and the Federal Reserve System). Course objectives This course provides the opportunity to build general microeconomics taxonomy and to develop the students intuitions, critical thinking and problem solving skills. Page 1 of 11
The instructor s suggestion about How to study for this course The student must be familiar with the course characteristics and contents The course objectives, expectations, assignments, due dates, and calendar of activities are clearly listed in this syllabus, communicated in Blackboard, and communicated in class. The student must come assiduously to class and be prepared at every class meeting The instructor takes rolls. Excused absence must be communicated to the instructor through email. It is the duty of the absentee student to collect course materials and class notes from a classmate before next class meeting. Coming to class prepared means that the student completed the reading assignments from the textbook as listed in the course schedule. Your classmates and the instructor will notice quickly if you are coming to class unprepared and your standing and reputation suffer. Dedicate study time at home to learn each instruction activity content explained in class The instructor prepares and posts lecture notes on Blackboard. These lecture notes are summary of the instructional activity contents covered in class. Every student must review these class notes and the homework set answer key before taking the corresponding exam. The student must take notes and listen actively in class to register instruction contents and course information Pieces of course information are communicated through the syllabus, Blackboard announcements, and class announcements. It is the responsibility of absentee students to collect course information from a classmate. The instructor encourages and requires each student to take an active role in the student s own learning Each student is responsible for knowing all course mechanics such as due date. The instructor encourages students to maintain a binder for collecting the course materials of principles of microeconomics. The instructor encourages students to form a study group of 2 or 3 to discuss course materials and do the homework sets after school. The instructor is available either electronically or in person Come to the office hours or make an office hour appointment to ask specific questions about the materials covered in class if you were present in that course. Office hours are not for 1-to-1 tutoring. Therefore, absentee students are responsible for collecting course information from a classmate. Page 2 of 11
Course Materials Required Textbook Reading assignments, lectures, homework sets and exams are based on materials from the instructor and the textbook Microeconomics, 11th Edition, Arnold, Roger A. (c) 2014 ISBN-13:9781133189701 The chapter numbers listed in this syllabus are from this book. This is a required textbook. You may buy a used book. You do not need to buy the access code. If you already have any one of the following textbooks, it is sufficient as substitute. However, the instructor teaches from the required textbook. Students are responsible for checking chapter numbers, page numbers and other discrepancies: Economics, 11th Edition, Arnold, Roger A. (c) 2014 ISBN13: 978-1-133-18975-6 Economics, 10th Edition, Arnold, Roger A. (c) 2011 ISBN13: 978-0-538-45285-4 Microeconomics, 9th Edition, Arnold, Roger A. (c) 2010 ISBN-13: 978-0324785494 Microeconomics, 10th Edition, Arnold, Roger A. (c) 2011 ISBN-13: 9781111822941 Calculator Each student is responsible for bringing a calculator to exams. Using cell phones as calculators and sharing calculators during exams are not allowed. A student who fails to bring a calculator to an exam will have to work without one and may experience crunch time during the exam. SCANTRON forms For each of the 4 in-situ exams, students are required to provide a SCANTRON form 882-E that is to be filled with a HB 2 pencil. Course website and electronic communication Syllabus, class announcements, and course related information are communicated in class and/or posted on Blackboard (accessible from https://my.utrgv.edu). The University policy requires that all electronic communications must be via the official UTRGV supplied systems (Blackboard or email servers). Email communications for this course must include the course section ECON 2302-02 in the subject line. Students are expected to check Blackboard and email-box regularly. Technology issues are NOT valid excuses for missing assignments deadlines. Technical support Should technical issues arise, general assistance is available by contacting the Information Technology (IT) Helpdesk at (956) 665-2020, (956) 882-2020, ITservicedesk@utrgv.edu, or submitting a service request. For instructions on how to create an IT service request, please visit http://www.utrgv.edu/it/how-to/servicenow-create-it-service-request/index.htm. For Blackboard related issues, please contact the Center for Online Learning, Teaching and Technology (COLTT) Helpdesk at (956) 665-5327 or colthelp@utrgv.edu, or submit a helpdesk ticket at https://colttapps.utrgv.edu/helpme/. Page 3 of 11
Classroom decorum Students must not carry on excessive private conversations during class. Any talking and activities not related to the ongoing class meeting that is distracting to the instructor and classmates are considered excessive and unacceptable. Electronic communication devices must be turned off or put on silent mode. Use of cellular phone, including texting or taking pictures, is prohibited in class. Should a student need to take or make an emergency call, the student may do so (except during exams) outside the classroom. Students are expected to take handwritten notes and solve problems with paper and pencil. Students may use a computer that is not linked to the Internet to take notes in the classroom. Prior permission from the instructor is required for using a computer in class. Attendance policy This is NOT an online course. This course necessitates regular and assiduous class attendance. Taking this class is not less important than any other job. Attendance roll will be collected. Students are expected to attend all scheduled classes and may be dropped from the course for excessive absences. Students should make every effort to attend class, be punctual, and not leave before the end of the class period. Communicate with the instructor by email your eventual excuse of absence in a timely manner. UTRGV s attendance policy excuses students from attending class if they are participating in officially sponsored university activities, such as athletics; for observance of religious holy days; or for military service. At the beginning of the semester, students are encouraged to form a study group of 3. Should a student miss class, it is the student s responsibility to arrange with study group members to catch up with the covered materials. Emails and instructor s office hours are not meant to accommodate for missed classes but rather to clarify specific course topics questions you did not comprehend when you were in class. Emails and instructor s office hours are not meant to accommodate private tutoring as a remedy of excessive absence. Make yourself familiar with this attendance policy because it will be enforced. Robert C. Vackar College of Business and Entrepreneurship learning goals and mission The Robert C. Vackar College of Business and Entrepreneurship has adopted the following learning goals and objectives that each student should achieve while in the degree program. Not all goals and objectives are covered in each course; however, all goals and objectives should be addressed throughout the degree program. Page 4 of 11
Bachelor of Business Administration (BBA) learning goals Demonstrate foundational knowledge of functional area concepts and theories. Demonstrate effective business communication skills. Apply sustainable practices (economic, social and ethical, and environmental) to business decision-making. Demonstrate an understanding of how globalization, including conditions on the US-Mexico border, shape effective business decision making. Apply quantitative analytical skills to business decision-making. Demonstrate the ability to critically analyze business issues. This course contributes to the following College of Business and Entrepreneurship learning goals: Assessment method Homework sets, and exams Homework sets and exams Homework sets and exams Economics major learning objectives This course contributes to the following Department of Assessment method Economics and Finance learning objectives: Communication skills Analytical skills Homework sets and exams Global awareness Knowledge of economics Reading assignments, homework sets, and exams Our mission is to be the agent of innovation, knowledge discovery, and economic development in South Texas, Northern Mexico, and beyond, by offering a rigorous curriculum informed by experiential learning, high quality research, and community partnerships. Your mastery of these learning goals and objectives help us to achieve this mission. Page 5 of 11
Grading Do the good work and get the good grade! Assessment Maximum Points Percentage Your Points Homework set 1 50 5% Homework set 2 50 5% Homework set 3 50 5% Homework set 4 50 5% Exam 1 200 20% Exam 2 200 20% Exam 3 200 20% Comprehensive Exam 4 200 20% Extra-weight on TBD TBD homework set 4 Total 1000 points 100% Letter grades are assigned as follows A = 90% and above ( 900 points) B = 80% to 89.99% ( 800 points and < 900 points) C = 70% to 79.99% ( 700 points and < 800 points) D = 60% to 69.99% ( 600 points and < 700 points) F = below 60% (fewer than 600 points) Homework set 4 may be awarded an extra-weighted at the discretion of the instructor. This is the only possible source of extra credits. These possible extra credits may address border-line cases and/or curve. Score and grade are final 48-hour after the score or grade is communicated to students. Explanation of reading assignments, homework sets & exams objectives and expectations The course is organized in 4 Units of learning. The required textbook is the source of the reading assignments. Complete your reading assignments at home following the chapters per units listed in the calendar in the last two pages of this syllabus. You will be required to bring your textbook several times during the semester when we do in class readings and in class interactive learning. Each unit of learning is covered by several chapters, a homework set and an exam. Students are encouraged to discuss the homework assignments within their respective study group but each student must complete in his/her individual work to be graded. The homework sets are practice tools and study guides for exam contents and format. High (near perfect) score is expected on homework. Each of the four exams covers several chapters. Exam 4 is a Comprehensive Final Exam. Page 6 of 11
Any past due assignments (homework sets or exams) will not be graded and will be assigned a score of zero. Make-up policy There is no make-up for overdue homework sets and missed exams. In case, a student has a legitimate reason for missing an exam, prior arrangements must be done with the instructor. Verifiable official documentation, in which the reason of the absence must be explicit, should be provided before a version of the missed exam might be administered. How to take an active role in your own learning, to study effectively and to succeed? Start working on homework sets as chapter coverage progresses. The main purpose of homework sets is to help students understand the concepts, solve quantitative problems, and prepare for exams. The homework sets provide information about exam format and content. Students must show their arithmetic and algebraic works on the quantitative parts of the exams to get credit. The instructor may require any student to show their work on homework sets at any time. Learning in this course is derived primarily from readings, taking notes during class lectures, doing homework assignments, taking exams, and participating in class discussions. Students will benefit the most from this course if they complete their reading assignments, attend each class, organize notes and time evenly, do the homework sets, and keep up with current events in the fields of economics and finance. Students with disabilities If you have a documented disability (physical, psychological, learning, or other disability which affects your academic performance) and would like to receive academic accommodations, please inform your instructor and contact Student Accessibility Services to schedule an appointment to initiate services. It is recommended that you schedule an appointment with Student Accessibility Services before classes start. However, accommodations can be provided at any time. Brownsville Campus: Student Accessibility Services is located in Cortez Hall Room 129 and can be contacted by phone at (956) 882-7374 (Voice) or via email at accessibility@utrgv.edu. Edinburg Campus: Student Accessibility Services is located in 108 University Center and can be contacted by phone at (956) 665-7005 (Voice), (956) 665-3840 (Fax), or via email at accessibility@utrgv.edu. Mandatory course evaluation period Students are required to complete an ONLINE evaluation of this course, accessed through your UTRGV account (http://my.utrgv.edu); you will be contacted through email with further instructions. Online evaluations will be available November 18 December 8, 2016 for Fall 2016. Students who complete their evaluations will have priority access to their grades. Page 7 of 11
It is vitally important that students complete the survey as the instructor uses the results to modify the course and assess his teaching methods. Student evaluations of this course play a crucial role in the instructor s delivery. Scholastic integrity As members of a community dedicated to Honesty, Integrity and Respect, students are reminded that those who engage in scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and expulsion from the University. Scholastic dishonesty includes but is not limited to: cheating, plagiarism, and collusion; submission for credit of any work or materials that are attributable in whole or in part to another person; taking an examination for another person; any act designed to give unfair advantage to a student; or the attempt to commit such acts. Since scholastic dishonesty harms the individual, all students and the integrity of the University, policies on scholastic dishonesty will be strictly enforced (Board of Regents Rules and Regulations and UTRGV Academic Integrity Guidelines). All scholastic dishonesty incidents will be reported to the Dean of Students. Sexual harassment, discrimination, and violence In accordance with UT System regulations, your instructor is a responsible employee for reporting purposes under Title IX regulations and so must report any instance, occurring during a student s time in college, of sexual assault, stalking, dating violence, domestic violence, or sexual harassment about which she/he becomes aware during this course through writing, discussion, or personal disclosure. More information can be found at www.utrgv.edu/equity, including confidential resources available on campus. The faculty and staff of UTRGV actively strive to provide a learning, working, and living environment that promotes personal integrity, civility, and mutual respect in an environment free from sexual misconduct and discrimination. Drop Policy Students should not expect the instructor to accept the responsibility to drop or withdraw a student from the course. According to UTRGV policy, students may drop any class without penalty earning a grade of DR until the official drop date. Last day to drop (DR grade) a course or withdraw (W grade): November 17, 2016. Following that date, students must be assigned a letter grade and can no longer drop the class. Students considering dropping the class should be aware of the 3-peat rule and the 6-drop rule so they can recognize how dropped classes may affect their academic success. The 3-peat rule refers to additional fees charged to students who take the same class for the third time. The 6-drop rule refers to Texas law that dictates that undergraduate students may not drop more than six courses during their undergraduate career. Courses dropped at other Texas public higher education institutions will count toward the six-course drop limit. Page 8 of 11
Calendar of Activities The UTRGV academic calendar can be found at http://my.utrgv.edu at the bottom of the screen, prior to login. Important dates for Fall 2016 Aug 29 Fall classes begin Sept 1 Last day to add or register for Fall classes Sept 5 Labor Day Holiday, no classes Sept 14 Census day (last day to drop without it appearing on the transcript) Nov 17 Last day to drop (DR grade) a class or withdraw (grade of W) Nov 24 - Nov 25 Thanksgiving Holiday, no classes Dec 8 Study Day, no classes Dec 9 Dec 15 Final Exams Fall 2016 Course Schedule This tentative course schedule is subject to changes. Eventual amendments are announced in class and/or posted on Blackboard Announcements. Budget your time to do the reading assignments at home prior the chapter and topics coverage in class lectures. Reading assignments are listed per chapters in the units. This schedule is adapted from the table of content of the textbook. For those who use another edition of the economics textbook or a version the microeconomics textbook, use keywords and the index of your book to find the chapters and page numbers covering the topics. Page 9 of 11
WEEKS READING ASSIGNMENTS DATES Aug. 29 Sept. 14 UNIT 1 INTRODUCTION TO MICROECONOMICS Unit 1 starts 08/29 UNITS & CHAPTERS Chap1-What Economics is About Chap2-Production Possibilities Frontier Chap3- Theory: Supply & Demand Chap4-Prices Chap5-Applications: Supply, Demand & Price EVENTS & TOPICS Examples of key economic questions: opportunity cost, surplus, shortage, law of demand, law of supply, law of increasing opportunity cost etc. Learn to paraphrase definitions from reading assignment. Find examples for key economic principles. Homework set 1 due on Blackboard Deadline on Wednesday evening 09/14 11:59 pm Exam 1 administered in class during regular class time 09/19 Catch-up reading assignments & note organization 09/21 09/21 10/12 UNIT 2 MICROECONOMICS FUNDAMENTALS UNITS & CHAPTERS Chap6- Elasticity Chap7-Consumer Choice & Behavioral Economics Chap8-Production & Costs Unit 2 starts 09/21 EVENTS & TOPICS Price elasticity of demand. Elasticity & revenue. Elasticity & tax burden. Cross-price elasticity. Income elasticity of demand. Consumer surplus & producer surplus. Effect of a sales tax. Utility theory. Law of diminishing marginal utility. Indifference curve. Budget line. Utility maximization. Firm production. Marginal physical product. Principle of diminishing returns. Costs in the short run & in the long run. Economic profit. Homework set 2 due on Blackboard Deadline on Wednesday evening 10/12 11:59 pm Page 10 of 11
10/19 11/16 11/23 12/07 Exam 2 administered in class during regular class time 10/17 Catch-up reading assignments & note organization 10/19 UNIT 3 MARKET STRUCTURES Unit 3 starts 10/19 UNITS & CHAPTERS EVENTS & TOPICS Chap9- Perfect Competition Price searcher. Monopoly and Chap10-Monopoly efficiency. Chap11- Monopolistic Price discrimination. Price Competition, Oligopoly & Game leadership. Collusion. Firm Theory concentration ratio. Herfindahl Hirschman Index. Antitrust Chap12- Government & Product laws. Federal Trade Markets: Antitrust & Regulation Commission Act. Homework set 3 due on Blackboard 11/16 Deadline on Wednesday evening 11:59 pm Exam 3 administered in class during regular class time 11/21 UNIT 4 FACTOR MARKETS & OTHER APPLICATIONS Unit 4 starts 11/23 UNITS & CHAPTERS Chap13-Factor Markets: Labor Market Chap 16-Interest, Rent & Profit Chap17-Market Failure: externalities, Public Goods & Asymmetric Information Chap20-International Trade Chap21-International Finance EVENTS & TOPICS Resource types. Marginal revenue product. Marginal factor cost. Perfectly competitive product markets/resource markets. Social optimal level of production and consumption. Public goods. Benefit and costs of trade restrictions. Homework set 4 due on Blackboard Deadline on Wednesday evening 12/07 11:59 pm Exam 4 administered in class. Final Exam Time 8:00 9:45 a.m. 12/14 There is no make-up the comprehensive final exam Dec 16 - Dec 17 Commencement exercises By Saturday December 17 th, 2016, all outstanding items/communication must be settled The final grade is available on Dec 19, 2016 after 3:00 p.m. Page 11 of 11