Course Title: ECON 208 Microeconomics ECON 208: Course Syllabus Instructor: Dr. Perry Burnett Course Description: The course will introduce students to economic reasoning from a microeconomic perspective. Economic reasoning is a skill in which a framework or model is used to understand and engage in decision-making. While this skill can be useful in most decision-making, the focus of this course will be on choices faced by individual consumers and firms (microeconomics). The course will emphasize a broad-based learning experience while exposing students to the particular perspectives of economics as a social science. Market structure and the role of government (or policy) will also be emphasized. Course Content Objectives: 1. Provide a framework for decision-making. A. You should better understand the decisions you make. B. You should understand how individual consumers and firms make decisions. C. You should understand how firms in different market structures operate. D. You should understand the role of government in these decisions. 2. Interpret and analyze real-world economic events and issues. You should be able to read and understand an article with economic content in sources such as the New York Times, Wall Street Journal, Business Week, etc. Course Skill Objectives: 1. Analytical Problem Solving Contact Information: Dr. Perry A. Burnett Office Location: BE2040 Office Hours: T/W/R 12pm-1pm Email: paburnett@usi.edu Textbook (Required): Microeconomics by David Colander 8 th Edition Published by McGraw- Hill/Irwin. Tentative Weekly Content Outline (Textbook Reference Chapters) Week 1: Introduction to Economic Reasoning (Chapter 1) Week 1: Comparative Advantage, Trade and Circular Flow Model (Chapters 2 and 3) Week 2: Supply and Demand Model (Chapter 4) Week 2: Efficiency and Equity (Chapter 6 and Chapter 7) Week 2: Elasticity and Taxes (Chapter 5 and 8) Week 3: Costs of Production and Competition (Chapter 13 and 14) Week 3: Market Power and Monopoly (Chapter 15) Week 3: Natural Monopoly and Regulation (Chapter 15)
Week 4: Monopolistic Competition and Oligopoly (Chapter 16 and 17) Week 4: Strategic Behavior and Game Theory (Chapter 17) Week 4: The Labor Market: Income, Immigration and Inequality (Chapter 18) Week 5: Market Failure and Externalities (Chapter 10) Week 5: Public Goods and Common Resources (Chapter 11) Week 5: Asymmetric Information (Chapter 22) Academic Requirements: There will be essay evaluations, multiple choice and a Market Analysis project. NO MAKEUP EVALUATIONS will be awarded without official documentation (Sanctioned University Event, Medical or Legal) or my written approval prior to evaluation. It is essential to attend class to academically succeed. Section Evaluation Date Style Essay Section #1 5/20 1 Essay Essay Section #2 5/22 1 Essay Essay Section #3 5/27 3 Essays Essay Section #4 5/29 1 Essay Essay Section #5 6/4 3 Essays Final Essay Section and Multiple Choice 6/12 6 Essays 30 Multiple Choice (3.33 points each) Market Analysis Project 6/10 4 Articles/ Analyses 1. Essay Sections: Each essay will be worth 40 points and come from lecture material and will be graded with the following: 40 : A 40 answer demonstrates that the student has mastered the concept or material questioned. This is demonstrated by a clear and complete discussion and analysis that includes comprehensive use of all. If a graph is required, the graph is clear and correctly analyses the concept. Minimal minor errors may be acceptable. 30 : A 30 answer demonstrates that the student has a competent grasp of the concept or material questioned. This is demonstrated by a clear and mostly complete discussion with basic use of most of the. If a graph is required, the graph is generally correct with correct basic analysis. Some minor errors and/or a major error may be acceptable. 20 : A 20 answer demonstrates that the student has a minimal understanding of the concept or material questioned. This is demonstrated by a basic or skeletal discussion and analysis with minimum use of. If a graph is required, the graph may have significant mistakes, but at least demonstrates coherent logic. Many minor errors and/or or a couple major errors may be acceptable. 10 : A 10 answer demonstrates that the student has insufficient learning of the concept or material questioned. This is demonstrated by the student revealing
some understanding, but not minimal understanding. The student may have applied one section of the major concepts correctly, but lacks overall understanding or completion of the material. 0 : A 0 is given when the student fails to demonstrate at least insufficient learning of the concept or material questioned. Minor errors are incorrect details or missing minor information. Major errors are incorrect concepts or missing vital information. 2. Market Analysis Project The Market Analysis Project consists of analyzing four (4) articles (one on each market structure) dated no earlier than January 2014 with regard to market identification, market and market analysis. Students cannot choose articles on Corn, Beer, Airlines, Monsanto and Microsoft. Project is to be typed (except graphs) in 12-font Times New Roman. Papers will be due first 10 minutes of class (my watch) on due date. Limit one article per market structure on main and bonus assignments. Both due at 9:15am June 10 th. Organization of the project follows: Section 1: Summary of the Article (Market Structure Classification). Provide a summary paragraph of the article. Should include the purpose of the article and main findings/arguments. Classify the article into a market structure and provide evidence/arguments for your choice and against other options. Section 2: Model the Article (Market Operations). Graph/Describe how this firm operates in their current market. Make sure to explain in detail how this market is structured and operates. Analytical Problem Solving (40 Points per Article) Concepts (Market Structure Classification) (10 Points) Information (Market Operations) (10 Points) Analytical Operations (Market Analysis) (20 points) Section 3: Analyze the Article (Market Analysis). In another graph, Perform/Graph the relevant analysis that is called for in the article. If the article does not suggest an analysis, pick another article. This should be a separate graph from Section 2. Does Not Meet Expectations Does not use relevant concepts to address problems or uses concepts incorrectly Does not use Fails to correctly calculate Analytical Problem Solving Meets Expectations Identifies most of the relevant concepts and accurately uses most of the concepts Uses most of the Correctly calculates most of the Exceeds Expectations Incorporates multiple relevant concepts and accurately uses all concepts Incorporates all Correctly calculates
Bonus Opportunities: At times throughout the semester, I may award bonus points for other assignments/attendance that I will discuss at the time they are assigned. It is the student s responsibility to get these assignments and complete them on time. Grade Distribution (Out of 860 points-15 essays;; 4 articles/analyses, 30 Multiple Choice) 720 - Above: A 620-719: B 520-619: C 400-439: D 399 - Below: F Plus grades may be awarded. Class Policies: Attendance: Attendance is expected. Syllabus Agreement Sheet: Students must sign the Syllabus Agreement Sheet to complete the class and receive a grade. Students who do not sign may receive an Incomplete for the course. Academic Honesty: Cheating will not be tolerated in any form. Cheating includes, but is not limited to copying, plagiarizing, bringing in answers or unauthorized formulas/equations or any other method deemed inappropriate. Students caught cheating will be subject to the consequences and procedures outlined in the Students Rights and Responsibilities: A Code of Student Behavior: http://www.usi.edu/creativity/student%20rights%20and%20responsibilities.pdf Americans with Disabilities Act Compliance: If you have a disability, you are encouraged to register for the disability resources available in the Counseling Center. If you request an accommodation for a disability, early notification to your instructor is essential and you may be required to provide written documentation to support your request. Your instructor will work with you to provide reasonable accommodations to ensure that you have a fair opportunity to perform and participate in class. Student Conduct: Behavior that interferes with the learning of other students will result in expulsion from the class period and repeat offences may result in further disciplinary actions. Cell phones should be turned off. Student Health Statement: In compliance with the Vanderburgh County Department of Health, the Indiana Department of Health, and the Centers for Disease Control and Prevention recommendations, students should NOT attend class or any campus gatherings while ill with flu symptoms. Students with flu symptoms will be asked to self isolate in housing or go home. It is very important that individuals avoid spreading the flu to others. Changes to the Syllabus: The syllabus may be changed any time during the semester at the instructor s discretion. If a change occurs, an announcement will be made in class and a new syllabus will posted on Blackboard. It is the student s responsibility to check Blackboard for the current syllabus.