Course Outline Introduction to Microeconomics (Econ 201 A/B/E) Fall 2016 Dr. Naziha Fakhri Office: MillC 418 Main: 2508 F E-mail: Naziha.Fakhri@rdc.ab.ca Class Time: Section A TR 11:00 am 12:20 pm Section B TR 3:00 pm 4:20 pm Section E TR 1:00 pm 2:20 pm Credit hours: 3.00 Hours Office Phone: 403 342-3336 Office Hours: M 1:30 pm 2:00 pm T 5:00 pm 6:00 pm (Main Campus) W 11:00 am 12:00 pm Th 2:30 pm 3:00 pm (Main Campus) or by appointment Class Location: 2305 2304 1328 Prerequisite: None Academic Calendar Entry- This course introduces students to the terminology, concepts, and theory used to understand, analyze, and evaluate the microeconomic aspects of an economy. Students will learn to define and use economic concepts of scarcity and choice. In addition, students will be introduced to the principles of specialization, markets, exchange, supply, and demand. The roles of consumers, firms and resource owners in competitive and monopolistic markets will also be examined. Moreover, theories regarding International Trade, and Government Intervention will also be discussed. The course emphasis will be on Canadian problems, issues, policies, and institutions. Credit will not be granted for both ECON 100 and ECON 201. Note: It is recommended that you have grade 12 level Math or equivalent as background. Learning Outcomes This course will help you to: 1. Gain an economic vocabulary and explain economic reports in the media; 2. Interpret the economic structure, institutions and problems specific to Canada. 3. Employ problem solving skills in order to solve simple microeconomic problems 4. Analyze microeconomic data critically and present them clearly and logically Course Topics This course is designed to introduce fundamental principles, concepts and applications of microeconomic theory that are used to study contemporary economic issues facing Canadian society. Topics include but are not restricted to: the production possibilities model, basic principles of supply and demand, elasticity and its applications, organization of firms and production, market models of pure competition, pure monopoly and other imperfect competitions, pricing of factor markets and international trade. 1
Learning Activities This classroom-based course will mainly use a mix of lecture and discussion. The lecture component will provide structure, direction and emphasis of key concepts and themes. Discussions will provide an opportunity for students to respond to the readings and lectures, and to reinforce their comprehension of the concepts involved. There will be homework, assignments, in-class quizzes, and written exams to test students on their understanding of course concepts. Required Texts C. McConnell, S. Brue and T. Barbiero, Microeconomics, 14th Canadian edition, 2016, McGraw Hill Ryerson. Student Responsibilities 1. You are expected to meet certain standards of classroom conduct: Be on time for class, and stay until the end of class Turn off cell phones Do not engage in extraneous chat All students have the right to ask relevant questions and participate in class discussion and have their comments treated with respect by other students No student has the right to monopolize class discussion or to make comments disrespectful of others 2. You should be familiar with the Academic Policies in the RDC Calendar, particularly the sections on (a) Student Discipline and Dishonesty and (b) Student Rights and Responsibilities. 3. It is the student s responsibility to be familiar with the information contained in the Course Outline and to clarify any areas of concern with the instructor. Extra Help 1. Use all resources in the textbook: in-chapter exercises, end of chapter problems, solutions to the exercises, and glossary. 2. Use the study guide. 3. Use the web site that accompanies the assigned text. See the text for more info. 4. Visit me in office hours and other free times. Begin getting help as soon as you have difficulty. Keep a list of specific questions or issues to see me about. 5. Form a study group that meets regularly to discuss specific material that all members of the group have studied beforehand. Discussion questions in the text or class notes can provide a focus. Assessment Of Student Performance The final grade in this course will be computed based on the following elements. 1) Attendance, Participation: 10% 2) Two Assignments (7.5% each): 15% 3) Four Tests (5% each): 20% 4) One Midterm examination: 25% 5) Final Examination: 30% as scheduled by the Registrar s office 1) Attendance & Participation Regular attendance is expected. Students who miss a class are responsible for the material they have missed. Studies have shown that the more days a student is absent from class the lower his or her grade point average in that class. Part of the course grade comes from class participation. Students who are absent cannot participate. To receive credit for class participation, students will summarize what they learned from a class activity and apply that information in class assignments. Students are expected to participate in class discussions throughout the course. Students will be called on during class to answer questions regarding the course material, to help solve in-class examples, or discuss applications of economic theory. Students are encouraged to contribute 2
experiences and ideas and to bring to class materials that promote discussion and understanding of course concepts. In order to participate, a student must be prepared for class. It is important to check Blackboard frequently for updates. Please print out the notes and bring to class. To enhance student participation in class discussions, please read the corresponding chapter in the textbook. Since we skip around in the textbook, most students find it helpful to read the chapter/sections after we discuss it in class. 2) Assignments Each assignment typically consists of several problems on material being studied in class and requires written, graphical and numerical solutions. It may include essay questions. Each assignment is due a week after it is distributed. Assignments not submitted at the beginning of class on the due date are considered late. Late assignments receive half credit if submitted before the solutions are released or discussed in class. Unless otherwise noted, all assignments must be typed. Handwritten assignments will not be accepted. 3) Tests Each test typically consists of several multiple choice and short answer questions on material being studied in class and requires written, graphical and numerical solutions. Tests will be run during the first 20 to 50 minutes of class. There will be no make-up test for students who miss class without a medical certificate, or extra time allowed for students who arrive late. 4) Exams You will find the exams to be very challenging. They are in-class, closed book exams that use both multiple-choice questions and short-answer problems. A significant number of exam questions will be based on my lectures, the textbook, and the supplemental readings. A nonprogrammable calculator may be used in the examinations. I will announce more on the midterm and final exam in the class in due time. There will be no make-up exam for the midterm. Students who miss it due to medical reasons will have the midterm exam weight transferred to the final exam. The RDC Final Examination Policy will be followed with respect to Final Examinations. Please review the document to ensure you understand the contents and implications of the policy at http://www.rdc.ab.ca/about_rdc/policies_and_publications/policies/documents/final_examinations_policy.pdf General 1. The information in this course is cumulative; therefore it is imperative that students obtain help as soon as they recognize they are having difficulty. Students who are encountering difficulty with the course are urged to contact the instructor at once. They should make an appointment with the instructor to discuss their progress and concerns especially if the cumulative total at the Midterm Feedback Date (October 28 th ) is below 20 percent. 2. Students should ensure that they are familiar with Red Deer College s Student and Academic Standard Practices and Policies as well as the key dates in the Academic Schedule. 3. Students are expected to treat each other and the instructor with respect. This includes listening when others speak, waiting your turn to speak, and not making any derogatory comments toward other students or the instructor. The classroom should be an environment where everyone feels free to voice his or her ideas regarding the subject matter. 3
Grading System Final grades in the course will be assigned based on the Alberta Education Grade Comparison letter grading system as described in the Red Deer College Calendar. The following table, which is subject to modification, is used in assigning letter grades in this course CONVERSION SCALE Grade Percentage Description Range* A+ Above 96 A 91 95 Excellent A- 86 90 Performance B+ 81 85 Good B 76 80 Performance B- 71 75 C+ 66 70 Satisfactory C 61 65 Performance C- 58 60 D+ 54 57 Pass** D 50 53 Pass** F Below 50 Fail *Indicates that the percentage range used to assign the letter grade is applicable for this course only and may be different for other courses. * *Indicates that these grades may not be granted transfer credit by some universities Mid-Term Feedback Midterm feedback for this course will be available from the instructor in the 3rd week of October. After reviewing their marks to this point, students should make an appointment with the instructor to discuss their progress and concerns if the cumulative total to this point is less than 20 marks. The instructor is also available prior to this in designated office hours if students have any concerns. Please see Important Dates below The RDC Final Examination Policy will be followed at all times with respect to Final Examinations. Please review this document to ensure that you understand the contents and implications of the policy. Click here to see the Final Examination Policy. Academic Misconduct Academic misconduct in all its forms is a serious offence. Please read the definitions that follow, and refer to the links below for the complete policies. Definitions Academic misconduct: Academic misconduct is the giving, taking, or presenting of information or material that unethically or dishonestly aids oneself or another on any work which, under normal circumstances, is to be considered in the determination of a grade or the compilation of academic requirements or the enhancement of that student s record or academic career. The two key areas of academic misconduct are cheating and plagiarism. Plagiarism: The use or close imitation of language, paintings, films, prototypes and ideas of another author and representation of them as one's own original work. The most common forms of plagiarism are: copying or paraphrasing another author s work without proper acknowledgement, using the ideas or lines of reasoning of another author s work without proper acknowledgement, submitting work to which 4
someone else has made substantial improvements to the content, and submitting the same work for multiple courses without approval. Plagiarism can be judged to have occurred if the instructor has both the submitted material and original source that was copied, or if the student is unable to explain the terminology or ideas of a submission. Cheating: Any attempt to give or obtain unsanctioned assistance in a formal academic exercise (e.g., examination). Student Misconduct: Academic and Non-Academic Policy Appeal: Formal Policy Appeals: Informal Resolution Policy IMPORTANT RED DEER COLLEGE DATES 2016-2017 Courses ******** Fall 2016 September 7 First day of classes for Fall term 2016 and Full-Year 2016-2017 courses. September 16 Last day to register late or add/drop Fall term 2016 and Full-year 2016-2017 courses. September 16 Last day to have tuition refunded for Fall term 2016 and Full-Year 2016-2017 courses. October 1 First day to apply for Fall term 2017 programs. October 4 Emergency Response Day. October 10 Thanksgiving Day; College closed. October 28 Midterm feedback date for Fall term courses. November 10 College open. No credit classes. November 10 Final exams schedule posted for Fall term 2016. November 11 Remembrance Day; College closed. November 14 Credit classes resume Fall term 2016. December 7 Last day to withdraw from Fall term courses and receive a WD. December 7 Last day of classes for Fall term 2016. December 12-17 Final exams written. December 20 Deferred exams for Fall term 2016 written. December 22 Last day for submission of final grades for Fall term courses. December 23 Final grades available for Fall term 2016. December 23 College closed at noon. Dec 24-Jan 3 No classes for students. January 14, 2017 Supplemental exams for Fall term 2016 written Tim Heath, PhD Associate Dean, School of Arts & Science Approved 2 September 2016 5
TENTATIVE TIMETABLE Date Outline of Topics Required Readings/ Assessment Week 1/ Sep 8 th Course Outline Introduction Week 2/ Sep 13 th Limits, Alternatives, and Choices Ch. 1 Week 3/ Sep 20 th Demand, Supply and Market Equilibrium Ch. 3 Test # 1 Week 4/ Sep 27 th Week 5/ Oct 4 th Demand, Supply and Market Equilibrium (cond t) Elasticity Ch. 6 Assignment #1 posted Elasticity (cond t) Consumer Choice and Utility Maximisation Ch. 7 Assignment #1 due Week 6/ Oct 11 th Consumer Choice (cond t) Test #2 Week 7/ Oct 18 th The Firm and Costs of Production Ch. 8 Midterm Exam Week 8/ Oct 25 th Week 9/ Nov 1 st Production and Costs (cond t) Perfect Competition in the Short Run Ch. 9 Perfect Competition in the Short Run (cond t) Perfect Competition in the Long Run Ch. 10 Test #3 Week 10/ Nov 8 th Perfect Competition in the Long Run (cond t) Assignment # 2 posted Week 11/ Nov 15 th Monopoly Ch. 11 Assignment # 2 due Week 12/ Nov 22 th Monopoly (cond t) Imperfect Competition Ch. 12 Week 13/ Nov 29 th Imperfect Competition (cond t) Test #4 Week 14/ Dec 6 th December 12 th to 17 th Course review Final Exam 6