ECO 2023 – PRINCIPLES OF MICROECONOMICS



ECO 2023 – PRINCIPLES OF MICROECONOMICS SESSION II, 2018/2019Instructor:Professor George M. GreenleeOffice:ES Building, #313D (hours posted on door and Instructor’s web page)Phone:727-791-2452 (office)Fax:727-444-6942 (fax)Email:Greenlee.George@spcollege.eduURL: Dates: Drop/Add: 1/18/2019Course Dates: This course begins 01/14/2019 and ends 05/10/2019Final Exam: 05/06 – 05/09/2019College closed on: 01/21/2019 Martin Luther King, Jr. Day 03/10 – 03/17/2019 Spring Break 04/19 – 04/21/2019 Spring Holiday Academic Program: Social and Behavioral Sciences Dean: Dr. Joseph Smiley Office Location: Tarpon Springs, LY-150, (727) 712-5851 Academic Chair: Ms. Anja Waters Norman Office Location: Clearwater, ES-313B, (727) 791-2671COURSE OVERVIEW:This course is a study involving the theory of consumer and business firms’ behavior in the market economy. Major emphasis will be placed on consumer choices, utility maximization and on theory of price and output determination under different market structures. This course is a Gordon Rule course. ECO 2013 is a prerequisite for this course.TEXT REQUIRED: (a) Foundations of Economics w/MyEconLab, 8e. Authors: Bade, Parkin; Publishers: PearsonISBN 9780134486819. (b) Wall Street Journal (optional) For Student Subscription go to of Teaching Methoda.Lecture/Discussionb.Assigned reading in textbook and outside case reading2.How Objectives Are Meta.Lecturesb.Testing, both objective and subjectivec.Class discussiond.Writing assignment3.Attendance and Make-up Policya.The attendance policy is the responsibility of the individual instructor. It is my belief that regular class attendance is essential and important to learning. Therefore, when a student has accumulated three (3) absences, he or she will be considered to have excessive absences. An additional absence and the student is in jeopardy of being dropped from the course. If arriving after attendance has been taken, it is the student’s responsibility to ensure the roll is corrected. b.If you stop attending class, this will not prevent the awarding of a final grade.THE LAST DAY TO WITHDRAW WITH A GRADE OF “W” IS 03/27/2019.c.Make-up tests and examinations may be permitted, provided there is an acceptable reason, and the absence has been excused by the instructor. Make-ups must be taken on your first day’s return to class. No student will be permitted to take more than one make-up test during the session, under any circumstances. 4.Grading and Examinationsa.Grading Scale is as follows:100 – 91 = A 90 – 81 = B 80 – 71 = C 70 – 61 = D 60 Below = Fb.Tests: (45% of final grade) will be announced, usually a week in advance. c. Pre-Chapter Quizzes (10%) Prior to the introduction of a new chapter there will be a 10 to 15 question fifteen minute quiz to ensure that the assigned chapters are read before there is a lecture on the subject material. There will be no opportunity to make up a quiz if you are late or absent on the day a quiz is given.d.Writing Assignments: Research Paper (15%) – You will be required to do a 1500 word research paper on a topic to be assigned during the semester and you will be given approximately 4-5 weeks to complete this assignment. This research paper will be assigned near the midpoint in the semester.e. Homework Assignments: (10%) There will be homework assignments in MyEconLab given. The student will have one week to complete the assignment online. Once the due date has passed there will be no opportunity to make up the assignment and a grade of zero will be given for that particular assignment.f.Final Examination: (20%) Students maintaining a B average or better will be exempt from the final examination. However, a student with a B average can improve his or her final grade by taking the final and doing well on it.5.This course is designed to be welcoming to, accessible to, and usable by everyone, including students who are English-language learners, have a variety of learning styles, have disabilities, or are new to online learning. Be sure to let me know immediately if you encounter a required element or resource in the course that is not accessible to you. Also, let me know of changes I can make to the course so that it is more welcoming to, accessible to, or usable by students who take this course in the future. If you have documentation of a disability or feel you may have a disability: St. Petersburg College recognizes the importance of equal access to learning opportunities for all students. Accessibility Services (AS) is the campus office that works with students who have disabilities to provide and/or arrange reasonable accommodations. Students registered with AS, who are requesting accommodations, are encouraged to contact their instructor by the first week of the semester. Students who have, or think they may have, a disability (e.g. learning disability, ADD/ADHD, psychiatric, medical/orthopedic, vision, and/or hearing), are invited to contact the Accessibility Coordinator (AC) that serves your campus for a confidential discussion. To find your AC for your specific campus, please go to the college-wide Accessibility Services website: 6.The following classroom policies will be strictly enforced:a.all cell phones must be turned off or put on silent mode.b.absolutely no food or drink is permitted in the classroom, including water.First warning will result in student being asked to remove items from the classroom. Second warning student will be asked to leave classroom and not permitted to return until a conference is held with instructor.7.Academic Honesty: Cheating, plagiarism, bribery, misrepresentation, conspiracy and fabrication are defined in Rule: GHx23-4.361, Student Affairs: Academic Honesty Guidelines, Classroom Behavior. The policy can be found at: AND TOPICSChapter 4:Demand and Supply Chapter 7:Government Actions in MarketsChapter 5:Elasticities of Demand and SupplyChapter 13:Consumer Choice and DemandChapter 14:Production and CostChapter 15:Perfect CompetitionChapter 16:MonopolyChapter 17:Monopolistic CompetitionChapter 18:OligopolyChapter 19:Markets for Factors of Production*Chapter 6:Efficiency and Fairness of Markets*OptionalStudents are responsible for all the material in all reading assignments.Major Learning Outcomes:These should be the contributions of this course to the major learning outcomes ofthe program.1.The student will acquire knowledge of the basic tools needed to understand current microeconomic theory.2.The student will develop an understanding of the basic theories involved in the study of microeconomics.3.The student will develop an understanding of the operation of the market economy.4.The student will acquire knowledge of the different market classifications used in analyzing the product and resource markets.5.The student will develop an understanding of price and output determination in the product markets.6.The student will develop an understanding of price and employment determination in the resource markets.7.The student will develop an understanding of the effects of international trade and finance on employment, prices and incomes.8.The student will acquire understanding of the characteristics of competing economic systems: socialism and communism.9.The student will develop skills needed to apply basic microeconomic principles.Course Objectives Stated in Performance Terms:The course objectives stated in performance terms should answer the followingquestions:A.What will the student be held accountable for knowing and/or being able to do when this objective is accomplished? (This may include a sub-list of specific tasks if these are necessary or helpful in defining what a student should be able to do.)B.What criteria will be used to measure the student’s mastery of knowledge and/or skill when this objective is accomplished?C.What level of performance will be acceptable evidence of satisfactory achievement when the student is evaluated?1.The student will acquire knowledge of the basic tools needed to understand microeconomic theory. Each student will demonstrate this knowledge by his/her ability to:a.define economic terminologyb.identify or recall mathematical formulas used to solve problems involving basic microeconomic principlescidentify, illustrate, and interpret graphsd.recall basic math and algebra2.The student will develop an understanding of the basic theories involved in the study of microeconomics. Each student will demonstrate this understanding by his/her ability to:a.illustrate economic principles graphicallyb.identify or explain theories3.The student will develop an understanding of the operation of the market economy. Each student will demonstrate this understanding by his/her ability to:a.describe the relationship between demand and utilityb.describe the relationship between supply and cost of productionc.determine changes in equilibrium price and output under given market situations4.The student will acquire knowledge of the different market classifications used in analyzing the product and resource markets. Each student will demonstrate this knowledge by his/her ability to:a.recall the characteristics of the different market modelsb.recognize differences between the different market models5.The student will develop an understanding of price and output determinationin the product markets. Each student will demonstrate this understanding byhis/her ability to:a.calculate the most profitable level of output given certain revenue and costinformationb.interpret graphically the most profitable level of output6.The student will develop an understanding of price and employment determination in the resource markets. Each student will demonstrate this understanding by his/her ability to:a.calculate the most profitable level of employment given certain cost and revenue informationb.interpret graphically the most profitable level of employment7.The student will develop and understanding of the effects of international trade and finance on employment, prices and incomes. Each student will demonstrate this understanding by his/her ability to calculate or determine changes in these variables under given market situations.8.The student will acquire understanding of the characteristics of competing economic systems: socialism and communism. Each student will demonstrate this understanding by his/her ability to describe differences in capitalism, socialism, and communism.9.The student will develop skills needed to apply basic microeconomic principles as evidenced by his/her ability to predict the theoretical outcome of changes in various market situations.SYLLABUS ADDENDUMGo to or Click on the following link for the latest updated Syllabus Addendum: in the ClassroomYour time at SPC constitutes preparation for the next phase of your academic and/or professional career. You are expected to practice the following behaviors in this class, keeping in mind that they will translate well in your next academic institution or job: -Model respect, commitment to excellence, honesty, and integrity in and outside of the classroom. Students are responsible for their own education, and are responsible for course materials and announcements delivered in class and online through MyCourses. -Practice punctuality: Arrive for class on time, with appropriate course materials, and be prepared to learn. Stay for the entire class period. If an absence should occur, the student is responsible for missed material.-Practice conscientiousness & accountability: Communicate with your professor if a situation arises that will prevent you from attending class, necessitates that you will be late for class, or requires you to leave early.-Practice presence of mind: Come to class having read the assigned material and ready to contribute to class discussions. Ask questions during class when you have them.-Practice respect: Turn off all phones for the duration of class out of respect for your professor and classmates. Refrain from texting and/or talking on your phone during class time. -Turn in all assignments on time. Assignments turned in on time will be graded within two weeks, except for research papers. Late assignments will be not be accepted (with limited exceptions), and a grade of zero will be given.-Communicate with your professor immediately if you start struggling in the class and prior to thinking about withdrawing from the course.-Should any issues arise during the semester, communicate first with your professor to resolve the situation. The order of communication regarding course issues is 1. Your professor; 2. Social & Behavior Sciences Academic Chair (Clearwater Campus): Ms. Anja Norman norman.anja@spcollege.edu; 3. Dean, Social & Behavioral sciences: Dr. Joseph Smiley smiley.joseph@spcollege.edu.(Since I believe professionalism is a 2-way street, I also include a section on what students can expect from me on my syllabus):What you can expect from me: As I said before, I really enjoy teaching and have a lot of passion for economics. I will start and end class on time every day, will come prepared to teach, and will answer student emails within 48 hours 5 days a week (Monday through Friday). All lectures, group discussions, and activities will tie into course themes and are designed to enhance student learning and understanding of the fundamental Principles of Economics. Assignments submitted on time will be graded within two weeks (14 days), late assignments will not be accepted (with limited exceptions). If changes to the syllabus become necessary, I will announce them both online and in class.I want to see every student succeed in this course and will be available in office hours, by appointment, or via email and/or phone to address any concerns about the class that you may have. Don’t hesitate to ask for help any time that you need it. ................
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