Course Syllabus Fall 2011 Online at: courses.wcupa.edu/tandrews
Economics 112 Principles of microeconomics
Office hours: (the following hours are open on a first come first serve basis. No appointment is necessary. Contact me to make an appointment to meet at a time not listed) TR 2-3 and Wed 9:30-12:30 or by appointment
Dr. Tom Andrews
313 Anderson Hall
West Chester PA 19383
E-mail : Tandrews@wcupa.edu
Text Case, Fair, Oster Principles of Microeconomics 10th Edition (Myeconlab is NOT required)
Learning Objectives: This course is designed to provide an introduction to basic economic principles. Microeconomics is the study of constrained choice: the allocation of scarce resources between alternative uses. The major theme of the course is the role and policy implications of market structure in the production and distribution of goods and services. In addition, students will learn how cost curves and demand conditions (including elasticity) influence firm behavior and the firm's decision rule for maximizing profit. Students will also learn the costs and benefits of international trade and how trade barriers affect consumers and firms.
Students will also understand the policy implications that occur when the underlying assumptions of competitive markets are violated. The major violations of competitive markets are few sellers, and unclear or unenforceable private property rights. Upon completion of the course students should be able to provide coherent written economic analysis of microeconomic problems found in the newspaper. The department of economics and finance promotes the general education goals of West Chester University. Through its general education courses (eco 111,112, and 101) the department seeks to: teach quantitative and mathematical methods, develop critical and analytical thinking.
1. Exams: Students are required to take three examinations (including the cumulative final), 20 percent each (60 percent total) No make-up exams will be given. In the event that an exam is missed, credit for that exam will be allocated to the final. Missing the final will result in a zero. (cell phones are not allowed during exams)
2. Written Assignments: These assignments are designed to improve written communication skills as well as exercise the tools of economic analysis. There will be three assignments for a total of 20 percent of your final grade (20 percent total). Click Here to view assignments and instructions
3. Quantitative assignments:There are a number of assignments posted on the web page that involve answering questions based on Excel spreadsheet simulations. To complete these assignments, print the questions and reference material out first (pdf files), then use this information to answer the questions in "take a test" mode. All tests are individualized, so solutions cannot be shared between students.
In order to receive credit, students must:
(Students must complete 4 quantitative assignments at 5% each for a total of 20 percent) The sheets and associated deadlines are listed in the course outline below.
PLEASE NOTE: THESE DO NOT WORK ON A MAC
4. In-class exercises and quizzes. Bonus points will be awarded for answering questions to in-class exercises (extra credit) and quizzes (extra extra credit). These points will be added to your test scores. Quizzes will be given on randomly selected days, but at least once a week, and will be drawn from the terms/concepts column in the syllabus. These exercises and quizzes will also constitute your attendance record. (see below)
5. Attendance: Attendance is strongly suggested. In addition, since quizzes will be given at the beginning of class, students should make every effort to be punctual. Students are responsible for all material covered during class. If a class is missed, the material should be obtained from another student. Students with poor attendance rarely succeed. If you are late habitually, late arrivals will be counted as absences (you will get a warning before this happens)
6. There is no extra extra extra extra credit
Miscellaneous: Office hours are open to all students, for discussion of any topic. No appointment is necessary. If you're not clear on something, or not sure if you're not sure - COME SEE ME!
Information Technology Etiquette: Cell phone use is prohibited during class. No texting, and no calls. If your phone rings, I will answer it. If mine rings, you can answer it. The only exception is for a family emergency—let me know at the beginning of class and please leave it on vibrate otherwise stow your phone.
Class Cancellation Policy: If the university is not officially closed, assume your class will meet unless there is a notice on departmental stationary, signed by the chairperson, posted on the classroom door. If there is any doubt, check with the department secretary on the third floor.
Accommodations: We at West Chester University wish to make accommodations for persons with disabilities. Please make your needs known by contacting me and/or the Office of Services for Students with Disabilities at ext. 3217. Sufficient notice is needed in order to make the accommodations possible. The University desires to comply with the ADA of 1990.
Academic Integrity: The business faculty is committed to vigorously enforcing the University’s academic integrity policy. At a minimum, students will receive a 0 in an assignment; at the maximum, students may be dismissed from the University. Academic dishonesty and plagiarism are defined in the Undergraduate Catalog. With respect to term papers, projects, and other written work, students must use quotation marks and reference when using another author’s exact words. Students must also reference when paraphrasing an idea or the words of an author. If more than one student submits substantially similar written homework that homework will be graded as if it were submitted by a single student, and all students submitting that homework will receive an equal share of the grade.
Nondiscrimination/Affirmative Action Policy: West Chester University is committed to providing leadership in extending equal opportunities to all individuals. Accordingly, the University will continue to make every effort to provide these rights to all persons regardless of race, religion, sex, national origin, ancestry, age, marital status, sexual orientation, disability, or veteran status. This policy applies to all members of the University community, including students, staff, and administrators. It also applies to all applicants for admission or employment and all participants in University-sponsored activities. Any individual having suggestions, problems, complaints or grievances with regard to equal opportunity or affirmative action is encouraged to contact the Director of Social Equity.
Course Outline: (exam schedule is subject to change)
(The basis of the daily quiz)
Introduction: Scarcity, Production possibilities
economics, Production Possibilities curve (frontier),
production efficiency, output efficiency, Economic growth, Opportunity Cost
ppc98.pdf (questions)print this first!!!!!
ppc98.xls (spreadsheet) Due Before sept 8th 11:59 pm
Written HW1 Due sept 15 11:59 pm
Demand and Supply
Law of Demand, Equilibrium Price, Change in quantity demanded v. Change in demand, market supply, excess demand and supply
Consumer and producer surplus and efficient markets
consumer surplus, deadweight loss
Written HW2 Due before 9/29 11:59 pm
Markets, gains from trade and comparative advantage
Terms of trade, comparative advantage
Elasticity of demand
price elasticity of demand.
Written HW3 Due before 10/13 11:59
exam 1 practice: Super Salmon!
Production and Cost
8 to page 166
9 pp. 184-189
Normal rate of return, Short-run, Long-run, Fixed cost, variable cost, marginal cost, Economies of Scale, Diseconomies of Scale,
Written HW4 Due before 10/27 11:59 pm
competition: short run and long-run
8 pp. 166- end
9 pp. 189- end
marginal revenue, short run supply curve. Break even point, perfectly competitive industry,
Written HW5 Due before 11/10 11:59 pm
Monopoly, natural monopoly
Second Exam Chapters 7, 8, 9, 13, 15
Oligopoly, cartel dominant strategy
Public Goods and Externalities
public goods, private good, externalities, free rider problem
Final Exam (cumulative)