ECN 256: Microeconomics Course Syllabus
I.GENERAL INFORMATION
Course Number/Title:ECN 256-BAMicroeconomicsSemester/Year:Spring 2016
Meeting Time: F 11:00 AM TO 12:15Room: FH731
Instructor Name: Dana M. BonannoE-mail:
Catalog Description:
Introduces the principles of microeconomics with an emphasis on individual decision-making. In examining competition and theories of the firm, the course will explore the topics of scarcity and choice, markets and price determination, market structures, labor and financial markets, public goods, regulation/deregulation, and international economics.
II. TEXT/SUPPLEMENTAL MATERIAL
Micro Economy Today, 14th edition with Connect+ by Schiller
ISBN: 9781259602344
III.REQUIRED EQUIPMENT/SUPPLIES
A Course Management System and email are provided by WCCC. Additionally, a computer and access to the Internet is needed and available in the WCCC Computer Resources Center (CRC). A basic calculator is also required.
IV. Course Structure
This course is designed to provide a hybrid experience, including both face-to-face and online activities.
Contact time will be divided in the following way for the semester:
50 % face-to-face (22.5 hours)
50 % online (22.5 hours)
- Face-to-face sessions will be held at the Youngwood Campus in room 731, Founder’s Hall.
- On-line Work will utilize Blackboard as well asthe Learnsmart Application in McGraw Hill’s Connect.
Equivalent Instructional Activity / Quantity / Time / Total
Chapter Learnsmart Assignments / 15 / 20-40 minutes each; varies by chapter / 7.5 hours
Videos / 33 / Varies; times noted below / 4 hours
Great Depression Analysis / 1 / 1 hour / 1 hour
Great Recession Analysis / 1 / 1 hour / 1 hour
Market Structure Project / 3 / 2 hours each / 6 hours
Exams / 3 / 1 hour 15 min / 3 hours 45 minutes
V.REFERENCE MATERIALS AND RESOURCES
- Various basic economics books are available in the Learning Resource Center.
- Student Class Files, grades, Blackboard/myeconlab and email.
- The Economist, Business Week, The Wall Street Journal (You will not need subscriptions)
- Additional reference material will be provided as the class progresses.
- TUTORING – If class material is not understood, it is important to remember that TUTORING IS AVAILABLE IN THE COLLEGE LEARNING CENTER – Room 565 in Founder’s Hall, Youngwood Campus. Just call 1-800-262-2103, extension 4135 (or direct dial 724.925.4135).
- Also, please remember that our professional counselors are available in Student Development to help you with personal counseling.
VI.EVALUATION AND GRADING
your final grade will be based on the total number of points earned during the semester on the following:
- Unit Exams
There will be three (3) exams during the semester. The tentative time frames for these exams are listed in the Course Schedule on the last page of this syllabus. PLEASE NOTE: THESE DATES MAY CHANGE DURING THE SEMESTER DEPENDING UPON OUR PROGRESS.
- Homework Assignments (LEARNSMART using Connect)
Most chapters will have a homework assignment which will be posted in Connect (see course schedule). The points earned on these assignments will be part of your final grade. You will be able to do these assignments multiple times with no penalty, so there is no reason that anyone should not earn full credit for each chapter assignment.
Homework Assignments (In-class)
Throughout the semester we will use material which I will provide during class. A copy of these worksheets will be posted in Blackboard after we have worked on them in class. You will receive points on these homework assignments. In order to receive credit for these assignments, YOU MUST BE PRESENT IN THE CLASSROOM WHEN THIS MATERIAL IS COVERED. The answer keys for these assignments will be posted in Blackboard after the assignment has been covered in class. This material will be covered on the applicable exam.
- Writing Assignments
There will be two writing assignments during this semester:
- Great Depression Research Paper
- Market Structure Analysis
General Guidelines:
Please use a 12 font, double spaced format.
Site all sources using whatever format is preferable to you.
These papers are due on the date assigned (which will be announced in class and posted in Blackboard); no exceptions.
- Great Recession Analysis
- Evaluation and Grading Scheme - Final course grade is based on total points accumulated over the semester with the following breakdown:
Grading Source / Weight / Points
Writing Assignments / 10 / 100
Connect Homework / 20 / 195
Market Structure Analysis / 30 / 100
Instructor Assignments / 20 / 165
3 Exams (100 points each) / 20 / 300
Total / 910
Grade Scheme: A final letter grade will be assigned based on the following scale:
90 – 100 % A
80 – 89 % B
70 – 79 % C
60 – 69% D
Below 60% F
*This grading scale MAY change at the discretion of the instructor and will be announced in class when necessary.
VII. CLASS PARTICIPATION/ATTENDANCE
- It is beneficial to your understanding of the material covered to be present in class. Periodically we will work on homework or group projects during class meetings that will be graded. YOU WILL NOT RECEIVE CREDIT FOR THIS MATERIAL/PROJECT IF YOU ARE NOT PRESENT THE DAY WE WORK ON THE MATERIAL.
- Attendance
Any college class requires a time commitment from the student. You should plan to spend 6-9 hours per week outside of class time working on course material. For this to be a rewarding and positive educational experience you must manage your time wisely. Develop a schedule for yourself so that you are completing course work on a regular basis. This may be at the same time and day each week, or as time permits.
- You are responsible for all work and all announcements made in the classroom as well as in Blackboard.
VIII.OTHER
A.Withdrawal Policy
1. A college initiated withdrawal will be initiated for any student failing to login into this course in
Blackboard and/or participate in classroom activities for a period of three consecutive weeks.
- LAST DAY FOR STUDENT INITIATED WITHDRAWAL: SATURDAY APRIL 23, 2016
Students withdrawing before midterm (8th week) will receive a "W" grade. Students withdrawing after mid-term (8th week) will receive a grade of "W" only if passing at the time of the request. Since there may be a financial issue associated with your withdrawal, you are encouraged to meet with a counselor prior to completing the required withdrawal forms.
B. Academic Dishonesty
Students are expected to maintain the highest standards of academic integrity. Behavior that violates these standards is not acceptable. Examples are the use of unauthorized material, programming course material into calculator or cell phone memory, communication with fellow students during an examination, attempting to benefit from the work of another student and similar behavior that defeats the intent of an examination or other class work. Cheating on examinations, plagiarism, improper acknowledgment of sources in essays and the use of a single essay or paper in more than one course without permission are considered very serious offenses. Any student who is found to be an active participant, on either end, in any incident, will receive a grade of zero (0) for that assignment. Repeat incidents earn an F for the course.
C.E-mail Communication
Only WCCC’s Campus Connections e-mail address will be used for all e-mail communication. My email address is . Please enter the course number in the subject line of your e-mails. You must also include your full name in the body of the e-mail.
IX. STUDENTS WITH DISABILITIES
If you need an accommodation due to a disability under the Americans with Disabilities Act and Section 504 of the Rehabilitation Act, please contact Disabilities Services in Room 130 Founders Hall, 724-925-4121; or Lauren Eicher, Counselor of Disabilities & Student Behavioral Intervention Services, at. Advance notice may be necessary for some accommodations to be provided in a timely manner. Accommodations must be supported by adequate documentation and are determined on an individual basis.
X. Connect Registration Information (See Blackboard)
XI.Course Schedule
Note:Although the instructor may deem it appropriate to deviate from the following schedule, the basic design of the course will be:
***THIS SCHEDULE IS TENTATIVE; CHANGES MAY BE MADE WHEN NECESSARY AS DETERMINED BY INSTRUCTOR***
DATE / CLASSROOM MATERIAL / Instructional Activity/ Writing Assignment(Blackboard) / Instructional
Activity
CONNECT / Due Date
Week 1
January 22 /
- Discuss course objectives and syllabus
- Lecture: Chapter 1
- Discuss Plimoth Plantation Case Study
- Assignment 1.1
- Assignment 1.2
Chapter 1
- Economic Freedom vs. Quality of Life Video (2:26)
- Mixed Economy Video (2:15)
- Economic Freedoms Exercise
Week 2
January 29 /
- Assignment 1.3
- Lecture Chapter 2
- Lecture: Chapter 19
- Benefits of Economic Freedom Video (1:51)
- Read Quality of Life vs. Std of Living File
- Quality of Life Exercise
WRITING ASSIGNMENT:
Great Depression Writing Assignment / Submit February 12 in-class
Week 3
February 5 /
- Lecture: Chapter 3
- Assignments 3.1
- Assignment 3.2
- Lecture: Change in supply/demand vs. Change in quantity supplied/demanded
- Assignment 3.3
- Assignment 3.4
- Circular Flow Video (8:29)
Week 4
February 12 /
- Assignments 3.5 and 3.6
- Discuss Depression Paper
- Lecture Chapter 4
- Review for Exam 1
- Mixed Economy Video (2:15)
- Taxes and Production Possibilities Video (7:38)
- Externalities Video (7:38)
EXAM 1 (CHAPTERS 1-4) / February 18 (noon)
Week 5
February 19 / UNIT 2: Market Participant
Decision Making
- Lecture: Chapter 5
- Marginal Utility and Consumer Equilibrium
- Assignment Pack 12.1
- Diminishing Marginal Utility Video (4:16)
Week 6
February 26 /
- Lecture: Chapter 6
- Assignment 5.1
- Assignment 5.2
- Assignment 5.3
- Elasticity Video (9:34)
Week 7
March 4
2 /
- LECTURE: CHAPTER 7
AND Marginal Product (Theory of the Firm)
- Assignment 14.1
- Introduction to Costs Video (1:21)
- Theory of the Firm Video (5:06)
- FC vs. VC Video (5:00)
- Acctg vs Economic Costs Video (3:50)
- Cost Curves Video (5:12)
- Maximizing Profits (3:32)
- Economies of Scale (6:35)
- Diseconomies of Scale (6:04)
Week 8
March 11 /
- LECTURE: CHAPTER 7 (cont)
Marginal Product
Acctg. Vs. Economic Costs and Profits
- Assignment 14.2 (Marginal Product)
- Assignment 14.3 (Accounting vs. Economic Profit)
- MKT STRUCTURE PROJECT STEP 1
EXAM 2 (CHAPTERS 5-7) / March 17 (noon)
Week 9
March 18 / UNIT 3: TYPES OF MARKET
STRUCTURE
- LECTURE: CHAPTER 8
- LECTURE: CHAPTER 10
- Handout: Chart for Mkt Structure Group Work
- Handout: IC Perfect Competition Worksheet
- Introduction to Market Structure Video (11:21)
- Perfect Competition and Profit Maximization Video (7:12)
MARCH 25 / NO CLASS – SPRING BREAK / Chapter 10
- Monopolies and Profit Maximization Video (7:00)
- Oligopoly and Profit Maximization Video (5:37)
- Monopolistic Competition and Profits Maximization Video (5:55)
- MKT STRUCTURE PROJECT STEP 2
Chapter 11 Learnsmart
Chapter 12 Learnsmart / March 31 (noon)
March 31 (noon
March 31 (noon)
April 7 (noon)
Week 10
April 1 /
- LECTURE: CHAPTER 11
- Lecture: CHAPTER 12
- Lecture: Chapter 13
- Discuss Bazaarvoice
- Regulation Video (6:00)
- Antitrust Video (2:35)
- Mergers Video (4:37)
- Collusion Video (1:30)
- MKT STRUCTURE PROJECT STEP 3
April 7 (noon)
Week 11
April 8 / UNIT 4: FACTOR MKT
- Lecture: Chapter 16
- Assignment 16.1
- Lecture: Chapter 17
- Factor Market Overview Video (1:26)
- Hiring Decision in Perfectly Competitive Market (5:13)
- Monopsony in Factor Market (8:10)
Chapter 17 Learnsmart / April 14 (noon)
April 14 (noon)
Week 12
April 15 /
- Lecture: Chapter 19
- Lecture: Chapter 20
- Comparative Advantage (6:24)
- Why Restrict Trade (8:34)
- Types of Trade Restrictions (9:44)
- Gatt/WTO (4:38)
Exam 3 (Chapters 8,10 - 13;16,17, 19, 20) / May 6
Week 13
April 22 / INSIDE JOB/GREAT RECESSION / WRITING ASSIGNMENT:
GREAT RECESSION / May 6
BRING TO CLASS
Week 14
April 29 / INSIDE JOB/GREAT RECESSION / WRITING ASSIGNMENT:
GREAT RECESSION / May 6
BRING TO CLASS
Week 15
May 6 /
- Video: Inside Job Discussion; papers due
- Lecture: Other topics
Plimoth Plantation
Many formerly communist countries are finding out first hand the economic benefits of capitalism. For example, consider the M.V. Frunze Scientific and Industrial Conglomerate, a Ukrainian complex of factories and research facilities. Like many such sites in the former Soviet Union, Frunze has long been burdened with old equipment and even older ideas. Plant workers received the same salary each month whether they met their production quotas or not. Plan managers had no control over profits, all of which went back to the central government.
Recently the Frunze company was chosen to participate in a nationwide experiment in capitalist-style motivation. For the first time ever, company officials were able to keep 70% of the plant’s profits to use as they saw fit. Managers could apply the money toward badly needed plant modernization, worker bonuses, better housing, and child care.
Frunze’s employees praise the experiment, which worked so well that it has been adopted permanently. Profits soared once staffers could see tangible results for their hard work.
To us in the United States, it may seem just common sense that people will work harder when given capitalist incentives. But did you know that America wasn’t always capitalist: In fact, back before the United
States was even dreamed of, European immigrants built a communist settlement on the rock y shores of New England. Today we call those early immigrants the Pilgrims, and we know their community as Plimoth Plantation (that’s how they spelled Plymouth in the 1600s).
The Pilgrims as communists? While this idea may conflict with the traditional image of the folks who celebrated the first Thanksgiving, it makes sense, given the harsh realities that faced these seventeenth-century pioneers. Setting up housekeeping on a new continent takes work, and the Pilgrims confronted deadly obstacles. These hardships made it vital for them to work as a team; in the words of their governor, William Bradford, they had to “swim together or sink alone.” They interpreted this to mean adopting a communist economy, in which everyone worked and the profits were distributed according to each colonist’s needs. And, like the Soviets almost 400 years later, they found definite drawbacks to a communist system.
The Pilgrims’ first hurdle was to survive a dangerous two-month voyage across the mostly unmapped Atlantic. They were so relieved to arrive safely, wrote William Bradford, that “they fell upon their knees and blessed the God of heaven who had brought them over the vast firm and stable earth.” But this earth, however firm and stable, was a hostile wilderness totally unknown to them. Having survived the ocean crossing, they found that the real work began; to build a farming community in a new continent of foreign plants and harsh winters. Almost half the Pilgrims died during their first year in the New World.
At first they practiced collective farming, meaning the group operated the farm cooperatively. All of their profits went into a common fund, most of which went to repay the investors back in Europe who had bankrolled this risky venture. They found, however, that collectivism wasn’t effective: people just weren’t working as hard as they could. Younger and stronger colonists resented those who contributed less energy to the common cause. Single workers felt exploited when married laborers with families got larger shares of food and supplies. Despite all their hardships, their debt to the overseas investors mounted.
In the end, the Plimoth pioneers decided to reorganize their economy along capitalist lines. Each family received its own plot of land to farm, and was able to keep the profits earned from that field. Almost immediately, farmers started working harder; women and children joined in. Throughout the colony, productivity soared. They repaid their debt to the European investors in seven years, and went on to build a permanent home in what is today Massachusetts.
The Plimoth community was much smaller than the former Soviet Union, of course, and its leaders could make economic changes much more quickly. But it’s interesting to note that both societies tried – and abandoned – collectivism in favor of capitalism for the same basic reason: people try harder when they’re motivated.1
Spring 2016
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