Insects and People

EconS 101.02 Summer 2017 -- Fundamentals of Microeconomics

(Updated on Jun.16th 2017)

Class: Monday through Friday 9:00 am – 10:15 am, Jun.19th – Jul.28th Wilson Hall 13

Instructor:Xiangrui Wang

PhD Student, School of Economic Sciences

Hulbert 323J

Office Hours: Tuesday, Thursday 10:30 am – 12:00 pm. or by appointment

Prerequisites:

MATH 101, 103, 105, 106, 107, 108, 171, 201, 202, or STAT 205 or 212; or concurrent enrollment in MATH 106, 107, 108, 171, 201, 202, or STAT 212; or ALEKS placement score of 35% or higher.

Required Text:

Paul Krugman and Robin Wells. Microeconomics in Modules, Third Edition. Worth Publishers, New York, 2014.

Course Description:

Students will be introduced to basic economic models that explain consumer and firm behavior, market and policies outcomes, and most importantly, the gains from trade. We will study the function of the market system in allocating scarce resources, determining prices, and output. We will also study market structures, from perfectly competitive markets to monopolistic markets, as well as strategic behavior under oligopolies and competitive markets using game theory. Finally, we will explore the role of government in the market economy and in creating or fixing market failure.

Course Learning Goals:

1. Students will learn the basic terminology of microeconomics.
2. Students will be able to apply the concepts of choice and opportunity cost to basic situations involving scarcity, and be able to clearly identify feasible choices in their personal life.
3. Students will understand how markets operate and be able to identify welfare outcomes for consumers and producers.
4. Students will understand how different market structures, firm technologies, and economic and social policies affect market equilibrium and welfare outcomes.
5. Students will understand gains from international trade.
6. Students will develop their information literacy skills as they relate to various microeconomic concepts and issues.

This course is primarily designed to meet WSU Learning Goals:

LG1. Critical and creative thinking

LG2. Quantitative Reasoning

LG3. Information Literacy

Required Web Access:

• Blackboard --- for course information, material, and links will (https://learn.wsu.edu).
• LaunchPad --- for online homework and potential extra credit opportunity. An electronic copy of the text is also available there. Please access LaunchPad through Blackboard.

Paul Krugman and Robin Wells. Microeconomics in Modules and Lauchpad are sold as a complete package in Bookie. Separate purchase will be more expensive.

Course Topics:

Lecture schedule is uploaded to the Blackboard. We will have 25 lectures in total during first 5 weeks.

Graded materials will consist of: 1) Daily Reading Practice (Learning Curves), 2) Weekly Homework, 3) Weekly Quizzes, 4) Comprehensive Final Exam, and 5) Optional/Bonus Writing Assignments.

1) Daily Reading Practice:

The daily reading practices are designed to prepare you for each lecture. They are completed in Launchpad and can be found on the course outline on the Blackboard. The daily reading practices are typically a “Learning Curve” exercise and are graded on completion. You can continue working on and attempting to answer questions until you get full credit. You should continue work on each exercise until you obtain full credit. Ideally, you want to complete the exercise before the lecture everyday (the lecture schedule can be found on Blackboard).

The deadline for “Learning Curve” exercises is posted on Lauchpad and Blackboard (one week after the lecture). No late pre-lecture assignments will be accepted. However, the lowest five pre-lecture scores will be dropped from your grade.

2) Weekly Homework:

There will be graded homework (HW) problems for each week (five in total). You are responsible for completing graded assignments by the scheduled cutoff date posted on the Launchpad course outline and syllabus. Most homework questions will be graded as you complete and submit the assignment in Launchpad. If after submitting the assignment, you discover that you have incorrectly answered some questions, then you may re-take the homework assignment for a maximum of three attempts and resubmit it. Your grade will be the maximum achieved from among your (maximum of three) submissions. All work on each assignment must be completed before the cut-off date. No late homework assignments will be accepted. I also create self-practice problem sets to help you prepare the homework. These self-practice problem sets has similar question to the HW and can help you improve your grade. The self-practice problem sets are not graded and completely optional.

The deadline for homework (normally next Monday) is posted on Launchpad. No homework will be accepted after the late deadline has passed. However, the lowest two homework score will be dropped from your grade.

3) Weekly Quizzes:

Five quizzes will be administered every Monday (from 2nd week to the last week) during the lecture. Each quiz contains 10 - 12 questions (multiple-choice similar to the HW questions) and takes 20 minutes to complete. Unlike the homework assignments, you will have only one attempt to correctly answer each question. The lowest two grades from the five attempts will be dropped.

4) Comprehensive Final Exam:

Multiple choice questions answered in class. The date is to be scheduled between Jul.26th – Jul.28th. Students can bring in two double sided 8.5 x 11 inch page of notes and formulas for the final exam. The final exam is comprehensive and it covers all the topics from our lectures. Bubble sheets will be provided by the instructor.

All examinations are required. Please see information about makeup policy below in the attendance policy section.

5) Optional/Bonus Writing Assignments:

The writing assignment is designed to help you connect our lecture to the real-world example and to slightly improve your grade. Each week I will select one lecture topic for the writing assignment. The writing assignment requires you to find a fresh real-world case related to this chosen topics and explain shortly how to apply the concepts we learnt in the class. To complete the writing assignment, you need to provide the URL links to article addressing your case. The format for writing assignment is a one-page, double-spaced Microsoft Word file. Please send the completed writing assignment to my email every Monday using this format in the email title:

“Writing Assignment – Week ? – Your Name (WSU ID#)”.

Attendance Policy:

I will take attendance once every week in the first five weeks. Students are expected to attend class and participate in class activities. Students are also expected to complete online work and quizzes in a timely manner. Because assignments are available for long periods until their respective cutoff dates, work cannot be submitted or accepted after the cutoff date for each assignment. Similarly, missed exams cannot be made up. In the event of a medical excuse or other serious problems, exceptions to this no-makeup policy will be considered following University policies. See Office of the Registrar, Our Academic Regulations, #73 Absences, http://www.registrar.wsu.edu/registrar/apps/acadregs.aspX

Class Etiquette:

• During in-class exams, respect fellow students by remaining in your seat until the agreed upon time to turn in exams.
• Please silence mobile devices and do not use them in class.
• Please do not use your MP3 player or headphones in class.
• Please do not carry on conversations with other students during class.
• Please respect your fellow students and the instructor.

Grading:

Grades will be determined as follows:

93 Grade A

90 Grade < 93A-

86.5 Grade < 90B+

83.5 Grade < 86.5B

80 Grade < 83.5B-

76.5 Grade < 80C+

73.5 Grade < 76.5C

70 Grade < 73.5C-

65 Grade < 70D+

60 Grade < 65D

Grade < 60F

WSU Academic Integrity Statement:

As an institution of higher education, Washington State University is committed to principles of truth and academic honesty. All members of the University community share the responsibility for maintaining and supporting these principles. When a student enrolls in Washington State University, the student assumes an obligation to pursue academic endeavors in a manner consistent with the standards of academic integrity adopted by the University. To maintain the academic integrity of the community, the University cannot tolerate acts of academic dishonesty including any forms of cheating, plagiarism, or fabrication. Washington State University reserves the right and the power to discipline or to exclude students who engage in academic dishonesty. Students found responsible for academic integrity violations may receive an F on the particular assignment or exam, as well as an F for the course. Serious and/or repeated offenses may result in referral to the Office of Student Standards and Accountability and expulsion from WSU. Cheating is defined in the Standards for Student Conduct WAC 504-26-010 (3).

You can learn more about Academic Integrity on your campus using the URL listed in the Academic Regulations section or to http://academicintegrity.wsu.edu/ . Please use these resources to ensure that you don’t inadvertently violate WSU's standard of conduct. It is strongly suggested that every student read and understand these definitions.

Students with Disabilities:

Students with Disabilities: Reasonable accommodations are available for students with a documented disability. If you have a disability and need accommodations to fully participate in this class, please either visit or call the Access Center (Washington Building 217; 509-335-3417) to schedule an appointment with an Access Advisor. All accommodations MUST be approved through the Access Center. For more information contact a Disability Specialist at 509-335-3417, or on-line via http://accesscenter.wsu.edu or

Safety Statement:

Washington State University is committed to enhancing the safety of the students, faculty, staff, and visitors. It is highly recommended that you review the Campus Safety Plan (http://safetyplan.wsu.edu/) and visit the Office of Emergency Management web site (http://oem.wsu.edu/) for a comprehensive listing of university policies, procedures, statistics, and information related to campus safety, emergency management, and the health and welfare of the campus community.

Classroom and campus safety are of paramount importance at Washington State University, and are the shared responsibility of the entire campus population. WSU urges students to follow the “Alert, Assess, Act” protocol for all types of emergencies and the “Run, Hide, Fight” response for an active shooter incident. Remain ALERT (through direct observation or emergency notification), ASSESS your specific situation, and ACT in the most appropriate way to assure your own safety (and the safety of others if you are able).

Please sign up for emergency alerts on your account at MyWSU. For more information on this subject, campus safety, and related topics, please view the FBI’s Run, Hide, Fight video and visit the WSU safety portal.

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