Econ 1B, Fall 2017
Introduction to Microeconomics — Course Syllabus
(section 98408: Mon-Wed, 11:10am-12:30pm, room 508)
Instructor: Greg Hanle
Office: 432C. Office hours: Mon, 12:30-1:30pm, or by appointment
Phone: (831) 477-5218. (This is the Econ Office Number, contacting me by Email is better.)
Email: (Begin your subject line with “ECON 1B”, so I know to answer your email quickly)
Class Webpage: http://www.cabrillo.edu/~ghanle/
Books: required text: Hubbard and O’Brien (HO), Microeconomics, 2nd Edition. This is available in a custom printed version in the bookstore. Since the text is custom published, the chapters are titled but not numbered. If you want, you may get the regular version, but there will be minor differences: page numbers, extra chapters, etc.
Course Description: In Microeconomics, we study the individual agents in an economy, how they make choices, and interact. Subjects include markets, demand and consumer behavior, supply and firm behavior, competition and market power, efficiency and market failure, wages and labor markets, income distribution, and government regulation of markets. (Don't worry, no prior experience with economics is necessary. This stuff will all make sense in due time!)
Student Learning Outcomes:
1. Analyze and predict changes, both qualitatively and quantitatively, in a microeconomic market.
2. Analyze a microeconomic market for potential sources of inefficiency and propose or evaluate possible strategies to improve economic efficiency.
3. Analyze an industry, describing typical behavior based on standard market structures, identifying possible inefficiencies, and describing pricing and competitive behavior in both the short and long run.
Course Outline: Our class times will be devoted mainly to lectures with some class activities and group work throughout the semester. Please be prepared to take a huge amount of notes! On your own, you will be reading from your text and doing practice problems. Three times during the semester we will have an Exam consisting of 60 multiple choice questions and two short answer essay questions. There will also be a few voluntary assignments for students who wish to improve their grades. Our comprehensive final will be a larger version of our Exam, about 80 multiple choice questions and 3 short answers.
Bullets:
· Students must sign-in on the class roster to reserve their seat in this class
· All who are allowed to add, whether on the wait list or not, must process the add.
· Grading will be primarily determined by four exams (including the final), with a small amount of points given for quizzes and voluntary assignments.
· Lowest score midterm and quiz will be dropped. The final will NOT be dropped
· Exams and quizzes are closed notes and closed book.
· There is a bonus reward for taking all three midterms. (10% of your lowest score is extra credit)
· There is a small bonus for properly following the instructions printed on the exam.
· Must bring Apperson test form to each exam. Also, get yourself a good eraser.
· Simple calculators are allowed (and recommended) in class and on exams. No other electronic devices are allowed on during an exam. This includes cell phones, I-Pods, laptops, blenders, guitar amps, and PSPs.
· No make-up exams or quizzes. Dates are “set in stone” for exams, quizzes may come at any time…
· Graphs are important in this class. A good portion of the grading of the essays will be on demonstrating the answer using the appropriate graphs.
· Voluntary Assignments are due at the start of class on the due date. I do not accept late assignments.
· Grading Policy: Grade: A: 100-90% B: 89-80% C: 79-70% D: 69-60%
Students should retain all tests until official notification of course grade. Students wanting pass/no pass grading option need to submit a written statement requesting that by the official deadline. Students are responsible for dropping the class. Students are responsible for knowing hours of operation of the bookstore in order to obtain materials necessary for taking the exams.
Any corrections or changes to this syllabus will be announced in class. Any cheating will be punished with at least an automatic “F.” for the assignment. Further action can be taken by school administration. Students automatically consent to re-take an exam if the instructor has any question about the integrity of the results.
All students needing accommodations should inform the instructor ASAP. Veterans may qualify for accommodations. Wounded Warriors may have acquired injuries which through the American with Disabilities Act (ADA) entitles the use of accommodations to ensure equal opportunity for students with verified disabilities. To determine if you qualify or need assistance with an accommodation, please contact ACCESSIBILITY SUPPORT CENTER (Formerly DSPS), Room 1073, (831)479-6379.
Course Layout
(“HO” indicates your text, which is written by Hubbard and O’Brien)
First Section: Supply and Demand
A) Theory of Supply and Demand; HO: Where Prices Come From
B) Consumer & Producer Surplus, Efficiency; HO: Economic Efficiency (Learning Objectives 1, 2, & 3 only)
C) Elasticity; HO: Elasticity
EXAM on First Section: Wednesday, September 27nd (5th week)
Take-home quiz on Consumer Theory: due Monday, October 2nd (6th week)
Second Section: Firms
A) Intro to Firms; HO: Firms, Stock Market, Corp. Governance
B) Cost of Production; HO: Technology, Production, and Costs
C) Monopoly; HO: Monopoly and Antitrust Policy
D) Pricing; HO: Pricing Strategy
EXAM on Second Section: Wednesday, October 25th (9th week)
“Capstone Industry Take Home Project Side 1”: due Monday, October 30th (10th week)
Third Section: More Firms!
A) Monopolistic Competition; HO: Monopolistic Competition
C) Perfect Competition; HO: Firms in Perfectly Competitive Markets
C) Oligopoly & Game Theory; HO: Oligopoly
EXAM on Third Section: Monday, November 20th (13th week, right before Thanksgiving)
Industry Project Side 2: due Monday, November 27th (14th week)
Final Section: Labor + More...
A) Labor Market; HO: The Markets for Labor (skip Learning Objective 6)
B) Market Failures; HO: Externalities, Environmental Policy and Public Goods
C) Information Problems; HO: Economics of Information
Comprehensive Final Exam on Monday, Dec 11th, 10:00am-12:50pm
Other Important Dates:
Monday, September 4th: Labor Day observed, Campus Closed
Saturday, September 9th: Deadline to Add a course or Drop with refund
Sunday, September 10th: Deadline to Withdraw without a grade of “W”
Saturday, October 7th: Deadline for pass/ no pass option
Friday, November 10th: Veteran’s Day (observed), Campus Closed
Saturday, November 18th: Last Day to Withdraw with a grade of “W”
Thursday, November 23rd and Friday, November 24th: Thanksgiving Break, Campus Closed
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance."
-Murray Rothbard
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