BEC 103
Fall 2007
PRINCIPLES OF MICROECONOMICS – Telecourse
Syllabus
Instructor: Leticia Starkov
Office Hours: Monday and Wednesday 12:00 to 2:00 p.m.
Tuesday and Thursday 10:45 a.m. to 2:00 p.m.
Other times by appointment.
Office Location: ICT 213
Office Phone: 847 214 7465
Fax: 847 214 7361
E-mail:
NOTE: Please read carefully all the information that is included in this syllabus. Pay special attention to the telecourse lessons covered in each test.
Description
A basic course introducing the core microeconomic terms and tools applied to the study of decisions made by consumers and businesses. The class includes an overview of the economic way of thinking, elasticity of demand and supply, consumer’s theory, production and costs theories, market structures, resource markets, and the impact of government actions in the decisions of the firm.
Goals
· Facilitate students’ learning of the basic microeconomic terms and tools.
· Provide opportunities for students to apply the basic microeconomic terms and tools to analyze real life situations and to propose efficient solutions to concrete problems.
· Encourage students to think of the outcome of this course for the long run, as a way to improve their ability to read, and understand, economic news, to make more efficient economic decisions, and to increase their problem solving skills.
Course Objectives
After successful completion of the course, the students will:
ü Use the individual market model of supply and demand to analyze specific industries.
ü Describe the decision-making process of individual consumers to maximize utility.
ü Calculate and interpret elasticity of demand and supply.
ü Define and compute production costs in both, the short-run and the long-run.
ü Examine the production function in both, the short-run and the long-run.
ü Examine and compare the decision-making process of individual firms in different industry structures.
ü Apply the model of supply and demand to the resource markets.
ü Revise the impact of government policies in the decisions of individual firms.
ü Explain and analyze current events about specific firms and industries.
ü Apply the economic way of thinking and the microeconomic perspective to make better economic decisions.
Required textbook
· Krugman, Paul, and Wells, Robin. Microeconomics. New York: Worth Publishers, 2005.
· Wyatt, Ranita. Telecourse Guide for Choices and Change: Microeconomics. New York: Worth Publishers, 2005.
Other materials and resources
· Web site for the course: ecc.desire2learn.com
· Video Programs
· Computer Based activities
· Web site for the text book: www.worthpublishers.com/krugmanwells
· A reliable basic calculator.
Course structure
The course is divided into five units. Each unit has two or more lessons. There are a total of 14 lessons as it appears in the telecourse guide. Every lesson has an overview, assignments, learning objectives, focus points, review, and a practice test. The course has fives tests that must be taken in the Testing Center.
Course Outline
Section / Telecourse guide lesson / Textbook chapterI / 1. The study of choice / Chapter 1 (pp.1-4, 5-19)
Chapter 2 (pp.20-22, 34-35, 41-55)
I / 2. Confronting scarcity / Chapter 2 (pp.20-40)
I / 3. Supply and demand / Chapter 3 (pp. 56-82)
II / 4. Applications of supply and demand / Chapter 4 (pp. 83-108)
II / 5. Elasticity / Chapter 5 (pp. 109-134)
II / 6. Consumer choice / Chapter 6 (pp. 135-152)
Chapter 7 (pp. 165-171)
Chapter 10 (pp. 230-252)
Chapter 11 (pp. 253-266, 270-277)
Chapter 13 (pp. 312-325)
Chapter 19 (pp. 455-474)
Chapter 20 (pp. 475-484)
III / 7. Production and cost / Chapter 7 (pp. 160-164)
Chapter 8 (pp. 181-205)
III / 8. Competitive markets / Chapter 9 (pp. 206-229)
IV / 9. Monopoly / Chapter 14 (pp. 333-362)
Chapter 15 (pp. 379-380)
IV / 10. Imperfect Competition / Chapter 15 (pp. 363-387)
Chapter 16 (pp. 388-405)
IV / 11. Wages and employment / Chapter 12 (pp. 281-305, 307-309)
Chapter 13 (pp. 325-326)
V / 12. Alternative markets for resources / Chapter 7 (pp. 173-177)
Chapter 12 (pp. 284-286, 295-296)
V / 13. Public finance and public choice / Chapter 7 (pp. 167-170)
Chapter 12 (pp. 296-297)
Chapter 20 (pp. 482-483)
Chapter 21 (pp. 493-518)
V / 14. Environmental and global issues / Chapter 17 (pp. 406-430)
Chapter 19 (pp. 455-474)
Course set-up
This course is based on individual study. Follow the steps in the telecourse guide for the first three lessons. After completing the first three lessons take test # 1, which corresponds to unit I. Lessons 4, 5, and 6 constitute unit II. After finishing the study of these lessons take test # 2. Test # 3 corresponds to unit III and it includes lessons 7 and 8. Test # 4 covers lessons 9, 10, and 11, which constitute unit IV. Lessons 12, 13, and 14 form unit V and they are covered in test # 5. To complete the course you must take five tests. The tests correspond to the five units included in the course outline.
Tests
You are required to take five tests. The tests correspond to the five units included in the course outline. Each test has approximately 75 multiple-choice questions and is worth 20% of your final grade. The tests have some extra credit questions at the end. All testing is done in the Testing Center, on the main campus or at the Fountain Square campus. Your final grade will be based entirely on the tests. There is no other requirement for the class and there are no test retaking options. The day of your last test, or test # 5, you will be given 20 extra credit questions regarding the economic way of thinking. Correctly answering these questions will add extra credit points to your final grade.
Once you have arrived in the appropriate testing area, ask the receptionist for the test number you wish to take. It is important that you request the exam you need for BEC 103-Principles of Microeconomics- telecourse. Please present a photo ID (driver’s license) and bring a basic reliable calculator to be used during the test. You can also bring a filled 4” x 6” card to be used during the test. Please write your name on the card and turn it in with your answer sheet.
Few days after taking the test, you can see your test results in the D2L website for the class or you can request having your test results mailed to you if you are not able the use D2L. For security reasons, no test will be returned but you are welcomed to make an appointment with me to review your tests. If you have any questions or concerns please call or e-mail me ASAP.
Grading Scale
89.5 and up / A79.5 –89.49 / B
69.5 – 79.49 / C
59.5 – 69.49 / D
59.49 and below / F
Contacting the instructor
The best way to contact me is by email but you can also call me or make an appointment with me. I require you to contact me as soon as you sign up for the class to let me know what your plans with respect to the class are and the best way for me to contact you.
There are three telecourse sections during the fall and the spring terms, one of them is sixteen weeks long, the other is twelve weeks long, and the other is eight weeks long. I include next my suggested dates to take the tests depending on the section you are enrolled in. At the beginning of the class, you must let me know if you will follow my schedule to take the tests or if you have decided to create your own schedule, in this case, you are required to include in your communication with me your specific deadlines.
D2L Web site
Desire2learn (D2L) is an online resource that is available to you as a telecourse student. Information about how to access D2L can be found at http://www.elgin.edu/distance2index.asp?id=6569. Once you log into D2L look for BEC 103 Principles of Miacroeconomics – telecourse. You can use D2L for:
· Communicating with the instructor via e-mail
· Reading news and other documents related to the course
· Recalling deadlines and other important dates
· Using the question forum to ask questions to the instructor
· Using the question forum to discuss questions and topics with other students
· Using the social forum to socialize with other students
· Having access to your grades in a timely manner
Timeline to take the tests
16-week sectionBeginning day August 20 / 12-week section
Beginning day September 17 / 8-week section
Beginning day October 15
Test # 1 / September 7 / Test # 1 / September 28 / Test # 1 / October 24
Test # 2 / September 28 / Test # 2 / October 12 / Test # 2 / November 7
Test # 3 / October 26 / Test # 3 / November 9 / Test # 3 / November 21
Test # 4 / November 21 / Test # 4 / October 30 / Test # 4 / December 3
Test # 5 / December 13 / Test # 5 / December 13 / Test # 5 / December 13
Important things to keep in mind
ü Please note that economics requires a cumulative understanding of the topics. This means that you need to comprehend a topic that appears, say in chapter 3, in your learning of chapter 8. Think about the different topics as building blocks that you are using to construct a tower.
ü It is an excellent strategy to start in the right direction, having very good grades in the first and second exams. My experience shows me that many students find the tests more difficult when they move from one to five. This may be because they have more time to prepare for the first tests or because the material gets more complicated as the class moves forward.
ü I strongly encourage you to contact me if you have any problem understanding the material and/or solving problems and questions. You can reach me by phone or e-mail, or we can meet at a time that is convenient for both.
ü If you are not familiar with D2L, let me know ASAP and I will give you specific directions to access it.
ü Once you have your schedule to take the tests, follow it as close as possible. Missing deadlines could imply a significant negative impact in your final grade or even in your ability to complete the class.
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