Economics 2202 Microeconomics And The Global Economy Syllabus

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Economics 2202Microeconomics and the Global EconomySyllabusDennis C. PlottCollege of DuPagewww.cod.eduFall 2017

ECONO 2202 – Microeconomics and the Global EconomySyllabus – Fall 2017Contents1 Course Description, Objectives, and Philosophy1.1 College of DuPage Catalog Course Description .1.2 Course Description . . . . . . . . . . . . . . . . .1.3 General Course Objectives . . . . . . . . . . . . .1.4 Topical Outline . . . . . . . . . . . . . . . . . . .1.5 Course Philosophy . . . . . . . . . . . . . . . . .2222232 Responsibilities, Expectations,2.1 Instructor’s Responsibilities .2.2 Student’s Responsibilities . .2.2.1 Prerequisites . . . . .2.2.2 Academic Rigor . . . .2.2.3 Advice . . . . . . . . .and Advice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .333334444444453 Course Materials3.1 Textbook . . . . . . . . . . . . . . .3.2 Software . . . . . . . . . . . . . . . .3.2.1 Other Useful Software . . . .3.3 Supplementary (Optional) Resources3.3.1 Books . . . . . . . . . . . . .3.3.2 Periodicals . . . . . . . . . .3.3.3 Online . . . . . . . . . . . . .4 Course Requirements and Grading4.1 Exams . . . . . . . . . . . . . . . .4.2 Problem Sets . . . . . . . . . . . .4.3 Regrading . . . . . . . . . . . . . .4.4 Late Work and Extra Credit . . .4.5 Basis for Final Grade . . . . . . . .4.6 Grade of Incomplete . . . . . . . .5555566. . . . . . . . . . . . . . . .Behavior. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .666777777886 College of DuPage Policies and Relevant Information6.1 Students with Disabilities . . . . . . . . . . . . . . . . .6.2 Withdrawal Policy . . . . . . . . . . . . . . . . . . . . .6.2.1 Withdrawal from a Class . . . . . . . . . . . . .6.2.2 Administrative Withdrawal . . . . . . . . . . . .6.3 Academic Calendar . . . . . . . . . . . . . . . . . . . . .5 Course Policies and Common Sense5.1 Email . . . . . . . . . . . . . . . . . . .5.2 Electronic Devices . . . . . . . . . . . .5.3 Food and Drinks . . . . . . . . . . . . .5.4 Punctuality, Attendance, and Classroom5.5 Academic Integrity . . . . . . . . . . . .5.6 Course Flexibility . . . . . . . . . . . . .5.7 Course Cancellation . . . . . . . . . . .5.8 Grade Dissemination . . . . . . . . . . .5.9 Recording of Lectures . . . . . . . . . .5.10 Course Material . . . . . . . . . . . . . .7 (Tentative) Schedule.88888998 Textbook ReadingsCollege of DuPage.10iDennis C. Plott

ECONO 2202 – Microeconomics and the Global EconomySyllabus – Fall 2017Please, read and reference the syllabus. Its main purpose is to give you information about the course sothat you do not have to ask me during the semester. Please, do not be scared about the length of thesyllabus. I view this document as a contract between you and me. You should consider the syllabus to bethe ground rules. “I didn’t read the syllabus”, and the like, is not an acceptable excuse for missing anexam, assignment, or being unaware of a class/College policy, etc. Any registered student in the coursewill adhere to and abide by the syllabus without exception.InstructorInstructor EmailInstructor WebsiteInstructor Office LocationInstructor Office Hours: DaysInstructor Office Hours: TimesClass LocationClass Meeting: DayClass Meeting: TimeOfficial Course WebsiteCollege of DuPageDennis C. Plottplottd@cod.eduwww.dennisplott.comBIC 2406Tuesday and Thursday10:00 a.m.–12:00 p.m.BIC 3G04Tuesday and Thursday12:30 p.m. – 1:45 p.m.https://bb.cod.edu/1Dennis C. Plott

ECONO 2202 – Microeconomics and the Global Economy1Syllabus – Fall 2017Course Description, Objectives, and Philosophy1.1College of DuPage Catalog Course DescriptionEconomics 2202: Microeconomics and the Global EconomySemester Credit Hours: 3; Clinical Hours: 0; Lecture Hours: 3; Lab Hours: 0A study of consumer behavior, supply and demand, price determination, market structures, factor pricing,international trade and finance, and economic development. Special topics may include agricultural economics,the economics of risk, environmental economics, and alternative economic systems. A score of 53 or higher inalgebra domain of Math placement Test and successful completion of Economics 2201 is recommended.Repeatable for credit: NoPre-Enrollment Criteria:Reading Placement Category 11.2Course DescriptionThis course introduces basic concepts of microeconomics, the branch of economics that examines decision-makingby individuals, firms, and governments. The goal of this course is to provide you with the economic tools so asto enhance your ability to think in a manner consistent with the existence of scarcity. We will apply a number ofcore economic principles to a variety of modern topics; e.g., health insurance markets and free-trade agreements.Concepts introduced later rely upon earlier ones, so it is crucial that you keep up with the material.1.3General Course ObjectivesUpon successful completion of the course the student should be able to do the following:1. Analyze supply and demand in the context of elasticities and explain the implications of these on consumersurplus, public policy, and the behavior of markets2. Analyze and evaluate the behavior and limitations of a competitive market place3. Analyze and describe the various forms of market structure and their implications for pricing, economicperformance and possible governmental action4. Describe and differentiate among the various returns to factors of production5. Analyze and describe the issues involved with income inequality and the problems and opportunities ofeconomic development6. Describe and analyze the utility theory of consumer choice and behavior7. Identify and analyze the affects of externalities on economic welfare and evaluate the various ameliorativemeasures which might be taken8. Describe and analyze the effect of international trade on country output, consumption, and welfare1.4Topical Outline1. Review of supply and demand2. Elasticity of demand and supply3. Income and cross-price elasticities4. Consumer surplus and discussion of taxation5. The firm and its economic problem6. Production in the short run and the long run7. Costs of production8. Competitive marketplace and the firm9. Output and price in perfect competitionCollege of DuPage2Dennis C. Plott

ECONO 2202 – Microeconomics and the Global EconomySyllabus – Fall 201710. Other forms of market organization11. Price discrimination12. Supply and demand of the factors of production13. Issues in the market for labor, capital, and land14. Utility, marginal utility, and indifference curve analysis15. Public goods and externalities16. International trade and finance1.5Course PhilosophyWhy did you decide to take this course? You could have chosen any number of other courses also scheduledfor this same Tuesday/Thursday time slot, and yet you didn’t, why? When you woke up this morning did youdebate coming to class today, and consider sleeping in instead? You couldn’t have come to class and slept inboth, so how did you make the decision regarding what to do?Economics is the study of trade-off decisions such as these – which course to take, economics or psychology;which decision to make in the mornings, sleeping in or coming to class; which car to buy, Honda or Ford; whichpresidential candidate to vote for, Clinton or Trump? Economics recognizes that we face limited opportunitiesand limited time and that we must, at some point, make trade-off decisions that affect our every day lives. Howdo we approach such difficult choices?Microeconomics, in particular, is the study of how households and firms make these types of decisions. Thiscourse is an introduction into the kind of thinking that makes internal trade-off decisions explicit. We will focuson gaining a sound understanding of the essential tools necessary to appropriately analyze basic microeconomicmodels – but applied contexts will never be far behind. You will leave this course with a better understandingof the economic way of thinking when approaching the difficult decisions that must be made every day. Mostimportantly, this course will present you with a method for understanding contemporary policy issues that willlead to clearer, more objective thinking.22.1Responsibilities, Expectations, and AdviceInstructor’s ResponsibilitiesAs the instructor, my responsibilities are to come to class prepared to teach; to organize and present thematerial in a manner that facilitates your learning; to respond to and encourage questions; to oversee grading ofassignments; to be available during office hours and for scheduled appointments; and to stimulate an enthusiasmfor economics and for learning.2.2Student’s ResponsibilitiesAs a student, your responsibilities are to come to class prepared to learn and to participate in lectures; to completethe assigned readings before class (allowing time to re-read difficult material); to complete all assignments ontime; and to take all exams.2.2.1PrerequisitesI will assume that you are proficient in basic high school mathematics; i.e., algebra. That said, there will be ahealthy review of essential material in the early part of the course to help get your bearings.2.2.2Academic RigorAt the college level, average students are expected to devote at least two hours of problem solving and studytime outside of class for every hour that they are in class in order to earn a C (i.e., satisfactory) grade. Do notexpect to receive a satisfactory grade unless you are willing to make the necessary commitment. Also note thatyou will be graded on your productivity, competency, and proficiency, not your effort, nor your intentions, norany factor other than your performance on assigned work; i.e., problem sets and exams.College of DuPage3Dennis C. Plott

ECONO 2202 – Microeconomics and the Global Economy2.2.3Syllabus – Fall 2017AdviceI know many of you work, have families, commute, take other courses, have social lives, watch Netflix, etc.However, experience has shown that economics is not a subject that you can put off until the last minute.An economics course is similar to a math class in that much of the material is cumulative, with each lessondepending on comprehension of the material that has come before.Therefore, I urge you to attend class on a regular basis and actively participate. Experience has also shown thatstudents whose attendance is irregular usually do quite poorly. I urge you to keep up to date on the reading andassignments, to ask questions in class, and come see me during my office hours if you are having difficulty. I amhere to help you. While I realize that it is often unpleasant and sometimes even painful to deal with difficultmaterial, ignoring your difficulties is a guaranteed way to make your problems worse. Forming study groups isalso a good way to learn the material. Even if you are the best student in the group, you will still learn throughyour efforts to explain the material to others.1 If at any point during the semester you are having difficulty,please come see me sooner rather than later. If you keep up with the material, you can do relatively well in thecourse. Falling behind is, however, the surest way to make this class a difficult and unpleasant experience.3Course Materials3.1TextbookMcConnell, Brue, and Flynn. 2015. Microeconomics, 20th . McGraw-Hill. ISBN: 0077660811. [McConnell (2015)]This is the most recent version of the textbook and subsequently the most expensive. However, it is not onlyacceptable, but recommended that you purchase the previous (i.e., 19th ) edition published in 2012. The maincontent is more or less identical, but significantly less expensive.3.23.2.1SoftwareOther Useful SoftwareAlthough not necessary for this class, it is highly recommended that you use an online storage service such as:· Dropbox· Google Drive3.33.3.1Supplementary (Optional) ResourcesBooks· Levitt, S. and Dubner, S. 2009 Freakonomics: A Rogue Economist Explores the Hidden Side of Everything.William Morrow Paperbacks.· Buchholz, Todd G., 2007. New Ideas from Dead Economists: An Introduction to Modern Economic Thought,Revised ed. Plume.· Heilbroner, Robert L., 1999. The Worldly Philosophers: The Lives, Times and Ideas of the Great EconomicThinkers, 7th Revised ed. Touchstone.3.3.2Periodicals· The Economist· A British weekly English-language magazine focusing on international politics and business news andopinion.· Financial Times· A British English-language international daily newspaper with a special emphasis on business andeconomic news internationally.· The Wall Street Journal1 Docendodiscimus (“by teaching, we learn”) – Seneca the YoungerCollege of DuPage4Dennis C. Plott

ECONO 2202 – Microeconomics and the Global EconomySyllabus – Fall 2017· An American English-language international daily newspaper with a special emphasis on businessand economic news.· Journal of Economic Perspectives (JEP)· A quarterly journal published by the American Economic Association (AEA).3.3.3Online· http://freakonomics.com/44.1Course Requirements and GradingExamsTwo in-class exams and a final exam will be given during the semester. All exams are closed book/notes. Astudy guide to aid your efforts will also be provided. Exams may include multiple choice, true/false/uncertainwith explanation, graphing, short-answer (economic rationale), and problem solving (calculation) questions. Noexams are dropped or replaced. No make-up exams will be given for any reason.Any missed exam’s percentage toward your final grade will be added to the final exam’s weight. For example, ifyou miss the second exam, then your final exam counts for 50% (25% 25%) of your final grade. Caveat: nostudent may miss more than one exam. More than one exam missed, without verifiable appropriate documentationper College regulations, will be recorded as a zero. The final exam must be taken to receive credit in the course.If you are unable to take the final exam at its scheduled time and place, do not take this class. The final exam iscumulative.Since everyone has a bad day: if, and only if, a student takes both exams, then 10% of the lowest exam grade’sweight will be added to the final; i.e., the lowest exam will be worth 15% and the final exam will be worth 35%of your final grade. This is an alternative final grade measure that is automatically calculated. The maximum ofthe two calculated final grades is given.All graded material will be returned and complete solutions will be given in a timely manner.4.2Problem SetsThere will be five problems sets; each worth five percent of your final grade. No problem sets are droppedor replaced. Problem sets must be submitted in person. The problem sets are composed of multiple choice,calculation, graphical, true/false/uncertain with explanation, and conceptual questions. Note: questions frompast exams will be made available to you through the problem sets.4.3RegradingGraded material for which there is a regrade request must be done within one week after its return to you.The request for regrade must be done in writing and attached to the exam/problem set when submitting for aregrade. The request must include a description of what the problem is and why you think the exam shouldbe graded differently. In such cases, I will regrade the entire exam/problem set; i.e., not just the question youidentified. Your grade may increase, decrease, or remain unchanged.4.4Late Work and Extra CreditLate work of any sort will not be accepted under any circumstance. Bonus questions may be asked on exams.However, that said, there will be no extra credit given in this course for any reason.College of DuPage5Dennis C. Plott

ECONO 2202 – Microeconomics and the Global Economy4.5Basis for Final GradeProblem Set 1Problem Set 2Problem Set 3Exam IProblem Set 4Problem Set 5Exam IIFinal ExamPercentage ofFinal Grade5%5%5%25%5%5%25%25%Total100%AssessmentGrading ScalePercentage labus – Fall 2017LetterGradeABCDFIWDue Date(Tentative)Tuesday 5 September (Due by 2:30 p.m.)Thursday 21 September (Due by 2:30 p.m.)Thursday 5 October (Due by 2:30 p.m.)Thursday 12 October (12:30 p.m.–1:45 p.m.)Thursday 2 November (Due by 2:30 p.m.)Thursday 21 November (Due by 2:30 p.m.)Thursday 30 Thursday (12:30 p.m.–1:45 p.m.)Tuesday 12 December (12:00 p.m.–1:50 p.m.)GPAValue4.003.002.001.000.00TBD–MeaningHigh degree of excellence in achievementBetter than average achievementAverage/acceptable achievementMinimum standard of achievementFailureIncompleteWithdrawalGrade of IncompleteAn incomplete or “I” grade is assigned when a student has completed a substantial portion of a class with apassing grade but is unable to complete the course within the prescribed time due to documented unforeseencircumstances. When an instructor agrees to issue an incomplete grade, an Incomplete Contract must becompleted and submitted to the Office of Student Records.For more information see College of DuPage, Academic Policies and Procedures 2017–2019, “Grade of Incomplete”(p. 111).Course Policies and Common Sense25Actions that have negative effects on others will NOT be tolerated.5.1EmailThe best way to contact me outside of class and office hours is via email (plottd@cod.edu)3 . For any emailcorrespondence, please, type “ECON 2202” in the subject line. This is for your benefit. If you do not, then youremail will likely not go to the proper mailbox and I may not see it.Also, an email to me is not a text message to one of your friends; please adhere to standard grammar, punctuation,spelling, etc. For questions regarding the material, it is strongly recommended that you see me in person.5.2Electronic DevicesLaptops and iPad type devices are permitted for note-taking and course related material only. If I discoverlaptops (iPads, etc.) are being used for non-classroom activities, I will not allow them in the class. Non-classroomactivities include, but are not limited to, checking your Facebook page, emailing, looking at Reddit, onlinebanking, bidding on cigars, playing Tetris, looking at Brad Paisley’s website, and watching anime. No, I did notsimply list asinine examples, but have actually witnessed all of these activities during a class!Calculators may be permitted on some exams. However, only basic calculators up to scientific calculators. Allthat is “needed” are basic addition, subtraction, multiplication, division, square root functions, and the like.2 “Commonsense is not so common.” – Voltaire, A Pocket Philosophical Dictionary, 1764if need be, use dennis.plott@gmail.com.3 Alternatively,College of DuPage6Dennis C. Plott

ECONO 2202 – Microeconomics and the Global EconomySyllabus – Fall 2017Fancy-pants gadgets such as graphing calculators, cell phones, iPads, or anything that can store or referenceinformation are absolutely not allowed at any time during an exam.Cell phones, noise makers, and anything that may disturb the class in any way are to be turned off or silencedand put aw

course is an introduction into the kind of thinking that makes internal trade-o decisions explicit. . New Ideas from Dead Economists: An Introduction to Modern Economic Thought, Revised ed. Plume. Heilbroner, Robert L., 1999. The Worldly Philosophers: The Lives, Times and Ideas of the Great Economic Thinkers, 7th Revised ed. Touchstone. 3.3 .

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