1 Department of Economics and Finance Lutgert College of Business ECO 2023 -Principles of Microeconomics, CRN 50110 Summer A, 2014 Tuesday & Thursday 3.00 6.25 PM Lutgert Hall, 1201 Instructors: Mushfiq Swaleheen,Ph.D., Associate Professor. Office: Lutgert Hall 3306 Bill Browning Email: mswalehe@fgcu.edu Office Hours: T,TR 2.00 3.00 PM and by Phone: 239-590-7331 appointment. TEXTBOOKS and CALCULATOR: Required: Microeconomics, 4th Edition by Hubbard & O'Brien MyEconLab Student Access (from Pearson Education) 5 Scantron sheets Texas Instruments BA2+ Calculator PREREQUISITES MAC 1105 Minimum Grade of C FGCU CATALOG COURSE DESCRIPTION Individual components of an economic system. Special emphasis is placed on decision-making by individuals and by firms. Market structures of competition and monopoly; supply and demand; international trade and finance. Three credit hours. GENERAL EDUCATION PROGRAM This course qualifies as a General Education course in the Social Sciences subject area. The economic way of thinking relies heavily on the usage of critical thinking skills (the ability to link data, knowledge, and insight to make better decisions). Critical thinking is one of the four General Education competencies. All General Education courses are required to have a plan for assessing their students performance on at least one of those four competencies. To meet that requirement, there will be several questions on your final exam designed to assess your critical thinking skills. Those questions will be directly related to the economics content covered in your textbook and in class lectures. COURSE OBJECTIVES AND LEARNING OUTCOMES: The objective of this course is to enhance your understanding of microeconomic principles. You will be encouraged to utilize microeconomic terms in your daily discussions and other course work. You will discuss and debate real life applications to microeconomic concepts. In addition, this course will enhance your critical thinking and problem solving skills. Learning Outcomes Utilize the economic way of thinking by identifying and defining scarcity and the resulting trade-offs that each economy must face. Illustrate the interaction of supply and demand, price determination, and economic efficiency. Define and apply consumer choice theory. Calculate and interpret measures of elasticity. Identify reasons for market imperfections and evaluate alternative remedies. Establish the relationship between productivity and costs and compute and illustrate the short and long run costs a firm faces. Method of Assessment
2 Evaluate the theory of the firm. Identify and illustrate the models of perfect and imperfect competition. Define and illustrate resource markets and identify the links between resource and product markets. Explain comparative advantage as a basis for trade and the gains from trade ECO 2023 is a course that introduces students to the economic way of thinking. This course provides a philosophical foundation for the entire business curriculum. It focuses primarily on the decisions of firms and individuals within market environments. The optimization of resources because of scarcity is central to all business enterprise. The skills and knowledge developed in this course inform significant structural components of managerial accounting, finance, marketing and management. Subsequent courses that draw significantly upon these foundational economic concepts include: Business Common Core FIN 3403 Business Finance, MAN 3025 Contemporary Management Concepts, MAR 3023 Introduction to Marketing, and GEB 4890 Business Strategy Accounting ACG 3103 - Financial reporting & Analysis I, ACG 3113 - Financial reporting & Analysis II, ACG 3341 - Cost Accounting, and ACG 3401 Accounting Information Systems Finance FIN 3244 Money & Capital Markets, ECO 3201 Intermediate Marketing Price Theory, FIN 3414 Financial Management MAR 3503 Consumer Behavior, MAR 3613 Marketing Research, and MAR 4804 Marketing Strategy Management MAN 3303 Management of Small Business, GEB 4890 - Business Strategy, MAN 4804 Business Plan Development Assessment tools Weight (in %) Online 15 Inclass work and participation 10 Exams First 15 Second 15 Third 15 Final (cumulative) 30 My grading scale is as follows: A 93-100 B- 80-82 A- 90-92 C+ 77-79 B+ 87-89 B 83-86 C 70-76 D+ 67-69 D 63-66 D- 60-62 F 59 and below Grades will be assigned purely on the basis of performance. There are no extra credit assignments and your particular situation relating to graduation, scholarship, work, financial aid, work etc., has no bearing on grading. A grade of incomplete may be given out in case of unforeseen emergencies, according to my discretion and in accordance with FGCU guidelines. Poor performance during the semester is not a valid reason for an incomplete. COMMUNICATION: I will make announcements during class and periodically communicate with the class via CRN email at eagle.fgcu. If you do not have an eagle account you need to establish one.
2 HOMEWORK ASSIGNMENTS: Online assignments will be posted in myeconlab. See below for instructions on how to register with myeconlab. Generally, there will be one from each chapter. You will not be able to submit a after the due date and time. In addition to access to the required graded assignments, you will also have access to practice assignments and other learning tools. See the instructions on registering with myeconlab in a separate attachment. The online schedule is as follows Online schedule Text Chapters Homework number Due date 1 0 HW1 5/15/2014 2 1 HW2 5/16/2014 3 2-4 HW3(Ch2-4) 5/19/2014 4 4, 10 HW -4 (Chs 10, and 4) 5/22/2014 5 6, 9 HW 5 (Ch 6 & 9) 5/30/2014 6 11 HW 6 (ch 11 & 12) 6/4/2014 7 12-14 HW 7 (Ch12, 13, 14) 6/11/2014 8 15, 16 HW 8 (Ch 15-16) 6/18/2014 Late : A posted in myeconlab will have a designated submission deadline. You will not be able to submit an online after the submission deadline has expired. A that is overdue will be given a zero score. ATTENDANCE POLICY I will take attendance in the class. However, if you miss a class or classes there is no penalty. This freedom given to you has several associated responsibilities: You will not be late and not leave early; and, when in the classroom you are expected to concentrate on learning and nothing else. EXAMINATIONS The examinations will be closed book and will consist of multiple-choice questions. There will be three exams during the semester plus one comprehensive final. Specific dates are noted in the course schedule below. All examinations will be held in the classroom for the course. You will need only a pencil, an eraser, a Texas Instruments BA2+ calculator, and a Scantron form for all exams. For the final examination you will need two scantrons. You must produce your FGCU student identification card to take an exam. MISSED EXAM There will be NO make-up exams. If you encounter a (documented) medical or family emergency and are unable to take an examination, you must notify me prior to or during the examination by phone or email. If you simply do not show up, you will earn a grade of zero. However, if you provide acceptable written documentation, the weight of the final examination will be adjusted by the weight of the missed examination. This grade adjustment option can be used for one in-class examination only. APPROPRIATE CLASSROOM BEHAVIOR 1. Laptops, tablets, and cell phones are not to be used in the classroom. They are a distraction to me and your classmates. 2. Please treat your classmates and me with appropriate respect. 3. I will be in the classroom on time and I expect the same from you. 4. I will not leave in the middle of a lecture and it is poor form for you to do so.
5. If you want to bring your textbook to class that is fine, other than that please do not read outside material in class (this includes newspapers, magazines, and any book you are reading that you just can t put down). 6. One last note, if you want to talk on a non-class discussion related matter do it on your time. I will not tolerate students being disruptive in the classroom. Inappropriate behavior will lead to deductions from in-class work and participation points at my discretion. UNIVERSITY STATEMENTS Academic Behavior Standards and Academic Dishonesty: All students are expected to demonstrate honesty in their academic pursuits. The university policies regarding issues of honesty can be found in the FGCU Student Guidebook under the Student Code of Conduct and Policies and Procedures sections. All students are expected to study this document which outlines their responsibilities and consequences for violations of the policy. The FGCU Student Guidebook is available online at http://studentservices.fgcu.edu/judicialaffairs/new.html Disability Accommodations Services: Florida Gulf Coast University, in accordance with the Americans with Disabilities Act and the university s guiding principles, will provide classroom and academic accommodations to students with documented disabilities. If you need to request an accommodation in this class due to a disability, or you suspect that your academic performance is affected by a disability, please contact the Office of Adaptive Services. The Office of Adaptive Services is located in Howard Hall. The phone number is 239 590 7956 or TTY 239 590 7930 Student Observance of Religious Holidays: All students at Florida Gulf Coast University have a right to expect that the University will reasonably accommodate their religious observances, practices, and beliefs. Students, upon prior notification to their instructors, shall be excused from class or other scheduled academic activity to observe a religious holy day of their faith. Students shall be permitted a reasonable amount of time to make up the material or activities covered in their absence. Students shall not be penalized due to absence from class or other scheduled academic activity because of religious observances. Where practicable, major examinations, major assignments, and University ceremonies will not be scheduled on a major religious holy day. A student who is to be excused from class for a religious observance is not required to provide a second party certification of the reason for the absence. 3 TENTATIVE SCHEDULE OF DISCUSSION Topic/concept Chapter Week 1: 05/12 05/18 Economics, scarcity, how people behave, three key economic 1 questions that must get answered, economic models. Graphs of two variables, and useful formulas. 1 (Appendix) Production possibilities frontier, opportunity cost, trade 2 and how a market economy works. A competitive market, the laws of demand and supply, 3 prices and market equilibrium Week 2: 05/19 05/25 Utility and consumer choice 10 Consumer surplus, producer surplus, economic efficiency, 4 Price control and taxes Elasticity of demand and elasticity of supply 6 Exam 1 (May 22 - Thursday) 1, 2, 3, 4, 10 Week 3: 05/26 05/01 Comparative advantage, trade, gains from trade and 9 trade restrictions A firm s cost of production and cost curves in the short 11
4 run and the long run Week 4: 06/02 06/08 A firm in a perfectly competitive market 12 Monopolistic competition 13 Exam 2 (June 5 - Thursday) 6, 9, 11,12 Week 5: 06/09 06/15 Oligopoly and game theory 14 Monopoly and antitrust policy 15 Pricing strategy 16 Week 6: 06/16 06/21 Exam 3 (June 12 - Thursday) 13, 14, 15, 16 The market for labor and other resources 17 Comprehensive final (June 19 - Thursday) Last Day to Drop/Withdraw without Academic Penalty Friday, June 6 MyLab & Mastering Student Registration Instructions To register for Principles of Microeconomics S'14: 1. Go to pearsonmylabandmastering.com. 2. Under Register, click Student. 3. Enter your instructor s course ID: swaleheen71345, and click Continue. 4. Sign in with an existing Pearson account or create an account: If you have used a Pearson website (for example, MyITLab, Mastering, MyMathLab, or MyPsychLab), enter your Pearson username and password. Click Sign in. If you do not have a Pearson account, click Create. Write down your new Pearson username and password to help you remember them. 5. Select an option to access your instructor s online course: Use the access code that came with your textbook or that you purchased separately from the bookstore. Buy access using a credit card or PayPal. If available, get 14 days of temporary access. (Look for a link near the bottom of the page.) 6. Click Go To Your Course on the Confirmation page. Under MyLab & Mastering New Design on the left, click Principles of Microeconomics S'14 to start your work. Retaking or continuing a course? If you are retaking this course or enrolling in another course with the same book, be sure to use your existing Pearson username and password. You will not need to pay again. To sign in later: 1. Go to pearsonmylabandmastering.com. 2. Click Sign in. 3. Enter your Pearson account username and password. Click Sign in.
4. Under MyLab & Mastering New Design on the left, click Principles of Microeconomics S'14 to start your work. Additional Information See Students > Get Started on the website for detailed instructions on registering with an access code, credit card, PayPal, or temporary access. 5