Middlesex Community College
Syllabus
Course: ECN 102 (3 Credits)
Course Title: Principles of Microeconomics
Department: Social Sciences
Semester: Spring 2008
CRN: 1134
Lecture Hours: Class members may log on to the WebCT course website anytime.
Location: Online. Class members are expected to log on to the course website each week.
Instructor: Professor A. Payne
Office Hours: by appointment
Office Location: campus
E-mail: Please email the instructor using ProfPayne@yahoo.com and your personal email account. The course mail function is not available on the course site, as the instructor responds much more quickly to emails sent to the above address. Please do not hesitate to send your questions and/ or concerns! In order to have access to this information when the site is down, each class member should print a copy of this course syllabus during the first week of the term.
Text: Principles of Economics, 4th edition
Author: N. Gregory Mankiw
Publisher: Thomson South-Western
CATALOG COURSE DESCRIPTION: An elementary study of the principles related to relative scarcity and resource allocation. The course provides a basic study of a market economy and various kinds of market structures. Some time is devoted to cost and to labor economics. Should be taken before ECN 101. Prerequisites: MAT 95 required; English 101 and Math 137 recommended.
SCOPE OF THE COURSE: Upon completion of the course, participants will have a basic understanding of the economic system, especially with respect to individuals, households, and businesses. Objectives include discussion related to (1) the definition of markets and how markets work, (2) supply, demand, and elasticity, (3) firm behavior and industry organization (competitive markets, monopolies, oligopolies), and (4) *diversity issues involving discrimination in earnings, income inequality, and poverty. *This course is a diversity “D” course.
ADA ACCOMMODATIONS STATEMENT: Class members with physical or learning disabilities who may require accommodations are encouraged to contact the Counseling Office. After disclosing the nature of the disability, class members are urged to discuss their needs with individual instructors. This should be done at the beginning of each semester. Instructors, in conjunction with appropriate college officials, will provide assistance and/ or accommodations only to those class members who have completed this process.
ACADEMIC ETHICS STATEMENT: “At Middlesex Community-Technical College we expect the highest standards of academic honesty. Academic dishonesty is prohibited in accordance with the Board of Trustees’ Proscribed Conduct Policy in Section 5.2.1 of the Board of Trustees’ Policy Manual. This policy prohibits cheating on examinations, unauthorized collaboration on assignments, unauthorized access to examinations or course materials, plagiarism, and other proscribed activities. Plagiarism is defined as the use of another’s idea(s) or phrase(s) and representing that/ those idea(s) as your own, either intentionally or unintentionally.” (Board of Trustee’s Policy 5.2.1)
EVALUATION AND GRADING:
Quizzes – 25%
Discussion – 35%
Field Assignment – 15%
Final Paper – 25%
Quizzes – Each week, class members should read the assigned chapter then take a 15-question multiple-choice quiz, which can be accessed by clicking on “Assessments” at the top of the course home page. Quizzes may be taken up to 5 times, and only the highest score will be recorded. During each attempt, questions will differ. Each week, quizzes are due by the end of the week, which is Sunday at 11:59pm. No late work will be accepted. Class members are strongly encouraged to complete work early, as all quizzes are available at the beginning of the term.
Discussion – At the beginning of the course text, there is a section entitled “Contents in Brief” followed by a more complete section entitled “Table of Contents”. In the Table of Contents there are highlighted articles that appear in red, including “In the News”, “Case Study”, and “FYI”. Class members should select one of these articles from the chapter reviewed that week, and post a response to the following two questions in the Discussion area:
Please note: The response to each question should be NUMBERED and at least one paragraph in length. Standard paragraphs are 3 to 5 sentences. This initial post is due each week by Tuesday at 11:59pm.
Class members must also reply to the initial posts of at least two others. Make sure to distribute replies evenly amongst the group. Replies must be at least 3 sentences in length and should discuss the economic analysis presented by the class member. Sentences such as “I agree” are absolutely welcome, but will not count toward the minimum requirement of 3 sentences that address the economics analysis. Replies that include only statements such as “good job” or “great work” will receive zero credit. Discussion replies are due each week by the end of the week, which is Sunday at 11:59pm. No late work will be accepted. Class members are strongly encouraged to post replies early in the week, although the discussion area will not be available until the start of the week in order to encourage all participants to become very actively involved during the week in which discussion is due.
Field Assignment – The Field Assignment is the term project, and allows class members to become more familiar with current issues within the field of economics. Each individual will select an article from a scholarly book, journal, or magazine and research the economy of an individual, household, or business. Class members will respond to the Field Assignment Questions, then present the assignment to the class by posting the responses in the designated discussion area. Details regarding the field assignment guidelines and due date will be available in a few weeks. Please pay close attention to the weekly announcements!
Final Paper – Class members will develop an analysis of the economic impact of and to an organization in the United States. The analysis will require that class members utilize concepts from various chapters throughout the text. Each individual will be required to submit a final paper proposal. Details and the due date of the proposal will be available toward the end of the academic term, and an announcement will be posted on the course home page when they are available. Similarly, details and the due date of the final paper will be available toward the end of the academic term, and an announcement will be posted on the course home page when they are available.
GENERAL OBJECTIVES OF THE COURSE
(Statement identifying educational goals of the course)
The class member will become acquainted with:
1. the definition of markets and how markets work
2. concepts of supply, demand, and elasticity,
3. firm behavior and industry organization (competitive markets, monopolies, oligopolies)
4. diversity issues including income inequality, poverty, and discrimination with respect to age, gender, ethnicity, and socio-economic status (referenced throughout the course; more specifically presented in chapters 19 and 20)
SPECIFIC OBJECTIVES BY 5 INSTRUCTIONAL COMPONENTS
(Statement identifying what the class member will be able to do at the completion of the component)
The class member will be able to do the following:
Introduction to Economics
To define economics and its goals.
To understand how economists look at consumer, producer, and government behavior and their interactions.
To understand how economists conduct research and utilize economic terminology.
To read, interpret, analyze, and create graphs, charts, and tables.
To apply the theory of comparative advantage to everyday life and national policy.
To understand opportunity costs and trade-offs that people face.
Market Interactions
To understand the nature of competitive markets and the role of prices.
To examine what determines the demand or supply of a good in a competitive market.
To understand how supply and demand together set the price of a good and the quantity sold.
To understand the determinants of demand and supply elasticity.
To apply the concept of elasticity in different markets.
To analyze the impact of elasticity to target different cultural, ethnic, economic, gender, and age groups.
To examine the impact of government intervention on competitive markets.
To understand the differing impact of minimum wage laws with respect to age, gender, socio-economic and ethnic status.
Consumer and Producer Efficiency; Causes of Inefficiency
To examine the link between buyers' willingness to pay for a good and the demand curve.
To examine the link between sellers' costs of producing a good and the supply curve.
To define and measure consumer and producer surplus.
To discuss the distribution of market surplus among different groups.
To identify productively-efficient points in the goods market.
To understand the nature of externalities, public goods, and common resources.
To analyze the effects of government policy aimed at solving the problem of externalities.
To recognize government policy aimed at helping specific market and demographic segments, including the very young, elderly and socio-economically disadvantaged.
Producer Behavior and the Organization of Industry
To analyze the link between a firm's production process and its total costs.
To understand the relationship between short-run and long-run costs.
To identify the characteristics of industrial markets.
To differentiate between different market structures.
To identify profit-maximizing quantities of output given industrial structure, production costs, and output prices.
To evaluate various public policies aimed at solving the problems of imperfect competition.
To understand the existence and causes of price discrimination.
Factors of Production
To analyze resource demand of competitive, profit-maximizing firms.
To understand the relationship between factor prices and the marginal product of the factor.
To analyze the effect of a change in the supply of a single factor of production on the earnings of all other factors.
To explain market and social forces that lead to differences in earnings.
To analyze wages disparities among different demographic groups based on gender, age, and ethnic origin.
To analyze the effectiveness of minimum wage laws for groups based on age, gender, culture and ethnic origin.
*Professor Payne reserves the right to make changes to the course syllabus at any time.