Basic Microeconomics ECRU1200 Fall 2007 Dr. Gwendolyn Tedeschi Sections 2 (10 AM), Section 3 (11:30 AM) Tel: 718-817-3636 Office: E-520 Dealy Hall Email: firstname.lastname@example.org Office Hours: Mondays & Thursdays 4 – 5:30 PM or by appointment Website: http://www.fordham.edu/economics/alexander/ecru1200 Overview This course will offer an introduction to the field of economics by examining how individuals and firms help determine prices, exploring the government's role in economic policy and investigating firms operating in various market situations. We will discuss economic theories, which are sometimes abstract, and then learn how these theories are applied to the real world. In order to further understand how these economic principles govern our everyday actions, students will take part in classroom experiments in which they will see how the economic concepts we cover in class influence our decision making processes. Class Materials Our textbook for this course is Principles of Microeconomics, 4th Edition by Gregory Mankiw, a textbook that I have used for many years. We will also be using Aplia, an online application from economist Paul Romer. Aplia aims to get students more involved in learning economics through on-line problem sets, experiments, and news analyses. (Payment for Aplia is not required until 9/26/2007.) You have three options for accessing the Mankiw text + Aplia, both of which are required. 1. Traditional: The bookstore offers a used textbook with an Aplia access card for $121. 2. Cheapest: You may purchase Aplia online for $60. Aplia offers all of the textbook chapters on-line, with a search feature. You can read the textbook from any computer, on campus and off, so long as it is connected to the Internet. As you will be unable to store the chapters for use off-line, you may want to either print the relevant parts of the text or plan on walking to the library when service in your dorm inevitably goes down. 3. Midrange: For those who prefer a non-virtual textbook, you may purchase Aplia online for $60, and then secure a used version of the textbook. Sources of used textbooks can be found all over the internet, but buy from a reputable dealer so that you get your book quickly. A 3rd Edition book is very similar to the 4th Edition and will be much less expensive. Grading Homework 30% Midterm Exams 15% each Final Exam (cumulative) 40% Exams The exams are based mainly on problem sets and the concepts that we cover in class. Practice exams are available in Aplia under the heading “Course Documents.” If you must be absent for an exam, I will only give a makeup if I have prior notification (before the exam is scheduled to begin) and you have a doctor's note or other verifiable reason for missing the exam. Aplia Homework Homework assignments for each chapter are found on Aplia. Most of these assignments come in pairs of practice and graded problem sets, labeled I and II, respectively. Only the graded problem set will count toward the homework grade. The practice sets (“I”) give you immediate feedback about whether your answer is right or wrong and provides an explanation of the correct answer. Use them to check your understanding of the material before you move onto the graded problem set (“II”). Assignments are generally due at 9:00 AM on class days. You have homework for every chapter that we cover. Aplia graded assignments must be completed by the due date/time. You can change your answers as many times as you like before the due date has passed, but beyond the due date, the grade will be recorded and it will not be possible to change your answers or complete the assignment. The software does not care whether you have an excuse or not, so do these assignments early to avoid any emergencies. After the due date, you will be able to see the correct answers and the explanations. Since there are many problem sets and emergencies do occur, you might occasionally fail to complete a problem set. Therefore, I will drop the three lowest grades when calculating your homework grade. Economic Experiments In order to liven up the lectures and show that economic theory is based in reality, we will attempt several economic “experiments” over the course of the semester. Your active participation in these experiments, along with homework assignments based on these experiments, will be figured into your homework grade. Most experiments will be done outside of the Aplia framework, so there will be written problem sets that you must physically turn in to me at the beginning of class. If you miss class on a day in which we are having an Experiment, you may turn in the homework for credit. You may need to obtain the data from me or another student in the class to complete the homework. If possible, I will make the data available on Aplia, under Course Materials. The due date for the homework does not change if you miss the experiment itself. Course Outline (Subject to Revision) Mondays Thursdays Chapter 1: Ten Principles of 3–7 Economics September Chapter 2: Class WEDNESDAY 10 – 14 Thinking like Chapter 3: Gains Chapter 4: Demand & Supply an economist from Trade Chapter 7: Consumers, Producers & 17 – 21 Chapter 4: Market Equilibrium Efficiency 24 – 28 Experiment: Snipe Market Chapter 5: Elasticity Chapter 6: Government Policies – 1–5 MIDTERM Price Controls Chapters 6 & 8: Government Policies 8 – 12 No Class – Columbus Day – Taxation October 15 – 19 Experiment: Drug Market Chapter 10: Externalities Chapter 11: Public Goods and 22 – 26 Chapter 13: Costs of Production Common Resources Chapter 14: Firms in Competitive 29 – 2 Experiment: Airplane Factory Markets Chapter 14: Firms in Competitive 5–8 Chapter 15: Monopoly Markets November Chapter 16: Oligopoly (not game 12 – 16 Chapter 15: finish Monopolies theory) 19 – 23 MIDTERM No Class – Thanksgiving Break Chapter 17: Monopolistic 26 – 30 Chapter 16: Game Theory Competition 3–6 Chapter 22 Consumer Choice Chapter 21: Frontiers of Economics December Experiment: The Market for Lemons 10 – 14 Reading Day Last Day of Class 17 (Mon) Section 3 (11:30 – 12:45) Final Exam @ 9:30 AM 20 (Thur) Section 2 (10:00 – 11:30) Final Exam @ 9:30 AM Student Registration and Payment Instructions Course Name: Basic Micro Professor: Gwendolyn Tedeschi Start Date: 09/06/2007 Course Key: D6MM-P5FN-YS66 You can begin working on your homework as soon as you register! • In this course, you will use a textbook and Aplia's website. • You have two purchase options. • You will have free access to the first four chapters of an online copy of your textbook at Aplia. You can access the remaining online chapters as soon as you submit a payment for your Aplia course. • Don't buy anything until you understand your alternatives. Registration Registration Instructions 1. Connect to http://www.aplia.com. 2. Click the System Configuration Test link below the Sign In and Register sections to make sure you can access all of the features on Aplia's website. This takes just a few seconds and tells you how to update your browser settings if necessary. 3. Return to http://www.aplia.com. • If you have never used Aplia before, click the New Student button and enter your Course Key: D6MM-P5FN-YS66. Continue following the instructions to complete your registration. • If you have used Aplia before, sign in with your usual e-mail address and password and enter your Course Key when prompted: D6MM-P5FN-YS66. If you are not prompted for a new Course Key, click the Enter Course Key button to enroll in a new Aplia course. Enter your Course Key when you are prompted. 4. If you understand your payment options, pay now. Otherwise, postpone your purchase decision by choosing the option to pay later. Your payment grace period ends at the end of the day on 09/26/2007. Payment Option A: Pay Aplia Directly • Purchase access to your course directly from Aplia on our website for $60.00 USD. The website includes: - Access to an online copy of your textbook. - Content that has been customized for your textbook and course. • However, if you try using the online textbook and decide you would also like a physical textbook, you can order one from Aplia for $50.00 USD plus $7.50 for shipping and handling. Option B: Purchase at Bookstore • Purchase a bundle from your school's bookstore, which includes: - An Aplia Access Card containing a Payment Code that you can enter on Aplia's website as payment for your Aplia course. - A physical textbook.
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