MICROECONOMICS

ECO 101-03 Monday / Thursday 12:30-1:50

 

COURSE DESCRIPTION

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MICROECONOMICS PAGE

Instructor J. Georg Cerf

Course Description: Microeconomics

An introduction to the analysis of price determination in product and resource markets under varying market structures within parameters set forth in a capitalistic (market-based) system.

Course Materials 

Required:   Baumol, William J., Blinder, Alan S., Solow, John l. Microeconomics, Principles and Policies 14th edition, (South-Western Centage Learning, 2020).

The text is also available as an eTextbook; the following link has more information  eTextbook  There are few significant differences between the 13th edition of the text.  One of the differences is some of the Test Yourself and Discussion Questions are different.  Answers to the 14th edition Test Yourself and Discussion Questions listed in the Course Schedule are in the Studying Economics link or at the end of the text.

Specific Course Objectives

  1. Identify and analyze the causative factors operative in the U. S. economy
  2. Demonstrate the elements of supply and demand in a market economy
  3. Understand the theoretical concepts associated with marginal utility and indifference curve analysis and their applications to demand theory
  4. Evaluate the significance of the elasticity of demand, supply and income for product and resource markets
  5. Identify and analyze various market structures associated with the U. S. economy
  6. Describe and apply the conditions necessary for efficiency to product and resource markets
  7. Recognize and analyze the welfare losses associated with imperfectly competitive market structures
  8. Describe the operation of the resource market under varying market conditions
  9. Evaluate and analyze policy aspects of microeconomic topics

Course Organization

 A component of the activities portion of the course grade is the extent to which students participate in class activities such as responding to inquires from me about material included in class sessions, providing examples and definitions and asking questions about the topics covered during classes. 

 

All research components (except the proposal) will be submitted on-line as attachments to an e-mail addressed to me at gcerf@tcnj.edu as a .pdf file on the dates specified on the Course Schedule. Research components can include text as well as graphs, hand-written mathematical formals or calculations.  You can draw or write out graphs, mathematical formulas or other non-text material and scan or use you cell phone to create an image which you can then label and insert as an attachment to the submissions.  Late submission of research components will be assessed a late penalty of one letter increment (e.g. the difference between a grade of B + and C+) in addition to the grade based on the content of the research component. 

 

Course Overview

The course has two objectives: to demonstrate how economists explain the reality they perceive (the models) and to encourage you to develop an ability to assess a set of circumstances, apply relevant models and to reach and present defensible conclusions and policy recommendations. The text and class activities are designed to demonstrate how economists analyze various market situations.  Examinations, study guide exercises, research activities and discussions (classroom or individual) give you practice in the second objective provide an opportunity to develop and practice analytic skills.

There are four components to this course:

Since this is an introductory course we will be using models considerably simpler than the complexities we perceive outside the classroom.  However, these models are the common ground shared by most economists.  They provide the basis for more sophisticated models and are developed in a non-mathematical form and illustrated graphically.  Another aspect of economics is a diverse range of perceptions and value judgments leading to discussion on a wide range of topics among economists, politicians, government officials in agencies who effect economic policy and wage earners/consumers/citizens.  The course is designed to provide a basis for evaluating the diversity of policy recommendations based on economic models and relevant data.      

Components of the course grade

The course grade A through F is based on the grades for each of the following:

Each of the three highest grades on exams 1 - 4A and Exam 4B will count 14 percent toward the course grade while the lowest grade on exams 1- 4A will count 9 percent toward the course grade.   Examinations (exams 1-4A) will test knowledge of the basic concepts and ability to apply the models to actual and hypothetical situations.  Examinations consist of essay questions and graphical, arithmetic or simple algebraic problems.  Exam 4B will be a response to one of three general questions which will provide an opportunity for you to demonstrate your degree of mastery of the concepts and applications encountered during the course.  If you have questions regarding examination questions, I will respond so all students will see the response.

The research component for this course consists of completing and submitting a proposal and research papers based on an application of microeconomic models and analysis to an occupation.  The proposal will count 2.5 percent toward the course grade.  There are three parts to the research project, each of which counts 7.5 percent toward the course grade.  Each part of A, B, C of the research must use graphical, mathematical or tabular information in the description and analysis of the material presented.  Details are specified in the Research Requirements link on the course web site.

 

     Participation in the following activities (as well as several activities announced during classes) can increase your course grade:

·         Responding to questions, contributing to the classroom discussions, providing definitions and examples during class

·         Demonstrating you have completed the study questions indicated on the Course Schedule

·         Additional opportunities that occur during the semester

·         Demonstration of progression of Exam 1 through 4A and/or research components grades 

      I use the following grades to assign class activities grades:

A+, A, A- : Consistent participation in course activities or a continued improvement over the semester

B+, B, B-: Occasional participation in course activities or sporadic improvement

C+, C, C-: Little or no participation in course activities

D or F: Disruptive or negative influence on the participation of others through distractions during class, inappropriate comments or conduct

Contact me as soon as you are aware of an illness or emergency that prevents you from completing a required course component (exam or research component).  We will figure out a way of your handling the situation which is appropriate to the circumstances.  Procrastination, a heavy work load, a clustering of exams, a personal computer mis-hap on the day an exam or research component due date is not an automatic basis for an extension.  Unanticipated circumstances over which you have no control can be the basis for us to agree on a substitute due date for a course grade component.  

The policy on attendance for this course is I expect and encourage you to participate in asking questions, provide examples and to convey your viewpoint on economic topics during class sessions or at other times.

I use the following to convert course work grades into interim and final course grades:       

Course Work

Course Grade

Letter Grade

Numeric Equivalent

Range of sum of weighted grade components

Interim, final course grade

Grade points

   A +

98.33

NA

  NA

NA

   A

95.00

93.33 >

   A

4.00

   A -

91.67

90.00 - 93.33

   A -

3.67

   B +

88.33

86.67 - 89.99

   B +

3.33

   B

85.00

83.34 - 86.66

   B

3.00

   B -

81.67

80.00 - 83.33

   B -

2.67

   C +

78.33

76.67 - 79.99

   C +

2.33

   C

75.00

73.34 - 76.66

   C

2.00

   C -

71.67

70.00 - 73.33

   C -

1.67

   D +

68.33

66.67 - 69.99

   D +

1.33

   D

65.00

63.34 - 66.66

   D

1.00

   D -

61.67

60.00 - 63.33

  NA

NA

   F

40.00

< 63.33

   F

0.00

Letter grades for the research projects and participation will be converted to numeric grades using the first and second columns.  Final and interim grades are calculated numerically based on their respective weights and converted to letter grade for the course which in the case of the final course grade receives the grade points shown.

In the conversion process for interim and final grades, I use a 2 digit decimal (e.g. 89.74) to determine the letter grade and whether a + or - is appropriate.  Thus 89.74 would be B+; 73.30 would be a C-; 93.49 would be an A.  Even though the College does not have a course grade of A+ or D-, either can be earned for an individual course component.  Requirements involving grades such as P, U, I, WP, WF, WU, or WD are described in the current Undergraduate College Bulletin.

If you do not submitted all of the course requirements (examinations and research components) by the last scheduled day of classes or do not take the final examination when it is scheduled, the missing component(s) will be assigned a grade of 0 and given its appropriate weight toward the final course grade.  The cumulative component of the course grade is comprised of the grades for Exam 4A + 4B and the grades for the individual components of the research process.

The current College of New Jersey policies on Academic Integrity, Final Exam/Evaluation/Reading Days Policy, and Attendance which apply to this course can be found on the College Website.  

Organization of Class Time

I will cover the material indicated on the attached Course Schedule from the text supplemented by additional material.  I will devote class time to those parts of chapter or topics based on my experience of topics which benefit from verbal, graphic or mathematical demonstration and your questions.  Also, I will use part of the class time to ask you for definitions and answers to some or all of the questions listed for each chapter on the Course Schedule.

The research component including graphical and/or numeric elements to an occupation you choose as described in the Research Requirement link on this web site and the Test Yourself and Discussion questions for the topics covered in class constitute additional activities which you can complete during the 50 minutes (the 4th hour) associated with each class meeting at a location of your choice.       

College and School of Business Policies

1) Writing Policy:  

"School of Business Writing Policy:  Because writing is a fundamental business skill, your grade for each assignment will reflect, among other things, your ability to write, even for assignments with minimum writing.  Feedback on your writing will be provided as deemed necessary and, if your writing needs improvement, you should seek help from the Writing Center at (http://tutoringcenter.pages.tcnj.edu/humanities/writers-place/), from someone who writes well, or some other writing source.  The responsibility to write well is yours.  My responsibility is to hold you accountable for how well you write.  Poor writing will be reflected in your final grade."

 

2) You should also be aware of the following policies:

Absence/Attendance Policy  Absence and Attendance Policy for ECO 101:  Except in the case of a TCNJ authorized absence or documented personal emergency outside the control of the student, faculty are encouraged NOT to make individual exceptions to course assignment due dates and exams. TCNJ’s Absence Policy:    https://policies.tcnj.edu/wpcontent/uploads/sites/247/2018/01/Absence_and_Attendance_Policy.pdf  (Cut and paste url into a browser.)

Code of Conduct  Students are responsible for awareness of the School of Business Code of Conduct, online at   https://business.tcnj.edu/about-the-school-of-business/code-of-conduct/  (Cut and paste url into a browser.)

 

Academic Integrity: Students are responsible to know the Academic Integrity policy.  Students may only represent work that is their own. Cheating on tests, failing to cite sources, or submitting someone else’s work are just a few examples that may result in failing the entire course or dismissal from the college.  TCNJ’s academic integrity policy is available on the web: https://policies.pages.tcnj.edu/?p=130

 

Final Exam Policy: Students are responsible for being present for all exams as scheduled by the college.  TCNJ’s final examination policy is available on the web: http://recreg.pages.tcnj.edu/269-2/   https://policies.tcnj.edu/?p=266

 

Discrimination  The College of New Jersey Policy Prohibiting Discrimination in the Workplace/Educational Environment governs the college's commitment to and expectations of having an environment that respects the diversity of all members of the campus community.  The link to this policy is: http://policies.tcnj.edu/policies/digest.php?docId=9122.  Under this policy, forms of discrimination or harassment based upon specific protected categories are prohibited and will not be tolerated.  If you wish to report a concern, please contact James Felton, Chief Diversity Officer, at 771-3139, or via email.

 

Accessibility Resources  Contact the Accessibility Resource Center  https://arc.tcnj.edu/  (formally Disability Services) for approval and accommodations for disabilities.  The collge must provide the accommodations specified for the current semester in a letter issued by the Accessibilty Resource Center and signed by your professors. 
I will not sign the notification unless you provide a copy of the current accommodation letter. 
You must initiate requests for accommodations as provided in the letter for the current semester at least one week before needed. 

School of Business inclusion statement: https://business.tcnj.edu/2020/07/01/19938/

 

Help

If the material you encounter makes no sense (or not enough sense) let me know.  There are things you can do which usually do not involve a significant increase from the normal level of study effort.  But to do anything, we have to identify the problem and then figure out what to do about it.  Let me know if you are encountering difficulties and you and I can figure out what to do about it.  We all have blind spots in our memories and voids in our grasp of material; typically, these are not serious problems which a re-statement, different example, or another text can rectify.  However, the material we will be dealing with is cumulative so falling behind can mean it will be more difficult than staying current.

 

You can contact me by e-mail (gcerf@tcnj.edu) or telephone (609 883-0299 between the hours of 9:00 a.m. and 9:00 p.m.--although I my not be available every day between those hours, you can leave a message and I will return your call when I am available.) Also, I will be in the Starbucks area of the library on Tuesdays from 10:00 a.m. to 12:00 noon.  Please arrange in advance if you wish to see me then to avoid conflicts.

 

Contact Information

Phone

609  883-0299 (between 9:00 a.m. and 9:00 p.m. )

E-mail

 gcerf@tcnj.edu or jgc442@aol.com

 

 

January 6, 2022

 

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