EC 110 Section 003: Prin Of Microeconomics

Instructor:         Harold W. Elder
Office:              232 Alston

Telephone:        348-8976

Office Hours:  Monday, 1:00-2:30 PM; Tuesday 12:30-2:00 PM and other times by appointment.

Email:              helder@bama.ua.edu

 

 

Note:  There is an email option on the eLearning site but the above email address is the appropriate way to contact me.  I will check email on the eLearning site, but only intermittently.  If you want a quick response from me, use the address above.

Course Website:          http://www.cba.ua.edu/~helder/ec110index.htm

 

Microeconomics focuses on the allocation of resources and the decisions made regarding these resources in the face of scarcity.  The course will examine the application of economic reasoning to address a range of issues and to provide a decision-making tool. The primary focus is on the market system and the behavior of consumers and firms in this system. After learning the economic fundamentals of demand and supply analysis and the forces that impact markets, the student will be able to analyze consumer behavior and business models.

This course is organized to allow students:

• To learn the application of economic reasoning to address problems and to aid in making decisions.  This course is intended to assist you in developing strong critical thinking skills.  Do not assume that being able to memorize material will mean that you will succeed in this class.  Economics is a subject in which common sense is applied in a systematic way.
• To learn about the foundations of consumer and producer behavior.
• To learn the workings of the demand and supply model and be able to effectively use this model to analyze market situations.

 These are some relevant factors that will affect your success in this course:

1.  This class is about critical thinking.

2.  Those who expect to succeed by simply memorizing material will  not be successful in this course.

3.  Use your course materials effectively.  The materials in this will be like what you see on exams and quizzes. Pay attention to the method by which answers are determined.

4.  Go to your lab sessions.There will be questions covered in the labs that are written just like those that will be on exams.

 

      

 

 This course provides the basis for you to gain the skills to use economic reasoning to address problems and to develop critical thinking skills. The course will focus on the operation of the market system and you will learn about the foundations of consumer and producer behavior in markets.

Upon completion of this course, you will be able to:

• Describe scarcity and trade-offs.
• Use demand and supply analysis to understand and predict changes in market prices and outputs.
• Use cost and revenue information to understand the behavior of firms, including the determination of profit maximizing output levels and prices.  These skills will apply to a range of market structures.
• Explain the tradeoffs between efficiency and equity.

Learning Outcomes: 

Upon Completion of this course, you should be able to:

1.      Use the demand and supply model to understand and predict changes in market prices and outputs.

2.      Use cost and revenue information to understand the behavior of firms, including profit maximizing output levels and prices.

3.      Understand the tradeoffs between efficiency and equity.

Tentative Class Calendar and Outline

 

CLASS SESSIONS

 

·        THREE EXAMS will be given. Exam 1 will be given in class. Exams 2 and 3 will be administered on Wednesday evening and will begin at 6:30.  All students will take exams at this time. Exam dates are listed in the Course Calendar.

Exams will be given in Alston 10.

·        MAKEUP EXAMS

Since exams will be administered either in class or during the second meeting time on Wednesday evening, students should not have any conflicts with this time. If extenuating circumstances arise and you miss an exam, then you, or someone you designate, must contact me to give notification of the reasons for your absence from the exam.  You must do this by the close of business on the Friday following the date of the regular exam, or you will automatically receive a ZERO for the exam and will not be permitted to make up this exam.  If you make contact as specified above and your instructor determines the reason for missing the exam is valid then the following make-up exam policy applies:

Students who miss Exams 1, 2 or 3 with a valid excuse will be permitted to take a makeup exam for that test in the department’s Testlab.  Exams are administered in the Testlab online via the eLearning system. These tests will be available for the 8 or 9 day period following the administration of an exam (until the following Friday).  You should note that makeup exams can only be taken during the times when the Testlab is open.  You will need to check the Testlab schedule so that you will be able to take your exam at a time when the lab is open.  You should also note the rules associated for taking tests in the lab that are in Testlab document.

OPTIONAL MAKEUP EXAM.  In addition, any student may choose to take one makeup exam during the semester even if that student took the regular exam.   If your score on the makeup is greater than that on the regular exam, it will replace this exam score.  Once you have taken a makeup, any subsequent makeup exam you may take will not count toward your grade.  For example, if you choose to take the makeup exam for Exam 2 you will not be permitted to make up Exam 3 (any score that you may receive by taking the makeup for Exam 3 will not count toward your course grade).  Experience has shown that student test scores are lower on the second and third exams. You may wish to consider this information when deciding when to exercise the option of taking a makeup exam.

NOTE ABOUT MAKEUP EXAMS. Unlike the regular exams, all of the questions on the makeup exams will be randomly drawn from the textbook publisher’s testbank and, as a result, can include questions on topics that were not discussed in class.  You will need to make sure that you are familiar with all of the topics covered in the relevant chapters for that exam.

• FINAL EXAM.  CHECK THE COURSE CALENDAR FOR YOUR FINAL EXAM DATE AND TIME.  DO NOT MAKE TRAVEL PLANS WITHOUT CONSULTING THE EXAM SCHEDULE!! THERE IS NO EARLY ADMINISTRATION OF THE FINAL EXAM.  NO EXCEPTIONS.
• A make-up for excused absences for the Final Exam will be administered as prescribed by the University of Alabama Academic Calendar.
• Students may be allowed to take exams early if (i) they are participating in university-sponsored activities or (ii) they must be absent as result of government requirements, such as military duty or immigration matters.  It is the student’s responsibility to make these arrangements.

Any and all changes will be posted on the Course Calendar on the Course Website. This is your final, definitive source of information regarding the course.

 

1.      In-Class Exercises. 

As a regular part of class, students will work exercises requiring them to answer questions using the Clicker.  Students can expect at least one exercise per class, possibly more.  These problems will not be announced in advance.  Some of these exercises may be group or team problems and others will be individual problems or questions to answer.  Participating in these exercises is REQUIRED and represents 5% of your grade.  Since these are related to in-class discussions, students who are absent from class will not have the opportunity to make these up.  You should expect 25 classes when these exercises are assigned.  Your points will be based upon your average on the highest 20 exercises you complete.  This is separate from the attendance bonus.

 

2.      APLIA. 

·        Completion of regular assignments on the Aplia website is a required part of the course.  You will receive a handout describing these assignments and this will be discussed fully in class.  

·        Completion of Aplia assignments will affect your course grade in 2 separate ways.

1.      You must complete a minimum of 16 GRADED ASSIGNMENTS.  All you have to do is complete at least 16 to receive full credit for 5% of your grade.  Scores on assignments do not affect this credit. NO PARTIAL CREDIT WILL BE AWARDED FOR THIS.

2.      5% of your grade will be determined based upon the student’s average on the highest 16 completed assignments.  Students who do not complete the minimum 16 assignments will have zeros used to determine this average.

·        There will be a minimum of 32 graded assignments, including 3 exam review assignments.  These review assignments will count toward your total of 16.

A LINK TO APLIA WILL BE POSTED ON THE COURSE WEBSITE AND ON THE eLearning SITE.

NOTE:  Aplia assignments represent 10% of your final course grade. Failure to complete the required minimum number of assignments could reduce your course grade by as much as a letter grade.  Do not fail to complete at least the minimum number of assignments.

 

 

3.      LABS

·         Lab sessions are optional, but regular attendance can be an important part of improving your understanding of the materials that will be covered. 

·         Lab attendance can improve your grade in another way:  Students who attend at least 10 lab sessions will have their lowest exam dropped.  Attendance records will be kept to determine eligibility for this benefit. These dates do not include dates when exams are administered.

·         Labs are generally held on Wednesday, at 6:30 PM.  However, at least one section will be scheduled for Tuesdays at 6:30 pm.  Signup for Tuesday lab sections will begin in the first class and the first lab will be held on January 12 and 13.

DO NOT GO TO THE LAB ROOM LISTED IN THE COURSE SCHEDULE! YOU WILL BE ASSIGNED TO A SPECIFIC ROOM FOR YOUR LAB SECTION! 

 

4.      BONUS POINTS

·         Bonus points can be earned in 2 ways:

1.       Attending class and participating through the use of the CLICKER. These bonus points will provide a bonus of up to 2% of your final grade. These points are discussed on the Clicker document.

2.       Bonus points can also be gained by taking the practice exams found on the eLearning website.   These tests will be available for a few days prior to each of the exams you will take during the semester. These practice tests should be valuable study aids.  Taking these tests can also allow you to receive bonus points worth up to 2% of your grade. Your average on these sample exams will determine the value of the total bonus awarded.

There is no set distribution of grades for this course.  My goal is for you to receive the highest grade that you can earn.  The table above details a guaranteed range, but actual grade ranges are usually flexible downward, though this will vary by letter grade.  However, in no case will the lower bound on D (or D-) grades fall below 50%.  I will follow the +/- grade policy in assigning final course grades.

 

Grades are determined by 3 components:

1)      Performance on Exams.

2)      Performance on Aplia Assignments.

3)      Participation in In-Class Exercises.

 

In addition, you can also improve your course grade by:

4) Lab Attendance.

5) Receiving Bonus Points. Bonus Points can be obtained by:

·        Attending class (This is checked using the Clicker)

·        Taking Practice tests on the eLearning website

 

Course grades will be based upon your total points for the semester.  A total of 500 points is available, and will be determined by your performance on exams, in-class exercises, your results on Aplia and any bonus points you receive.  Based upon the percentages listed in the table above, exams are worth 100 points each and the final exam is worth 125 points.  The in-class exercises represent 25 points.  Aplia will be 50 points (25 points for completing at least 16 assignments and 25 points based upon your average on the highest 16 assignments you complete).  In addition, up to 10 bonus points can be received through attendance and participation using the clicker and up to 10 bonus points can be received based upon your average scores for the 3 practice tests that will be available on the eLearning site.

 

Since exams will be administered either in class or during the second meeting time on Wednesday evening, students should not have any conflicts with this time. If extenuating circumstances arise and you miss an exam, then you, or someone you designate, must contact me to give notification of the reasons for your absence from the exam.  You must do this by the close of business on the Friday following the date of the regular exam, or you will automatically receive a ZERO for the exam and will not be permitted to make up this exam.  If you make contact as specified above and your instructor determines the reason for missing the exam is valid then the following make-up exam policy applies:

Students who miss Exams 1, 2 or 3 with a valid excuse will be permitted to take a makeup exam for that test in the department’s Testlab.  Exams are administered in the Testlab online via the eLearning system. These tests will be available for the 8 or 9 day period following the administration of an exam (until the following Friday).  You should note that makeup exams can only be taken during the times when the Testlab is open.  You will need to check the Testlab schedule so that you will be able to take your exam at a time when the lab is open.  You should also note the rules associated for taking tests in the lab that are in Testlab document.

OPTIONAL MAKEUP EXAM.  In addition, any student may choose to take one makeup exam during the semester even if that student took the regular exam.   If your score on the makeup is greater than that on the regular exam, it will replace this exam score.  Once you have taken a makeup, any subsequent makeup exam you may take will not count toward your grade.  For example, if you choose to take the makeup exam for Exam 2 you will not be permitted to make up Exam 3 (any score that you may receive by taking the makeup for Exam 3 will not count toward your course grade).  Experience has shown that student test scores are lower on the second and third exams. You may wish to consider this information when deciding when to exercise the option of taking a makeup exam.

NOTE ABOUT MAKEUP EXAMS. Unlike the regular exams, all of the questions on the makeup exams will be randomly drawn from the textbook publisher’s testbank and, as a result, can include questions on topics that were not discussed in class.  You will need to make sure that you are familiar with all of the topics covered in the relevant chapters for that exam.

• FINAL EXAM.  CHECK THE COURSE CALENDAR FOR YOUR FINAL EXAM DATE AND TIME.  DO NOT MAKE TRAVEL PLANS WITHOUT CONSULTING THE EXAM SCHEDULE!! THERE IS NO EARLY ADMINISTRATION OF THE FINAL EXAM.  NO EXCEPTIONS.
• A make-up for excused absences for the Final Exam will be administered as prescribed by the University of Alabama Academic Calendar.
• Students may be allowed to take exams early if (i) they are participating in university-sponsored activities or (ii) they must be absent as result of government requirements, such as military duty or immigration matters.  It is the student’s responsibility to make these arrangements.

Any and all changes will be posted on the Course Calendar on the Course Website. This is your final, definitive source of information regarding the course.

 Attendance is not required but it will be checked each day (beginning January 19th) with the use of The Clicker.  Bonus points will be awarded to students based upon their: (1) attendance and (2) participation in the answering of in-class questions compiled via the use of The Clicker.  These points are discussed elsewhere in this document. Invariably, students who fail to come to class will perform worse than those who attend regularly. Research shows that attendance is the single most important factor in determining your grade.

·       A seating chart will be made and it will be used to verify your attendance at exams.  

·       You do not have to inform me about an absence unless it coincides with an exam.  Students do need to make arrangements to take an exam early if the absence is due to an official university-sponsored activity or the result of government requirements, such as military duty, jury duty or immigration matters.  You must do this in advance. It is the student’s responsibility to make these arrangements. This does not, however, include being absent due to some violation of the law. 

REQUIRED MATERIALS

1.      APLIA.  This is an online homework website.  Registration and Use of APLIA is REQUIRED.  Registration on this website provides an online version of the textbook (you do not have to buy a hardcopy of the book).  Access to the assignments and the online textbook are part of the registration and payment for access to the website. To register, go to:   http://econ.aplia.com

2.      Textbook:  Principles of Microeconomics (5^th edn.) N. Gregory Mankiw.  The online version is on Aplia but you may also wish to purchase a hard copy of the textbook.  Details about this will be provided in class.

3.      Turning Technologies RF Response Pad and Enrollment Code—aka The Clicker (see below for more information).

 

REQUIRED MATERIALS

1.      APLIA.  This is an online homework website.  Registration and Use of APLIA is REQUIRED.  Registration on this website provides an online version of the textbook (you do not have to buy a hardcopy of the book).  Access to the assignments and the online textbook are part of the registration and payment for access to the website. To register, go to:   http://econ.aplia.com

2.      Textbook:  Principles of Microeconomics (5^th edn.) N. Gregory Mankiw.  The online version is on Aplia but you may also wish to purchase a hard copy of the textbook.  Details about this will be provided in class.

3.      Turning Technologies RF Response Pad and Enrollment Code—aka The Clicker (see below for more information).

 

BONUS POINTS

·         Bonus points can be earned in 2 ways:

1.       Attending class and participating through the use of the CLICKER. These bonus points will provide a bonus of up to 2% of your final grade. These points are discussed on the Clicker document.

2.       Bonus points can also be gained by taking the practice exams found on the eLearning website.  These tests will be available for a few days prior to each of the exams you will take during the semester. These practice tests should be valuable study aids.  Taking these tests can also allow you to receive bonus points worth up to 2% of your grade. Your average on these sample exams will determine the value of the total bonus awarded.

If you are registered with the Office of Disability Services, please make an appointment with me as soon as possible to discuss any course accommodations that may be necessary. If you have a disability, but have not contacted the Office of Disability Services, please call 348-4285 or visit 133-B Martha Parham Hall East to register for services. Students who may need course adaptations because of a disability are welcome to make an appointment to see me during office hours. Students with disabilities must be registered with the Office of Disability Services, 133-B Martha Parham Hall East, before receiving academic adjustments.

All students in attendance at the University of Alabama are expected to be honorable and to observe standards of conduct appropriate to a community of scholars. The University expects from its students a higher standard of conduct than the minimum required to avoid discipline. Academic misconduct includes all acts of dishonesty in any academically related matter and any knowing or intentional help or attempt to help, or conspiracy to help, another student.

The Academic Misconduct Disciplinary Policy will be followed in the event of academic misconduct.

In the case of a tornado warning (tornado has been sighted or detected by radar; sirens activated), all university activities are automatically suspended, including all classes and laboratories. If you are in a building, please move immediately to the lowest level and toward the center of the building away from windows (interior classrooms, offices, or corridors) and remain there until the tornado warning has expired. Classes in session when the tornado warning is issued can resume immediately after the warning has expired at the discretion of the instructor. Classes that have not yet begun will resume 30 minutes after the tornado warning has expired provided at least half of the class period remains.

UA is a residential campus with many students living on or near campus. In general classes will remain in session until the National Weather Service issues safety warnings for the city of Tuscaloosa. Clearly, some students and faculty commute from adjacent counties. These counties may experience weather related problems not encountered in Tuscaloosa. Individuals should follow the advice of the National Weather Service for that area taking the necessary precautions to ensure personal safety. Whenever the National Weather Service and the Emergency Management Agency issue a warning, people in the path of the storm (tornado or severe thunderstorm) should take immediate life saving actions.

When West Alabama is under a severe weather advisory, conditions can change rapidly. It is imperative to get to where you can receive information from the National Weather Service and to follow the instructions provided. Personal safety should dictate the actions that faculty, staff and students take. The Office of Public Relations will disseminate the latest information regarding conditions on campus in the following ways:

• Weather advisory posted on the UA homepage
• Weather advisory sent out through Connect-ED--faculty, staff and students (sign up at myBama)
• Weather advisory broadcast over WVUA at 90.7 FM
• Weather advisory broadcast over Alabama Public Radio (WUAL) at 91.5 FM
• Weather advisory broadcast over WVUA 7. WVUA 7 Storm Watch provides a free service you can subscribe to that allows you to receive weather warnings for Tuscaloosa via e-mail, pager or cell phone. Check http://www.wvua7.com/stormwatch.html for details.