Kay L. McLennan, Instructor
504.865.5555 (leave message)
Office Hours: (Elmwood Campus) Wednesday
Web Site: www.tulane.edu/~kmclenna
Spring 2004
Syllabus:
Introductory Microeconomics
UECN 101-10
(On-Line)
Textbooks &
Other Required
1. Hall, Robert E. & Lieberman, Marc (2003). Microeconomics, Principles and
Applications (Updated Second Edition).
2. Articles on electronic “reserve” in on-line Blackboard
course site (see “Assignments” icon for reading assignments and “In the News”
to find the articles).
Prerequisites
for Taking an Internet-Based Course
Each student enrolled in an
Internet-based course will need:
·
Computer access (students are welcome to use any of the
open computer labs on the campus);
·
Minimum
computer capabilities (see section
below entitled “Minimum Computer Requirements”);
·
An interest in utilizing the Internet as a distance education
mode;
·
Self-motivation – with an on-line course students need to take the
initiative to review the on-line course materials, keep up with the reading and
project assignments and participate in the on-line discussions; and
·
Adequate
written communication skills to
communicate effectively through the mediums of essay submissions,
e-mail and “chat” discussions. (While
the Instructor for Internet-based courses is available almost “on-demand”
through e-correspondence and e-office hours, being comfortable with written
communication is an imperative for distance education students.)
Minimum Computer Requirements
This
on-line course utilizes
·
Platform: Windows 95, 98, 2000, NT, ME or XP; MacOS 9 or MacOSX
·
Hardware: 64 MB or RAM and 1 G of free disk space
·
Browser: Internet Explorer 5.5 or Netscape 4.78 (JavaScript
and Cookies must be enabled)
·
Modem: 56 K
·
A
·
Basic computer
knowledge (including knowledge of
word processing, printing files, downloading files, uploading files, etc.
Course Format
Course Learning Goals and Objectives
As an overall goal, students enrolled in this course
will utilize their cognitive abilities to study the theories and techniques of
microeconomics—the study of individual actors in the economy, including
households, business firms, and governments.
For example, a typical problem in microeconomics would be to determine
the optimum price a company should charge for a new product. To determine the solution to this problem it
would be necessary to consider microeconomic data like the company’s own
production costs, the degree to which price changes affect the quantity
demanded of the new product, and the prices competing firms charge for similar
products. (Note: All of these data are
specific to a particular firm or industry and to a particular product.)
In contrast, where the field of economics is divided
into two major areas (microeconomics and macroeconomics), macroeconomics is
concerned with the behavior of the entire economy, including total output,
total employment, and the overall price level.
In terms of the cognitive learning objectives to be
attained for each topic area studied (see “Module Objectives” outlined in the
“Lecture Material” section of the course site), students will:
·
Gather knowledge
(or facts or theories) about each topic area from the readings, instructor
lecture notes, and e-discussions with classmates and the instructor; and
·
Demonstrate comprehension
(or seeing relationships, concepts, principles, and abstractions beyond simply
remembering material, typically involving translating, interpreting and
estimating future trends) through problem set/exercise/essay answers,
e-discussions with classmates, and tests; and
·
Understand the application
(or the ability to use learned material in new and concrete situations,
including the application of rules, methods, concepts, principles, laws and
theories) to specific issues and challenges in economics.
Further, in the composition of problem set/exercise/essay
answers in each module (as well as in the various module tests), students will demonstrate their abilities to synthesize,
analyze, and evaluate the material presented in the course. [Synthesis is the ability to put parts
together, forming new patterns or structures, such as a unique communication
(or theme), a plan of operations, or a set of abstract relations (or scheme for
classifying information). Analysis
is the ability to break down material into its component parts so that the
organizational structure is understood, including the identification of the
parts, analysis of the relationships between parts, and recognition of the
organizational principles involved. Evaluation
is the ability to judge the value of material for a given purpose (learning in
this area is the highest in the cognitive hierarchy because it involves
elements of all the other categories, plus conscious value judgements
based on clearly defined criteria).]
Finally, given the numerous economics models used to
present the material included in the course, students will study and apply the
four-step procedure in building and using economic models. Models (or abstract representations of
reality) are built with words, diagrams, and mathematical statements that help
us understand how the economy operates.
Required Student Participation
Learning is best accomplished when students are
provided with experiential opportunities.
Accordingly, class members are expected to log into the class site at
least three times a week (please note that the Blackboard software keeps track
of when you enter the class site) as well as post assigned problem
sets/exercises/essays, contribute substantive comments to the various on-going
group discussions, and complete on-line tests for each module within the
specified time frame. As a general rule
of thumb, students are expected to respond to all of the comments made
concerning their work and at least 60 percent of the essay postings of the
other students in their group.
Grading
The final grade in the course will be made up of
grades on problem set/exercise/essay submissions, group discussions and tests
covering the material in each module.
The calculation of your final grade has the following components:
problem set/exercise/essay submissions = 1/3rd of the final grade;
group discussion participation = 1/3rd of the final grade; and
module tests = 1/3rd of the final grade.
With
a potential of earning a total of 1,000 points in the course, the following
point ranges (and accompanying grades) will be used.
|
|
Grade |
|
934-1,000 |
A |
|
900-933 |
A- |
|
866-899 |
B+ |
|
832-865 |
B |
|
800-831 |
B- |
|
766-799 |
C+ |
|
732-765 |
C |
|
700-731 |
C- |
|
666-699 |
D+ |
|
632-665 |
D |
|
600-631 |
D- |
|
599 & below |
F |
Further,
the following grading component criteria will be used.
·
Each module
problem set/exercise/essay assignment will be worth 60 points (taken together,
the problem set/exercise/essay assignments in the course total 300
points). The specific grading
subcomponents for each essay include: 1) demonstrating a mastery of the subject
material; and 2) crafting a well-written, grammatically correct compositions
that adheres to any length guidelines provided.
·
Participation in
group discussions (in your individual groups) will account for 300 points of
the 1,000 points in the course. More
specifically, you will be able to earn 60 points during each of the five
modules based on the following subcomponents:
1. Providing substantive comments that include personal
or real world examples and backing up claims and assertions with relevant sources;
2. Responding to the required 60 percent of the essay
postings of your group members; and
3. Responding to group members’ comments on your essays.
·
Completing the
online exam for each module will account for 300 points of the 1,000 points in
the course [or 60 points per module, including twenty-four (worth 2.5 points
each) multiple choice/short answer questions per test].
·
Meeting all
deadlines for problem set/exercise/essay postings, group discussions, and
testing (worth 20 points per module or 100 out of 1000 points in the
course). In terms of timely group
discussions, you should aim to respond to group members’ comments on your
essays within a 2 day time frame. If you
are going to be off line for a few days (for example, on an out-of-town
business trip), please let your group members know. If you wait until the final few days of a
module to comment on your group members’ work or your group members’ comments
on your essays, the benefits of having meaningful discussions on the course
material will be lost. Also, untimely
comments will compromise the educational experience for others in the class and
will be penalized. Note: Business
commitments (including travel) will not excuse late work. If you have a demanding job or travel
commitments, it will be your responsibility to work ahead in the course so that
you will be able to meet the deadlines specified.
Make Up Work Policies
Given the asynchronous nature of this course, the
expectation is that students will be able to meet all deadlines for completing
reading assignments, posting essay submissions and discussing group members’
submissions. Tardy postings will
compromise the quality of group discussions and accordingly are unacceptable. In turn, only extraordinary or emergency
circumstances will merit consideration for a deadline extension and will have
to be evaluated by the instructor on a case-by-case basis. Also, please e-mail the instructor as soon as
possible to explain any anticipated or missed deadlines.
Honor Code
All academic assignments in this course are conducted
under the provisions of the Tulane University Honor Code. In particular, while students will
collaborate during group discussions of the material and their work, when it
comes to assembling their initial problem set/exercise/essay responses and
taking module exams, students are expected to work independently.
Student Disability Accommodations
Any student with a disability in need of course or
examination accommodations should request accommodations through the
University’s Office of Disability Services located in the Mechanical
Engineering Building. Please do this as
soon as possible. In turn, please let me
know you are eligible for accommodation (through an e-mail correspondence) and
provide a copy of your approved accommodation form from ODS to me (as well as
to each professor in whose course you wish to receive accommodations). I am committed to working with the Office of
Disability Services to ensure that all approved accommodations are
provided. However, if you do not deliver
the approved accommodation form, I will not know you have been approved to
receive accommodations and will have no basis for providing those
accommodations.
Catalog Description
ECON 101, Introductory Microeconomics—An introduction to the theory of prices and the allocation
of resources. Topics include the pricing
of goods and services, the determination of wages and returns to capital,
market structure and international trade.
Course Topic
Outline & Readings
|
Module Title |
Module Dates |
Problem
Set & Exam Due Dates |
Assigned |
|
I.
Introduction to the Study of Economics and the Microeconomics Tool Kit · What is Economics? · Scarcity, Choice, and Economic Systems · Supply and Demand ·
Working With Supply and Demand The ideas of economists and political philosophers,
both when they are right and when they are wrong, are more powerful than is
commonly understood. Indeed, the world
is ruled by little else --John Maynard Keynes You can’t always get what you want. --Mick
Jagger |
January 14 – February 6 (Martin L. King Holiday: January 19th) |
Problem Set/ Exercise/Essay Answers Due: January 30th (Problem set/ exercise/essay questions can be found in the “Assignments” icon.) Take
Online Exam by February 6th |
1) Hall & Lieberman chapters 1, 2, 3, & 4 2)
Use Hall & Lieberman Interactive to study key terms and take practice quizzes (http://www.swcollege. com/bef/hall/hall-lieb2e- upd/hall-lieb2e- upd_micro.html). 3) Explore relevant articles in “In the News” icon and links in the “External Links” icon. . |
|
II.
Microeconomics Decision Makers · Consumer Choice · Production and Cost ·
How Firms Make Decisions: Profit Maximization Consumption is the sole end and purpose of all production. --Adam
Smith |
February 7 – March 5 (Mardi Gras Break: February 22-29) |
Problem Set/ Exercise/Essay Answers Due: February 20th Take Online Exam by March 5th |
1) Hall & Lieberman chapters 5, 6, & 7 2)
Use Hall & Lieberman Interactive to study key terms and take practice quizzes (http://www.swcollege. com/bef/hall/hall-lieb2e- upd/hall-lieb2e- upd_micro.html). 3) Explore relevant articles in “In the News” icon and links in the “External Links” icon. |
|
III.
Product Markets ·
Perfect Competition ·
Monopoly ·
Monopolistic Competition and Oligopoly The great virtue of a free market system is that it
does not care what color people are; it
does not care what their religion is; it only cares whether they can produce something you want to buy. It is the most effective system we have discovered to
enable people who hate one another to deal with one another and help one another. --Milton
Friedman |
March 6 – March 26 |
Problem Set/ Exercise/Essay Answers Due: March 19th Take Online Exam by March 26th |
1) Hall & Lieberman chapters 8, 9, & 10 2)
Use Hall & Lieberman Interactive to study key terms and take practice quizzes (http://www.swcollege. com/bef/hall/hall-lieb2e- upd/hall-lieb2e- upd_micro.html). 3) Explore relevant articles in “In the News” icon and links in the “External Links” icon. |
|
IV.
Labor, Capital, and Financial Markets ·
The Labor Market ·
Income Inequality ·
Capital and Financial Markets Every individual… intends only his own gain, and he
is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. By
pursuing his own interest he frequently promotes that of society more effectively than when he really intends to promote it. --Adam
Smith A hundred times every day I remind myself that my inner and outer life are based on the labors of others. --Albert
Einstein |
March 27 – April 16 (Spring Break: April 9 - 11) |
Problem Set/ Exercise/Essay Answers Due: April 8th Take Online Exam by April 16th |
1) Hall & Lieberman chapters 11, 12, & 13 2)
Use Hall & Lieberman Interactive to study key terms and take practice quizzes (http://www.swcollege. com/bef/hall/hall-lieb2e- upd/hall-lieb2e- upd_micro.html). 3) Explore relevant articles in “In the News” icon and links in the “External Links” icon. |
|
V.
Government and the Global Economy ·
Government’s Role in Economic Efficiency ·
Comparative Advantage and
the Gains from Trade The delineation of right is the essential prelude to
market transactions. --Ronald H. Coase The most popular and most dangerous of all elementary economic fallacies is the claim that an unproductive economy may be harmed by free trade. This view misunderstands one of the subtlest but most powerful deductions in economic theory: the principle of comparative advantage. --The Economist |
April 17 – April 30 |
Problem Set/ Exercise/ Essay Answers Due: April 23rd Take Online Exam by May 7th |
1) Hall & Lieberman chapters 15 & 16 2)
Use Hall & Lieberman Interactive to study key terms and take practice quizzes (http://www.swcollege. com/bef/hall/hall-lieb2e- upd/hall-lieb2e- upd_micro.html). 3) Explore relevant articles in “In the News” icon and links in the “External Links” icon. |