Microeconomic Principles Eco 284
Dr. Wendy Campione
Fall 2002
Course: Eco 284 Principles of Microeconomics
Professor: Dr. Wendy Campione, Associate Professor of Economics
Office: CBA Building 70, Room 216
Office Phone: 520-523-7360, please leave a voice mail message if I am not in.
Office Hours: Tuesday and Thursday 11:00 – 12:30 and by special appointment.
Professor’s E-Mail Address:
Professor’s Website: www.cba.nau.edu/campione-w
Course Description: Basic concepts of demand, supply, markets, elasticity, and the cost, revenue, and profit/loss position of firms in different market structures will be explored. The impact of these various structures on firm behavior and the evolution of markets within the context of social and political systems is examined. The impact of technology on the environment, labor productivity, and human capital as well as extension into issues of the environment, public choice, and international global markets and competitiveness is also examined.
Course Learning Outcomes: Upon successful completion of the course Eco 284, Microeconomic Principles, students will be able to:
· Demonstrate a working understanding of the fundamental vocabulary of microeconomics, and economics in general
· Demonstrate an understanding of basic microeconomic concepts of demand, supply, markets, elasticity, and industry structure through graphing and mathematical calculation
· Demonstrate the impact of industrial structure on the buying and selling behavior of consumers and firms
· Recognize and distinguish among different market structures and the constraints that each places upon firm and consumer behavior
· Derive cost, revenue, and profit/loss for the individual firm in both the short run and the long run across different market structures
· Demonstrate a working understanding of the changes currently occurring in market structures and specific industries through additional case readings
· Integrate the impact of regulation, anti-trust, and other government intervention into the market economy into standard economic models
· Demonstrate a working understanding of environmental economics and market, global and government responses to problems; and proposed remedies; within the context of public choice
Prerequisites: The prerequisite for Eco 284 is eligibility for MAT 110.
Grading Policy: There will be:
· TWO multiple-choice exams given throughout the semester (as indicated in the readings list that follows) plus a COMPREHENSIVE MULTIPLE CHOICE FINAL EXAM. All students MUST take the final exam at the scheduled time listed below. The final exam will be comprehensive but equally weighted with the other two exams (each 33% of the student’s overall grade). All three exams will be averaged to determine the final grade. An average of 90+ will earn an A grade; 80-89 will earn a B grade; 70-79 will earn a C grade; 60-69 will earn a D grade; 59 or less will earn an F grade. Thus: Exam 1 + Exam 2 + Final Exam = Total/3 = Final Grade average.
· IN ADDITION TO THE EXAMS, FOUR WRITTEN ESSAY HOMEWORK assignments will be given throughout the semester. A student who successfully completes THREE HOMEWORKS will have TWO POINTS added to her/his Final Grade. A student who successfully completes ALL FOUR HOMEWORKS will have THREE POINTS added to his/her Final Grade.
· SUCCESSFUL completion of a homework assignment requires the following: Each student will follow directions carefully. Each assignment requires a student to surf the web for an article on one or more of the topics given on the assignment sheet. The student must summarize the article, critique either the methodology or the conclusions of the article, and relate the article to class discussions. The article must be current (last three months). The summary and critique must be word processed and edited for grammatical correctness.
· EXAMPLE: Exam 1 = 90%, Exam 2 = 80%, Final Exam = 65%;
90 + 80 + 65 = 235/3 = 78.33
Student does ALL FOUR homeworks: 78.33 + 3 = 81.33
Makeup Exams: GROUP makeup exams will be scheduled following the regularly scheduled exam; at the discretion of the professor, these will have different and fewer questions than the regularly scheduled exams.
Questions Concerning Exam Grades: The professor will review any exam with a student in order to clarify the answers and give advice on test taking and improvement of future scores. The student must bring the exam into the professor during office hours within two weeks of the exam date.
Personal Problems: If you believe that you have a problem that would make it difficult for you to successfully complete this course, see the professor long before the first exam. I will attempt to help you if possible. However, this professor is not trained to help students with serious personal, medical or study problems. There are many trained professionals on campus who can help you such as North and South Learning Assistance Centers, the Counseling and Testing Center, and others. I will refer you to the appropriate source for help.
Student Behavior: As your professor, I will try to make this class as informative. Exciting, challenging, and quite possibly, fun, as I can. Macroeconomics and microeconomics are dynamic fields and many of the problems and issues of today’s world will be addressed in class.
However, I will not tolerate rudeness to myself or to other students.
In class: Talking, rude comments, feet on the backs of chairs, swearing at the professor, etc., will result in the professor ordering the student(s) to leave the classroom. If the disorderly conduct persists in subsequent classes, the student(s) will be ordered to appear before the Associate Dean of the College of Business Administration before the professor will agree to re-admittance to the class.
In the Professor’s office: Any shoving of materials on my desk, any swearing, refusal to leave my office upon request, any threatening notes, phone calls, voice mail or e-mail messages will be referred to the campus police, the Flagstaff police and the State police, whichever agency is appropriate. I consider these behaviors unacceptable harassment. Physical, verbal, and sexual harassment are against the law.
Grade of Incomplete: The University’s Policy will be followed in regard to the grade of incomplete – which is that the student is unable to complete the course because of reasons beyond the student’s control (such as hospitalization). This problem should be severe enough that the Dean of Students will be aware of the problem and can confirm it. In particular, the fact that completion of the course may lead to an undesirable grade is not sufficient reason to give an incomplete.
Cheating Policy: The University’s Policy as stated in the Student Handbook and the Faculty Handbook will be followed (see attached document). Cheating in this professor’s class: looking on someone else’s test paper during exam time; talking during exam time; leaving the classroom during exam time; switching exams with another student during exam time; looking at any notes or papers other than the exam paper itself during exam time; and any other creative combination.
Extra Credit Assignments: This professor does not give extra credit assignments.
TOPICS TO BE COVERED FOR EACH EXAM
Efficiency and Equity Issues in Economics
Demand and Supply – the path to market equilibrium
E-commerce – changes in traditional analysis
Consumer Response – elasticity
Exam One
The Firm - Production Costs
Profit Maximization Determination – internal and external motivations and constraints
Market Structures – Dotcoms to dominance
Acquiring market power – evolution from competition to dominance
Market power – a return to demand and supply
Exam Two
Efficiency vs. equity
The role of government – regulation and infrastructure
Market freedom and workplace, environment and consumer protection
Mergers and antitrust guidelines
De-regulation – a return to competition – truth and consequences
Markets for utilities: natural gas, telephone
FINAL EXAM
DATE OF FINAL EXAM: Tuesday December 10, 7:30am ONLY.