EC 110 Section 005: Prin Of Microeconomics

 

Three hours.  Introduction to microeconomic analysis concentrating on consumer and producer behavior,  
competitive and imperfect markets, public policy and regulation, and income distribution.

 

                         The main objective of this course is for the student to learn about the importance to any society of the manner it chooses to use to allocate its resources.  Students will learn to understand the basic economic concepts of scarcity and opportunity cost and why understanding these concepts is important for understanding the allocation of resources.  Students will learn to use the basic demand-supply model to understand the conditions under which market prices lead to the most efficient allocation of resources, as well as why planned economies and governmental price setting usually lead to an inefficient allocation of resources.  The course will compare the results of market and non-market mechanisms for allocating resources by examining price-fixing, taxes, public goods and externalities, international trade, monopoly, and markets for factors of production.  Students will learn to use the demand-supply and monopoly models to explain price and quantity movements (of both final goods and factors of production) observed in the real world, as well as predict what will happen to prices and quantities after economic conditions change.

Important dates:

                The final examination will be held in this room (Alston 010).  The final examination for the 12 PM class (section 005) will be on Thursday, December 10, 2008 from 11:30 AM – 2:00 PM.  The final examination for 1 PM class (section 006) will be on Wednesday December 9, 2009 from 11:30 AM – 2:00 PM. 

 

                The last day to drop a course this semester is Wednesday, October 28, 2008.

 

                I must turn in mid-term grades for freshman students by noon on Wednesday, October 7.  I will base these only on the first test and I will not take into account any quizzes from MyEconLab or the extra credit points from the eLearning site..

 

                The three in-class tests are scheduled for Friday, September 18; Friday, October 23; and Monday, November 23. 

Grade Determination:  Your grade will be based primarily on three tests and a final examination.  In addition, there are required online homework assignments and quizzes from MyEconLab.

1.  (45%-60%)  Three in-class tests.  Each one counts either15% or 20%.

2.  (45%-30%)  The final examination.  This exam covers all the material discussed either in class or in the reading assignments during the entire semester.  If your final exam score is above your average test score, the final exam counts 45%.  If your final exam score is below your average test score, the final exam counts 30%.

3.  (10%)  Quizzes taken within MyEconLab.  There will be approximately one quiz taken online (with MyEconLab) for each chapter we cover in the textbook.  (Although we cover 16 chapters, there will only be 15 quizzes.)  Your best 10 performances count. The purpose of assigning these quizzes is to give you an incentive to keep up with the material in the textbook.  The deadlines for taking these quizzes can be found on the MyEconLab web site for this course.  If you fail to take at least 10 of these quizzes, your grade on the “untaken” quizzes will be zero.  For example, if you score 100% on 9 quizzes, but do not take a 10^th quiz before the end of the semester, your quiz average will be 90.  Please note:  you may take each of these quizzes two times.  If you take a quiz two times, the average of the two scores will be your grade.  So do not retake the quiz if you score is relatively high!

 

6.  Bonus Points for optional readings—up to 3 points added to your semester average.  There are four optional readings that you can find on the eLearning site for this course.  If you take the quizzes on these optional readings, and do well enough to indicate to me that you learned what I wanted you l will add up to 3 points to your semester average.  You may take these quizzes as many times as you like and I will use your highest grade on these quizzes if you take them more than once.

 

Grading Scale:

     A+: 99% and above                        A: 92 - 98.9%      A-: 90 – 91.9%

     B+: 88.5 – 89.9%.                           B: 82 – 88.4%      B-: 80 – 81.9%

     C+: 78.5 – 79.9%.                 C: 70 – 78.4%      C-: 65 – 69.9%

     D+: 62 – 64.9%.                    D: 60 – 61.9%      D-: 55 – 59.9%

     F:  54.9% and below

For the grading scale, I will use normal rounding.  An 88.45% rounds up to 88.5%, but an 88.449% rounds down to 88.4%.  For those of you who wish to make an “A+”, you will need to have an average of at least 99%.

 

Will there be a curve?  Your instructor does not adjust grades upwards if he believes they are lower than he would like them to be, nor does he adjust them downwards if he believes that they are higher than they should be.  What you earn, or what you score is what you will get.  The best way to look at the grading in this course is to presume that you will get what you earn, not what your instructor decides to give you.  If you earn an “A”, your instructor will decide to give you an “A”.  If you earn an “F”, your instructor will decide to give you an “F”.

Students who miss a test because of illness, family emergency or university-sponsored travel will not be given a make-up test until the end of the semester.  The makeup test will be on the afternoon of Friday, December 4.   If you miss a test and do not take a make up test, then your final examination automatically will count 60% of your grade and the two tests that you did not miss will each count 15%.  (Please note that your final will count 60% even if it is a lower score than your average on the tests.)

 

Students who miss the final examination because of illness or family emergency will be allowed to take a make-up final examination on the next official deferred examination date (or at a mutually convenient time if the student has an important reason to take the make-up examination earlier).  The deferred examination date for this course is Wednesday, January 13, 2010 at 2 PM.

 

There are no make-ups on the online quizzes.

Class attendance is very important because it is very likely that you will not know what to study if you are absent from class.  Please let me know in advance if you are going to be absent on the day of a test.  I do not make a distinction between excused and unexcused absences.  Missing a class will make it more difficult to learn the material regardless of one's reason for being absent. 

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.

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