EC 110 Section 006: Prin Of Microeconomics

This course is described in the Undergraduate Catalog as, “An introduction to microeconomic analysis concentrating on consumer and producer behavior, competitive and imperfect markets, public policy and regulation, and income distribution.”

Economics is a social science not unlike physics which is a physical science. In both sciences there are certain actions that bring about certain reactions.  Also, in both there are certain forces that are pushing the respective situation toward equilibrium.  With economics one attempts to understand why people do what they do primarily in the market place.  Everyday people are all trying to maximize pleasure and minimize pain.  Economists refer to this as using scarce resources trying to satisfy unlimited needs. Microeconomics studies the individual person or individual firm point of view, whereas macroeconomics looks at it from the group or aggregate point of view.  Microeconomics and macroeconomics are highly interwoven.  As such, many of the same topics will be studied in the beginning of both disciplines.  The first few chapters of the book are not unlike ground school for learning to fly an airplane.  Although little application is involved, sufficient knowledge is required before one can confidently APPLY this knowledge in the later chapters of economic theory. Well, what will you get out of it? It should be a strong intellectual foundation of what the microeconomic building blocks look like and how they naturally fit in a free market environment or unnaturally fit in a government regulated environment. A higher emphasis will be placed on the actions of the firm. More specifically: To understand as many “Positive Laws” of microeconomics as possible in order to live in a political world. To understand primary effects, secondary effects, and market structures in environments with and without government policies. How to interpret economic models and graphs. Finally, to get the best analytical foundation for both further economic study at the UOA as well as use in everyday life.

DATE	DAY	CLASS ACTIVITY	TEXT CHAPTER	TOPICS	NOTE
Aug 25	Thu.	Lecture	Introduction Chapters 1 & Chap.2 Appendix	Overview; Graphs	First Class Day
Aug 30	Tue.	Lecture	Chapters 2 & 3	Opportunity Cost; Trade
Aug 31	Wed				Last day to drop a course without a grade of “W”
Sep 1	Thu.	Lecture	Chapters 3 & 4	Trade; Supply & Demand
Sep 5	Mon.	No Class			Labor Day
Sep 6	Tue.	Lecture	Chapters 4 & 5	Supply, Demand, Elasticity
Sep 8	Thu	Lecture	Chapter 5	Elasticity
Sep 13	Tue.	Review	Chapters 1- 5
Sep 15	Thu.	Major TEST 1	Chapters 1-5		Electronic Homework Due by 11:00 p.m.
Sep 20	Tue.	Go over TEST 1 Lecture	Chapters 1-5 Chapter 6	Government Price Controls
Sep 22	Thu.	Lecture	Chapters 7	Consumer and Producer Surplus
Sep 27	Tue.	Lecture	Chapter 8	Cost of Taxation
Sep 29	Thu.	Lecture	Chapter 9	International Trade
Oct 4	Tue.	Lecture	Chapter 10	Externalities
Oct 6	Thu.	Review	Chapters 6-10
Oct 11	Tue.	Major TEST 2	Chapters 6-10		Electronic Homework Due by 11:00 p.m.
Oct 12	Wed.				Midterm grade submission for 100-200 level courses (due 12:00 midnight)
Oct 13	Thu.	Go over TEST 2 Lecture	Chapters 6-10 Chapter 13	Production Costs
Oct 18	Tue.	Lecture	Chapter 13	Production Costs
Oct 20	Thu.	Lecture	Chapter 14	Perfect Competition
Oct 25	Tue.	Lecture	Chapters 14 & 15	Perfect Competition; Monopoly
Oct 27	Thu.	No Class			Mid-Semester Break
Nov. 1	Tue.	Lecture	Chapter 15	Monopoly
Nov 2	Wed.				Last day to drop a course with a grade of “W”. Last day to post DO grades.
Nov 3	Thu.	Lecture	Chapter 16	Monopolistic Competition
Nov 8	Tue.	Lecture	Chapter 17	Oligopoly
Nov 10	Thu.	Review	Chapters 13-17
Nov 15	Tue.	Major TEST 3	Chapters 13-17		Electronic Homework Due by 11:00 p.m.
Nov 17	Thu.	Go over TEST3. Lecture	Chapters 13-17 Chapter 11	Public Goods	All extra credit projects are due by 11:00 p.m.
Nov 22	Tue.	Lecture	Chapter 12	Tax System
Nov 24	Thu.	No Class			Thanksgiving
Nov 29	Tue.	Lecture	Chapter 18	Input Markets
Dec 1	Thu.	Lecture	Chapter 20	Income Equality
Dec 2	Fri				Last Day for All Tests, etc.; Electronic Homework Due by 11:00 p.m.
Dec 6	Tue.	Lecture	Chapter 21	Consumer  Choice
Dec 8	Thu.	Lecture	Chapter 22	Frontiers

Dec 14

Wed.

ECO 110-006 Non comprehensive Final Exam 8:00a.m.–10:30p.m.   Comprehensive Final Exam 11:30p.m.-2:00p.m.

Non comprehensive Final Exam Chapters 11,12,18,20,21,22   Comprehensive Final Exam Chapters 1-18; 20-22

Class normally meets for lecture  TR 9:30 p.m.

See my web page for any extra credit assignments. Some unplanned extra point projects may be assigned to the class as a whole.  No student specific information will be given over the phone or internet to anyone.  No student information will be given to anyone except the student or the appropriate college personnel.

Grades will not be posted on my office door.

Homework and Extra Credit:

       1.  Be neat

       2.  Use 8 ½ x 11-inch paper that has not been torn out off a spiral notebook.

       3.  Fold, staple and put on the outside of your paper:                            

                                                Last Name, First name, Middle Initial

Class with Section Number

Date Turned in / Date Due

      4.  Put no work on the back of the page

      5.  Some assignments discussed in class will be turned in by e-mail.

      6.  Homework is due at the beginning of the next class period after it is assigned.

Classroom:

      1. Please, bring your text and notes from the instructor and text web sites.

      2.  Do NOT bring food, drinks, or tobacco products into the classroom at any time. Eating and drinking in the classroom are prohibited. See instructor.

      3.  Cell phones, PDAs, and other electronic devices can create serious distractions for a class such as ours and should not be used when class is in session.

      4. Laptops may be used in class to take notes.

Test:

      1. #2 pencils with erasers provided by the student.

      2. Your answers will be put on a Scantron sheet and a “backup sheet” provided by the instructor.

      3. Print your name, CWID, class, and date on the test.

      4. Turn all work directly over to the instructor or as directed.

      5. Picture identification must be presented PRIOR to receiving a test. If a picture

          identification is not presented, you may not be allowed to take a test or your

          test may not be graded.  Other means of identification may also be requested

      6. All tests are closed books and closed notes.

      7. No materials and/or calculators are shared.

      8. ALL work is to be done without aid from other individuals.

      9. Calculators may be used during tests unless as directed by the instructor. They   cannot be cell phone calculators.

There will be FOUR major tests including the final exam.   If you take the non-comprehensive final exam, all major tests will be equally weighed and together account for 90% of your final grade.  If you take the comprehensive final exam, it counts for 90% of your final grade, and your other major tests do not count. “Online Aplia Credit” points count for 10% of your final grade.  The final exam is not optional.

If the class average for a major test is below 75, the class average will be curved to a 75 by using the following method.  The maximum curved score one can receive on a test is 105.

    NAME         (INITIAL SCORE)    *      (CURVE FACTOR)  =    CURVED SCORE

      John                                  40                                75/50                           60

      Mary                                 50                                75/50                           75

      Bob                                   60                                75/50                           90

    ----------------------------------------------------------------------------------------------

      AVERAGE                       50                                                                    75

If the class average for a test is 75 or higher, the test will not be curved. No student information will be given over the phone or Internet to anyone.  No student information will be given to anyone except the student or the appropriate college personnel.  Grades will not be posted on my office door.

Letter grades will be assigned according to the following:   

Letter	Minus Sign	No Sign	Plus Sign
A	90.00 to 92.99 %	93.00 to 96.99 %	97.00 % and above
B	80.00 to 82.99 %	83.00 to 86.99 %	87.00 % to 89.99 %
C	70.00 to 72.99 %	73.00 to 76.99 %	77.00 % to 79.99 %
D	60.00 to 62.99 %	63.00 to 66.99 %	67.00 % to 69.99 %
F		59.99 % and below

1. If a student misses a test due to an extenuating circumstance as listed below, the student will be allowed to have a make-up test on that material. An absence will be considered excused only if extenuating circumstances are documented.  The student must be able to verify such extenuating circumstances as sickness, death in the immediate family, military, or certain legal obligations. Approved make up exams are given as soon as possible after the missed test.
2.  If a student misses a test due to a circumstance not listed in paragraph (1.)  of this section, the student will not be allowed to have a make-up test on that material.  The student may select one of two options:  (a.) The student will take a comprehensive final over all of the material, which will count for 90% of his/her final grade for the course.  All other scheduled major tests will not count.  Thereby, your comprehensive final exam grade will then become the major basis for your final grade in the course prior to on-line assignments and extra point consideration. (b.) The missed test(s) will count as zero and the student will take the rest of the tests as scheduled.
3. Anyone may take the comprehensive final, but it REPLACES all prior major tests and will count for 90% of his/her final grade

Make-ups for missed homework or quizzes have the same burden of proof as major tests.                              .                             

Students are expected to attend all classes for which they are registered, to be prompt, and to remain in class/lab for the entire time. Attendance will be recorded at every class meeting. Withdrawal from class can affect eligibility for financial aid. No points will be given or subtracted from your grade regarding attendance.

Wall Street Journal subscription.  See instructor for discount.

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.

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.

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 advisories are broadcast via WUOA/WVUA-TV, which can be viewed across Central Alabama. Also, visit wvuatv.com for up-to-the-minute weather information. A mobile Web site is also available for your convenience.