ECON 1311 FALL 99
Nipoli Kamdar, Ph.d.
Office Hours: MW 2:30
p.m. - 3:30 p.m.
R 9:30 a.m. - 11:50 a.m., 2:00p.m-4:00p.m.
Additional meetings may be scheduled by appointment.
Office: CGC 416 Phone No: x-7441
E-mail: nkamdar@trinity.edu
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Economics: A Contemporary Introduction (4th Edition), by
McEachern Study Guide to Accompany Economics, by John E. Lunn In addition you should keep apprised of current microeconomic issues. Good sources of information are the Wall Street Journal, New York Times, Economist and/or Business Week. |
WHY STUDY ECONOMICS?
John Maynard Keynes
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Average Starting Salary Offers for Bachelor's Degree Candidates for 1997 except where noted
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Accounting:
$29,400 (1996) |
According to the National Association of Business Economists the median base salary of business economists n 1996 was $$$$73,000.$$$
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 (Taped to a bathroom mirror at Bill Clinton's 1992 campaign headquarters, as a daily reminder.) |
Economics is the study of resource allocation decisions. Microeconomics, in particular, focuses on the resource allocation decisions of individual economic agents. In this course we will study the decision-making behavior of consumers and firms and analyze the interaction of these two agents in "markets". The primary focus of this course is an understanding of how markets facilitate the exchange of goods and services between consumers and firms. You will explore how individuals choose among alternative uses of scarce resources such as time and income, how firms decide on the optimal quantity of production and how the forces of supply and demand determine prices.
"The theory of economics .... is a method rather
than a doctrine, an apparatus of the mind, a technique of thinking, which helps its
possessor to draw the correct conclusions."
John Maynard Keynes
The principal objective of "Principles of Microeconomics" is to introduce you to an economic way of thinking about a variety of problems. It is my hope that by the end of this semester you will:
COURSE REQUIREMENTS AND POLICIES
Exam/Assignment |
Points |
Dates |
|---|---|---|
Exam #1 |
75 |
9/29 |
Exam #2 |
75 |
11/3 |
Comprehensive Final |
120 |
12/13 (6:30-9:30 p.m.) |
Group Assignments |
60 |
TBA a week in advance |
Quizzes |
20 |
9/3, 9/24, 10/18, 11/19, 12/8 |
Class Participation |
30 |
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Peer Grading |
20 |
The lowest quiz and assignment scores will be dropped.
GRADING SCALE |
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Percentage |
Grade | Percentage |
Grade |
95 - 100 |
A | 77 - 79 |
C |
90 - 94 |
A- | 73 - 76 |
C |
87 - 89 |
B+ | 70 - 72 |
C- |
83 - 86 |
B | 65 - 69 |
D+ |
80 - 82 |
B- | 60 - 64 |
D |
2. If you have a conflict with any of the scheduled exams you should notify me at least a week in advance in order to be "accommodated". "Accommodation" is at my discretion and implies that I may offer you a choice between completing the assignment at an earlier date or transferring the weight of the exam to the final.
3. Make-up opportunities for missed exams will be made available only under extenuating circumstances and at the discretion of the instructor. You must have a written verifiable excuse in order to qualify for a make-up exam.
4. There will be no make-up opportunities for missed quizzes.
5. Quizzes will generally be administered at the beginning of class and late comers will not be given additional time.
6. As a courtesy to your classmates, please ensure that you generally come to class on time. If you happen to be late or should you need to leave early, please enter and exit the class with as little disruption as possible.
7. Please do not even think of approaching me about extra credit opportunities.
8. In addition to the graded assignments discussed in the next section, you will be also be assigned homework that will not be graded. It is in your best interest to complete these assignments, however, as they are designed to promote a better understanding of the subject material and to help you prepare for the exams.
9. Attendance at all class meetings is expected. Since part of your grade depends on both the quality and the quantity of your class participation, it is in your interest to recognize how difficult it is to participate when you are not present.
10. Students are expected to maintain the highest standards of academic integrity. Cheating in any form will be severely penalized. The minimum penalty is a zero on the assignment/exam in question. In addition the incident will be reported as provided in the University's Policy on Academic Integrity. The student may also receive an "F" on the course.
11. Requests for a change in your grade must be in writing and must specifically identify where and why you disagree with my assessment of your work. I will take a few days to review your request and then meet with you during office hours to discuss it. I also reserve the right to re-read your entire exam/assignment and make additional corrections if necessary.
12. I am very interested in your comments, complaints and/or suggestions as it will help me offer improved versions of the course. Please feel free to talk with me during my office hours or leave written comments in my mailbox. Remember that it is in your interest to bring your concerns to me during the course of the semester rather than wait for the end of semester evaluation.
The group assignments are designed to enrich your educational experience and to foster a spirit of cooperation and teamwork.
The many men and few women who form study groups report that they both enjoy their work more and feel they learn more, because of the academic discussions within these groups. A side benefit is that for many students a study group also becomes, over time, something of a social support network.
The Harvard Assessment Seminars, 1990
The interviews of sophomores by Constance Buchanan and her faculty colleagues show that isolation is the biggest threat to students who are not as productive as they want in their coursework. .... Not only do students who work in small study groups outside of class commit more time to their coursework, feel more challenged by their work, and express a much higher level of personal interest in their work--they are also much less likely to hesitate to seek help.
The Harvard Assessment Seminars, 1992.
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The ability to work cooperatively with your peers is also a skill that you will find extremely valuable in the work place, where you often have to make decisions as a group. In order for group work to be a positive learning experience it is important for each member of the group to contribute actively. The incentive for you to do so lies in fact that members of your group will assess your contribution to the group effort and that assessment (previously referred to as peer grading) will influence the grade you receive for the course. |
1. Early in the semester, students will be assigned to small groups. If some of you would prefer to form your own groups you are welcome to do so, but you must provide me with a list of names by 9/9. In general groups of four or five work best, but the upper and lower limits on group size will be set at six and three respectively.
2. You may change groups once during the course of the semester, as long as this move does not does not violate the maximum group size restriction.
3. Groups may be allowed to "fire" a shirking member, after discussing their reasons with me.
B. Responsibilities as a Study Team Member
1. Prepare before the study team meeting (for example do all the required reading or problem sets).
2. Complete any tasks that the group assigns to its members
3. Attend all meetings and arrive on time
4. Provide assistance, support and encouragement to group members
C. Problem Sets
1. You are expected to first attempt all problems and assigned readings on your own. Write down your answers and/or ideas and then compare them with those of your teammates during the group meeting. Do not go to group meetings without prior preparation.
2. Group assignments must be on my desk on the date due, within the first ten minutes of class. Assignments that are turned in later that day will be penalized 1 point. Day-late assignments will receive a penalty of 3 points. Assignments that are more than a day late will not be accepted.
3. Assignments may be typed (preferable) or handwritten, but must be neat and concise. All graphs must be neatly and clearly labeled. If you use multiple sheets, they must be stapled together. Loose sheets will be assessed a penalty of 1 point.
(TENTATIVE) COURSE OUTLINE |
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| I. Introduction | Chp. # | Week of |
| The Art and Science of Economic Analysis (The appendix will not be discussed in class; please review it on your own.) |
1 | 8/23, 8/30 |
| Some Tools of Economic Analysis | 2 | 8/30, 9/6 |
| II. Market Allocation of Goods and Services | ||
| The Market System | 3 |
9/6, 9/13 |
| The Elasticity of Demand and Supply | 18 |
9/20, 9/27 |
| III. Consumer Theory | ||
| Consumer Choice and Demand (omit appendix) | 19 |
10/4 |
| IV. The Theory of the Firm | ||
| Production and Cost in the Firm (omit appendix) | 20 | 10/11, 10/18 |
| V. Market Structure | ||
| Perfect Competition | 21 | 10/25, 11/1 |
| Monopoly | 22 | 11/8, 11/15 |
| Monopolistic Competition and Oligopoly | 23 | 11/15, 11/22 |
| VI. Selected Topics (time permitting) | ||
| Economic Regulation and Antitrust Activity | 29 | 11/29 |
| Resource Markets | 24-25 | 11/29, 12/6 |
You will also be responsible for additional readings assigned during the course of the semester. |
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