Principles of Microeconomics, ECON 262-3, CRN 20494

3 credits

Fall 2017

Days/Time: TR 2:30-3:55

Location of Class: EBH 060

Course Format: Lecture

"Condemnation without investigation is the height of ignorance." - Albert Einstein

INSTRUCTOR INFORMATION

Instructor Name: Dr. Deborah Walker

Office Location: EBH 184

Office Hours: Monday and Wednesday 2:30-4:00, Tuesday and Thursday 12:30-2:00 and by appointment. I will be in my office during these days/times unless I have a meeting or other appointment I cannot miss. In that case I will do my best to let you know ahead of time (will post it on my web site) when I will not be available.

NOTE: If my office door is closed -- please knock. The only time that I request you do not stop by my office is during the 10 minutes prior one of my classes starting. THANK YOU

Office Telephone Number: 247-7624

Cell Phone Number (for short texts - NO phone calls): 970-799-1364

E-mail address: walker_d@fortlewis.edu

Canvas: The syllabus is posted on Canvas (http://courses.fortlewis.edu). I will also post the grades, announcements and homework assignments on Canvas. If you are not familiar with Canvas, please work through the Student Canvas Orientation (https://courses.fortlewis.edu/courses/6805). For technical help with Canvas contact the 24/7 support hotline at 855-971-1611 or submit a HELP ticket to Canvas.

Web Page address: http://faculty.fortlewis.edu/walker_d/ The class handouts, study questions, in class exercises, etc. that are in your packet are posted on this web site for your convenience and for classroom use.

Tutoring: Please contact the Office of Peer Education: https://www.fortlewis.edu/peereducation/Tutoringdirectory.aspx

COURSE DESCRIPTION

Economics is a way of thinking about individual action – this course will teach you to think like an economist in the hope that you will find this method of analyzing reality useful throughout your lifetime. Students often wonder how economics is relevant to their lives. In my biased opinion, this is the most important class you will take in college. Why? Because economics teaches you about the human condition. Economists study the reasons why some people have food on their table while others do not. Economics teaches people how to think about social issues that affect their daily lives. This class (I hope) will open your eyes to how the world around you works. Why is the apple in the store there so you can buy it? Have you ever thought about that? It seems simple, yet most people never think about it -- unless there are no apples there to be bought! Should you vote for a new tax or a new law that is being proposed by your city, county or federal politician? This class will help you analyze public (government) policy issues such that you can see beyond the myths and misunderstandings and actually comprehend how these policies will change your life. It will also teach you how to analyze and critically think about basic issues that will pop up in your business life. As economists, we study individuals, markets, firms, government, and human action in general. However, individual action is the basis of all economic phenomena. Economics is the study of choice (individual human action) in the broadest sense. It is a social science and should be studied alongside many other disciplines – including history, philosophy, psychology, anthropology, business, etc. Economics is about choice and coordination and encompasses the decisions all of us make every day of our lives. Therefore, the importance of the subject to your life cannot be overstated. More specifically, this course will cover the basics of how markets work, why and how resources are allocated to where they are valued, and how competition and the entrepreneur aid in this process of resource allocation. Also discussed are the basic economic concepts all business decision-makers need to know to be successful: opportunity costs, sunk costs, marginalism, uncertainly and the institutions that spontaneously emerge to decrease it, rivalry and discovery, competition and markets as processes, externalities, property rights, public choice and the concepts of unintended consequences and spontaneous orders. The regulatory environment of business is covered, including the intended and unintended outcomes of minimum wage laws, rent control, and antitrust legislation (among others). I look forward to a productive and fun semester.

Catalog Description: An introductory course in price theory. Topics include opportunity cost, demand, supply, markets, elasticities and the organization of markets. Modeling and the use of these models in real world situations, using current data, is explored.

COURSE MATERIALS & RESOURCES

Required Reading Materials - you should have these with you in class.

1. The Economics of Public Issues (19^th ed.) by Miller, Benjamin & North (MBN on the class outline) NOTE: you will need to have this new edition, not an old one.

NOTE about the authors: Since some students will disagree with the book and therefore think it is not "scientific" or that the authors are not qualified -- all three are well known Ph.D. economists. Have an open mind in my class -- you can't learn if you are closed to all ideas that do not fit into your political world.

2. Course Packet in the bookstore. You should purchase a 1.5 to 2 inch binder for the packet. Always bring the packet with you to class.

NOTE: I do not follow a textbook chapter by chapter. The notes in this class will be very important.

STUDENT COURSE LEARNING OBJECTIVES

Course Learning Outcomes:

Students completing this course will:

Understand the terminology used in microeconomics;
Understand and use basic microeconomic concepts;
Understand the policy implications of microeconomic theory.

Department Learning Outcomes:

Students completing this course will:

Demonstrate knowledge in the field of study:

a. Objective 1 - Knowledge of the principles of economics.

b. Objective 2 - Knowledge of the definitions and terms used in macroeconomics.

Employ analytical and/or quantitative tools to critically analyze economic events and policy:

a. Objective 1 - Apply the concept of opportunity cost when analyzing economic outcomes.

b. Objective 2 - Determine possible economic outcomes of a government policy.

Utilize appropriate channels of communication to effectively convey economic analysis conclusions.

Liberals Arts Core Learning Outcomes:

This course has a SS1 designation and satisfies the Social Science requirement of the Liberal Arts Core. SSI courses are intended to “help students acquire a foundational understanding of the social sciences while gaining insight into contemporary issues and problems.”

Students apply intellectual and practical skills to think critically and communicate effectively.
Students gain skills necessary to be engaged and contributing members of a local and global society.
Students integrate knowledge and skills and apply them to new settings and complex problems.

gtPathways: The Colorado Commission on Higher Education has approved ECON 262 for inclusion in the Guaranteed Transfer (GT) Pathways program in the [GT-SS1] category. For transferring students, successful completion with a minimum C‒ grade guarantees transfer and application of credit in this GT Pathways category. For more information on the GT Pathways program, go to http://highered.colorado.gov/academics/transfers/gtpathways/curriculum.html

COURSE REQUIREMENTS AND GRADING POLICIES

I reserve the right to change the requirements and policies on this syllabus if circumstances so dictate.

Course Assessment Tools:

Exams (including definitions, multiple choice questions, essay questions, graphical analysis, analytical problems), homework assignments (including definitions, multiple choice questions, essay questions, graphical analysis, analytical problems), in class exercises, and reading quizzes.

Course Policies:

Attendance Policy: I will take attendance. Part of your grade will be based on attendance and class participation (mostly attitude – see below). If you have not attended class on a regular basis, I will take that into consideration when I am determining your final grade. It has been my experience that some students think they don't have to come to class to pass -- this might be true, but I believe you are here at Fort Lewis to learn how to think for yourself and to learn how to be a responsible human being. Coming to class is an important part of that learning/maturing process. Therefore, if you don't think you will choose to come to class on a regular basis, please drop now. I want serious, responsible students who want to learn in my classes.

Specifically: You have two "free" absences (this includes the first day of class if you are on the roster. Your "free" absences should be used for days when you are sick, in court, going to a wedding, funeral, family reunion, picking up your mom from the airport, etc. - use your "free" absences wisely. E-mailing me and telling me you don't feel well and won't be in class does not excuse your absence. Once you miss 3 classes, 20 points will be deducted from your total points. For every absence thereafter 10 points will be deducted from your total points.

Note: Every three times you are late and/or you break a rule listed in the syllabus (see below under attitude problems) = one absence. Also - coming into class more than 10 minutes late or leaving the class more than 10 minutes before the end of the class (or during class) will count as an absence for that day.

If you have extenuating circumstances that keep you from coming to class you need to let me know and you might not be counted absent -- if you have evidence to back up your claim. An example of an extenuating circumstance is having to have an emergency operation to remove your appendix. Having to go to court is NOT an extenuating circumstance.

Points might also be deducted because you looked at or used your cell phone or iPad (or any other such device) during class and/or because of other attitude problems (see below). Leaving and returning to the class while it is being held will result in an absence. GO TO THE REST ROOM PRIOR TO CLASS.

Disenrollment Policy: Instructors have the option (but not the obligation) to disenroll any student who misses even a single class before Thursday at midnight of the first week of classes. Please take note and make plans to attend all of your classes when the semester begins. If you are disenrolled from this class, you may re-register if space if available.

Withdrawals and Census Date Information:

Withdrawal from Course - The last day to withdraw from FLC classes without a record of the withdrawal is Tuesday, September 12 at 4 pm (Census Date). To withdraw from this course, go to the Registrar's Office, Room 160, Miller Student Services Building before the course withdrawal deadline. They will help you through the process. You do not need my signature on the course withdrawal request form.

Withdrawal after Census Date: Please check with the Registrar's Office for the deadline to withdraw from an individual course with a grade of "CW" (course withdrawal). This is a college-wide deadline that is not negotiable. Reminder: Starting Fall 2013 Census date, all students have a life-time limit of three individual course withdrawals from FLC courses. If you have withdrawn from classes before Fall 2013, these will not count towards your lifetime limit. Also, withdrawing entirely from a semester (all classes) does not count against your lifetime "CW" limit. Semester withdrawal is handled under a different policy and procedure. Please refer to the Academic Policies section of the FLC Catalog of Courses for more information about course and semester withdrawal policies and procedures.

Class Conduct Policies (Professional Expectations):

I will deduct points for attitude problems. Every three times one of these rules is broken = one absence. Attitude problems include, but are not limited to, the following:

· Use of cell phones, head phones, earphones, computers, tablets, or any other electronic device is not allowed during class (this includes exam days). Please turn off all cell phones and put them away (not on your desk) during class. You may use a calculator but not your cell phone for calculations. See below regarding computer use during class.

· Letting your politics drive your education -- not respectfully listening and discussing ideas that you do not agree with. I don't care if you agree with any of the ideas presented in this class -- but I do care that you understand them. After all, how can you disagree with something you don't understand? A disrespectful attitude towards the professor or a fellow student will NOT be tolerated.

· Leaving and returning in the middle of class. This is college -- not grade school. Please use the rest room and/or make your important phone calls before class begins (if you have a medical condition that requires you to leave the classroom on occasion, please let me know at the beginning of the semester and bring me the appropriate documentation). If you are gone for more than 10 minutes during a class, you will be counted absent for that day. If you leave during class (including during an in class exercise) I will assume you are using your phone unless otherwise communicated to me. In class exercise time is not break time!

· Getting up to throw something away during class. Hold it until the class is over.

· Consistently coming into class late - coming into class late on a regular basis is, in my opinion, very rude and disruptive to class (and is irresponsible on your part). A few minutes late a couple of times per semester is understandable -- but coming into class late on a regular basis will not be acceptable. you have a legitimate reason for being late to class on a regular basis, let me know at the beginning of the semester.

· Reading or writing material that is not related to the class or interrupting class by talking or laughing while the instructor or a fellow student is speaking.

· Leaving class early without notifying the instructor beforehand. If you must leave early for some reason let me know at the beginning of class. Remember - leaving the class more than 10 minutes before the end of the class will count as an absence for that day.

· Eating meals in class. Snacks/drinks are fine -- but please do not bring in full meals to class. This is very disruptive to students sitting around you and to the instructor (not to mention it distracts you as well). FOOD Policy: You may eat candy bars, snacks, etc. in class. However, complete meals, sunflower seeds, tobacco or any other foods that require you to spit are not allowed in class.

· If your T-shirt or sweatshirt or coat, etc. has a hood, you must put the hood down during class. Sunglasses are also not allowed in class.

I want to create a classroom atmosphere that is conducive to learning – respect for your fellow classmates and for the professor is necessary for this to be achieved. If you cannot follow these classroom rules, please drop this class.

Extra Credit Opportunity: If you see a fellow classmate break one of the above rules, raise your hand and point it out. If you are the first to point it out, you will receive 2 extra credit points. If someone comes in late, do not raise your hand - you will not know how many times this person has come into class late.

Computer Use in Class:

If you choose to use a computer to take notes or access your book while in class then the following rules apply:

1. You must sit in the first row of class.

2. You may use the computer for TWO reasons: ONE: taking notes. This means that there is no reason for you to be on the web or any other site during class. I will always have the outlines posted on my web site up in front of the class - so there is no need for you to be on my web site during class. You can copy and paste the notes from the web site into a word document and then use that document for note-taking. TWO: looking at your online book while discussing the chapters. If we are not discussing the chapters, you have no reason to be looking at your book.

3. You must sign an additional contract regarding computer use. If you are going to use a computer, ask me for this contract. Basically - if you break rule number two, you may never use the computer in the class again AND 50 points will be deducted from your point total for the class.

Grading Policy:

Your grade will be determined as follows:

Mid-semester Exams: 300 points possible – 3 mid-semester exams @ 100 points each.
Homework: 100-150 points possible – homework assignments (this point total depends upon how much each homework assignment is worth and how many are assigned). Typically, there will be homework due every week or every other week). These assignments will be posted on canvas. See more details about homework below.
Readings Quizzes: 96 --120 points possible (depending upon the number of quizzes given) - I reserve the right to give short quizzes over the reading assignment periodically. Reading quizzes will be given the first 10 minutes of class. If you are late to class you will miss the quiz and you cannot make it up - you may not take the quiz if you are more than 3 minutes late for class. See other "rules" that pertain to the quizzes below. If you take a quiz and then do not stay until the end of the class, that quiz will not count!!
In Class Exercises: 60-75 points possible – (these points can only be earned if you are in class the day the exercise takes place AND you have your packet with you). NOTE: When we are doing an in class exercise that does not mean it is "break time" for you to go to the bathroom or make a phone call or whatever. If you don't participate in an exercise, I will not give you the points.
Final Exam: 100 points possible (this exam is not comprehensive except for two or three questions - the topics of which I will provide).
Attitude and Attendance: Points will be deducted for attendance and attitude problems. Those who come to class and act like respectable human beings will keep all of your earned points! I reserve the right to lower your grade due to a bad attitude or increase your grade due to a good attitude
Extra Credit Opportunities: These opportunities will come around now and then. I do not give extra credit opportunities to individual students - only to the entire class. So stay awake and be ready to take advantage of these opportunities when they arise (they will have due dates and will not be accepted after the due date).

Determination of Grade:

There are 745 points (tentative) possible for the class. Any student with 90 to 100% of 745 points (671 to 745 points) -again, tentative - will receive an A or A- in the class; any student with 80 to 89% of 745 points will receive a B+, B or B- in the class; and so on. An A requires 94% or higher in the class. An A- requires 90% - 93.9%. B- requires 80 to 83.9%. B requires 84 to 86.9%. B+ requires 87 to 89.9%. Use these same percentages to determine C-, C, C+, D, D-, D+ but in the 70 and 60% ranges.

I reserve the right to change this grading system if there is an unforeseeable event that makes the system inappropriate for assigning grades.

Credit Hour Syllabus Statement:

In addition to spending 3 hours per week attending class, the typical student in this 3 credit lecture course should expect to spend at least 6 hours per week of concentrated attention on course-related work, including but not limited to time spent reading, reviewing, organizing notes, preparing for upcoming quizzes/ exams, problem solving, developing and completing projects, and other activities that enhance learning.

Disability Services Policy:

Fort Lewis College is committed to providing all students a liberal arts education through a personalized learning environment. If you think you have or you do have a documented disability which will need reasonable academic accommodations, and/or if you are a Veteran who may need services, please contact the Disability Services Office, 280 Noble Hall, 970-247-7383, disabilityservices@fortlewis.edu for an appointment as soon as possible.

Academic Integrity Policy:

Cheating is highly unethical and I will not tolerate it! Academic dishonesty includes all forms of unethical or illegal behavior which affects a student’s academic standing, including, but not limited to, cheating on exams, plagiarism, forgery of academic documents, falsification of information on academic documents, or unauthorized access to computer files containing academic information. Academic dishonesty may result in sanctions ranging from a lowered grade on a particular assignment to an “F” in the class and report submitted to the Office of the Vice President of Academic Affairs. The policy on academic dishonesty by students can be found at http://www.fortlewis.edu/Portals/12/Docs/PART-III-Academic-Dishonesty.pdf.

Student Athletes/Musicians Policy

Please let me know at the beginning of the semester which athletic team/sport or musical group in which you participate. Also -- if you are going to be out of town for an athletic/musical event, please remind me a day or two before you will be gone. If you are going to miss an exam or readings quiz while out of town -- then let me know a week prior to the date you will miss the exam. In class exercises are in your packet -- you can complete the questions for points if you miss an exercise due to an athletic/musical event. You must turn this in the day you return to class to receive credit. ALL HOMEWORK MUST BE TURNED IN BEFORE THE DUE DATE OR IT WILL BE COUNTED LATE OR WILL NOT BE ACCEPTED IF WE HAVE GONE OVER THE ANSWERS IN CLASS. IF YOU ARE GOING TO MISS CLASS WHEN HOMEWORK IS DUE - TURN IT IN PRIOR TO LEAVING FOR YOUR EVENT.

Course Expectations

Homework Assignments:

Students will be given written assignments to complete and turn in almost every week. These assignments and their due dates will be posted on canvas but most of them will be turned in on paper to me in class. Make sure you follow all of the directions given on each assignment. The purpose of these assignments will be to further your understanding of the topics and issues discussed in class. In particular, these assignments are designed to enhance your exposure to and understanding of classroom material and in some cases, to think critically about a problem presented to you.

Students OFTEN ask me for special consideration -- common excuses are: "I forgot my homework, can I turn it in tomorrow," or "The printer wouldn't work in the computer lab so I don't have my homework right now," or "I e-mailed it to myself and it didn't come through," etc. Please don't give me your excuses. I believe in the rule of law - which means that every student is subject to the same rules. So please don't tell me your excuses and ask for special privileges -- the rules are listed below -- be prepared to live by them.

NOTE: I do NOT accept homework via e-mail and you must turn in your own homework assignments.

General directions for all homework assignments are as follows:

All assignments must be turned in at the beginning of class (this does not mean 5 minutes into the class) on the day they are due. Late assignments will be accepted with a deduction in points (20% if turned in the same day, 30% thereafter).
No late assignments will be accepted once the assignment has been returned to the class. No exceptions.
All essay and number answers should be typed. Graphs do not have to be typed. If I cannot read the assignment easily, I will not grade it. Points will be deducted for not following directions. Repeat offenders will be subject to me not accepting their homework at all.
Do not change the size of the font on your homework assignments to less than 10 pt. - I prefer 12 pt. font.
Leave the questions asked on the homework assignments on your answer page. I often refer back to the question when I am grading.
Leave a space between each question and answer (and between questions).
All assignments having more than one page must be stapled. If you do not staple your assignments you can buy a staple from me - the price for one of my staples is 1 point deducted from your homework grade.

In Class Exercises (5 pts. each):

Several in-class exercises will take place throughout the semester. Some will involve working in groups, some will be done on an individual basis. If you do not work on the in class exercise while in class, you will not receive the 5 points. Leaving the classroom or simply sitting in a daze while an in class exercise is taking place will result in zero points for that exercise. Doing an in class exercise does not mean it is "break time." It is to your advantage to take these exercises seriously -- they are a learning tool. If you do not have your packet with you when we do an in class exercise, you will not receive the points for that exercise.

Note: You can only earn points for these exercises if you are in class the day they take place. When an exercise will take place will not be announced in advance. These exercises will be directly related to the exam material.

Out of Class Practice Problems:

There are several out of class practice problems that I will assign (and are in your packet). Make sure you complete them when I ask you to do so. If it appears that students are not completing them, I will start collecting them without notice and give credit to those who have completed them.

Reading Assignments and Reading Quizzes (12 pts. each):

I will expect you to keep up with any assigned readings. To give you an incentive, there will be a 5-10 minute quiz over the assigned reading at the beginning of class periodically. If you are more than 3 minutes late for class, you will not be able to take the quiz. ALSO - if you take a quiz and then do not stay for the entire class, the quiz will not count!! Don't come in and take the quiz and then leave!! You cannot make up a quiz if you are absent except under VERY special, documented circumstances. Please don't e-mail me and ask me to make up a quiz because you decided to take your mom to the airport or you felt like skiing that day.

Furthermore, the class will include discussions about the chapters assigned in The Economics of Public Issues book, the Important Concept Readings (in your packet) and other handouts -- therefore, if you have not read the assigned reading, you will not be able to participate in the discussions and will not gain as much from the lectures.

Exams:

There will be three mid-semester exams and a final exam (which will have some comprehensive questions on it - I will provide those topics). The exams may include definitions, short answer questions, multiple choice questions, essay questions, and problems (including graphs).

EXAM DATES:

FIRST EXAM: Tuesday, Sept. 19

SECOND EXAM: Thursday, Oct. 12

THIRD EXAM: Tuesday, Nov. 7

FINAL EXAM: Tuesday, Dec. 12 (12:00 - 2:00). SEE NOTE BELOW - You must take the final exam on the day/time that it is scheduled. http://www.fortlewis.edu/registrar/StudentInformationandPolicies/FinalsSchedule.aspx

Note: “But my Mom made the plane reservations and I can’t change them” is not a valid excuse to take the final exam early. Neither is "but I have to work." YOU MUST TAKE THE FINAL EXAM DURING ITS SCHEDULED DAY AND TIME. PLEASE DO NOT ASK FOR AN EXCEPTION.

I DO NOT GIVE MAKE-UP EXAMS EXCEPT UNDER VERY SPECIAL CIRCUMSTANCES. If you miss an exam WITH MY PRIOR PERMISSION, I might allow you to make up the exam -- but only if you obtain my permission PRIOR TO THE EXAM you are going to miss AND have a VERY good reason for missing it. Without this permission, you will simply lose the points from a missed exam. Permission to miss an exam will be given for VERY special circumstances, circumstances that must be documented in some way. A phone call the day of the exam saying you are not feeling well is not a valid excuse to miss an exam. Taking your parents (or anyone else) to the airport (or picking them up) is also not a valid excuse. You must take responsibility for showing up and taking all of the exams.

NOTE: once an exam has been handed out in class, you are not allowed to leave the classroom for any reason. If you come into an exam late and someone has already finished the exam and left the classroom, you will not be allowed to take the exam and will be given the grade of zero for that exam.

TIPS FOR SUCCESS

Come to class (on time). Treat college like you would a job. Not showing up for work means losing your job. Keep that in mind.
Stay awake in class - which means pay attention and get plenty of sleep when you are NOT in class.
Take the in-class exercises seriously and complete them during the time given in class.
Complete the out-of-class exercises - do them without looking at the answers to test yourself.
Homework points add up fast – failing to turn in homework can result in your grade being an entire letter grade lower than otherwise. Make sure you keep up with the homework assignments. Furthermore, the homework assignments will be directly related to the exams. Completing and understanding the homework assignments is an important step in studying for the exams.
Read the assigned reading assignments!
Study as if you are going to EXPLAIN the theory, etc. to someone else that doesn't know anything about what you are talking about.
Don't use economic terms in your answers without defining them.
Think and understand -- don't simply memorize!!
Be nice to the professor!

Course Outline of Topics

Introduction to Economics and the Economic Way of Thinking

Markets - Demand

Markets - Demand Elasticity

Markets - Supply

Markets - Supply and Demand

Taxes (Domestic and International)

Political Economy

The Theory of the Firm

Competition and Monopoly

Environmental Economics

Great job – you have read the syllabus. There will be 2-3 questions on the first exam relating to the information covered in this syllabus!!