Course Syllabus

Economics 356-1 - Intermediate Microeconomic Theory

Fort Lewis College – Fall 2010

Section 20245

 

"Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles.  It is the philosophy of human life and action and concerns everybody and everything.  It is the pith of civilization and of man's human existence."    

--Ludwig von Mises

 

Time:  TR 12:20 - 2:20

Location of Class:  EBH 118

 

INSTRUCTOR INFORMATION

Instructor’s Name:  Dr. Deborah Walker

Office Location:  EBH 184

Telephone Number:  247-7624

E-mail address:  walker_d@fortlewis.edu

Web Page address: http://faculty.fortlewis.edu/walker_d/  (This is an important address -- all class handouts, homework assignments, study questions, etc. will be posted on this web site.  It is your responsibility to download them).

 

Office Hours:  MWF 1:30 - 3:15, TR 11:30-12:00 and by appointment.

NOTE:  The only time that I request you do not stop by my office is during the 10 minutes prior to class starting.  THANK YOU.

 

COURSE INFORMATION  

 

Catalogue Description:  This course deals with the price system as it directs resources to more efficient use.  It deals with pricing under the various degrees of competition and stresses demand analysis.  The principles of production economics are explored.

 

Course Prerequisites:  ECON 262 AND ECON 272 or ECON 266

 

            Required Readings:

                       

                        Class Handouts and Readings (posted on my web site or handed out in class)

            

            Course Learning Objectives:

 

        For each topic that is covered, the student should achieve the following objectives:

Course Assessment Tools:

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

 

COURSE INTRODUCTION

 

I have two broad goals for this course:  (1)  to reinforce the basic microeconomic principles you should have learned in your principles class and to take your understanding of those principles to a more complex level -- in particular, (2) to move you to the level of application - such that you will be able to apply these principles to the world of public policy (including all social issues) and to the level of where you are able to question the assumptions found beneath all theory.  Please keep in mind that I am not a mainstream economist.  However, I am well versed in the mainstream and think that it is worth learning.  But I will also critique the mainstream from my point of view (as an Austrian economist) and sometimes from other points of view as well (Institutionalist and Marxist for example).  So the emphasis on the class will be to learn the mainstream theory presented in most textbooks (or at least that which I deem most interesting or that which has some value to really understanding human action) and then go beyond that and/or look at the theory from a different point of view.  Although most intermediate micro classes are full of graphs and mathematics (and we will use plenty of graphs in this class as well), the emphasis will be on understanding the theory and applying that theory to the real world.  I am very interested in policy questions, therefore we will spend a fair amount of time discussing the impact of particular government policies.  BUT REMEMBER:  this is a theory class!!  And Austrian economists are known for their inability to take anything as simply "given" without delving into the underlying assumptions made to derive a theory.  They are akin to the little kid that always asks, "but why."  So that's what we will do in this class -- get ready for a fun and interesting semester.

 

COURSE POLICIES

 

NOTE:  Please turn off all cell phones during class.  Use of cell phones, head phones, or any other electronic device (except calculators) is not allowed during class. 

I DO NOT ALLOW LAP TOP COMPUTERS IN THE CLASSROOM !! 

 

Determination of Grade:

            Evaluation will be by examinations, homework assignments/quizzes, in class exercises, and  application/policy paper.  I will expect you to keep up with the assigned readings. The class will include discussions about the readings – 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.  NOTE:  I do not follow a text book chapter by chapter. The notes in this class will be very important.  If you do not like this style of teaching, drop this course now.

 

                        Grading Policy:  Your grade will be determined as follows:

 

                                    200 points -- two midterms

                                    200 points (approximate) -- homework and in class exercises

                                    50 points – application/policy paper

                                    100 points -- final exam

 

             I reserve the right to add quizzes during the semester if I find that students are not doing the assigned reading material.

 

There are 550 points (tentative and approximate) possible for the class - probably a little more.  I will grade on a curve.  The person with the highest number of points in the class will set the curve.  For example, if the highest number of points earned in this class is 475 points out of 550, any student with 90 to 100% of 475 points will receive an A or A- in the class; any student with 80 to 89% of 475 points will receive a B+, B or B- in the class; and so on. 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.

 

Attendance Policy:  I will take attendance for my own use.  I reserve the right to decrease your grade due to poor attendance.  This will be used most especially when a student is on the borderline of a grade. 

There are many reasons for you to come to class:  We will have several in-class exercises where points will be given for participating in these exercises.  If you are not in class when an exercise takes place, you will not be able to make up the points.  The reason for this is to provide you with an incentive to come to class because I believe that much of the learning process for this class will take place during class discussions.  And important - a good set of notes is necessary in my class to get a good grade.  You can’t take notes if you are not here.   

And - perfect attendance will be rewarded.  I believe in rewarding responsible behavior.

 

I also reserve the right to decrease your grade due to attitude issues.  See the list below.

    Attitude problems include, but are not limited to, the following:

 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.

·         Getting up and 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).  If you are gone for more than 5 minutes during a class, you will be counted absent for that day.

·         Consistently coming into class late - coming into class late is, in my opinion, very rude and disruptive to class.  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. If you have a legitimate reason for being late to class on a regular basis, let me know at the beginning of the semester. 

·         Listening to headphones while class is in session (this includes while taking an exam).  Please do not use any electronic devices during class - this includes cell phones or computers.  You may use a calculator.

·         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.

·         Please do not treat my class like a cafeteria -- do not eat lunch during class.  Small snacks are fine if eaten with discretion or if you bring something for every member of the 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.  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 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.

 

NOTE:  Please turn off all cell phones during class.  Use of cell phones, head phones, or any other electronic device (except calculators) is not allowed during class.  I DO NOT ALLOW LAP TOP COMPUTERS IN THE CLASSROOM !! 

 

AND - I DO NOT ACCEPT HOMEWORK VIA E-MAIL.

 

Withdrawals and Census Date:  The deadline to drop this course without record is Tuesday, September 14.  After that date you will receive the grade of F or W – depending upon the circumstances of the withdrawal.  In general, if you are passing the class at the time of the withdrawal and your purpose for withdrawing is reasonable, I will give you a W in the class.  Do not simply stop attending the class without talking to me and then expect me to give you a W the last week of class.

 

Student Athletes/Musicians/Etc.:  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 while out of town -- then let me know a week prior to the date you will miss the exam.  In class exercises are posted on my web page -- 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.

 

Accommodations for Disabilities:  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, please call, Dian Jenkins, the Coordinator of Disability Service, 280 Noble Hall, 247-7459, for an appointment as soon as possible.  If you qualify for services, bring your letter of accommodation to me as soon as possible.  It is your responsibility to remind me to send your exam to the testing center before every exam if you need to use that facility.

 

Academic Integrity/Honesty Statement:  If I believe an exam or homework assignment has been compromised, I reserve the right to retest (or reassign the homework to) the whole class or any individual in the class.  “Cheating” includes, but is not limited to:  possession of, or use of, unauthorized materials during exams and providing (or receiving) information to another student either through oral or written (including both via paper and electronic means) communication.  This includes passing unauthorized information via computer disk.  Plagiarizing someone’s work is also a very serious violation of academic integrity.  Violations of any of the above may result in academic penalties, including receiving an “F” in this course.  Cheating is highly unethical and I will not tolerate it!

 

COURSE ASSIGNMENTS

 

Homework Assignments:  Students will be given written assignments to complete and turn in usually once per week but not always).  These assignments and their due dates will be posted on my web page.  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 - but also to make you start applying economic theory to real world policy issues.  Therefore, the homework assignments will be a combination of theory questions from class lectures/discussions and short policy application analyses.  I am always looking for students to think for themselves - be creative with what you learn!

 

 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.

·         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 (almost every class period).  Some will involve working in groups, some will be done on an individual basis. 

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. I will bring copies of the exercises with me to class for each of you to use.  You don’t have to download them from my web page.

 

 Reading Assignments and Quizzes:  I will expect you to keep up with any assigned readings. If I find the majority of the class is not doing the reading, I will give quizzes over the readings.   Furthermore, the class will include discussions about the readings, 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 two mid-semester exams and a final exam (which is not comprehensive).  The exams will include multiple choice questions, essay questions, and problems (including graphs) and perhaps some definition questions.  

 

                        EXAM AND PAPER DUE DATES: 

FIRST EXAM:  Thursday, September 30

SECOND EXAM:  Thursday, November 4

APPLICATION/POLICY PAPER DUE:  Tuesday, Dec. 7

FINAL EXAM:   Thursday, Dec. 16 (12:00-2:00)  See Note below.

 

Final Exam Schedule for the College can be found at:  http://www.fortlewis.edu/academics/records_office/final_schedule.asp

 

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.  YOU MUST TAKE THE FINAL EXAM DURING ITS SCHEDULED DAY AND TIME.

 

I DO NOT GIVE MAKE-UP EXAMS.  YOU MUST TAKE ALL EXAMS.  If you miss an exam WITH MY PRIOR PERMISSION, I will allow you to double the points on a COMPREHENSIVE FINAL EXAM (THE EXAM WILL COVER THE MATERIAL YOU MISSED ON THE EXAM YOU DID NOT TAKE, AS WELL AS THE REGULAR FINAL EXAM MATERIAL) -- but only if you obtain my permission PRIOR TO THE EXAM you are going to miss.   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.  You must take responsibility for showing up for 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.  The final exam is not comprehensive (it will cover the material we go over after the fourth midterm exam).  However, much of the material we cover late in the semester builds upon material discussed earlier. 

 

Application/Policy Paper

 

    You are required to write a short paper (2-3 pages, double-spaced, 12 point font, normal margins) on a current policy topic using some theory you learned in class.  The paper should conclude with your opinion regarding the policy -- is it good or bad and why you think so.  I will not accept late papers or papers that are not neatly typed and stapled or that are too long.  Please OK your topic with me before starting your paper.  The paper must lend itself to economic analysis.  The emphasis on the paper should be that you did your own analysis of an issue.  I do not want a research paper!  However, you will probably need to do some research to familiarize yourself with the issue you choose to write about.  Therefore, be sure to provide complete citations for your references (this includes web pages).  Although the web can be a good place to start your research, you should not limit yourself to the information you find there.  Furthermore, be aware that much of the information on the web could be inaccurate or simply someone's opinion.  I will grade you on how well you utilize theory in a logical manner in discussing the issue.  In other words you should: 

1.  state the issue -- what is the policy question or issue at hand?  What is the legislation being proposed, for example.  What is the controversy if there is one? 

2.  why do you think the issue exists?  Who is supporting the policy and who is not supporting it and why?  You should probably use some public choice analysis here (if you don't know what this means, we will discuss it).

3.  what assumptions are you making -- and what assumptions are those you disagree with making?

4.  your theoretical analysis of the issue - what are the intended outcomes of the policy and the possible unintended outcomes and why your analysis says they might take place?

5.  your final opinion - is the policy good or bad and why you think so.  Remember, this involves ethics -- so again, make sure all of your assumptions are stated clearly.

 

Again, you will not be graded on whether I agree or disagree with your position on the policy you choose.  You will be graded on how well you argue your theoretical analysis (and how well you clearly stated the assumptions made).  Remember, do not make your case based on "empirical evidence" -- make it based on logical theoretical analysis.

 

Extra Credit Opportunity:  The last day of class will be open for you to briefly tell the class about your paper (and then have a short discussion) for extra credit.