Principles of Microeconomics
Economics (ECON) 201, CRN 16748
Spring 2015, 3 credits
MWF, 11:30-12:20 pm
MHH-D G20
Instructor:
Joshua Hall
Teaching Assistant: Collin Hodges
Office:
403 B&E
Office:
Hodges 436
Office Hours:
12:30-2:00 M and TH
Office Hours: MWF: 10:00-11:20 a.m.
or by appointment
2:30 – 4:00 F
Telephone:
(304) 293-7870
in BLRC or by appointment
Email:
[email protected] Telephone:
(304) 293-9220
Email:
[email protected]
The Business Learning Resource Center (BLRC) provides tutoring and other academic help. It is
located in B&E room 349. The Center’s hours for economics can be found at:
http://www.be.wvu.edu/blrc/hours.htm
Prerequisites
None
WVU General Education Curriculum
This course can be used to satisfy WVU’s GEC objectives in Contemporary Society and
Western Culture.
Course Description
This course is designed to introduce WVU students to the principles of microeconomics.
Microeconomics is the study of the behavior of individual economic units, such as
households and business firms, and of their interactions in markets. Almost 100 years ago,
the economist Alfred Marshall described microeconomics as the study of men and women
in the “everyday business of life.”
Catalog Description
Introductory
microeconomics
analysis.
Competitive
behavior
determination, efficiency in production and equity in distribution.
1
of
firms,
price
Method of Instruction
Lecture
Recommended Course Textbook
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, and David A. Macpherson. 2015.
Microeconomics: Private and Public Choice. 15th edition. Southwestern/Cengage
Publishers. ISBN: 978-1-285-45356-9.*
Expected Learning Outcomes
The course will introduce students to the university-level study of microeconomic
principles and the application of those principles to the world around them. Having
completed this course:
1) Students can investigate economic relationships using graphical analysis.
2) Students can state the basic theories behind consumer behavior (demand) and
producer behavior (supply) constrained by the scarcity of valuable resources.
3) Students can analyze how world events affect market equilibrium prices and
quantities using supply and demand.
4) Students can describe the role of prices and profit and loss in coordinating economic
activity.
5) Students can describe the nature of competition in markets.
6) Students can assess the efficiency of competitive market outcomes relative to
alternative arrangements.
7) Students can outline the theory of the firm and its implications for prices and
production under both perfect and imperfect competition, including monopoly.
8) Students can solve simple analyses of markets for production inputs, including labor
and capital.
9) Students can examine the potential roles for government in the economy.
10) Students can explain externalities and where and when they are likely to occur.
11) Students can analyze outcomes associated with government interventions into
markets.
*
I follow this textbook fairly closely but I rarely directly refer to it. However, it is “recommended” because it can be very helpful as a resource (even though expensive). Given the expense and how I use it, students in the past have purchased the 14th edition as a substitute. Please note, however, should you go this route that you bear responsibility for any differences between texts. 2
General Course Policies and Expectations

I do not take attendance. Students should, however, attend every class meeting.

Participation in class, where appropriate, is both expected and welcome. In
particular, asking questions in class if you are confused is beneficial to both the
instructor and other students.

Please visit the instructor or teaching assistant during office hours if questions
remain after reading the relevant chapter and attending the related lecture.

Reading the assigned chapters of the textbook before coming to class is
beneficial to understanding the material.

Eating or drinking in class is against B&E building rules, can be rude to your
instructor and classmates, and therefore is discouraged.

Engaging in private conversations, reading materials unrelated to the class,
leaving the classroom unnecessarily, or any other activity that creates negative
externalities for others in the class should be avoided. This includes use of
electronic devices in the classroom in a manner that is not consistent with the
educational process.

Students should check their school email regularly as email will be my primary
form of mass communication with the class.
Grading
The regular graded material in the class will consist of five exams: 4 regular exams and a
comprehensive final exam. Each of the exams contains 50 questions and is worth 100
points. The lowest exam score will be dropped. This means if you have the grade you
want after the first four exams, you do not need to take the comprehensive final.
Item
Date
Points
Exam #1
Wednesday, February 4
100
Exam #2
Friday, February 27
100
Exam #3
Wednesday, March 18
100
Exam #4
Friday, April 24
100
Final
Thursday, May 7, 3:00 pm to 5:00 pm
100
3
The above table lists the times and dates of each regular exam. Please put these on your
calendar as these dates are firm. In addition, please note that except for the 4th exam, all
exams will be held during our regular class time.
All exams will be in our regular
classroom.
Extra Credit
In addition to the exams, individuals interested in earning additional credit may do so by
reading and writing a review of one of these “pop” economics books. You need to find a
copy of one of these books on your own (Amazon, order them through the bookstore,
etc.)
1. Joshua Hall. 2014. Homer Economicus: The Simpsons and Economics. Stanford
University Press. ISBN: 978-0804791717.
2. Tim Hartford. 2007. The Undercover Economist. Random House. ISBN: 9780345494016.
Book review examples and a rubric will be posted to eCampus. The assignment will be
worth up to 20 points (half a letter grade). Extra credit reviews can be turned in via
eCampus any time prior to midnight on Friday, May 1. No late extra credit reviews will be
accepted.
Grading Scale
The following table contains my grading scale.
Total Points
Letter Grade
360-400
A
320-359
B
280-319
C
240-279
D
000-239
F
Having given all students the opportunity to earn up to 5 percentage points of extra credit,
I will not respond to requests to “bump up” an individual’s grade to the next highest level.
If one takes advantage of the extra credit and still is just shy, the extra credit is the reason
that she was close. If she did not take advantage of the extra credit and is still a few points
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shy of the next highest grade, then the student only has herself to blame for not
attempting the review.
Exam Policy


Bring appropriate materials with you for exams, including Scantron (#30423) and
a #2 pencil. Sometimes you will need a calculator. I will inform you of this in
advance.
Exams will take place in our regular class room at the regular class time (with the
exception of the final) and will be closed book. Students must take exams with
their section of the class.

Once you enter the classroom and receive an exam, you may not leave the
classroom.

Students arriving late have a 10 minute window following the beginning of the
exam in which to arrive and get started. No exams will be handed out after 10
minutes.

Cell phones, calculators, and laptops are not allowed to be used during exams. If
a student is observed with cell phone out during an exam, he or she will
automatically receive a zero on that exam.

Prior to turning in the exam, you will be required to show identification, such as
your WVU ID or a valid driver’s license.
Make-Up Policy for Exams
There will generally not be make-up exams. Since the lowest exam grade is dropped, any
missed exam will be automatically dropped as the lowest grade. Students missing the first
two exams will be asked to drop the class. Students missing multiple exams will have the
weight of the final exam adjusted accordingly. (That is a student missing two exams will
have their final exam represent 50% of their final grade.) Any student missing the final
exam will be accommodated only after presenting an acceptable written explanation.
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Outline of Topics
Dates
Jan. 12, 14, 16
Jan. 19
Jan. 21, 23, 26
Jan. 28, 30, Feb. 2
Feb. 4
Feb. 6, 9, 11
Feb. 13, 16, 18
Feb. 20, 23, 25
Feb. 27
Mar. 2, 4, 6, 9
Mar. 11, 13, 16
Mar. 18
Mar. 23-27
Mar. 20, 30, Apr. 1
Apr. 3
Apr. 6, 8, 10
Apr. 13
April 15, 17, 20
April 24
April 27, 29, 30
May 7
Topic
The Economic Approach
No Class – MLK Day
Some Tools of the Economist
Demand, Supply, and the Market
Process
Exam #1
Demand and Supply: Applications
& Extensions
Difficult Cases for the Market, and
the Role of Government
The Economics of Political Action
Exam #2
Consumer Choice and Elasticity
Costs and the Supply of Goods
Exam #3
Spring Recess
Price Takers and the Competitive
Process
No Class – Good Friday
Price-Searcher Markets with Low
Entry Barriers
No Class – APEE Meetings
Price-Searcher Markets with High
Entry Barriers
Exam #4
The Supply of and Demand for
Productive Resources
Comprehensive Final Exam from
3:00 to 5:00 pm
Book Chapters
1
2
3
1,2,3
4
5
6
4,5,6
7
8
7, 8
9
10
11
9, 10, 11
12
All chapters with more
weight on Ch. 12
Note: Coverage is tentative. I reserve the right to change what material is covered on each exam
depending on the progress of the class.
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Inclusivity Statement
The West Virginia University community is committed to creating and fostering a positive
learning and working environment based on open communication, mutual respect, and
inclusion. If you are a person with a disability and anticipate needing any type of
accommodation in order to participate in this class, please advise me and make
appropriate arrangements with the Office of Disability Services (293-6700). For more
information on West Virginia University's Diversity, Equity, and Inclusion initiatives, please
see http://diversity.wvu.edu.
Academic Dishonesty
The integrity of the classes offered by any academic institution solidifies the foundation
of its mission and cannot be sacrificed to expediency, ignorance, or blatant fraud.
Therefore, I will enforce rigorous standards of academic integrity in all aspects and
assignments of this course. For the detailed policy of West Virginia University regarding
the definitions of acts considered to fall under academic dishonesty and possible ensuing
sanctions,
please
see
the
Student
Conduct
Code
located
at
http://studentlife.wvu.edu/studentconductcode.html.
Any student who commits any act of academic dishonesty will automatically receive a
grade of "F" in this course. If an Academic Dishonesty form is submitted to OSJA, I will
recommend that the “F” be “unforgivable”.
Adverse Weather Commitment
In the event of inclement or threatening weather, everyone should use his or her best
judgment regarding travel to and from campus. Safety should be the main concern. If
you cannot get to class because of adverse weather conditions, remember that I do not
take attendance and post the notes online. Should there be adverse weather on an
exam day, please remember the missed exam policy above. If I am unable to reach our
class location due to weather, I will notify you of any cancellation or change as soon as
possible to prevent you from embarking on any unnecessary travel. However, I walk to
work and thus I am unlikely to cancel class due to weather.
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