EC 201: Principles of Microeconomics
M/W/F 10:15 – 11:05am, Fall 2011
Section 010, Class Number 15843
Gardner Hall 02211
North Carolina State University
Contact:
Kevin J. Furlong (Instructor)
Office: 3337 Nelson Hall
Office Hours: W 2-5 pm, or by appointment
Email: [email protected]
Course description:
This is an introductory microeconomics course. The course will focus on how individuals and firms
interact in markets, how prices are determined, and how resources are allocated. Topics will include, but
are not limit to, the concept of scarcity, opportunity cost, gains from trade, supply and demand,
elasticities, tax policies, externalities, costs, profits and various models of competition (e.g. Monopolies).
Course Objectives:
The goal of this course is to provide students with the tools and basic understanding of microeconomic
principles necessary to analyze economic phenomenon and economic policy decisions observed each day.
Prerequisites:
This course requires basic math skills. Students should feel comfortable using 2-dimensional graphs and
basic algebra. No previous experience with economics is required.
Text Book:
Hubbard, R. Glenn and Anthony P. O’Brian. Microeconomics. Pearson Education. 3rd Edition.
MYECONLAB:
All students are required to purchase access to MYECONLAB.COM. There are several ways to do this:
1 – All new text books have access kits
Note: used books do NOT have access kits.
2 – Purchase an access kit online
a. $50.00 without e-text
b. $100.00 with e-text (not recommended)
All homework will be assigned, posted, and graded on MYECONLAB.COM . Students who fail to
purchase access will receive a zero for homework. A separate handout will be given to the class with
specific instructions on how to register an account with MYECONLAB.
Class Participation and Attendance:
Students are encouraged to ask frequent questions if something is not clear. Occasionally random
assignments will be given in class intended to increase class involvement and participation.
Attendance will be taken randomly throughout the semester. If you are absent it is your responsibility to
obtain class notes and course announcements from one of your classmates. The instructor will not provide
missed lecture notes. Excused absences require appropriate documentation.
Grading:
Grades for the course will be based on weekly homework assignments, 3 mid-term exams, and a final
exam. Exams will consist of multiple choice questions mixed with a few problem solving questions
(drawing graphs and solving basic algebraic problems). Calculators are permitted. All grades will be
posted on MYECONLAB. However, your overall grade on MYECONLAB should be considered
unofficial as it may not reflect appropriate weighting and dropping of the lowest mid-term exam.
Exam policy:
The lowest mid-term exam will be replaced by the final exam (only if the final exam score is higher than
the lowest mid-term exam). Students who have an official excused absence on the day of a mid-term
exam must notify the instructor at least one week in advance to reschedule the exam. Students who miss a
mid-term exam for an unexcused reason (sleeping in, vacation, etc.) will receive a zero and will be
replaced by the final exam. Students who miss two or more mid-term exams for unexcused reasons will
receive a zero for each exam respectively and will not be replaced by the final exam. No rescheduling for
unexcused absences. The final exam is mandatory. The final will be cumulative.
Homework Policy:
All homework will be conducted online at MYECONLAB.com. There will be approximately 12
homework assignments throughout the semester. Late homework will not be accepted.
Grades are weighted accordingly:
Homework
Mid-Term Exams
Final Exam
Total =
Percent of Grade
10 %
60% (20% each)
30 %
100 %
Grading Scale: (Note: I do not round up. Grades are taken as is. For example, 92.9 = A-.)
(90-92) A-
(93-96) A
(97-100) A+
(80-82) B-
(83-86) B
(87-89) B+
(70-72) C-
(73-76) C
(77-79) C+
(60-62) D-
(63-66) D
(67-69) D+
(0-59) F
Chapters Covered:
Ch. 1: Economics: Foundations and Models
Ch. 2: Trade-offs, Comparative Advantage, and the Market System
Ch. 3: Where Prices come From: The Interaction of Demand and Supply
Test 1
Ch. 4: Economic Efficiency, Government Price Setting, and Taxes
Ch. 5: Externalities, Environmental Policy, and Public Goods
Ch. 6: Elasticity: The responsiveness of Demand and Supply
Test 2
Ch. 10: Technology, Production, and Cost
Ch. 11: Firms in Perfectly Competitive Markets
Ch. 12: Monopolistic Competition: The Competitive Model in a More Realistic Setting
Ch. 14: Monopoly and Antitrust Policy
Test 3
Ch. 13: Oligopoly: Firms in Less competitive Markets
Ch. 8: Comparative Advantage and the Gains from International Trade
Ch. 9: Consumer Choice and Behavioral Economics (if time permits)
Final Exam: Wednesday, December 7, 8-11am, regular classroom
N.C. State University Class Policies
Attendance
1. Excuses for anticipated absences must be cleared with the instructor before the absence.
Examples of anticipated situations where a student would qualify for an excused absence are:
a. The student is away from campus representing an official university function, e.g.,
participating in a professional meeting, as part of a judging team, or athletic team. These students
would typically be accompanied by a University faculty or staff member.
b. Required court attendance as certified by the Clerk of Court.
c. Religious observances as verified by Parents & Constituent Services (515-2441). For more
information about a variety of religious observances, visit the Diversity Calendar.
d. Required military duty as certified by the student's commanding officer.
2. Excuses for emergency absences must be reported to the instructor as soon as possible, but
not more than one week after the return to class. Examples of emergency absences are:
a. Illness or injury when certified by an attending physician. Physicians on the Student Health
Service staff do not provide written excuses. Because of student confidentiality, information can
only be released directly by the Counseling Center or Student Health Services in case of crisis or
with the student's written authorization.
b. Death or serious illnesses in the family when documented appropriately. An attempt to verify
deaths or serious illness will be made by Parents & Constituent Services (515-2441) at the
request of the instructor.
For a full statement of the University Attendance Policy, see
http://www.ncsu.edu/policies/academic_affairs/pols_regs/REG205.00.4.php
Disabled Students: In accordance with Section 504 of the Rehabilitation Act of 1973 (“Rehab
Act”), the Americans with Disabilities Act of 1990 (“ADA”), and state law, North Carolina State
University (hereinafter NC State) is required to accommodate an otherwise qualified individual
with a disability by making a reasonable modification in its services, programs, or activities. This
regulation addresses the eligibility of students for academic accommodations in educational
programs, services, and activities at NC State, as well as the provision of such accommodations
to students with various types of disabilities. For a full review of NCSU’s policy toward
students with disabilities, please see:
http://www.ncsu.edu/policies/academic_affairs/courses_undergrad/REG02.20.1.php
Academic Integrity/Student Conduct: This course will be held in accordance with the
University’s academic integrity standards as outlined in the Code of Student Conduct. Please
review the Code in its entirety at:
http://www.ncsu.edu/policies/student_services/student_discipline/POL11.35.1.php .
How to Register and Enroll in Your MyEconLab Course
Welcome to MyEconLab! Your instructor has set up a MyEconLab course for you.
Textbook: Hubbard/O'Brien: Microeconomics 3e
Course Name: EC 201, Fall 2011, 10:15-11:05
Course ID: XL0Q-C1WQ-401Y-6XL2
To join your instructor's course, please complete the following two steps:
1. REGISTER for MyEconLab, and, 2. ENROLL in your instructor's course
To register, you will need:
1. A valid e-mail address, and, 2. The access code that came with your MyEconLab Access Kit
If you don't have an access kit, you can purchase access online at http://www.myeconlab.com.
You will have the choice to purchase access with or without a full etext. Once enrolled in your
professor's course, you will also have the option to purchase a discounted version of your text.
Step 1: Register for MyEconLab
1. Go to http://www.myeconlab.com and click the Students button, in the Register section.
2. Follow the on-screen instructions for choosing author and title.
3. Choose Register with an Access Kit/Code if an access kit was included with your book. If
you need to purchase access online, click Purchase Access.
4. Follow the instructions to set up your login and password and register for your course.
Note: Australian users, your registration steps may be different from above. Please visit
http://www.myeconlab.com/download/MEL_FDOC_Australia.doc for alternate instructions.
Step 2: Enroll in your instructor's course
1. Log in to MyEconLab at http://myeconlab.com with your newly created Login Name and
Password
2. Enter your Course ID: XL0Q-C1WQ-401Y-6XL2
If you purchased access, visit the Student Center inside your Instructor's Course for additional
purchase options.
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accounts.
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