Principles of Economics II

Scheduled office hours are on Mondays and Wednesdays from 2:00 p.m. to 4:00 p.m. and on Fridays from 8:00 a.m. to 9:00 a.m. Students who find these hours inconvenient should contact the instructor via phone or e-mail to arrange another mutually convenient time to meet.

McConnell, Campbell R. and Stanley L. Brue. 2008. Microeconomics. Seventeenth Edition. New York, NY: McGraw-Hill Irwin.

*Students on a tight budget might consider purchasing a used copy of the Sixteenth Edition; however, it is the student’s responsibility to contact the instructor about the proper chapters to read.

The topics and issues discussed in microeconomics apply to all or most humans in the world. All humans participate in the economy to some degree. For example, all students have used money to purchase goods (e.g., food, music, clothing) and services (e.g., haircuts, tattoos, education). Most college students have worked in the past, are working right now, and will continue to work for the next 40 or 50 years (or even longer!). During that time, they are likely to find themselves in situations where they face choices and dilemmas like:

· “Why do people keep using petroleum-based fuels when they are known to adversely affect the environment?”

Economics as a discipline is becoming ever more integrated with other disciplines, such as psychology, sociology, biology, and management. For example, answers to some of the above questions may differ across gender, ethnicity, state, and country. (Think of a few examples.) So, males may answer the questions differently from females. Also, individuals from Namibia, Korea, the Netherlands, and Connecticut will all likely come to slightly (or radically) different conclusions. Why? Some cutting edge research is even exploring animal communities to see how their “economies” function. Students are invited to further explore this very interesting area that is microeconomics.

Students desiring a more formal and official course description may enjoy the following:

Presents economic principles related to consumer demand, and determination of prices of goods and factors of production under differing market structures. Applications to real world situations will be discussed. (Source: CCSU Course Catalog)

Upon completing this challenging course, students will have had the opportunity to:

Students with a disability, who anticipate needing any type of accommodation in order to participate in this class, should provide the instructor with official documentation from the office of Student Disability Services (SDS) as soon as possible. The SDS may be contacted at (860)832-1900. More information regarding the SDS is available on pages 21 and 22 of the “Resources” section of the Student Survival Guide (a.k.a., “Student Handbook”) or the SDS’s website: http://www.ccsu.edu/LearnCtr/disability/default.html.

Being committed to social justice, the instructor expects to foster a nurturing learning environment based upon open communication, mutual respect, and nondiscrimination. Therefore, the instructor will follow commonly practiced guidelines of nondiscrimination on the basis of age, ancestry, ethnicity, gender, marital status, national origin, physical attribute, physical or mental disability, race, religious belief (or lack thereof), sexual orientation, socioeconomic status, or veteran status. Students are encouraged to provide feedback and suggestions on how to further such a positive and open environment in this class. Students are also referred to the Non-Discrimination Policy of Central Connecticut State University on page 1 of the “Introduction” section of the Student Survival Guide (a.k.a., “Student Handbook”).

Students are strongly urged to read the “Policy on Academic Misconduct” within the CCSU Undergraduate Catalog. This policy contains detailed descriptions of various forms of academic misconduct, along with CCSU’s procedure for handling cases of alleged academic misconduct.

In this course, it is considered an instance of academic misconduct to use within any out-of-class, for-credit assignment the exact words, phrases, or a similar writing structure (where the sentence structure and/or paragraph structure are the same or very similar, but a few words or phrases are changed) of a source or sources, even if the source(s) are cited. Students should consult with the instructor ahead of time if an exact quote from a source is to be used within any out-of-class assignment.

The instructor is required to follow the academic misconduct procedures as outlined by CCSU’s “Policy on Academic Misconduct”. All instances of academic misconduct must be reported, even if a student plagiarizes out of ignorance.[1] This ensures that all students receive equal treatment.

Verbal and written discussion is heartily encouraged among students while studying the course material. However, unless the instructor provides written consent, all assignments a student submits for credit must be the original work of that student. In this course, this means that students may not provide assistance to or seek assistance from any other individual (except the instructor) during an in-class examination. Also, students may not possess materials that are not allowed during an in-class exam. Finally, while students may verbally discuss their out-of-class assignment(s), a student may not provide direct assistance to any other student in the course or seek direct assistance from any other individual (whether that individual is a student in the class or not). Direct assistance includes, but is not limited to, downloading data, analyzing data, presenting data and/or findings, or writing any portion of the assignment(s). Any violation of this policy constitutes academic misconduct.

Students are encouraged to contact the instructor with any questions regarding this topic.

Regular class attendance is expected by Central Connecticut State University. While the act of attending is not specifically graded, certain in-class activities will be graded. Also, a good deal of new material is presented and discussed during each class period. So, failing to attend even one class period could set a student back a great deal. Arriving late to class could have a similar effect as each class is scheduled to start at 10:00 a.m. sharp.

If a student anticipates being absent from or late to a particular class period, the student is encouraged to contact a fellow student as soon as possible to arrange note sharing. The instructor does not re-teach course material to students who miss class. Students should refer to the “Academic Standards and Regulations” section of the 2005-2007 Undergraduate Catalog for more information on CCSU’s attendance policy.

As this is a college level course, the instructor assumes that each student has prepared himself prior to his arrival to class. This means that the student has read any required texts or articles, has a basic understanding of the reading(s) and/or questions on items that are confusing, and has completed any out-of-class assignment that will be collected or reviewed during that class period. Finally, students are expected to have reviewed the notes from the previous class prior to the next class period.

Students that are having difficulties understanding the readings and/or assignments are expected to contact the instructor as soon as possible to set up an office visit to discuss the confusing material. Students have typically found such office visits beneficial. The instructor may be able to answer relatively simple questions via e-mail.

Students are encouraged to visit The Learning Center (TLC), located at 241 Copernicus Hall. The TLC offers free peer tutoring in math, statistics, and study skills. Because economics courses are usually technically demanding, students should visit the TLC early in the semester if they find the readings, lectures, or assignments difficult to understand.

It is essential for college students to effectively communicate their ideas in writing. As such, the instructor will refer individual students to the Writing Center (305 Willard Hall) for assistance with writing when such assistance is deemed necessary. Such referrals are intended to help the students improve some aspect of their written communication. If the instructor refers a student to the Writing Center, that student must obtain assistance from a Writing Center tutor. Then, when resubmitting the revised assignment, the student must provide the instructor with the original referral form completed by the student’s TLC tutor. The instructor will consider the student’s assignment incomplete without the completed referral form.

In-class discussion of the course material is expected. However, social talking is not expected to occur once class has started. Students should conduct personal communications outside of the classroom once the class period has begun. (This pertains both to electronic and in-person communications.) Finally, students are asked to switch their cell phone ringers to “vibrate” or “off” prior to the start of class.

Students are encouraged to schedule an office meeting with the instructor in situations where the grade earned on an assignment is lower or higher than expected. (To comply with federal law, the instructor cannot discuss a student’s specific grades in public areas (e.g., the classroom, hallways, etc.)) A student that disagrees with the grade earned on an assignment should submit a clearly written statement to the instructor requesting that the grade be reconsidered. The statement should specify in sufficient detail the reason(s) why the grade should be higher. The assignment should be attached to this statement. To ensure that the assignment does not become out-of-date, the student should submit this statement within seven (7) calendar days of receiving the original grade.

According to the Undergraduate Catalog, “A grade of incomplete (INC) may be recorded, at the discretion of the instructor, for a course in which a student, because of circumstances beyond his or her control, has not completed certain work or has been absent from the final examination” (emphasis added). This means that the instructor will almost never assign a grade of “INC”; only in the most exceptional circumstances.

Students are required to submit each out-of-class assignment upon entry to the classroom on the date the assignment is due. This strict deadline is for the student’s benefit. Because much of the course material is cumulative, students who do not complete assignments on time may find themselves hopelessly behind in class discussions. Also, due to the instructor’s congested schedule, the student may not be able to receive feedback on late assignments prior to the submission deadline of future assignments. Students who anticipate problems in meeting assignment deadlines should contact the instructor as soon as possible.

Students should check their e-mail at least once each business day when classes are in session to learn of any new class news. The instructor welcomes e-mail communications. However, students should anticipate the instructor to have a response time of between 24 and 48 business hours when classes are in session. (The same response time applies to voicemails.) Students are expected to first consult the syllabus and other relevant course materials prior to sending the instructor a question about class via e-mail or voicemail.

Assignment	Due Date	Due Time	Percent of Semester Grade
Assignment	Due Date	Due Time	Components	Total

In-Class Discussions and Assignments	TBA	In Class	-	15%
Short In-Class Quizzes	TBA	In Class	-	15%

Comprehensive Written Final Exam	December 19	8:00 a.m.	-	35%

Applications Essays	TBA	10:00 a.m.	10%
Final Written Project: An edited compilation of the applications essays	November 30	10:00 a.m.	25%
Applied Economics Project: Total				35%
SEMESTER TOTAL				100%

As the scientific literature on learning outcomes indicates, it is very important for students to communicate their ideas on the course subject matter both orally and in writing. This course intends to provide students ample opportunities in class to discuss and write about issues related to microeconomics. This subset of assignments includes, but is not limited to, mini-essays, evaluations of other students’ work, team discussions and problem solving, and in-class discussions of issues related to microeconomics.

Instead of one or two 50-minute mid-term exams, student learning will instead be evaluated more frequently by the use of short quizzes. These more frequent evaluations allow students the opportunity for more frequent feedback. Also, the instructor can learn more quickly the topics and problems that are providing students with the greatest challenge.

The comprehensive, in-class final exam will be administered during the scheduled exam period. Any subjects covered in readings, class periods, and other materials from the beginning of the semester to the end may be covered on the exam. Students who will miss the final exam for a CCSU-approved reason will need to take the exam early. If a student misses the final exam due to an emergency, that student will need to provide the instructor with official written documentation as soon as possible.

An important skill of living, working, and learning is effectively communicating one’s opinions and ideas. Another critical skill is being able to apply one’s knowledge to “real world” situations. The applied economics project provides students the opportunity to practice both of these skills. Each student will attempt to apply concepts learned in this course to an organization that interests her. Such a project requires the student to think abstractly about the course material, since she will need to explain the relevance of the concepts to her chosen organization.

Students will analyze the degree to which the economic concepts we learn about in class relate, either directly or indirectly, to an organization in which they are interested. This organization will likely be the student’s current place of work, an organization where the student hopes to work in the future, or a type of business that the student would like to run some day. More details will be provided by the instructor.

Unless a student receives the instructor’s prior written approval, the student may not use a paper or papers from any previous or current course to serve as this project. Students are encouraged to talk to the instructor if they are having trouble with any aspect of their project or if they just want to run an idea by the instructor.

STUDENTS ARE STRONGLY ENCOURAGED TO RE-READ THE SECTION OF THIS SYLLABUS ON “ACADEMIC INTEGRITY”.

Approximately each week, students will submit a short essay (e.g., 1 to 2 pages) that describes, in sufficient detail, how a concept or concepts relates to the chosen organization. Students should attempt to link these concepts as creatively and correctly as possible. Further details will be furnished by the instructor.

The final written project allows students to revise all of their original applications essays based on feedback from the instructor and other students. This final project should correct for any methodological flaws that existed in the first drafts of the applications essays, including errors of commission and omission. Students must ensure that the grammar, spelling, and punctuation are correct.

The final project should be of professional quality. As such, it must contain the following structural elements:

The final product should be of sufficient quality to give to a “real life” client (e.g., the chief executive of the organization).

Although the number of pages of text is not truly important, each project may not exceed 15 typed, double-spaced pages of text; so, this limit does not include ancillary items, such as the title page, table of contents, etc. Students in the final phases of project revision may actually find this limit difficult to achieve. This requires very careful editing to ensure clarity while maintaining sufficient content. This is where writing skills are challenged and honed.

The tentative reading schedule for the McConnell and Brue text can be found below. The instructor will provide more specific dates to students as the semester proceeds. Flexibility in the schedule will allow the course to address issues of highest interest to the students and instructor.

For students who would like to get a head start on the reading, please note that the chapters marked with an asterisk (*) present the most fundamental topics in microeconomics; thus, they will certainly be covered during the course of the semester. To smooth out the semester workload and improve semester-long learning, students are invited to read those chapters ahead of any official due dates.

[1] According to CCSU’s Policy on Academic Misconduct, “It is the responsibility of each student to become familiar with what constitutes academic dishonesty and plagiarism and to avoid all forms of cheating and plagiarism.”

End-of-semester letter grades will be determined as follows:
Letter Grade	Numeric Grade Range	Letter Grade	Numeric Grade Range
A	93% - 100%	C	73% - 76%
A-	90% - 92%	C-	70% - 72%
B+	87% - 89%	D+	67% - 69%
B	83% - 86%	D	63% - 66%
B-	80% - 82%	D-	60% - 62%
C+	77% - 79%	F	Below 60%

CHAPTER	TOPIC	DATE
PART ONE: AN INTRODUCTION TO ECONOMICS and THE ECONOMY
1	Limits, Alternatives, and Choices*
2	The Market System and the Circular Flow*
3	Demand, Supply, and Market Equilibrium*
4	The U.S. Economy: Private and Public Sectors
5	The United States in the Global Economy

PART TWO: MICROECONOMICS OF PRODUCT MARKETS
6	Extensions of Demand and Supply Analysis
7	Consumer Behavior and Utility Maximization*
8	The Costs of Production*
9	Pure Competition*
10	Pure Monopoly*
11	Monopolistic Competition and Oligopoly
12	Technology, R&D, and Efficiency

PART THREE: MICROECONOMICS of RESOURCE MARKETS
13	The Demand for Resources
14	Wage Determination
15	Rent, Interest, and Profit
15W	Resource and Energy Economics

PART FOUR: MICROECONMICS of GOVERNMENT
16	Government and Market Failure
17	Public Choice Theory and the Economics of Taxation

PART FIVE: MICROECONOMIC ISSUES and POLICIES
18	Antitrust Policy and Regulation
19	Agriculture: Economics and Policy
20	Income Inequality and Poverty
21	The Economics of Health Care
22	Labor Market Issues: Unionism, Discrimination, Immigration

PART SIX: INTERNATIONAL ECONOMICS and the WORLD ECONOMY
23	International Trade
24	Exchange Rates, the Balance of Payments, and Trade Deficits