UNIVERSITY OF SOUTHERN CALIFORNIA Marshall School of Business Department of Finance and Business Economics. ECON 251x: Microeconomics for Business

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1 UNIVERSITY OF SOUTHERN CALIFORNIA Marshall Schl f Business Department f Finance and Business Ecnmics ECON 251x: Micrecnmics fr Business Spring 2012 Lcatin: WPH B27 Day & Time: MW 8:00-9:50am Sectin Number: 26345R Prfessr: Rahşan Akbulut Office: ACC 301 K Office hurs: MW 2:00pm - 3:30pm, r by appintment Department Phne: rahsan@marshall.usc.edu Curse Descriptin: The purpse f ECON-251 Micrecnmics fr Business is t develp ur understanding f hw markets wrk and t explre the challenges and pprtunities that markets pse fr gvernments, managers and firms. The curse intrduces and applies basic ecnmic principles t address issues that arise in a firm s relatinships with custmers, suppliers, cmpetitrs, emplyees, ther rganizatins and the regulatry envirnment. Micrecnmics als prvides sme fundamental building blcks fr ther curses, including Macrecnmics, Marketing, and Crprate Finance. Prerequisites: I will assume that yu are familiar with basic algebra and calculus. Yu shuld expect exam questins requiring calculatins. MATH 118 is a prerequisite fr ECON 251. Required Curse Material: The required textbk fr this curse is Micrecnmics by Pindyck and Rubinfeld: Prentice Hall, 7 th editin (2008). [ISBN-10: ] The textbk is bundled with the MyEcnLab Student Access Cde Card and a study guide. 1

2 MyEcnLab (MEL) is a study tl prvided by the publisher designed t cmplement the textbk. It has nline practice tests, exercises, an interactive graphing tl, and ther resurces. Yu can als create yur wn study plan. We will use MEL fr Hmewrk assignments. Each tpic has a hmewrk assignment assciated with it. These assignments are set up t help yu understand and becme cmfrtable with the material. Yu get autmatic feedback as yu d the prblems, and yur effrts are graded autmatically. T be able t use these features yu need t register at using the Student Access Cde. Yu will als need t register t yur specific sectin. Yur sectin specific Curse ID fr MEL is: akbulut47088 (Fr detailed infrmatin, see end f syllabus.) Pwer pint slides f the lectures and ther curse material (ntes, articles, etc.) will be available n Blackbard. I will als use the site fr annuncements. Yu will receive an ntificatin each time an annuncement is psted. Yu will be respnsible fr all the material cvered during lectures, including the articles we will discuss. It is imprtant that yu attend all classes. Class Etiquette: This is a large class and I need yur cperatin in ensuring rderly cnduct f the lectures. Yu may use a laptp during class nly t take ntes. I reserve the right t ask yu t shut dwn yur laptp. Please turn yur cellular phnes ff befre entering the class. Please arrive n time. If yu are ging t be late n a particular day, fr a valid reasn, please let me knw in advance. If yu have t leave early n a particular day, fr a valid reasn, please let me knw in advance; als, try t find a seat near an aisle t minimize disruptin t thers. Yu are expected t attend the sectin yu are registered in. If yu need t attend anther sessin fr a valid reasn please let me knw ahead f time. Curse Grading: Article Respnses / ther wrk 5 % MyEcnLab Assignments 20 % Midterm 1 & 2 40 % Final 35 % 2

3 Article Respnses / ther wrk: Articles frm the ecnmic and financial press will be psted n Blackbard. They are intended t prvide an applied perspective t the cncepts that will be cvered in this curse. We will discuss these articles in class. I will pst them in advance and expect yu t hand in a 1 paragraph (typed) article respnse n the day it is assigned. In each article respnse, yu will be asked t discuss the main ideas in the article and what yur pinin n the subject is. They will be due in class nly. N exceptins will be made. I will nt return yur article respnses t yu. Yu will get credit (1) r n credit (0) fr it. I will recrd yur grades n Blackbard. Nte that there might be direct questin frm these articles in exams. I will als assign ther wrk thrughut the semester that will require the use f Micrsft Excel. MyEcnLab - Assignments: Yu will have t d these assignments nline. There will be assignments fr every chapter. Sme f them will be Practice Assignments and sme Graded Assignments. All f them will have due dates, but nly the graded nes will cunt twards yur curse grade. Yu get instant feedback n yur answers. If yur answer is wrng, yu can reattempt the questin. There is a limit f 3 attempts per questin. Late wrk will nt be graded, n matter what the excuse is. But I will drp yur lwest scre n the graded assignments. Midterm Exams: The first midterm exam will be n Wednesday, February 15, during scheduled class time. It will test material cvered up t the exam. The secnd midterm exam will be n Wednesday, March 28, during scheduled class time. It will test material cvered after the first midterm. N midterm makeup will be given, except fr prven medical emergencies. The weight f yur midterm with the higher scre will be 25% and that f the ther ne 15%. Final Exam: The final exam will be n Mnday, May 7, at 11:00 am - 1:00 pm. N makeup final exams will be given, except fr prven medical emergencies. The Final exam will be cmprehensive. All exams will be clsed bk and ntes. Grade Appeals: If yu are nt satisfied with yur grade n an exam, yu can appeal t me in writing, within ne week after the exam is handed ut. 3

4 Academic Integrity: The use f unauthrized material, cmmunicatin with fellw students during an examinatin, attempting t benefit frm the wrk f anther student, and similar behavir that defeats the intent f an examinatin, r ther class wrk is unacceptable t the University. It is ften difficult t distinguish between a culpable act and inadvertent behavir resulting frm the nervus tensins accmpanying examinatins. Where a clear vilatin has ccurred, hwever, the instructr may disqualify the student s wrk as unacceptable and assign a failing mark n the paper. All students at the University f Suthern Califrnia have an inherent respnsibility t uphld the principles f academic integrity and t supprt each ther and the faculty in maintaining a classrm atmsphere that is cnducive t rderly and hnest cnduct. Students must understand and uphld the rules printed in the Student Cnduct Cde in the USC SCampus handbk, regarding examinatin behavir, fabricatin, plagiarism, and ther types f academic dishnesty. Vilatins will result in a failing curse grade and referral t the University s judicial system. Academic Accmmdatins Based n a Disability: Any student requesting academic accmmdatins based n a disability is required t register with Disability Services and Prgrams (DSP) each semester. A letter f verificatin fr apprved accmmdatins can be btained frm DSP. Please be sure the letter is delivered t me as early in the semester as pssible and at least 2 weeks prir t any scheduled examinatins. DSP is lcated in STU 301 and is pen 8:30 a.m. t 5:00 p.m., Mnday thrugh Friday. The phne number fr DSP is (213)

5 Curse Outline: 1 Lect. Date Tpic Chapter 1. 1/9 Intrductin: Supply, demand and verview f markets /11 Math Review, Supply and Demand 2 1/16 NO CLASS Martin Luther King, Jr. Day 3. 1/18 Cnsumer Behavir /23 Cnsumer Behavir /25 Demand /30 Demand, Uncertainty 4, /1 Uncertainty /6 Prductin /8 Prductin /13 Midterm Review 11. 2/15 Midterm /20 NO CLASS Presidents Day 12. 2/22 Cst /27 Cst /29 Perfect Cmpetitin /5 Perfect Cmpetitin /7 Perfect Cmpetitin 9 3/12 SPRING BREAK 3/14 SPRING BREAK 17. 3/19 Mnply /21 Mnply /26 Review 20. 3/28 Midterm /2 Pricing /4 Pricing /9 Oligply /11 Oligply /16 Games and Cmpetitive Strategy /18 Externalities and Public Gds /23 Externalities and Public Gds /25 Review 5/7 Final Exam 11:00 am - 1:00 pm Cumulative 1 All details in this schedule are subject t change with adequate ntice. 5

6 Hw t Register and Enrll in Yur MyLab / Mastering Curse: Yur instructr has set up a MyLab / Mastering curse fr yu. Textbk: Pindyck/Rubinfeld: Micrecnmics, 7e Curse Name: Ecn 251x - Micr, Spring MW 8:00 - Akbulut Curse ID: akbulut47088 T register yu will g thrugh the fllwing steps: 1. Frm the MyLab / Mastering hme page ( click Student under Register. 2. Enter the Curse ID yur instructr gave yu, and click Cntinue. Curse ID: akbulut Sign in r create an accunt: First, check the infrmatin n the right side f the page t ensure yu are registering fr the crrect curse. If nt, click Enter a different curse ID. Next, yu will Sign In r Create an accunt. Yu already have a Pearsn accunt if yu have used ne f ur nline prducts befre. Enter yur username and passwrd and click Sign In. If yu think yu have a Pearsn accunt, but can t remember yur sign in infrmatin, click Frgt yur username and passwrd. An will be sent, s we suggest checking yur accunt infrmatin befre yu begin yur curse registratin. If yu dn t have an accunt, click Create. Yu will create a username and passwrd and add yur cntact infrmatin. Read and accept the license agreement; yu can als chse t help imprve Pearsn prducts and learn abut new ffers. Click Create an Accunt. Yu nw have a Pearsn accunt! The username and passwrd yu just created can be used fr all yur Pearsn nline prgrams. 4. Pay fr access t yur instructr s nline curse. If yu already bught yur access cde, either bundled with yur textbk r as an access cde kit sld individually, click Access Cde. Enter yur access cde, ne wrd in each bx, and click Finish. T use a credit card r PayPal, instead f an access cde, click the buttn fr the access yu want. 6

7 Nte: Sme curses prvide the ptin t purchase with r withut the etext. Next, enter billing and payment infrmatin, then review and submit yur rder. Nte: If using a parent s credit card be sure t use the crrect billing address and put yur name in the Yur Name field, nt the cardhlder s name. If yu re waiting fr financial aid, click Get temprary access withut payment fr 17 days, which is near the bttm f the payment ptins page. Click Yes when a message appears asking if yu are sure yu want temprary access. Yu will receive an with payment instructins. Nte: T stay in yur curse, use an access cde, credit card, r PayPal befre the temprary access ends. If yu dn t pay within 17 days, yu lse access t yur instructr s nline curse and may miss deadlines r imprtant ntices frm yur instructr. Once yu pay fr full access, yu are recnnected t cursewrk already cmpleted. Yu will receive a cnfirmatin page with yur accunt and curse infrmatin. Click G t Yur Curse t start yur wrk. 7