John Carroll University Department of Economics and Finance EC 201 Principles Economics 1 Summer Section 51 Online Class

Transcription

1 Jhn Carrll University Department f Ecnmics and Finance EC 201 Principles Ecnmics 1 Summer Sectin 51 Online Class Instructr & Class Name Dr. Simran Kahai Phne (216) skahai@jcu.edu Skype ID simrankahai Office SB- 225 Office/class Hurs We will meet 12:00 nn t 1:00 pm each day and I will make myself available frm 9:15 pm t 10:15 pm as well each day. Materials Required N. Gregry Mankiw, Principles f Micrecnmics, 6th ed., published by Suth-Western, Yu are required t purchase Aplia access (see belw fr hw t access yur Aplia Curse). Yu are als required t use yur JCU blackbard accunt. This class is taught n line. Yu must get a skype id and add me as yur cntact n skype. If yu need help with technlgy, please call Curse Descriptin In this class, we will expse students t the applicatins f ecnmic thery and methdlgy. The fcus will be n the fllwing tpics. Intrductin t Nature and Methd f Ecnmics The Fundamental Ecnmic Prblem Capitalism and Circular flw mdel Interdependence and the Gains frm Trade The Market Frces f Demand and Supply Elasticity and Its Applicatin Supply, Demand and Gvt. Plicies Cnsumers, Prducers, and the Efficiency f Market Internatinal Trade The Csts f Prductin Firms in Cmpetitive Markets Mnply Mnplistic Cmpetitin The Market fr Factrs f Prductin The Pricing and Emplyment f Resurces The Distributin f Incme This curse cnsists f n line tutrials, discussin bards, n line daily assignments frm Mnday Thursday, midterm exam and final exam. Assignments are technically due by 11 pm but yu are asked t turn in by 10 pm r befre t avid the pssibility f pwer/cmputer/internet cnnectin failure at the last hur. This curse will serve as a fundatin fr ther curses that students will take in ecnmics. Skills that students learn in applicatins f micrecnmic thery will add significant value t their knwledge, prepare them fr mre advanced classes in ecnmics and ther liberal arts and business classes. Hw t access yur Aplia curse Curse Key: WT3W-UR4J-A2AU Registratin Aplia is part f CengageBrain, which allws yu t sign in t a single site t access yur Cengage materials and curses. 1

2 Cnnect t If yu already have an accunt, sign in. Frm yur Dashbard, enter yur curse key (VJXS-Q2K6-FFYS) in the bx prvided, and click the Register buttn. If yu dn't have an accunt, click the Create a New Accunt buttn, and enter yur curse key when prmpted: VJXS-Q2K6-FFYS. Cntinue t fllw the n-screen instructins. Payment Online: Purchase access t yur curse (including the digital textbk) frm the CengageBrain website. Bkstre: Purchase access t Aplia frm yur bkstre. Check with the bkstre t find ut what they ffer fr yur curse. After paying, yu will have the ptin t purchase a physical bk at a discunted price. If yu chse t pay later, yu can use Aplia withut paying until 11:59 PM n 05/21/2012. PLATFORMS The Aplia system supprts nly cmputers running Micrsft Windws r Apple Macintsh perating systems. While cmputers running Linux and Sun perating systems may als be able t use the system with n prblems, Aplia des nt currently supprt alternative platfrms. Windws: Aplia supprts the fllwing versins f Windws: XP, Vista, Windws 7 Macintsh: Aplia supprts the fllwing versins f Macintsh: OS X versins 10.4 and later BROWSERS Internet Explrer: Versins 7.0 and later are supprted Firefx: Versins 3.0 and later are supprted Chrme: Versins 3.0 and later are supprted Safari: Versins 4.0 and later are supprted Macintsh Safari: Versins 4.0 and later are supprted Firefx: Versins 3.0 and later are supprted Javascript Aplia requires that users have Javascript enabled n their system t access the site. Additinally, pp-ups must be allwed fr access t the full functinality f the site. JCU Cmputer help is available frm 8:00 AM t 5:00 PM M-F ver the phne at Curse Gals & Objectives The fllwing gals and bjectives are set fr this class: Expse many micrecnmic cncepts and theries. Specifically, this curse analyzes the behavir f individual entities such as markets, firms, and husehlds. It evaluates the extent t which varius market structures (e.g. pure cmpetitin, ligply, etc.) functin in the interest f scial welfare Explre a multitude f applicatins f Micrecnmics thery and methdlgy t decisinmaking prblems faced by private, public and nt fr-prfit institutins 2

3 Teaches students the tls f micrecnmics, which can be used t allcate scarce resurces efficiently, t plan crprate strategy and t execute effective tactics Finally, it pints ut hw ecnmic frces affect rganizatins and describes the ecnmic cnsequences f ecnmic behavir Evaluatin Exams will be given during the term as per the attached schedule. The final exam will be cmprehensive in nature. Exams will cntain bth multiple-chice and essay questins. Tentatively, students' curse grades will be determined as stated belw. Remember, every cmpnent f the curse is mandatry and n student will be allwed t pt ut f any part. Failure t adequately cmplete any cmpnent f the curse will result in a failing grade fr the curse. Relative Weights Midterm Exam 15% Final Exam 25% Assignments and Participatins 60% Grade Assignment 94% A 90% - < 94% A- 87% - < 90% B+ 83.5% - < 87% B 80% - < 83.5% B- 77% - < 80% C+ 73.5% - < 77% C 70% - < 73.5% C- 67% - < 70% D+ 60% - < 67% D < 60% F Fine Print: Remember, I d nt give grades, yu earn them Respnsibilities: The Fine Print - Please read them carefully and make sure yu understand them. I will be glad t answer any questins yu may have. Regular assignments cmpletin is expected f all students. If a student misses several assignments fr any reasn, s/he shuld cnsider withdrawing frm the curse. During class discussins frums, yu will ften find that yu d nt agree with the views and pinins f yur classmates and instructr. Yet, yu will treat everyne with respect and regard. Students are respnsible fr all reading and assignments psted n blackbard and Aplia. Each assignment will include material frm the assigned text chapters, articles, and ther relevant material. It is yur respnsibility t study the required material fr the exams. Please remember that I d nt give grades; yu earn them! All things being equal, hw much effrt yu put int studying fr an exam and wrking n assignments will determine yur grade, nt whether I curve r nt! Cnsequently, yur grade in the curse is determined entirely by hw yu perfrm in exams and assignments, nt n any judgment n my part! I cannt, and will nt, accept respnsibility fr inadequate perfrmance n yur part in any cmpnent f the curse. Please nte that my class ntes and PwerPint slides are psted n Blackbard fr all chapters cvered in the assignments. Jhn Carrll University recgnizes its respnsibility fr creating an institutinal climate in which students with disabilities can succeed. In accrdance with University plicy, if yu have a dcumented disability, yu may be eligible t receive accmmdatins frm the ffice f Services fr Students with Disabilities (SSD). Students with disabilities are entitled t reasnable accmmdatins and shuld have equal access t learning. Please cntact the SSD crdinatr, Brandi Rizz, at (216) r cme t the ffice lcated in rm 7A, in the Garden Level f the Administratin Building. After yur eligibility fr accmmdatins is determined, yu will be given a letter which, when presented t instructrs, will help them knw best hw t assist yu. Please keep in mind that accmmdatins are nt retractive s it is best t register at yur earliest cnvenience. Yu can expect the instructr t: 3

4 Treat yu fairly and respectfully D the best t help yu achieve the curse-related learning bjectives efficiently and effectively Prvide yu with adequate ntice f any schedule r assignment changes Respnd t yur relevant calls r s within a reasnable perid f time Return yur assignments, with feedback when apprpriate, within a reasnable perid f time. Tentative Schedule The fllwing is a tentative schedule f tpics, required assignments and exam dates. Any changes will be annunced n blackbard. All class ntes are psted n Blackbard. Midterm Exam will be n blackbard at 10:00 11:50 AM n June 1 st Final Exam will be n blackbard at 10:00-11:50 AM n June 14 th The exams will be under assignment tab. These are timed exams. Yu will be given a passwrd fr the exam befre the test. I will be available n blackbard virtual classrm r Webex media during assigned times thrughut the semester. Please attend these classes n line. Thugh attendance is nt required n virtual classrm r Webex, yu are required t participate in discussin frum n blackbard. During the virtual classrm r Webex, yu are able t ask me questins n the materials psted n blackbard and r Aplia. Aplia Assignments, Vide Tutrials and readings :00PM Intrductin t Using Aplia This assignment shws students hw t use nline prblems in Aplia and includes a tutrial fr ApliaText. It includes a descriptin f practice, graded-at-deadline, and Grade It Nw prblems. Prblem Set 48/Graded Reading assignment 11:00PM Ten Principles f Ecnmics - Online Chapter Chapter 1 Reading Reading Assignment 11:00PM Thinking Like an Ecnmist - Online Chapter Chapter 2 Reading Practice Assignment - Habit r Prices? Addresses the imprtance f price and pprtunity cst vs. habit in explaining why Americans prefer traditinal, tp-lading washing machines t the new, frnt-lading machines ppular in Eurpe. News Analysis 3/Practice Practice Assignment - Winners and Lsers frm Trade Ntes that increasing textile imprts frm Pakistan culd increase the standard f living in bth cuntries while rewarding Pakistan fr its cperatin in the war n terrrism. S why did the United States allw nly a tken increase in imprts frm Pakistan? This news analysis discusses the net gains frm trade, the fact that trade harms sme parties even as it benefits thers, and the plitical pressures that wuld-be lsers exert in an effrt t thwart expanded trade. News Analysis 6/Practice

5 11:00PM Ten Principles f Ecnmics Chapter 1 This prblem set cvers the 10 principles that are essential t the understanding f ecnmics. Students will learn abut basic cncepts, such as pprtunity cst, decisin making at the margin, hw trade can benefit everyne, and the shrt-run tradeff between inflatin and unemplyment. This is a Grade It Nw prblem set. Prblem Set 24/Graded 11:00PM Thinking Like an Ecnmist Chapter 2 This prblem set cvers ecnmic mdels such as the circular-flw diagram, prductin pssibilities frntiers, (increasing) pprtunity csts, divisin between micrecnmics and macrecnmics, nrmative and psitive statements, and why ecnmists disagree. This is a Grade It Nw prblem set. Prblem Set 30/Graded :00PM Interdependence and the Gains frm Trade - Online Chapter Chapter 3 Reading 11:00PM Interdependence and the Gains frm Trade Chapter 3 This prblem set cvers prductin pssibilities frntiers; pprtunity cst, abslute and cmparative advantages, specializatin f prductin, and gains frm trade. This is a Grade It Nw prblem set. Prblem Set 43/Graded :00PM Math and Graphing Assessment with Tutrials This prblem set assesses students' knwledge f graphs, slpe, area and units, numeric calculatins, and equatins. Includes animated tutrials n each f these tpics fr students wh need t refresh their skills. Prblem Set 89/Graded :00PM The Market Frces f Supply and Demand - Online Chapter Chapter 4 Reading 11:00PM The Market Frces f Supply and Demand Chapter 4 This prblem set cvers bth mvement alng and shifting f demand and supply curves, individual and market demand, and equilibrium determinatin f market-clearing price and quantity. This is a Grade It Nw prblem set. Prblem Set 50/Graded 11:00PM Hurricane Katrina and Gas Prices Analyzes hw a fear f shrtages can lead t a run n a cmmdity by shifting the demand curve t the right. News Analysis 8/Practice 11:00PM When It Cmes t Buying Textbks, Students D Their Hmewrk 5

6 In the market fr textbks, students' cnsumer svereignty is a bit strnger than it appears at first glance. This news analysis cvers student sensitivity t price, publishing date, and resale value in the market fr required textbks. News Analysis 7/Practice 11:00PM News Analysis: Will Higher Fuel Efficiency Reduce Gasline Cnsumptin? This news analysis explres the relatinship between fuel efficiency standards and gasline cnsumptin. Students discver that the impact f fuel efficiency n gasline cnsumptin depends n the price elasticity f demand fr miles f driving per mnth. Prblem Set 17/Practice :00PM Elasticity and Its Applicatin - Online Chapter Chapter 5 Reading 11:00PM Elasticity and Its Applicatin Chapter 5 This prblem set cvers calculatins f percentage changes in prices and quantities. It reviews price, crss-price, and incme elasticities f demand, as well as supply elasticities. The set als examines hw price elasticity f demand is linked t ttal sales revenue. All calculatins use the midpint frmula fr elasticity. Elasticity f demand is treated as a psitive number. This is a Grade It Nw prblem set. Prblem Set 55/Graded :00PM Supply, Demand, and Gvernment Plicies - Online Chapter Chapter 6 Reading 11:00PM Supply, Demand, and Gvernment Plicies Chapter 6 This prblem set builds skills in understanding the cnsequences f price ceilings and price flrs. It cmpares equilibrium price and quantity with price and quantity utcmes when cntrls are binding r nn-binding. It als cvers the effects f a tax n a market and hw elasticities determine tax incidence. This is a Grade It Nw prblem set. Prblem Set 48/Graded :00PM Analyzing Equilibrium Price and Quantity Discusses and tests understanding f the results frm the Equilibrium Price and Quantity experiment. Assign as a graded prblem set. Prblem Set 12/Practice :00PM Cnsumers, Prducers, and the Efficiency f Markets - Online Chapter 6

7 Chapter 7 Reading 11:00PM Cnsumers, Prducers, and the Efficiency f Markets Chapter 7 These questins assess students' understanding f cnsumer and prducer surplus and their relatinships t the supply and demand curves. Other tpics cvered include market efficiency and market failure. This is a Grade It Nw prblem set. Prblem Set 47/Graded :00PM Applicatin: Internatinal Trade - Online Chapter Chapter 9 Reading 11:00PM Applicatin: Internatinal Trade Chapter 9 This prblem set cvers imprts, exprts, and dmestic prices withut trade, with free trade, and with trade restrictins. Gains frm trade and the surplus effects f tariffs and qutas, and arguments fr trade restrictin, including jbs, natinal security, and infant industry arguments are als cvered. This is a Grade It Nw prblem set. Prblem Set 47/Graded 11:00PM Externalities - Online Chapter Chapter 10 Reading :00PM Indnesian President Prescribes a Bitter Pill Uses the supply and demand mdel t illustrate the welfare effects f fuel subsidies in Indnesia. News Analysis 10/Graded :00PM American Furniture Made in China -- Cnsumer Bargains vs U.S. Jb Lsses Assumes that students understand the cncept f cnsumer surplus. Uses it t calculate the gains t cnsumers frm furniture imprts. Als assumes that they knw that a less elastic demand curve has a steeper slpe. 7/Graded 11:00PM The Csts f Prductin - Online Chapter Chapter 13 Reading :00PM The Csts f Prductin Chapter 13 This prblem set cvers the thery behind prductin and cst curves. Students will learn the difference between explicit and implicit csts and between ecnmic and accunting prfits. Students will learn hw t calculate and graph ttal, average, variable, fixed, and marginal cst. Students will als learn the gemetry behind varius cst curves and hw they differ based n a firm's technlgy, scale f 7

8 prductin, and shrt-run and lng-run decisins. This is a Grade It Nw prblem set. Prblem Set 72/Graded :00PM Firms in Cmpetitive Markets - Online Chapter Chapter 14 Reading :00PM Analyzing Price Ceilings and Flrs Discusses and assesses understanding f the effect price cntrls have n equilibrium price and quantity. Prblem Set 17/Graded 11:00PM Firms in Cmpetitive Markets Chapter 14 In this assignment students will learn abut the thery f perfect cmpetitin. They will derive the shrtrun individual and industry supply curves. They will als explre a firm's prductin decisins in the shrt run and lng run. This is a Grade It Nw prblem set. Prblem Set 101/Graded :00PM Mnply - Online Chapter Chapter 15 Reading 11:00PM Mnply Chapter 15 This assignment cvers a market with a mnply and hw it differs frm a perfectly cmpetitive market. Students will determine a mnply's prfit-maximizing price and utput and the inefficiency, deadweight lss, and cst t sciety that arise frm its prductin decisins. Students will als identify characteristics f natural mnplies, gvernment regulatins fr a mnply, and frms f price discriminatin. This is a Grade It Nw prblem set. Prblem Set 59/Graded :00PM Mnplistic Cmpetitin - Online Chapter Chapter 16 Reading 11:00PM Mnplistic Cmpetitin Chapter 16 This prblem set cvers the meaning f mnplistic cmpetitin and hw it cmpares t perfect cmpetitin, mnply, and ligply. Students will learn abut prduct differentiatin and advertising. Students will als identify hw firms in mnplistic cmpetitin behave in the shrt run and lng run. This is a Grade It Nw prblem set. Prblem Set 17/Graded. 8

9 11:00 PM The Markets fr the Factrs f Prductin - Online Chapter Chapter 18 Reading This prblem set applies the basic principles f supply and demand t markets fr the factrs f prductin: land, labr, and capital. We derive the demand fr these inputs frm firms' prductin functins and examine hw changes in utput markets can affect wages and the rental prices f land and capital. This is a Grade It Nw prblem set. 9