Economics 201

Principles of Microeconomics

Fall 2009

Pierce College

Instructor: Blake Sorem

Office: Olympic 207

Office Hours: Daily 12-1

Phone: 964-6648

E-mail: bsorem@pierce.ctc.edu

Webpage: www.pierce.ctc.edu/bsorem/

Text: Microeconomics, Krugman and Wells, Worth, 2nd Edition, 2009. This textbook is required.

Course Description and Objectives:

Economics 201 is an introductory course in microeconomics. We will be spending a great deal of time trying to understand how the economy works, making use of algebraic, graphical, and intuitive analysis. We will look at the debate over how well the economy functions on its own and what, if any, role the government should play. Topics include the consumer, the firm, competition, monopoly, regulation, and income distribution.

Students should become familiar with the basic tools used in microeconomics. More importantly, students should be able to apply these tools to real and hypothetical situations. Students should be aware of the major areas of agreement and disagreement within the economics profession. Students should keep up with current events related to the microeconomy. It is hoped that students will be better able to critically analyze news reports and politicians' statements about the economy.

Grades: Homework 60 points

Exam 1 100 points

Exam 2 100 points

Exam 3 100 points

Exam 4 100 points

There will be seven homework assignments worth 10 points each. I will throw out your lowest score. The homework will be due at the beginning of class. No late homework will be accepted. You can work together on the homework, however, everything should be written in your own words. The main purpose of the homework is to help you learn the material, help you keep up with the material, and help you prepare for the four exams.

The exams will be given during the lecture time. They will consist of short answer, graph, and some algebra questions. The range of questions will go from a few easy ones to lots of medium ones to a couple of very difficult ones.

You will be graded based on your total points on the exams. Extra credit can help a small amount. Since I write new exams each quarter and some are easier than others, I do not know ahead of time what exact percentage you need for each final grade. If you get a C on all four exams you will get very close to a 2.0 in the course, regardless of what overall percentage you end up with.

Make-up Exams:

In general, I do not give make-up exams. However, if you have a well-documented reason for missing an exam and you have contacted me before the exam, I might give a make-up or assign more weight to future exams.

Dropping the Course:

You, the student, are completely responsible for dropping this class. If this is the last time that you come to class and you do not drop it yourself, you will receive a 0.0. This also applies if you are not doing well in the class--I will not drop you late in the quarter, nor give you an incomplete or NC to avoid getting a 0.0.

Attendance:

While attendance is generally not taken, you are responsible for knowing the material that has been presented in lecture. If you miss a lecture, you are expected to get the notes from another student. An individual mini-lecture will not be provided for your benefit, nor will notes be given out from the instructor.

Extra Credit:

The maximum amount of extra credit will be 15 points.

1. You can earn a few extra credit points by participating (and doing well) in a stock market contest. In addition, homework and contests throughout the quarter will allow you to win money that will be added to your stock account.

2. If you read an interesting article related to the class during the semester, you can write two paragraphs of your opinion for a maximum of 5 points extra credit. You can do two articles for a maximum of 10 points extra credit. Be sure to include the article (or a copy of it) with your work. I am mainly looking for your opinion of the article as opposed to simply a summary. Instead of an article, you can also write up your experience attending an event related to economics.

3. Extra credit assignments involving algebra may be given out.

Cheating:

Cheating is not allowed. Cheating includes looking at someone's exam paper (or allowing yours to be looked at), giving a false excuse for taking a make-up, discussing the exam with someone who has not taken it, using a cheat sheet, sharing answers with a calculator, using formulas in a calculator, communicating with cell phones, etc. No dictionaries are allowed at exams. You may not copy someone else’s homework or allow yours to be copied. Looking at someone else’s exam is cheating, whether you copy an answer or not. I usually flunk cheaters at the end of the quarter. This is your only warning.

Talking in Class:

Students are expected to pay attention to the classroom discussion. If you are talking to a friend during class, even in a low voice, you may be asked to leave. No game playing. No cell phones.

Students with Disabilities:

Students with disabilities who believe they may need academic adjustments, auxiliary aids or services to fully participate in course activities or meet course requirements are encouraged to register with the Access and Disability Services (ADS) Office, Room N115 in the Sunrise Building. You may also call the ADS Office at (253) 964-6460 or 964-6526 to make an appointment.

Students requesting accommodations must obtain the “Approved Quarterly Academic Adjustments, Auxiliary Aids or Services” (green) form provided by ADS.

Emergency Procedures for Classrooms:

Call 911 and then Campus Safety in response to an imminent threat to persons or property. In the event of an evacuation (intermittent horns & strobes), gather all personal belongings and leave the building using the nearest available safe exit. Be prepared to be outside for one hour and stay a minimum of 200 feet from any building or structure. So long as it is safe to do so students are expected to stay on campus and return to class after evacuations that last less then 15 minutes. Do not attempt to re-enter the building until instructed by an Evacuation Director (identified by orange vests) or by three horn blasts or bell rings. Please notify the nearest Campus Safety Officer or Evacuation Director of any one left in the building or in need of assistance. If there is emergency closure of the college due to widespread illness, adjustments may need to be made to the syllabus and/or mode of instruction in order to achieve the course objectives.

Fort Steilacoom Campus Safety (253) 964-6751

Puyallup Campus Safety (253) 840-8481

Course Schedule

Economics 201

Fall 2009

Week

Chapter

Topic

Sep 23 – Sep 25

First Principles

Sep 28 – Oct 2

Sign up for Stock Contest by Tuesday, September 29

Economic Models: Trade-offs and Trade

Supply and Demand

Oct 5 – Oct 9

Homework 1 due Tuesday, October 6

The Market Strikes Back

Oct 12 – Oct 16

Homework 2 due Monday, October 12

Exam 1: Thursday, October 15

Elasticity

Oct 19 – Oct 23

Behind the Supply Curve: Inputs and Costs

Oct 26 – Oct 30

Perfect Competition and the Supply Curve

No Classes Friday, October 30

Nov 2 – Nov 6

Homework 3 due Monday, November 2

Exam 2: Thursday, November 5

Monopoly

Nov 9 – Nov 13

No Classes Wednesday, November 11

Oligopoly

Monopolistic Competition and Product Differentiation

Nov 16 – Nov 20

Homework 5 due Friday, November 20

Externalities

Public Goods and Common Resources

Nov 23 – Nov 27

Exam 3: Tuesday, November 24

No Classes Wednesday-Friday, November 25—27

Stock Contest ends Friday, November 27

Nov 30 – Dec 4

Factor Markets and the Distribution of Income

Taxes

Dec 7 – Dec 11

Exam 4: Tuesday, December 8