Economics 120 - Principles
of Microeconomics class
Dr. Daniel Kuester
KSU Department of Economics
Waters 302A (Office)
Office Phone: 532-6341
Email: dkuester@ksu.edu
Introduction:
ECONOMICS IS EVERYWHERE!!!!
This was the favorite statement of my undergraduate economics professor and
as time has gone by I have realized he was correct. We make informed economic
decisions every day. You made an informed economic decision by registering for
his class any by showing up this morning. The hope is that the economic benefit
of the class (knowledge, and I would presume hopefully, a good grade) would
outweigh the opportunity cost of showing up for this class (sleeping in or spending
time with family or friends or perhaps earning some additional spending money).
We are going to answer questions much more far-reaching than why you showed
up for class this morning and attempt to discover why the world works the way
it does.
There are many interesting questions which economists are expected to answer.
How can the structure of a market affect the consumer? Why do individuals make
the purchasing decisions they make? Why should the United States participate
in trade with other countries? What are the benefits of international trade?
Should Congress raise the minimum wage? What actions should the government take
to protect the environment? What should be done to ensure an equitable job market
for all Americans? Many economists reach different conclusions when answering
the above questions (and many others). The goal of this class is that you understand
how these types of decisions are made. Hopefully, you will be able to make better-informed
decisions about each of these topics after taking this course.
Course Objectives:
This course is designed to build a fundamental micro economic understanding.
You will study topics ranging from supply and demand in markets to production
decisions facing firms. You will study the concept of elasticity and what costs
are relevant to firms. You should also learn more about why you as an economic
agent make the decisions you make every day. Study of these topics should help
you better evaluate decisions made by businesses, consumers and government in
everyday life and make you a better-informed voter. However, while economics
can be used to explain many situations that occur, it is not without its shortcomings.
Students should be aware that in certain situations economic explanations may
be lacking and should be able to evaluate economic conclusions critically.
Prerequisites:
It is assumed that students taking Econ 120 have successfully completed MATH
010 or an equivalent course. It is assumed that students can read and critically
evaluate graphs. Those of you with some economics background will have an advantage
during the early part of the semester.
Textbooks:
I hope you have already made the necessary market transactions and purchased
the text for this course.
Principles of Microeconomics, N. Gregory Mankiw, Fourth Edition.
If you prefer a traditional study guide, the accompanying study guide with this
text by David Hakes is quite useful in preparing you for examinations and is
recommended for this course.
There is also a Mankiw website at http://mankiw.swcollege.com/ which provides
learning support. This website is customized to assist you with understanding
the Mankiw text and is an excellent source of extra quizzes learning objectives
and it also provides online tutoring. I think that this is a cost effective
replacement for the traditional study guide. Different students have different
learning styles and you should use what you personally find most beneficial.
Here are some additional sources of information, which you may wish to consult.
Principles of Microeconomics by Karl Case and Roy Fair is another good text.
Newspapers such as the Wall Street Journal are filled with examples that will
help you learn material covered in this course.
Academic Dishonesty: Academic dishonesty (a.k.a. cheating) is a serious offense
that can lead to a failing course grade (at a minimum), probation, or expulsion
from the university. You should familiarize yourself with the university’s
policy on academic dishonesty, which is explained in the Undergraduate Studies
Catalog.
Grading:
There will be 500 points available in this class. They will be divided as follows.
Exam #1 - 100 points
Exam #2 - 100 points
Final Exam - 150 points
In class work: - 150 points
Divided as follows:
Quizzes and Homework - 90 points
Attendance and Participation - 30 points
Group Project - 30 points
There will be five quizzes given out during the semester. These will be announced
or unannounced. There also will be three homework assignments given out during
the semester. All homework assignments will be worth ten points and quizzes
will be worth fifteen points each. We will drop your lowest quiz score from
your grade. There are NO makeups for missed assignments or quizzes without approval
from me prior to your missing class.
Attendance and Participation: As a student you are expected to attend class
and actively contribute to the class during the semester. While attendance is
required you do not receive the thirty attendance and participation points “just
for showing up”. This portion of your grade is designed to help you but
it is somewhat subjective as you are expected to be active and attentive in
class. I withhold the right to lower the participation part of the grade if
I believe a student has impaired others ability to learn by being disruptive.
This however, occurs very rarely. Also you have the opportunity to pick up five
bonus points by arranging a “six minute meeting” with me before
July 5. I will have a sign up sheet for times to meet with me during my office
hours where we can discuss anything except economics. If my office hours are
inconvenient ask to meet with me at an alternate time and we will try to arrange
that.
Group Project: We will have an assignment where you are asked to find several
news stories that you can apply to show that Economics is everywhere which will
be an important part of your grade.
Exams: The exams will consist of multiple choice or true false questions and
possibly some problem solving. The study guide and quizzes should help you prepare
for these exams. The final exam will be comprehensive.
Makeup Exams: Please inform me BEFORE a scheduled exam if you cannot attend
and we will either provide you with an alternate exam or weight the final exam
more heavily. YOU MUST INFORM ME ONE WEEK BEFORE THE SCHEDULED EXAM IF YOU CANNOT
BE PRESENT. Otherwise you will receive a score of “0” for that exam.
Calling the night before or the morning of the exam to let me know you cannot
attend is NOT an excused absence.
I also will not grade any homework or exam questions I cannot read. I will give
any unreadable answers a zero grade.
Accommodations: Anyone who will use Disability Support Services to accommodate
their exams or other assignments needs to discuss this with me. I will be happy
to help you secure the necessary accommodations provided by the ADA act.
Other Frequently Asked Questions What can I do if I miss an assignment? The
assignments will be handed out in class or posted on KSTATE online so you need
to consult with me if you need a copy of an assignment.
What should I do if I have some unanswered questions or am concerned about the
class? COME SEE ME, I will make every effort to help you with any questions
you have or you can see the tutor.
Retest Points: I would like to have you divide into groups of two or three.
After you take your exams (not including the final) your group will have until
the beginning of the next class period to turn in a “retest”. This
is an opportunity for you to correct any errors that you made on the in class
exam. Obviously, you may use your text, your notes, or any other resources available
to you to correct any errors you may have made. You should ONLY consult with
your group however, this is a take home test and you are expected to treat it
as such. Each individual can makeup 20% of the points that they missed by turning
in a corrected retest. Your group may turn in multiple sets of answers if you
are unable to agree on all of the answers.
Example: John makes 80 out of 100 on exam one and Dan makes 62 out of 100. The
“retest” score is 96 out of 100. John now gets 84 out of 100. (96-80=16).
16x0.2 = 3.2, 3.2 +80 = 84 and Dan gets a 69 out of 120. (96 – 62 = 34)
34 x 0.2 = 6.8, 7 + 62 = 69.
We will use these groups to try and figure out many economic questions during
the semester so I encourage you to find a group member who will attend class.
You should be able to rely on your retest partners to provide you with notes
if you miss class. I also encourage you to use this opportunity to meet a classmate
you don’t presently know.
IF THE RETEST IS NOT TURNED IN BY 1020 AM OF THE NEXT CLASS PERIOD, NO RETEST
POINTS WILL BE AWARDED. THERE ARE NO EXCEPTIONS TO THIS RULE. I have to stick
to this because I will present the answers at the beginning of the next class
period.
Retest Groups: Please use the message board on KSTATE online to give me the
names of your group members on a sheet of paper.
Questions about Grading: In the unlikely event that a student wants to discuss
his or her final grade for the course, all questions about your grade must be
presented to me on or before TBA. It is your responsibility to keep your quizzes,
homework and other graded assignments to present to me if I am asked to review
your grade.
Disclaimer: The instructor will almost certainly deviate from the schedule.
We will possibly not cover all the material listed on the attachment.
Economics 120
Instructor: Dr. Daniel Kuester
Office: Waters 302 A
Office Hours: TBA
Office Phone: 532-6341 Hw=Homework
Ten Principles of Economics (CH 1)
Thinking like an Economist (CH 2) also Comparative Advantage and Adam Smith
Discussion (CH 3)/Hw1 Assigned
Trading with the World (CH 3) also CH 9* Applications/International Trade (David
Ricardo)
Finish International Trade ALSO Supply and Demand (CH 4)
Supply and Demand Continued (HW 1 DUE)
Demand and Supply Continued/ “Double Shifts”/Review for Exam A
Exam A also Start on Elasticity (Chapter 5)
Elasticity (Ch 5) /Hw2 Assigned
Price Floors and Ceilings (CH 6) Also Taxes/The Amazing Market (Ch 6 continued)
Consumer and Producer Surplus (Ch 7)-Hw 2 Due
Consumer Theory/Maximizing Utility (CH 21 PAGES 455-457 and 463 ONLY)/Review
for Exam B
EXAM B also Extra Practice for Group Projects
Group Projects Day One Also Begin Production Discussion/Types of Markets (CH
13)
Group Projects Day Two Continue Production Discussion Types of Markets
Ch 14 Perfect Competition/Hw 3 Assigned
Ch 14 Continued also Begin Monopoly
Ch. 15 Monopoly/
Ch. 15 Monopoly Continued/Hw 3 Due also Ch 16-17 Monopolistic Competition/Oligopoly
(If Time permits) and Review for Final Exam
FINAL EXAM
* Note that sometimes we will look at chapters in a different order from the
text
There are fifteen chapters listed above. We may not complete all of the topics
listed and skip chapters as the semester goes on. My guess is we will skip (or
shorten the discussion on) chapters as we go rather than not complete the discussion
on Monopoly if we do fall behind. It is very important that you keep up with
the reading for this course and any changes we might make to the syllabus. This
is a subject that incorporates many different ideas which makes it challenging
to take over the summer. Please feel free to come and see me during my office
hours. If these hours are not convenient for you then make an appointment. Economics
is not easy for everyone. Please make good use of the resources offered to you.