St. Francis College – Fall 2011
ECO-2202 Principles of Microeconomics
Instructor: Dr. Julio Huato
Office: SFC 7005 (access through the 6th floor)
Office Hours: M 1PM-3PM; W 1PM-3PM
Office: (718) 489-5331
Section 03 TTh 9:35 AM-11:00 AM; SFC 5306
Section 04 TTh 11:15 AM-12:10 PM; SFC 6402
Video clips: http://www.vimeo.com/user7591971
Catalogue Description: Microeconomics; markets, the price system, and the allocation of resources; competition, monopoly, monopolistic competition, and oligopoly; government and business; the distribution of income.
Prerequisite: ECO 1201. Credits: 3
Readings and Textbook: McConnell, Brue, Flynn, Microeconomics, McGraw-Hill Irwin. It is mandatory to buy the textbook (printed or electronic versions) and have access to McGraw-Hill Connect. Assignments will be web-based (via Connect).
Important Note: Each student should always bring a calculator to class, follow the instructor’s numerical examples, and solve all the problems posed in class. This course does not require previous knowledge of math beyond basic arithmetic, but it will discuss and use mathematical concepts as needed. Every mathematical concept used will be taught in class with examples to facilitate comprehension. Math may pose a challenge to students, but everybody can learn it with enough motivation and effort.
Course Objectives: Help students learn elementary microeconomic principles: (1) method, (2) basic economic concepts, (3) supply and demand analysis, consumer and producer surplus, elasticity, (4) preliminary consumer analysis (preferences and choice) and production analysis (inputs, costs, revenues, profits), (5) preliminary discussion of market structure, market failures and government, and distribution.
Course Rubric: A detailed description of the instructor’s criteria (and expectations) in evaluating student performance (exams, assignments, class participation, etc.) in the course can be found here: http://bit.ly/fqHQP7.
Grading and Other Policies: The final score (0-100) will be determined by the following grading formula: Final Score = (First Exam × .19) + (Second Exam × .19) + (Final Comprehensive Exam × .36) + (Assignments × .16) + (Class Participation × .10)
Final score Grade Quality points
95-100 A 4.00
90-94.9 A- 3.67
85-89.9 B+ 3.33
80-84.9 B 3.00
75-79.9 B- 2.67
70-74.9 C+ 2.33
65-69.9 C 2.00
60-64.9 C- 1.67
55-59.9 D 1.00
Below 55 F 0.00
Four or more unjustified absences — consecutive or not — will lead to an F. Letting the professor know or explaining the professor verbally the reason for an absence is appreciated, but does not mean that the absence is justified. Absences are only justified if a serious personal accident or illness, or death in the immediate family, is involved and properly documented.
Attendance after roll call count as Late. 3 Lates = 1 Absence. Students abandoning the classroom in the middle of a class will be counted as Absent. Frequent movement in and out of the classroom, sleeping in class, inattentive behavior, or leaving before the class ends will count as Absent.
No make-up exams or extra credit assignments will be granted. Exception will be made at the discretion of the instructor if a serious accident or illness, or death in the family is properly documented. Class participation is assessed on the basis of quality (participation that enriches the learning experience of the class), and not only of quantity.
At the discretion of the instructor, participation in the events organized by the Economic Society and O.D.E. (Omicron Delta Epsilon), the International Honor Society in Economics, during the “Activity Hours” will count as class participation or as extra credit. Extra credit work is “curved” at the end of the semester and cannot have a weight in the final score exceeding 10%.
Cell phones, PDAs, and laptop computers must always be turned off during class, unless the professor instructs otherwise. Use of cell phones and PDAs is prohibited during tests. Students should bring a regular calculator to the exam. Students without a calculator in a test will do the calculations by hand.
Students are expected to be honest and forthright in their academic endeavors. Students are encouraged to work together in solving the quizzes and assignments. But plagiarism or cheating in any test will lead to failure (F) in the course.
Topics (estimated time)
Introduction, a basic economy, production possibilities, cooperation & trade (5 sessions)
A simple market model: demand, supply, equilibrium, using the model, elasticity (6 sessions)
Consumer & producer analysis, market structure, market failures, government, distribution (7 sessions)
Students with Disabilities: If you need course adaptation or accommodations because of a documented disability, please make an appointment during my office hours.
Disclaimer: If any stipulation in this syllabus contradicts the official policies of the college, the college’s policies will prevail.