Macro Econ 1A
Micro Econ 1B
Last Updated on
August 06, 2007
by
Michael E. Johnson
Merced College
Economics 1B Microeconomics
Fall
Semester, 2007
Michael E. (Mike) Johnson
E-Mail: johnson.mi@mccd.edu
Faculty Website: www.mccd.edu/faculty/johnsonmi
Phone: (209) 599-4657 (Home) (209) 402-5194
(Cell)
Office: 218 Wing A, IAC, (209) 384-6348
Office Hours: 9:00-11:00 am, 12 Noon –
1:30 pm (MWF)
8:15-9:30 am, 11:00 am-12:30 pm (TTH)
Course
Description | Course Objective |
Student Responsibility |
Evaluation and Grades
Attendance | Writing
Assignments | Academic Honesty |
Disabilities | Right to
Change | Calendar | Bio
Getting the most with what we have, that is the essence of the economic problem. It is true for the individual; it is true for the business entities; it is true for government. So, the issue is this: how does society maximize its ability to provide for itself given a scarcity of resources? How does the consumer maximize his satisfaction (happiness)? How does a business maximize its profit? How does government maximize its ability to promote the welfare of its citizens? These objectives are universal, but the interpretation and methods vary from individual to individual, from government to government, and from society to society.
The world is a great marketplace where those who have the desire, willingness, and ability to buy bargain with those who have the desire, willingness, and ability to sell. Everything we want has a cost. Price becomes the great regulator of the marketplace. Price directs resources to the production of those goods and services which society values and is willing to pay for.
All well and good, you say, but what about fairness? Does the marketplace provide the appropriate or most needed supply of goods and services? Does the market distribute its production to all those who have need?
Text: Microeconomics, Eighth Edition: Stephen L. Slavin (ISBN: 0073281476)
This course will focus on viewing the social activities of the individual, the business firm and government from a microeconomic perspective. Accordingly, the class will focus on the following topics:
- Grasping the Basics of Microeconomic Thinking;
- Theory of Consumer Behavior (Maximizing Satisfaction);
- Theory of Business Behavior (Profit Maximization);
- Factor Markets: Land, Labor, Capital;
- Efficiency, Fairness and the Public Sector
An introduction to the principles of microeconomics. Upon successful completion of this course, the student should be able to:
1. Analyze microeconomic theory
including introductory basic principles such as scarcity, choice, and
maximization
theory for the individual, the firm, and government
entities;
2. Discuss the language and methodology used in the discipline of
microeconomics;
3. Compare marginal benefit and marginal cost concepts to demand and
supply theory;
4. Compare and contrast current microeconomic events and evaluate the
impact of microeconomic decisions made
by business, consumers and government entities;
5. Analyze, compare and contrast goods and services markets with
factor (resource) markets;
6. Evaluate the impact of government policy actions on free market
operation, identifying positives and negatives
appraising efficiency verses fairness issues;
7. Illustrate how the micro economy impacts our individual lives,
present, and future.
Discipline! Doing what you are supposed to do when you are supposed to do it. Being where you are supposed to be when you are supposed to be there. I expect you to attend class and be on time! One of my biggest irritations is a student who arrives late or leaves early. There will be extra credit attendance points awarded at the end of the semester based upon your attendance.
I expect you to read assigned material before coming to class. I expect you to turn in assignments when they are due.
You will be evaluated according to points you earn during the semester. Your grade will be determined by the total points you earn.
Quizzes (10) @
20
points each
200 points
20% A = 900-1000 points
Exams (3) @ 100
points each 300 points
30% B = 800-899 points
Final Exam
200
points 20% C = 700-799 points
News Analysis (5) @ 25 points each
125 points 12.5% D = 600-699 points
Case Studies (5) @ 20 points each
100 points
10%
Final Paper (1) @ 75
points 75 points 7.5%
Total Possible Points 1000 points
Attendance, Make-Up and Deadlines
You are expected to attend class, to arrive on time and remain throughout the class period. I understand that occasionally situations arise that require you to leave early or arrive late. I take it as a personal courtesy to let me know at the beginning of the class if you have to leave class early. I reward faithful attendance by awarding up to 50 extra credit points at the end of the semester. Following is how you may earn these points:
Attend
93-100% of the class sessions Receive 100% of the possible
points (50)
(miss no more than 3 hours of class instruction)
Attend
85-92% of the class sessions Receive
60% of the possible
points (30)
(miss no more than 6 hours of class instruction)
Attend
85-89% of the class sessions Receive
20% of the possible
points (10)
(miss no more than 9 hours of class instruction)
Please, while in class, turn off that cell phone!
I do not like late work! Late work is a burden on me from a grading requirement, unfair to students who discipline themselves to turn in assignments on time, and often leads to cheating. Recognizing that there may be instances when you simply cannot get work turned in, I will make the following accommodations:
Quizzes – We will have 10 quizzes over the course of the semester. Sometime toward the end of the semester I will declare free quiz day and award a quiz number 11 score to those in class that day. Quiz number 11 will be worth 20points. Of the total 11 possible quiz scores, I will count the ten highest scoring quizzes for grading purposes.
Journal Articles – The five journal article reports are due on an approximately every other week schedule over the course of the semester. I will give a due date for each report and accept it until the next article is due. Once the due date for the succeeding article arrives, no prior articles will be accepted.
Exams – We will have a total of four exams during the semester, of which three will be counted for grading purposes. I will drop your lowest exam grade. If you miss an exam and want to make it up, it will be subject to the Late Work Penalty below. In addition, I will only allow you to make up one exam during the semester.
Papers & Case Studies – Your case study reports and your final term paper are expected to be turned in on time.
Late Work! I will accept late assignments up to one week after the due date, but will assess you a 20% penalty for being late. Beyond one week, I will not accept late assignments.
Two writing assignments are required:
- A term essay (750-1000 words) based on a format I will give you;
- A written analysis
according to a format I will provide of five current news reports
dealing with a microeconomic topic.
I like to think that you and I can respect each other. Respect means trust, and trust means honesty. I also want you to know that I will make myself available to help if you are having a problem with the material in this class. But please be advised that “academic dishonesty” is a violation of the Standards of Student Conduct developed by the Merced College Faculty Senate, approved by the Board of Trustees, and administered by the Vice President of Student Personnel.
“Academic dishonesty includes, but is not limited to, cheating, plagiarism, collusion, and misuse of college computers and software. Disciplinary actions may include an oral reprimand; a failing grade on all or part of a particular paper, project, or examination; or the assignment of an ‘F’ grade in cases where the dishonesty is more serious, premeditated, or a repeat offense.” (Merced College Catalog, 2007-08, p. 21)
Plagiarism means presenting someone else’s ideas or writing as if it were your own. Someone else’s work must be clearly designated. So, use your own words. This requires that you understand what someone else has written or said, and that you can communicate your understanding. Changing a few words and suggesting that someone else’s work is now yours is still plagiarism. The key is to disclose someone else’s work through the use of footnotes or other designation or be original and critical in your thinking.
If you have any sort of disability that may require a personal learning accommodation to be successful, you may want to disclose this to the instructor. Also, please be aware of the Merced College Department of Disabled Student Services (DSS). “DSS provides support services and educational accommodations to students with disabilities allowing them to benefit from the college experience equally with non-disabled students.” (Merced College Catalog, 2007-08, p. 37).
The instructor reserves the right to make necessary changes in the syllabus, course content and dates of assignments, tests and instructional techniques.
Proposed Class Calendar: ECON 01B – INTRODUCTION TO MICROECONOMICS
To get the most out of this class, you must come prepared. Read your text, complete all assignments, and be prepared to interact. Come with a positive attitude, a desire participate, share, connect, have fun, and learn.
Part 1: “Grasping the Basics of Economic Thinking” (January 15-February 14)
Ch 2: Resource Utilization
Quiz 1
Ch 3/5: Supply & Demand
Quiz 2 Article 1
Ch 4: The Mixed Economy
Quiz 3 Case Study #1/Article 2
Ch 6: Elasticity of Demand & Supply
Exam 1 (Chp's 2-6) (February 14)
Part 2: “Theory of Consumer Behavior” (Maximizing Satisfaction) (February 16-February 21))
Ch 7: Theory of Consumer Behavior Quiz 4 Case Study 2
Part 3: “Theory of Business Behavior (Profit Maximization)” (February 23-March 28))
Ch 8: Production and Cost
Quiz 5 Case Study 3
Ch 9: Perfect Competition
Exam 2 (Chp's 7-8) (March 5))
Article 3
Ch 10: Monopoly
Quiz 6 Case Study 4
Ch 11: Monopolistic Competition
Quiz 7 Article 4
Ch 12: Oligopoly
Exam 3 (Ch's 9-12) (March 28)
Part 4: “Factor Markets: Land, Labor & Capital” (March 30-April 27)
Ch 14: Demand in the Factor Markets
Ch 16: Labor Markets & Wages
Quiz 8
Ch 15: Labor Unions
Term Essay Due
Ch 17: Rents, Interest & Profits
Exam 4 (Ch's 14-17) (April 27)
Part 5: “Efficiency, Fairness and the Public Sector” (April 30– May 18)
Instructor Material: Efficiency & Fairness in Markets
Quiz 9 Case Study 5
Ch 18: Income Distribution & Poverty
Quiz 10 Article 5
Instructor Material: The Public Sector
Michael E. (Mike) Johnson -- Biography
Graduated with B.S.
Degree in Economics, Idaho State University, 1969
U.S. Navy, 1969-1973
Defense
Language Institute, Monterey, CA – French Language
Naval
Communications Station, Sidi Yahia, Morocco
Naval
Communications Station, Rota, Spain
Idaho Bank & Trust Co.,
1973-1975, Management Training Program, Auditor
Masters, Business
Administration, Idaho State University, 1977
J. R. Simplot Co,
1975-2002 – Large, privately held agribusiness corporation, Boise, ID
Market
Analyst, 1975-1977
Director, Financial Services, Retail Farm Supply, 1977-1983
District Manager, Northern CA, Retail Farm Supply 1983-1989
Regional Sales Manager, CA Region, Retail Farm Supply, 1989-1999
Director, Fertilizer Planning, Purchasing & Supply, Agribusiness Group
1999-2002
Retired, December, 2002
MEDEX, 2003-2004
Senior
Business Consultant
Merced
College, 2003 to Present – Instructor
of Economics