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Principles of Microeconomics

RUTGERS UNIVERSITY
Department of Economics
Course Syllabus: EC 102/90 [Online]

Principles of Microeconomic ~ Spring 2013

Instructor:

Babu Dasari

Office Hours:

Tu. Th. 2:00 – 3:00 PM (Armitage Hall – 317)

Email:

babu.dasari@rutgers.edu

(Email contact is strongly preferred; you must use your Rutgers email, and always mention course number in your email. During the week, I will normally respond within 48 hours. If I have not responded within 48 hours, please send a follow-up email)

Course Goals

This course intends to provide students with introductory exposure to basic economic principles and the fundamentals of microeconomics. After completing this course students are expected to have a basic understanding of the material covered and be reasonably able to apply economic principles, concepts, ideas and ways of thinking to inform their understanding of the complex we live in.

At the end of this course, students will learn how to derive demand given consumers’ preferences and budgets, and how to derive supply given the firm’s objectives, and determine the market equilibrium in competitive and noncompetitive markets. Students should understand how economic agents make strategic or nonstrategic decisions with and without uncertainty. Students will also know why markets fail, why some markets are inefficient, and how government deal with market failures and inefficiencies.

Teaching Methods

  • Discussion forums; PowerPoint Slides;   Streaming Videos; Internet Resources

Prerequisites

  • Basic AlgebraAlgebra, self-discipline in meeting deadlines, persistence on working through problems independently, and ability to communicate effectively through the written word at the undergraduate level in the online environment. 

Textbook

Michael Parkin, Microeconomics, Addison Wesley (Pearson) 10th ed., 2012 (buy with access code to MyEconLab) ISBN: 9780132950992

Grade Components and Final Grade Calculation

  • Your grade in the course will be determined as follows:

Assessment Component

Weight in percent

Online Homework

20%

Quizzes (2)

20% (10% each)

Mid Term

20%

Discussion Forums (2)

10%

Final

30%

There will be 2 quizzes comprising of 20% of your course grade. In week 5, there will be Quiz 1 from Chapters 3 and 4. In week 11, there will be Quiz 2 from Chapters 8 and 9. In week 8, there will be a midterm from Chapters 1 through 6 comprising of 20 % of your course grade. In week 16, there will be final exam from Chapters 8 through 13.

There is a 20% weight given to your online homework. In almost every week there will be an online homework. In order to do your online homework, quizzes, midterm and final exam; you should gain access to MyEconLab / PearsonMyLab. The following are couple of options to gain access to PearsonMyLab for doing your online homework.

  1. Buy hard textbook with package – PearsonMyLab  / MyEconLab
  2. Buy e-textbook with package – PearsonMyLab  / MyEconLab
  3. Buy access to MyEconLab / PearsonMylab by registering at pearsonmylab.com

Every online homework / assignment will be open for at least 7 days. After the due date you cannot access your online homework / assignment. In order to register to PearsonMyLab you need the following Course ID: dasari47106

In all, there are 2 discussion forums. In week 5 and week 11, the discussion forums will be open in Sakai. The initial post of the discussion forum has to be submitted before Wednesday midnight of the respective week. 2 reaction posts are due by Sunday midnight. The rules of the Discussion Forum will be explained in detail in Sakai.

Most importantly, quizzes, midterms, discussion forums, homework and final exam are time sensitive. Hence, students are advised to log in both Sakai and PearsonMyLab at least once in a day.

Letter grades for the entire course will be assigned as follows:

Final Grade Rubric

Grade

Range

Grade

Range

Grade

Range

A

   B +

B

90 – 100

85 – 89.99

80 – 84.99

    C +

C

D

75 – 79.99

70 – 74.99

60 – 69.99

F

0 – 59.99

Course Policies

Missed Examinations and / Assignments

There will be no make-up tests! If you miss a test, the test will be scored as a “zero”.

Academic Violations

I follow a policy of zero tolerance for violations of standards of academic conduct. Please refer to the following document on Rutgers Academic Integrity Policy

http://academicintegrity.rutgers.edu/files/documents/AI_Policy_9_01_2011.pdf

Disability Statement

This course is open to all students who meet the academic requirements for participation. Any student who has a need for accommodation based on the impact of a disability should contact the instructor privately to discuss the specific situation as soon as possible.  Information about requesting accommodations can be found at:

http://learn.camden.rutgers.edu/disability/disabilities.html

COURSE SCHEDULE

Week

Subject – Topic

Reading: Textbook (mandatory)

Things to Do

Week 1

(Jan. 22 – Jan.27)

Introduction: What is Economics?

Textbook: Parkin (2012), Chapter 1

Buy the textbook and get registered to www.pearsonmylab.com

Week 2

(Jan. 28–Feb. 3)

Graphs in Economics & Economic Problem

Textbook: Parkin (2012), Chapter 1 Appendix and  Chapter 2

Online HW: Appendix Chapter 1 and Chapter 2

Week 3

(Feb.4 – Feb. 10)

Demand and Supply

Textbook: Parkin (2012), Chapter 3

Online HW: Chapter 3

Week 4

(Feb.11-Feb. 17)

Demand & Supply, and Elasticity

Textbook: Parkin (2012), Chapter 4

Online HW: Chapter 4

Week 5

(Feb.18 –Feb.24)

Textbook: Parkin (2012), Chapters 1 through  4

Quiz 1: Chapters 1 to 4 Discussion Forum 1:

Week 6

(Feb.25-Mar.3)

Efficiency and Equity

Textbook: Parkin (2012), Chapter 5

Online HW: Chapter 5

Week 7

(Mar.4- Mar.10)

Government Actions in Markets

Textbook: Parkin (2012), Chapter 6

Online HW: Chapter 6

Week 8

(Mar.11-Mar.17)

Textbook: Parkin (2012), Chapters 2, 3, 4, 5 and 6  

Mid Term: Chapters 2, 3, 4, 5 and 6

Week 9

(Mar.18-Mar.24)

Utility and Demand

Textbook: Parkin (2012), Chapter 8

Online HW: Chapter 8

Week 10

(Mar.25-Mar.31)

Possibilities, Preferences and Choices

Textbook: Parkin (2012), Chapter 9

Online HW: Chapter 9

Week 11

(Apr.1-Apr.7)

Textbook: Parkin (2012), Chapters 8 and 9

Quiz 2: Chapters 8 & 9

Discussion Forum 2

Week 12

(Apr.8-Apr.14)

Organizing Production

Textbook: Parkin (2012), Chapter 10

Online HW: Chapter 10

Week 13

(Apr.15-Apr.21)

Output and Costs

Textbook: Parkin (2012), Chapter 11

Online HW: Chapter 11

Week 14

(Apr.22-Apr.28)

Perfect Competition

Textbook: Parkin (2012), Chapter 12

Online HW: Chapter 12

Week 15

(Apr.29-May.5)

Monopoly

Textbook: Parkin (2012), Chapter 13

Online HW: Chapter 13

Week 16

Textbook: Parkin (2012) Chapters 8, 9, 10, 11, 12 and 13

Final Exam: Chapters 8, 9, 10, 11, 12 and 13