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Economic Reasoning and Applications

Rutgers University
Economic Reasoning and Applications
(50-220-200: 3 credits)

Instructor:  Madan Mittal
Class Meeting Day:  Fridays
Class Meeting Times:  12:20 p.m. – 3:00 p.m.
Class Meeting Place:  Business and Science Building (BSB) 116
Email:  You may contact me directly through the Sakai website. 
You can also contact me at my personal e-mail shown below.
madanlmittal@gmail.com

Course Objective
This course will introduce the essential elements of micro and macroeconomic reasoning and its practical applications at a fundamental level. Topics include Resource Allocations, Basic Economic Relations, Consumer Behaviors and Optimal Decisions, Production and Cost Analysis, Economic and Management Decisions, Market Structures, Unemployment and Inflation, Business Cycles, Financial Markets, the US and Global Issues, and Government Policies. After the coverage of each topic, students will be asked to gather economic data/information and use simple analytical tools to examine the validity of each economic practical application. Economic news and real-life examples will be used how each theorem can be applied to practical issues/situations.

Learning Objectives 
After completing this course, the student will be able to

  1. Better understand and analyze the day to day economic concepts he/she is exposed to in his/her daily life.
  2. Use a systematic approach to analyze economic situations faced in daily personal and professional life and making informed economic decisions.
  3. Organize, analyze and explain economic information.

After this course, students will be equipped with critical thinking and analytical ability to make better decisions.

Textbook and Other Required Materials
The text for this course is Economics: Theory through Applications v. 1.0, by Russell Cooper and A. Andrew John, Flat World Knowledge.

The ISBN 13 # is 978-1-4533-2836-1.

Students should have a non-programmable calculator (available for about $5 in Staples). No exam may be taken with a programmable calculator or cell phone.

Course Requirements and Grade Evaluation
Grades will be based on your performance in Homework, Quizzes, Midterm Exam and Final Exam. 

Evaluation ToolWeight
Homework (4 Assignments, 5% Each)20%
Quizzes (2 Quizzes, 10% Each)20%
Midterm Exam20%
Final Exam40%

 

Letter Grades  
A         85.0-100.0B+       78.0-84.9B         70.0-77.9
C+       64.0-69.9C         58.0-63.9D         50.0-57.9
F         Below 50.0  

Homework Assignments, Class Prep & Participation
Students are responsible for reading the chapters, preparing assigned problems and analysis for discussion before each class. Do them early to avoid any emergencies preventing your completion by the due date. If a Homework assignment is submitted to me by the end of the class on the day it is due, you will get 100% credit for what you score.  However, if your assignment is late and submitted to me by 12:00 Noon on the first Wednesday after the due date, you will get 50% credit for what you score.  There will be no credit for assignments submitted later than that.

Please access the Sakai site regularly for any updates or notices.

Quizzes
If I am notified in advance that you cannot take a Quiz when it is scheduled, I will arrange a make-up date.  If you take the Quiz on the make-up date, you will get 100% credit for what you score.  If you fail to take the Quiz on the make-up date, 50% of the weight for that Quiz will go to the Midterm Exam or the Final Exam if Midterm Exam has already passed.

Exam Policy
Questions are based on assigned textbook readings, homework problems, class lectures and discussions. You are responsible for concepts that are assigned in the readings even if they are not explicitly covered in class.

Midterm exam
No makeup exams will be administered. The weight of a midterm in the final grade calculation will fall on the final exam if a midterm is not taken.

Final Exam
Grades of incomplete will not be given to students who do not take the final exam unless I am contacted prior to submitting my grades with written documentation of hospitalization, etc. Students who do not take the final exam and do not present credible written documentation will receive a zero on the final.

Academic Integrity
Cheating or the appearance of cheating will result in an automatic F for the course. I encourage working together on homework; however, hand in individual assignments.

Attendance/Class Participation and Rules
Regular attendance in class is expected.  Active participation in class discussions is important for the success of our class. Please give me an email notification if you must miss class. Please turn off speaker/sound on all cell phones, headphones, personal computer and electronic devices before class begins.

Statement on Academic Freedom
Freedom to teach and freedom to learn are inseparable facets of academic freedom. I ask that you respect each other’s opinions, especially when they differ from your own.

Students with Disabilities
I ask any student with a need for accommodation based on the impact of a disability to inform me as soon as possible. The Office of Disability Services (856-225-6442) is part of the Rutgers-Camden Learning Center located in Armitage Hall, EOF Office Suite, Rooms 358-368. Tim Pure, is the Disability Services Coordinator. He can be reached by contacting the Rutgers-Camden Learning Center at (856) 225-6442 or at tpure@camden.rutgers.edu. Also, visit the Office of Disability Services website http://learn.camden.rutgers.edu/disability/disabilities.html

Together, we will coordinate reasonable accommodations for students with documented disabilities.

Office Hours
I will be available on Wednesdays from 5:00 PM to 6:00 PM and Fridays from 11:00 AM to 12:00 Noon and by appointment in Room 332 Armitage Hall.

Reading Assignments Subject to Change
A list of reading Assignments for the semester is shown below.  Additions and changes will be communicated to you during the class.

WeekClass MeetsRead
1Friday, January 25Chapters 1, 2 & 3
Friday, February 1Chapters 4 & 5
3Friday, February 8Chapters 6 & 7
4Friday, February 15Chapters 8 & 9
5Friday, February 22Chapters 10 & Quiz 1
6Friday, March 1Review Quiz 1 & Ch. 11
7Friday, March 8Chapters 12 & 15
8Friday, March 15Mid Term Exam & Ch. 16
9Friday, March 22Spring Break
10Friday, March 29Review MT & Chapter 17
11Friday, April 5Chapters 18 & 19
12Friday, April 12Chapters 20 & 21
13Friday, April 19Chapter 22 & Quiz 2
14Friday, April 26Review Quiz 2 & Ch. 24
15Friday, May 3Chapters 25 & 27
 FINAL EXAMTBA