Waycross College

Syllabus

Online ECON 2106

Course: ECON 2106 – Microeconomics

Semester: Spring 2010

Instructor: Jermaine Whirl, MBA, CLF®

Office: Off-Campus

Online Hours: M and Th 6:00-7:00PM  on WebCT

Email: jwhirl@ega.edu

Website: www.ega.edu/facweb/jwhirl

Phone: 912-688-6964

Course Description

The fundamental principles of microeconomics. A study of individual economic units, consumer and firms, theory of price determination, supply and demand, income distribution and allocation of resources.

Course Objectives

1.    Illustrate the relationship and interaction of demand and supply.

2.    Differentiate between market structures: perfect competition, monopoly, monopolistic competition, and oligopoly.

3.    Demonstrate an understanding of labor markets, income distribution, and environmental economics.

4.    Identify the various antitrust laws and regulations.

5.    Describe marginal utility, law of diminishing marginal utility, and opportunity costs.

6.    Distinguish between the different types of price elasticity of demand and price elasticity of supply.

Textbook: Economics for Today, Irvin B. Tucker, 6^th Edition, 2008 WITH Cengage Now passcode Cengage Now login:  http://academic.cengage.com/sso/       

Grading Scale

Each Student can earn a total of 600 Points

Breakdown

Exam 1=100 Points

Exam 2= 100 Points

Final Exam= 100 Points

Weekly Quizzes= 120 @ 10 Points Each

Discussion Board= 130 @ 10 Points Each

Paper= 50 Points

Grading:

A= 521-600

B= 441-520

C= 361-440

D=301-360

F=0-300

Exams

All exams will be open book. As such, students can expect more challenging questions on exams. A specific amount of time will be allotted in which to complete each exam. This time begins as soon as the exam is opened.

Discussions

Your discussion grade will be based on both your original post and a response post commenting and/or adding to the discussion of another classmate. You will respond to a weekly discussion question posted by your instructor. In addition, you must also post at least one reply to a classmate’s post per week. To receive full credit, posts must contribute to the discussion. For example, posts such as “I agree”, “That was a good thought”, “Yup”, “I didn’t see it that way”, etc will not earn credit.

Make-Up Policy

No make-up work will be given due to the online format of this course. Ample time is allowed in which to complete all exams and fulfill all requirements.

Tentative Course Schedule

I.                    Microeconomic History

a.        Comparative Economic Systems Intro

II.                  Economics Today Foundations:

a.        Scarcity Management

                                                               i.      Why does Michael Jordan make more money than the president?

b.       Factors of Production/ Production Possibilities Frontier

c.        Alfred Marshall (The mathematician speaks of economics)

                                                               i.      Principles of Economics Textbook- What 

III.               Demand and Supply Analysis

a.        Dynamics of The Free Price System

                                                               i.      Invisible Hand

                                                              ii.      Tragedy of the Commons

1.       Trade-Offs & Opportunity & Sunk Costs

2.       Government Caused- Shortages & Surpluses

b.       Understanding the invisible hand

c.        International Trade- Comparative & Absolute Advantage

                                                               i.      Labor Market Analysis

1.       Minimum Wage Case

2.       Backward Bending Supply Curve

3.       Labor Unions

                                                              ii.      Why do teachers make less than engineers? Is this fair?

                                                            iii.      Austrian Economics- The Marginal Theory

1.       How does McDonald’s know how many people to hire?

2.       Understanding Externalities (MB & MC)

3.       Indifference Curves- Problems with Social Welfare Programs/ Experimental Economics (budget constraints)

4.       Income and Substitution Effect

5.       Utility Maximization

d.        Elasticity

                                                               i.      Point, Arc, & Price

                                                              ii.      Grocery store research projects

                                                            iii.      Coke Vs. Pepsi

                                                            iv.      Excise Taxes- Why tax sin?; Who has the burden of the tax?

                                                             v.      High gas prices; Who’s fault is it?

                                                            vi.      Deriving Demand Curves/ (Using Utility-Indifferent Curves)

IV.               The Cost Family (Analysis)

a.        Production Functions (Diminishing, Constant, Increasing Returns)

b.       The Total Cost Family

c.        The Marginal Cost Family

d.       The Average Cost Family

e.        Profit Maximizing Situation

                                                               i.      Short-run

                                                              ii.      Long-run

V.                  Competitive Markets

a.        Perfect Competition w/(assumptions)

                                                               i.      Farmer’s Markets

                                                              ii.      Short-Run

                                                            iii.      Long-Run

VI.               Imperfect Competition

a.        Monopoly

                                                               i.      Natural

                                                              ii.      Created

b.       Oligopoly

                                                               i.      Concentration Ratio

VII.             Public Finance

a.        Public Goods

b.       Supply Side Economics

                                                               i.      Laffer Curve

                                                              ii.      Reganomoics (Voo doo Economics)

c.        Taxes

VIII.          Managerial Economics Decisions

Outside Reading Sources:

 “Econopower”

"Wall Street Journal"

This is a tentative schedule only. The instructor reserves the right to change any and all items and timing of the schedule. Any changes that are made will be communicated in a timely manner.

Attendance Policy

Attending class regularly allows the student interaction with instructors and other students in the learning process. Students are responsible for attending class and for the material presented in all classes. Attendance will be evidenced by participation in this course including completing assignments, exams, and contributing to any assigned discussion for each week.

Students who have missed twenty percent of regularly scheduled class meetings may be withdrawn from the course. However, your instructor for this course does not choose to exercise this right. Each student is responsible for dropping the course if necessary. The course may be dropped without academic penalty by the designated date published in the Academic Calendar and the student shall receive a W grade for the semester. A grade of W or WF may be assigned by the instructor after mid-semester. If the student does not officially drop the course, they will be awarded the grade earned in the course at the end of the semester.

Classroom Etiquette

Although this course is online, it is still a classroom and not a chat room. All off topic, derogatory, or inappropriate comments are not permitted.

Dropping A Course Without Penalty

In order to officially drop a course without penalty, a student must obtain and fill out a Drop/Add form from the Registrar's office, acquire appropriate signatures, and return the completed form to the Registrar's office before the designated date published in the Academic Calendar in the Waycross College Catalog.

Incomplete

The grade of incomplete is given to students who for reason of illness, accident, or emergency are unable to complete a segment of the course. At least 75% of the course requirements must be met with a passing grade before an incomplete will be considered. In no case will the grade of incomplete be given as a means to avoid a failing grade.

Plagiarism

Plagiarism is prohibited. Plagiarism is defined by Webster as the stealing and passing off of the ideas or words of another as one’s own. Further, the MLA Handbook states, “Plagiarism may take the form of repeating another’s sentences as your own, adopting a particularly apt phrase as your own, or even presenting someone else’ line of thinking in the development of a thesis as though it were your own.”

For further information about plagiarism, see Lester, Writing Research Papers. Alleged violations involving plagiarism and other academic misconduct will be handled according to the procedures outlined in the Waycross College Student Handbook.

Academic Support Center

The Academic Support Center (ASC) offers supplemental instruction to all students enrolled at the College. Students may be referred by instructors or may independently seek additional help. The ASC provides alternative learning opportunities which allow students to develop strengths and to eliminate deficiencies. The ASC, staffed by members of the faculty and student tutors, offers assistance to students enrolled in any course. The ASC offers tutoring and supplementary materials in reading, writing, and mathematics; provides alternate learning strategies through audio-visual, individualized, computerized, self-paced, and one-on-one tutorial work; offers assistance in developing effective study skills; and helps students prepare for the Regents' Test. In addition, students enrolled in core curriculum courses may find materials on writing research papers and critiques, taking essay and objective tests, and mastering the mathematical skills necessary for chemistry, physics, and nursing classes.

ADA Statement

“The College is committed to providing accessibility to all students in accordance to ADA/504 guidelines. Students should contact the Director of Student Life regarding accessibility.”

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