AZUSA PACIFIC UNIVERSITY

SCHOOL OF BUSINESS & MANAGEMENT

ECON 351: Intermediate Microeconomics

Spring 2008, Dr. Roger Conover

Wilden 219; (626) 815-3823; rconover@apu.edu

 

Azusa Pacific University

MISSION STATEMENT

 

Azusa Pacific University is an evangelical Christian community of disciples and scholars who seek to advance the work of God in the world through academic excellence in liberal arts and professional programs of higher education that encourage students to develop a Christian perspective of truth and life.

 

SCHOOL OF BUSINESS AND MANAGEMENT

MISSION STATEMENT

 

The mission of the School of Business and Management is to advance the Kingdom of God by integrating a Christian perspective into life through business and management education. We are dedicated to maintaining a dynamic teaching environment where current, relevant business theories and practical tools are implanted, and students develop linkages between faith, learning and application

 

Summary:

 

This course expands and deepens the student’s understanding of microeconomics by extending the concepts and tools of economic analysis developed in the Principles of Microeconomics course. The course develops more in-depth models of interactions in society: consumer choice, firm decisions, perfect and imperfect competition. Issues of uncertainty and strategic interaction are addressed as well as extensions to general equilibrium.  

 

Economics is really a way of thinking, a “paradigm.” So, to use a popular phrase, learning economics requires a “paradigm shift-” a change in the way that you view the world. Economics is analytical and structured, using math and graphs to represent or model behavior in the world. We will use algebraic and graphical analysis extensively. Students preparing for graduate school are strongly encouraged to work through the separate calculus-based derivations of the material.

 

Prerequisite:            ECON 251 Principles of Microeconomics

 

Course Objectives: By the end of this course, students should be able to:

 

  1. Discuss the role of values in economic activity and articulate an understanding of a set of core Christian values that impact economic behavior.

 

  1. Describe the components of the microeconomy and the interrelationships among them.

 

  1. Detail a variety of models of microeconomic decision making and interactions and understand the implications of these models for policy choices.

 

  1. Explain the effects of government policy on microeconomic activity.

 

  1. Differentiate among various perspectives on policy recommendations for attempting to improve microeconomic conditions.

 

Required Text and Materials:

Microeconomics, 4th Edition by Perloff, (Pearson / Addison Wesley, 2007)

 

Office Hours: Drop by my office Monday 10:30 – 12 noon and Wednesday 1:30 – 3 PM, or make an appointment with me. E-mail also works for some questions.

 

Revisions:

This syllabus may be revised during the semester by the professor as needed, including dates for exams. Indeed, since this is a new course, revisions are likely, especially to the schedule. Any revisions to the syllabus will be announced in class.

 

General Grade Expectations:

Your grade will depend upon your performance on the homework and exams. No extra credit is available except as may be occasionally announced in class. Students who are concerned about their grades should see me as early as possible during the semester to work out possible strategies for improving your performance. Grades will not be changed after the course is over except in the case of clerical error. Grade appeals procedures are in the Student Handbook.

 

In general, the following guidelines will apply to this course. Your specific grade will be determined by the point total that you accumulate throughout the course.

 

Grade A: Outstanding knowledge regarding details, assumptions and implications of Intermediate Microeconomics; demonstrates superior thinking with information relevant to application, critique, relationship to other information.

 

B: More than adequate knowledge regarding technical terms, distinctions, ability to begin using information; demonstrates ability to think clearly about the information and its relationship to other information.

 

C: Basic knowledge needed to function and carry on learning regarding major principles, central terms, major figures; awareness of the field.

 

D: Serious gaps in knowledge, confusion of concepts and categories, inability to recall basic information.

 

F: Absence of knowledge, incapable of carrying on a conversation about the subject, misunderstands most concepts, confuses all categories.

 

Specific Grading Policy: There are 400 points possible in the course:

 

            Homework (10 x 10)                                                100     (TBA scale)

Exams (2x100)                                                         200     (TBA scale)

            Final Exam                                                               100     (TBA scale)

                                                                                                400

 

Homework problems will be assigned from the end-of-chapter problems and cases. If the assigned question is a discussion question, your answers must be typed. If it is a calculation problem, please write neatly (no need to type). While you may discuss the problem sets, you may not show each other your specific answers (this is to try to prevent intentional or inadvertent copying).

 

The exams will be one class period each. These and the final will consist of a combination of objective, short answer and discussion questions and calculation problems. No notes or study aids (including the papers of other students) may be used. Calculators? OK.

 

The final will be comprehensive, though most of the weight will be on material covered since the last exam. There will be no make-up exams. With PRIOR approval the points on one missed exam will be added to the value of the final and the results scaled appropriately. There is no provision for missing more than one exam, and you MUST take the final.   

 

Participation:

Students are expected to come to each class fully prepared. This includes a full and complete reading of the material assigned for the day. The professor will pose questions each class period for discussion, and will evaluate each student’s participation in the discussion on the basis of how well the answers given reflect knowledge of the reading material and how well the student is able to critically evaluate and apply that material. Additionally, specific questions may be assigned from time to time that will be discussed in class. By definition, failure to attend class means that the student is not participating for the class.


Academic Honesty:

 

Students in this and all courses at Azusa Pacific University are expected, as part of their enrollment, to uphold the following Academic Integrity Pledge:

 

“As a student at this Christ-centered University, I will uphold the highest standards of academic integrity.  I will not lie, cheat, or steal in my academic endeavors, nor will I accept the actions of those who do.  I will conduct myself responsibly and honorably in all my academic activities as an Azusa Pacific University student.”

                       

The mission of Azusa Pacific University includes cultivating in each student not only the academic skills that are required for a university degree, but also the characteristics of academic integrity that are integral to a sound Christian education.  It is therefore part of the mission of the university to nurture in each student a sense of moral responsibility consistent with the biblical teachings of honesty and accountability.  Furthermore, a breach of academic integrity is viewed not merely as a private matter between the student and an instructor but rather as an act which is fundamentally inconsistent with the purpose and mission of the entire university.  A complete copy of the Academic Integrity Policy is available in the Office of Student Life, the Office of the Vice Provost for Undergraduate Programs, and online.

 

While I strongly recommend discussion / study groups, you may not share your answers to homework problems with each other. You may not give or receive any assistance on exams except from the course professor. This includes exams from former students of the course. Any work throughout the course that appears to have been copied from another source without appropriate citation of that source violates the standard of academic integrity. If material appears to be copied, or other cheating occurs, all students involved will receive zero points for that assignment. Second violations will result in all students involved being assigned a grade of “F” for the course.

 

Signing a role sheet for another student is considered forgery and will result in being assigned a grade of “F” for the course. Any other acts of academic dishonesty will be dealt with in a similar manner. In any case of a suspected violation of the standards of academic integrity, the incident will be reported to the Vice Provost’s office and further steps may be taken in accordance with the Academic Integrity Policy of the University.

 

Attendance Policy:

Students are expected to attend every class, and attendance will be taken. Points will be deducted from a student’s final score for absences (excused or unexcused) according to the following schedule:     

 

0 to 2 = 0;       3 or more = 20 points each.

 

Students who arrive after class has begun or depart before class is over will be counted as absent. Students who are late or absent because of approved university events or other valid reasons must inform the instructor by e-mail prior to such events. Students are still responsible for assignments due and material presented on such days.

 

Exceptions:

 

With the instructor’s approval of a valid, documented excuse, (e.g. sickness with signed medical excuse, etc.) alternative arrangements can be made. However, the range of acceptable excuses is very limited. In particular, computer hardware or software failures and flight departure times are not valid excuses. Back up your work regularly, and do not schedule your flight out of town for a date before the final exam period. Students who will be absent because of an approved university event must inform the instructor prior to such an event. Students are expected to contact the course professor as soon as possible to obtain approval and schedule make-ups.

 

Any student in this course who has a disability that might prevent you from fully demonstrating your abilities should meet with an advisor in the Learning Enrichment Center as soon as possible to initiate disability verification and discuss accommodations that may be necessary to ensure your full participation in the successful completion of course requirements.

 SCHEDULE OF CLASS MEETINGS

ECON 351: Intermediate Microeconomics

 

DATE             TOPIC                                                  HAVE READ          NOTES

 

  1/ 8    Microeconomics: Markets and models    1

Supply and Demand; Equilibrium                        2

 

     15   Supply and Demand; Equilibrium                        ---

Applications, Elasticity                                3                      Th: PS#1 Ch 1, 2

 

     22   Applications, Elasticity                                ---

            Consumer Choice                                       4                     

 

     29   Consumer Choice                                       ---

Applications of Consumer Theory                        5                      Th: PS#2 Ch 3, 4

 

   2/ 5   Applications of Consumer Theory                        ---

 

     12   Exam #1                                                        Ch. 1 - 5

Firms and Production                                 6

 

     19   Firms and Production                                 ---

Costs                                                              7

 

     26   Costs                                                              ---                    Th: PS#3 Ch 6, 7

 

   3/ 4   Competitive Markets                                    8

 

     11   Value, Welfare and Distribution                9                      Th: PS#4 Ch 8, 9

 

    March 15 – 24:                 EASTER VACATION!

 

     25   General Equilibrium                                                10

 

    4/1   Exam #2                                                        Ch. 6 - 10

Monopoly                                                      11

 

       8   Pricing                                                           12

 

     15   Monopolistic Competition, Oligopoly       13                    T: PS #5 Ch 11 ,12

 

     22   Externalities                                                  18

 

FINAL EXAM:  CHECK THE FINALS SCHEDULE FOR THE OFFICIAL TIME OF THE EXAM.