Economics 2 Online

Micro Economics Economics 2 – Online Aug. 23 – Nov. 21 Course ID: bajrami44227 Fall 2012

We are using My Lab/Mastering (My Econ Lab) as the course management system for this online class. Follow these steps to register:

Go to : http://pearsonmylabandmastering.com/?cc

If you have used this product before proceed by signing in. If this is your first time, then start by clicking register and student.

At that time, you will be prompted to enter the Course ID. The course ID for this course is: bajrami44227 Here you will be given three options:  Use the access Code which can be purchased at the bookstore as part of the bundle (package) together with the text  Purchase the access code online from the publisher  Or, purchase a temporary free access code while waiting for your finances to improve. You can access the course for free for 17 days.

Starting your online course To ensure that your online course experience gets off to a good start, please try to have the textbook ready and sign in MyLab/Mastering (MyEconLab) as soon as possible so that you do not fall behind in your assignments.

Required Textbook and Online Resources:

Economics plus NEW MyEconLab with Pearson eText Access Card (2-semester access), 4/E The Bundle contains:

Hubbard, R. G, O’Brien, P. A. (2013) Economics. 4th edition Upper Saddle River New Jersey; Pearson Education, and

My Econ Lab in Course Compass Plus e-Book Student Access Kit

My Lab/ Mastering (MyEconLab)

This bundle includes: the hard copy of the text, the e-text and the access to course compass. This bundle is what you will need for both Econ 1 and Econ 2 courses as long as you take the Econ 1 course at COA (any instructor) from now till August 2014.

So, in sum here are some choices:  Purchase the required bundle at the COA Bookstore – and you have all you need, hard co py text, access to online resources and the e-book  Purchase the book online – those of you who have taken Macro might want to purchase o nly the Microeconomics Hubbard/O’Brien 4th edition text online and purchase the access code for the online resources directly from the publisher  Purchase the e-book (electronic copy of the book) and the access code directly online, but beware that you will have no hard book.

Making this decision quickly is extremely important for your success in this class considerin g it is a short term course. Principles of Microeconomics Economics 2 Online Course August 23 – November 21 Fall 2012

Instructor: Diana Bajrami Voice mail: 510 748 2261 ext.1 Office: D 225 E-mail: [email protected]

Virtual Office Hour: I would like to use www.skype.com for our online office hour. My Skype Account is: Economics.at.coa

The course instruction is delivered online using MyLab/Mastering course management system. This is a publisher provided course management system (CMS) and the previous three pages explain how to purchase/access it.

Course Overview: This course is a general introduction to the theory and practice of Microeconomics. The primary focus of this course is on how individuals and societies deal with the fundamental economic problem of scarcity. The course begins with a discussion of the methodology of economics. This is followed by a discussion of several basic tools and concepts including: marginal analysis, opportunity cost; and demand and supply analysis. Each of these introductory concepts are applied to the discussion of contemporary policy issues (e.g., the minimum wage, farm subsidies, rent control and taxation). The role of government in correcting for alternative types of market failure is also examined.

The next section of the course provides a more detailed discussion of the theory of consumer demand. In this portion of the course students examine the determinants (and the importance of) several measure of the elasticity of demand and supply. In particular, students examine how the price elasticity of demand can be used to predict the change in a firm's total revenue that results from a change in the price of its output. The determinants of individual and market demand are also examined in some depth.

The course focuses on an examination of the theory of the firm under conditions of: perfect competition; monopoly; monopolistic competition; and oligopoly. In each of these market models, students examine the determination of the equilibrium levels of price and output.

The final portion of the course provides a discussion of the determination of equilibrium levels of wages, rental rates, interest rates, and profits under alternative market structures. Particular focus is placed on the labor market and alternative sources of wage differentials among individuals. Throughout the course, particular emphasis is placed on how economic analysis may be used to explain a wide variety of contemporary domestic and global policy issues.

Students’ Learning Outcomes: Upon completing this course the students will be able to:

 evaluate the impact of elasticity on a firm's total revenue (e.g., the relationship between elasticity and total revenue).  analyze the basis on which economic decisions are made using the marginal approach.  evaluate the US position in international trade as affected by exchange rates and trade deficits.

Required Course Materials: The Bundle sold at the College Bookstore contains everything that you need for this course and for Economics 1 course (in case you need to take it)

Economics plus NEW MyEconLab with Pearson eText Access Card (2-semester access), 4/E

The Bundle contains:

Hubbard, R. G, O’Brien, P. A. (2013) Economics. 4th edition Upper Saddle River New Jersey; Pearson Education, and

My Econ Lab in Course Compass Plus e-Book Student Access Kit

Reading and Studying tips  As discussed at the orientation, purchasing the book for this course is not an option. It is the only way that you will be able to successfully complete this course. The book will be available at the college bookstore. Start by reading and studying each assigned chapter. The book can be used for both Econ 2 and Econ 1 class. This is in an effort to minimize textbook costs.

 Be aware of the way that you do learn. Read actively, meaning, take notes as you read; do not just highlight sentence after sentence. Part of learning economics is being able to understand a new vocabulary. Economics uses a large number of words in a very precise way, often giving these words definitions different from how they are used in ordinary speech. Mastery of the specialized economic vocabulary is essential for success in this course.

 The web site gives a summary of the subject for each chapter and it also provides learning resources to help you with the subject. The Power Point Presentation of each chapter provides a succinct summary and the Self Study Plans are of great assistance.  It is important to understand that the tests will be based on the text, and while the self study quiz and the study guide exercises may help you on the tests, it is the chapters which must be primarily emphasized in studying.

 After you have studied the chapter, reviewed the online resources and took the self study quiz and practices from the study plan it is time to take the graded assignments.

 After submitting each graded assignment the software is advised to provide you the correct answers after the due date. Print the assignment and prepare a list of questions especially in the areas where your answer was incorrect. Try to answer some of your questions yourself by revisiting the text and the additional resources. If you still do not understand the reasons behind your incorrect assessment, circle that question and ask me about it either via the e-mail or during the discussion board conversations.

Make your own notes and write out the key terms and their definitions. There are no short cuts here. If you do not read the material closely and carefully, you will not complete this course successfully.

Time management skills – Keep up with your course work. Complete your reading assignments before attempting the online assignments. All the online assignments are timed, beware of the time limits. Be aware of the deadlines for each assignment since they do have firm deadlines.

Math skills – Students are required to apply algebraic methods to solve quantitative problems in Economics, and to use symbols and make generalizations. The math requirement is not exceptionally demanding but you must be comfortable with reading, drawing and understanding graphs, calculating percentage changes and using formulas and simple equations.

Codes of Conduct and Course Policies:  Academic honesty is expected. I take cheating very seriously and will report such incidents to the Dean of Student Life. You are required to do all course assignments independently. If I have reason to believe that this is not the case, I will give you a zero grade on that course component.

 I do not drop any student after the introductory meeting. It is ultimately the student’s responsibility to formally drop the course if need be. Remember, you will receive a failing grade if you wish to drop the course but do not officially withdraw from the course.

 I would like to encourage you to use the discussion board to pose and respond to questions and to exchange ideas to reinforce your understanding of the material. Ideally, this should take the role of in- class discussions. Personally, I will bring in economics news from the Economist, Wall Street Journal and New York Times among many other journals, to encourage discussions and ask for connections between these economic news and economics theory. While I do not mandate students to subscribe in any of these journals, I highly suggest that all business majors try to get into the habit of reading the Wall Street Journal. There are discount rates for all these journals for students. If you would be interested in those rates, please drop me an e-mail or ask me when we meet.

Assessment: Your course grade is based on the following components: Tests (the lowest test score will be dropped)) 30% Quizzes (two lowest score dropped) 20% Two equally weighted exams (and an optional final exam) 40% Participation in the discussion board 10%

Letter grades for the course are assigned as follows:

A: 90% and above; B: 78% to 89.99%; C: 65% to 77.99%; D: 55% to 64%; F: 54% and below

The graded quizzes and tests have a firm due date, posted in your course calendar on course compass and also here on the last page of this syllabus. These assignments are posted in advance. Do them early to avoid any emergencies preventing your completion before the due date. After the due date, you will be able to see the correct answers and the explanations for graded problems. The quizzes are 50 minutes long and the tests are 80 minutes long. They can be taken only once. The quizzes cover each chapter. Tests combine two or more chapters and exams combine 4 or more chapters. You are allowed to see the quizzes and tests results after the due date. To do so, please go under results and click review per each quiz/test. In addition, I have allowed for you to print the quizzes/tests to assist you in preparation for the exam. The exam questions are similar to questions in quizzes/tests.

PLAGIARISM You are required to work independently on graded assignments. You may certainly ask questions about the material in the course of your study and engage in a meaningful discussion where you share your thought process. Please use the discussion board for this. This is not the same thing as “working with a friend” where you and a friend coordinate work on your graded assignments. This is plagiarism. If you are still not sure about this distinction, please talk to me.

Homeworks and Study Plan provided by the publisher: This course is challenging for most students because it exposes students to a new way of thinking and requires some level of abstract reasoning. To help students develop their logical reasoning skills and master the material My Econ Lab has several questions and problems for each chapter. I strongly encourage you to do all the homeworks provided by the publisher and to follow their study plan. Personally, I am excited about this new technology since it provides ample opportunities for students to learn.

Exams: While the exams are not cumulative per se, there is a natural linkage to the material. The exams comprise multiple-choice questions, vocabulary questions, problem solving and graphing questions. The exams are taken online and each exam has 40 questions. There are 85 minutes allowed per each exam.

Makeup Policy: It is very important that each exam be taken at the scheduled time and date. No makeup exam is given for unexcused and non-documented reasons, or failure to notify instructor (via email) by the scheduled exam day.

Passive reading and doing the quizzes and the tests alone will NOT prepare you for the tests and exams. You must work through the recommended end-of-chapter questions; study supplement questions and the study plan questions and thoroughly understand the concepts. Date Reading Assignments and Exams Due Dates Segment I Introductory Assignment (cannot be dropped) Chapters 1, 3, 4, 6, 7, 9 Aug. 23- Introduce yourself to classmates via the discussion board Oct.4 Week 1 Ch. 1, Economics; Foundations and Models Quiz 1 (introduce yourself) due at Aug. 30 at Aug. 23 11:59 pm.

Week 2 Ch. 3, Where Prices come from; Interaction of Demand and Quiz 2: Chp. 3 Due Aug.30 at 11:59 pm. Aug. 30 Supply

Week 3 Ch. 4, Economic Efficiency, Government Price Setting, and Test 1 – chapters 1& 3 due Sep. 4 at 11:59 pm. Sep. 6 Taxes Quiz 3: chp. 4 due Sep. 6 at 11:59 pm.

Week 4 Ch. 6, Elasticity: The Responsiveness of Demand Quiz 4: chp. 6 due Sep. 13 at 11:59 pm. Sep. 13 and Supply

Week 5 Chp. 7: The Economics of Health Care Test 2: Chps. 4, 6 Due Sep. 18 Sep. 20 Quiz 5: Chp. 7 Due Sep. 20 Week 6 Ch. 10, Consumer Choice and Behavioral Economics Includes Quiz 6 chp. 10 due Sep. 27 at 11:59 pm. Sep. 27 Appendix Test 3 covers chps. 7, 10 Due Oct. 2 at 11:59

Week 7 Exam No.1 covers chapters 1, 3, 4, 6, 7, 10 Posted Online on Oct. 4 from 12:01 am till Oct. 4 11:59 pm Segment II Chapters 11, 12, 13, 14, 15, 17 Oct.11- Nov.21 Week 8 Ch. 11, Technology, Production and Costs Quiz 7 chp. 11 Due Oct. 11 at 11:59 pm Oct. 11 Week 9 Ch.12 Perfect Competition Quiz 8 chp. 12 Due Oct.18 at 11:59 pm. Oct. 18

Week 10 Ch. 13, Monopolistic Competition: The Competitive Model in Test 4 chps. 11, 12, 13 Due Oct. 30 11:59 pm. Oct. 25 a more Realistic Setting Quiz 9 chp. 13 Week 11 Ch. 14, Oligopoly: Firms in Less Competitive Markets Quiz 10 chp. 14 Due Nov.1 Nov. 1 Week 12 Ch. 15 Monopoly and Antitrust Policy Quiz 11 Chapter 15 Due Nov. 8 Nov. 8 Chp. 17 Labor and Other resource Markets Quiz 12 chp. 17 Due Nov. 15 Test 5 covers chapters 14, 15, 17 Due Nov. 19 Week 14 Exam 2 covers chps. 11, 12, 13, 14, 15, 17 Exam 2 Posted Online on November 21 from Nov. 21 Optional Final Comprehensive Exam 12:01 am till 11:59 pm

Final Exam posted online on November 26th from 12:01 am till 11:59 pm