UNIVERSITY OF SOUTHERN INDIANA

DEPARTMENT OF ECONOMICS AND FINANCE

ECON 208 - PRINCIPLES OF MICROECONOMICS

DR. CASHEL-CORDO   FALL 2007

Economics is the painful elaboration of the obvious.

TEXT:  Microeconomics, 4^th Edition,  Hubbard & O’Brien,  Prentice Hall, 2006

Recommended Companion Websites –

Prentice Hall’s Online Companion Website

Microeconomics Vocab from Hubbard/O'Brien's Book

PowerPoint Summaries

COURSE PREREQUISITE:  College Algebra, MATH 111 or its equivalent

COURSE CONTENT:  Economics is a social science that explores how a society, through the decision making of individual agents, allocates its scarce resources in the production, exchange and consumption of different goods and services.  The allocation mechanism in capitalist economies is the market.  We will study the workings of markets and thoroughly explore the decision making behavior of consumer/demanders and of firms/suppliers.  We will explore the conditions necessary for efficient allocation of resources and the role of government when these conditions are not met.

COURSE OBJECTIVES:  This course serves as or fulfills requirements for several different constituencies.  As such it has several sets of overlapping objectives as listed below.             

DEPARTMENT OF ECONOMICS:  As a foundation course in the economics department this course introduces students to the principles of microeconomics.  At the end of this course students should be able to:

Define economic vocabulary,

Explain economic concepts common to an introductory principles course,   

Apply concepts in explaining the behavior the different economic agents within a         market economy,

Predict outcomes of outside changes to markets

Use graphs to explain economic concepts,

Use simple algebra to conduct economic analysis.

COLLEGE OF BUSINESS SKILL DEVELOPMENT: Analytical Problem Solving – Economic reasoning is analytical thinking.  By the end of this course the student should be able to identify and apply relevant economic concepts to solving a variety of economic problems and should be able to interpret the results of their solutions. 

UNIVERSITY CORE CURRICULUM COURSE - CATEGORY C2:  This course serves in the fulfillment of the University Core Curriculum in the C2-Category, An Understanding of Individual Development and Social Behavior.  The objectives of this category are, as described in the UCC guidebook:

Students should know how individuals develop, interact, and organize themselves in political, religious, social, and economic spheres.  They should understand the significance and vitality of social organizations ranging from groups to institutions, and the role of the individual within social environments.

GRADING: Student performance is calculated using the following instruments.  Each instrument is given a percentage weight towards the final grade in the course.  Grades are assigned on the basis of a grade distribution, in essence curved, where the average grade is in the C range. 

QUIZZES:  Quizzes will be given every other Thursday with the exception of test days.  They are designed to keep students current with the readings.   The quizzes will consist of five short answer questions dealing with reading assignments and lecture materials. There will be no make up for quizzes.  However your lowest quiz grade will be dropped.  If you miss a quiz, it will be considered the one to be dropped.

HOMEWORK and GROUPWORK:  On alternate weeks to the quizzes students will work in assigned groups completing an in-class assignment.  Also, homework to be completed individually by each student will be assigned in alternate weeks to the quizzes.  It will be due the following Tuesday.

EXAMS: Two midterm exams are scheduled.  They will be given as shown in the reading list.  Exams consist of two sections.  The first section will be multiple choice questions designed to test the breadth of the student's knowledge.  The second section will be a combination of essay and/or problem solving questions designed to test the depth of the student's understanding of important concepts or issues.  Make-up exams are strongly discouraged, but possible under extraordinary circumstances.  It is the student’s responsibility to inform me before the exam and be able to provide written documentation of the circumstance in question.
 

STUDYING METHODS:  The floor will be open for questions at the beginning of each lecture.  This gives you the opportunity to review material from the previous lecture which you may have found confusing.  I strongly encourage you to copy your class notes into a second notebook as soon as possible after class.  You should add material that you remember from class but were unable to write down at the time.  It is also useful to meticulously draw all the graphs with a ruler making sure you understand the underlying concepts.  This will reinforce what you have learned and also make clear what you do not understand.  You will then be able to ask questions in the next class period or during office hours.

ATTENDANCE POLICY:  While attendance is not mandatory, it is highly recommended since students will be evaluated on both lecture and reading materials.  Class participation is strongly encouraged.

ACADEMIC HONESTY:  Academic dishonesty, in particular plagiarism (submitting another person's work, in whole or in part, as your own), or cheating on quizzes or exams will not be tolerated.  Students will be subject to disciplinary action as outlined in the Student Rights and Responsibilities section of the 2007-2009 USI Bulletin.  The student will receive an "F" grade in the course and may be dismissed from the University if found guilty.

DISABILITY SERVICES:  USI students with disabilities can receive services through the University Counseling Center.  More information is available from the Counseling Center, OC 1051 or phone 464-1867.

READINGS:    The student is required to read all relevant material PRIOR to its being covered in class.  By using the following readings list the student should know what is currently being covered in class.  The student will have prior notification should lectures deviate from the list.  We will attempt to complete all the topics on the reading list, however, the instructor retains the right to make changes as necessary.