SYLLABUS

Welcome to MICROECONOMICS

ECO 2023

Offered during the Fall, Spring and Summer terms

If you arrived here from the TCC Internet courses Web page, you can click on the following Web site address and go directly to the homepage for microeconomics. There are links to the other areas of the micro website at the bottom of this file. These links will provide you with access to all of the course materials.

Web site address:

 http://www.oocities.org/tcc-micro/

If you enrolled in the sixteen-week micro course, then you will receive your first email on Tuesday, the second day of the semester. If you enrolled in the four-week fast-track course that starts at the beginning of the ninth week of the semester, then you will receive your first email on Monday, the first day of class. Summer classes will receive their initial email on the first Monday of the four-week summer session.

You will be notified by email regarding the last day to take exams or submit quiz answers or Wall Street Journal projects for these courses. Be sure to email your instructor if you want to include another email address in addition to your MyTCC email account. Your tulsacc.edu email address is the only one we have listed for you unless you send an email indicating you want to use another email address. In that case, your other email address will be added to the class email list in addition to your MyTCC email address.

Instructor: Warren Graham


wgraham@tulsa.cc.ok.us

Phone: (918) 595-7414

Prerequisite: ECO 2013 or approval by your instructor.

Business Division

Associate Dean: Tom Mancino

Phone: 918-595-7440

Office: NEC Room 2372

TEXTBOOK

Economics, by David Colander, published by McGraw-Hill, 3rd edition, 1998. The ISBN for this book is 0-07-250557-5. This is an abridged paperback version of the original hardcover text that contains all of the readings you need for this course. Note that the same text is used for macro and micro. It may be purchased at the Northeast Campus bookstore. New copies sell for $85; used texts are $64. In addition, the bookstore may have some copies of the original hardcover text in stock at the same prices. If you are not in the local area or are otherwise unable to come to campus to buy your book, then you may want to visit the following website: allbookstores.com
Be sure to do your search using the ISBN for the hardcover version: 025617217X. The hardcover book has a different ISBN than the paperback. Both new and used texts are available. You could also try borders.com, amazon.com, and bn.com. Make sure you do your search using the 025617217X ISBN. Internet prices vary widely. In some cases you may find a lower price from an Internet vendor.

OTHER COURSE REQUIREMENTS

  1. You will need regular access to an Internet connection in order to succeed in this course.
  2. You should complete the assigned readings, website problems and exercises, and email quizzes prior to taking an exam over that unit. The format of the exam questions will be similar to the email quizzes and the website problems and exercises. A nonprogrammable calculator may be used when taking an exam. The testing center has a supply of this type of calculator.

OTHER RECOMMENDED COURSES

Check with your instructor.

CATALOG DESCRIPTION

This course is about prices and markets. Major topics include elasticity and consumer choice, product markets, factor markets, and income distribution.

COURSE OBJECTIVES

The student should be able to perform the following tasks upon completion of this course:

    1. Apply elasticity concepts and formulas to business pricing and revenue questions
    2. Use the marginal cost = marginal revenue method to determine the profit maximizing level of production
    3. Describe and apply the four basic models of market structure
    4. Apply the marginal revenue = marginal cost method to the labor market and other factor markets to determine the profit-maximizing quantity of resources to be purchased by a business firm
    5. Analyze income distribution in the United States economy and examine different approaches to poverty and public assistance

    TEACHING METHODS

    Please use email for any questions you have about this course. You are also welcome to use the telephone/voice-mail system (595-7414) or office visits.

    EVALUATION TECHNIQUES

    There are three grading options, the CONTRACT OPTION, the EXAM OPTION, and the ALL ONLINE OPTION. For the CONTRACT OPTION: Your responses to the email quizzes will count as 40% of your course grade. A Wall Street Journal project with twenty summaries of WSJ articles is required and counts 20%; your exams will count as 40%. You have a choice of taking two or four exams. Note that an overall exam average of at least 70% is required in order to use the contract option. Extra credit points are available at the Web site and will be added to your final exam score.

    If you choose the EXAM OPTION, then you have two options: (1)    Two-Test option: Take two exams, a mid-term and a final. Each exam is worth 50%. Extra credit points are available as mentioned above. If you answer the email quizzes and your quiz average is higher than your exam average, then your quiz average will count as 20% of your course grade. If your quiz average is lower than your exam average, then your quiz average won't count. (2)Four-Test Option: Take four exams, one over each of the four units. Each test is worth 25%. Note that the email quizzes will count as 20% of your course grade if your quiz average is higher than your exam average. If your quiz average is lower than your exam average, then your quiz average will not count. Answering the quizzes diligently will help you prepare more effectively for the exams. For most students, it is better to take four tests. This will reduce the amount of material you need to study for each exam.
    If you use the ALL ONLINE OPTION, you are required to answer all of the email quizzes (60%) and a WSJ project with forty summaries of WSJ articles is required also. The WSJ project should be printed out and submitted to your instructor at the end of the course. You will receive more information about the WSJ project in an upcoming email. This project counts as 40% of your course grade. Note that if you choose this option, the WSJ project will be strictly graded because you will not be taking any exams. In other words, you will need a very strong WSJ project in order to earn an A on it.

    Sample Exam Question (for the first exam):

    Consider the following mini-table which provides price and quantity information for soccer shoes sold by the Athletic Footwear Company.

    Price per pair

    Quantity Demanded (per day)

    $160

    28

    $120

    36

    1. Graph the demand curve.
    2. Using the total revenue test, is demand elastic or inelastic?
    3. Use the midpoint formula and calculate the specific elasticity value.

    There are eight extra credit questions in this course. Each of the extra credit questions is worth one point. You should submit your extra credit work when you take your final exam or submit your WSJ project. Any points you earn will be added to your final exam score.

    If you plan on doing the Wall Street Journal project: Click on extra credit for more information about the WSJ project.

    Exams are administered on a walk-in basis at the Northeast Campus Testing Center on the first floor of the the main academic building. Enter through the door next to the flagpole. You will see the testing center on your left. Each exam will be available as soon as all of the email quizzes for that unit have been sent to the class. You will receive further information about the testing process in an upcoming email. Note that alternative proctoring arrangements can be made if you are not in the local area.

    You will be notified by email regarding the last day to take the final exam or submit other work for this course. (Click here for Procrastination Policy.)

    GRADING SYSTEM

    A standard grading system will be used:

    90 % +

    A

    80 - 89 %

    B

    70 - 79 %

    C

    60 - 69 %

    D

    Below 60% ... WHAT???

    ... F

    MAKEUP POLICY

    Makeup exams should not be an issue because you will take an exam shortly after the completion of each of the four units or, if you are taking just a midterm over units one and two and a final over units three and four, wait until unit two is finished before taking the midterm. The midterm will test over units one and two and is twice as long as the separate exams that test over units one and two. If you use the all online grading option you will not take any exams. However, you should get an early start on your WSJ project.

    TOPICS AND ASSIGNED READINGS

    1

    Review of Supply and Demand

    pp. 59-78

    2

    Consumer Choice & Elasticity

    pp. 509-532, 536-549, & 551-555

    3

    Cost & Revenue Concepts

    pp. 557-569 & 572-586

    4

    Market Structure in the U.S. Economy

    A. Pure Competition

    pp. 592-613

    B. Monopoly

    pp. 616-632

    C. Oligopoly & Monopolistic Competition

    pp. 636-654

    5

    Resource (Factor) Markets

    A. Labor Markets

    pp. 794-812 & 814-819

    B. Rent, Capital, and Interest

    pp. 820-830

    6

    Current Policy Issues

    A. Agricultural Markets

    pp. 679-696

    B. Income Distribution

    pp. 769-786

    EXAMINATIONS

    Content coverage for the exams is as follows:

    Exam 1: Topic 1 & Topic 2

    Exam 2: Topic 3 & Topics 4A & 4B

    Exam 3: Topic 4c & Topics 5A & 5B

    Exam 4: Topics 6A & 6B. See explanation below.

    For the EXAM OPTION: Although it is recommended that you take four exams, one over each of the four units, if you decide to take just a mid-term and a final, then your mid-term will include questions over the topics shown above for exams one and two. Your final will include questions over the topics indicated for exams three and four. If you use the CONTRACT OPTION, then you have a choice of taking two or four exams. As mentioned earlier, an overall exam average of at least 70% is required in order to use the CONTRACT OPTION. If you use the ALL ONLINE grading option, then you do not take any exams. However, you will need a strong WSJ project that includes accurate graphs in order to earn an A on this assignment.

    Good luck!

    Index of Web Site Pages

    Syllabus

    Faculty Assistance

    Reading Assignments

    Graphs and Charts

    Problems and Exercises

    Technical Assistance

    Extra Credit

    Internet Resources