Columbia College Online Campus

Page |1

ECON 294 Microeconomics

Early Spring 2012 Session (11-54) Monday, March 19, 2012 Saturday, May 12, 2012 Course Description
Introduction to specific economic units and to individual markets and individual interactions within an economy. Prerequisite: Sophomore standing Proctored Exams: -- None

Instructor Information
Dr. Satya B. Dutta, Ph.D., Economics, Clark University, Worcester, Massachusetts. Sbdutta1@cougars.ccis.edu

Textbooks
Campbell R. McConnell, Stanley L. Brue, and Sean M. Flynn. Economics, 19th Edition. McGraw-Hill/Irwin, 2012; ISBN-13: 978-0-07-3511443 The Online Learning Center accompanies the McConnell text(s). We utilize many of the available resources in the areas of (1) Analogies, Anecdotes, and Insights, (2) Origins of Ideas, (3) Interactive Graphing Exercises and many other features. The Online Learning Center is found by pointing your browser to http://highered.mcgraw-hill.com/sites/0073511447/student_view0/index.html or if that site is down, the Online Learning Center for the 18th Edition is http://highered.mcgraw-hill.com/sites/0073375691/student_view0/. PowerPoint Presentations, which accompany the text, can be found on a chapter-by-chapter summary in the Online Learning Center. Textbooks for the course may be ordered from MBS Direct. You can order online at http://direct.mbsbooks.com/columbia.htm (be sure to select Online Education rather than your home campus before selecting your class) by phone at 800-325-3252 For additional information about the bookstore, visit http://www.mbsbooks.com. Please note that the use of an eBook carries certain risks: information may be missing due to copyright restrictions, the book cannot be resold to MBS, and an eBook

Columbia College Online Campus

purchase cannot be refunded.

Page |2

Course Overview
Welcome to Microeconomics Online! It is hard to improve upon this overview of economics in general provided to the world by the Federal Reserve Bank of San Francisco: The word "economics" is derived from the Greek "oikonomikos", which means skilled in household management. Although the word is very old, the discipline of economics as we understand it today is a relatively recent development. Modern economic thought emerged in the 17th and 18th centuries as the western world began its transformation from an agrarian to an industrial society. Despite the enormous differences between then and now, the economic problems with which society struggles remain the same: How do we decide what to produce with our limited resources? How do we ensure stable prices and full employment of our resources? How do we provide a rising standard of living both for ourselves and for future generations? The study of economics may be undertaken from a macro perspective of overall economic activity or a micro perspective of individual decision making in typical households, businesses, or governmental units. This is a course in microeconomics. The objective of the course is to provide some provisional answers to the following questions. What determines the price of a product? Why do some seemingly unrelated events cause prices to change? How are wages determined? What are the concepts of economic efficiency and economic equity? What are the key characteristics of product, resource, and financial markets? What are the structural differences between different types of product, labor, natural resource, financial, and international markets? What are the major public policy approaches for ameliorating inefficient and/or inequitable processes and outcomes in product and resource markets? Our study of microeconomics will involve learning some new terminology and microeconomic theory. Think of it as a study of market processes and outcomes . . . what they mean, how they happen, and what we can and can't do about them! Our journey will make extensive use of something called, marginal analysis which will help us to examine decisions made by consumers and producers. Our interaction will be based on weekly readings from the text supplemented by online learning resources and discussions.

Columbia College Online Campus

Page |3

Technology Requirements
Participation in this course will require the basic technology for all online classes at Columbia College: A computer with reliable Internet access, a web browser, Acrobat Reader, Microsoft Office or another word processor such as Open Office.

You can find more details about standard technical requirements for our courses on our site.

Columbia College Online Campus

Page |4

Course Objectives
To understand the economic concepts of individual and firm decision making. To understand the four types of market structure and analyze their impact on competition within an economy. Specific Course Objectives from the Instructor After you have completed this course, you should be able to: Understand basic concepts of scarcity and opportunity cost and the fundamental problems of "what?" "how?" and "for whom?" which follow from these concepts. Understand Market Supply and Demand address fundamental economic problems. Understand Marginal Analysis, and its application to determining optimal consumption and production. Apply positive modern microeconomic theory in explanations and qualitative predictions of microeconomic activity involving and affecting consumers, producers, workers, those having an interest in natural resources, savers, borrowers, and government decision makers. Identify the key characteristics of product and resource markets, together with implications for efficiency and equity. Predict changes in prices and quantities in various markets qualitatively given changes in the degree of competition and other forces. Understand important institutional influences affecting supply and demand in particular markets. Understand important normative issues raised by stakeholders in both product and resource markets.

Measurable Learning Outcomes

Explain what the study of economics involves and be able to differentiate between the disciplines of macroeconomics and microeconomics. Draw supply and demand curves and manipulate these curves when performing economic analysis. Explain the concept of elasticity. Explain the concepts of price elasticity of demand, price elasticity of supply, income elasticity, and cross-price elasticity. Explain the theory of consumer choice. Identify factors that enhance or limit consumer rationality. Differentiate among the terms: normal profit, economic profit, accounting profit. Be able to calculate each of these measures and explain their significance in economic decision-making. Demonstrate the relationship between marginal productivity and marginal cost for a firm. Explain the importance of marginal revenue and marginal cost in identifying a firms optimal output point. Identify the four types of market structure. Describe the characteristics of each and explain the relationship between cost structures and market structures for various industries.

Columbia College Online Campus

Page |5

Explain the demand for resources in an economy and describe how resource payments (i.e., wages, rents, interest, and profits) are determined. Explain progressive, regressive, and proportional tax regimes. Analyze key U.S. taxes (e.g., Federal income tax, Social Security tax, property tax, sales tax) using this framework. Explain the history and philosophy of U.S. anti-trust legislation. Explain the underlying economics of health care in the U.S.

Grading
Grading Scale
GRAD E A B C D F POINTS 900-1,000 800-899 700-799 600-699 0-599 PERCENT 90-100 80-89 70-79 60-69 0-59

Grade Weights
ASSIGNMENT Discussion (8) Dropbox Assignments (8) Quizzes (4) Exams (2) TOTAL POINTS 200 200 200 400 1,000 PERCENT 20% 20% 20% 40% 100%

Schedule of Due Dates

WEEK ASSIGNMENT Initial Discussion Post 1 Responsive Discussion Posts Dropbox #1 DUE DATE Thursday Sunday Sunday POINTS 25 25

Initial Discussion Post 2 Responsive Discussion Posts Dropbox #2 Quiz (Chapters 1 5)

Thursday Sunday Sunday Sunday

25 25 50

Initial Discussion Post Responsive Discussion Posts Dropbox #3 Quiz (Chapters 6, 7, & 12)

Thursday Sunday Sunday Sunday

25 25 50

Columbia College Online Campus

Page |6

Initial Discussion Post 4 Responsive Discussion Posts Dropbox #4 Midterm Exam (Chapters 1- 10, 12 & 18)

Thursday Sunday Sunday Sunday

25 25 200

Initial Discussion Post 5 Responsive Discussion Posts Dropbox #5

Thursday Sunday Sunday

25 25

Initial Discussion Post 6 Responsive Discussion Posts Dropbox #6 Quiz (Chapters 11, 13, & 20)

Thursday Sunday Sunday Sunday

25 25 50

Initial Discussion Post 7 Responsive Discussion Posts Dropbox #7 Quiz (Chapters 14 & 21)

Thursday Sunday Sunday Sunday

25 25 50

Initial Discussion Post Responsive Discussion Posts 8 Dropbox #8 Final Exam (Comprehensive plus Chapters 16 & 17)

Thursday Saturday Saturday Saturday

25 25 200

COURSE TOTAL

1,000

Columbia College Online Campus

Page |7

Assignment Overview
Each student is responsible for: Completing weekly reading assignments. Completing weekly discussion questions and participating in collaborative discussion assignments. Completing a total of 8 written Dropbox Assignments. Completing four short quizzes. Completing a mid-term exam and a final exam.

Text and Website Readings should be completed prior to submitting assignments or taking quizzes for the week. Discussions should be completed after the readings and prior to quizzes or exams during a given week. Read the Discussion Instructions posted for each week in the Content area for detailed guidance. Failure to read this lead posting is the single most common reason for lower scores on discussions. Each Discussion assignment is worth 25 points for the week. There are two due dates for discussions. The first weekly post assignment is due by Thursday midnight CT and follow-up posts are due by Sunday midnight CT (except for the last week when the follow-up is due Saturday midnight CT). Points will be calculated based on the quality of the initial post, how well it relates to the topic at hand, completeness and level of interaction with fellow students in the initial post. Points are not given for mere chat. Because the online discussion mirrors a discussion in a classroom, another important component of discussion postings is the responsive posts to classmates. Students who do not respond to their classmates or wait until the final hours of the last day of the week will receive less credit that those who actively engage in discussions. Discussions will be evaluated each week according to the standards in the Grading Criteria section below. No late discussion posts will be accepted (i.e. graded) two weeks after a week ends (11:59 P.M. Central Time on the final Sunday). Students are responsible for making sure that any late discussion posts have been submitted prior to that time. Dropbox Assignments for each week should be completed after the readings. Each Dropbox Assignment is comprised of more than one question and/or activity, but should be submitted as one assignment (saved as a Word or .rtf (Rich Text Format) file). In many cases, students draw from the Online Learning Center and the text to complete the Dropbox Assignment. If a students answer references a source other than the text, the student should cite this reference according to the APA or Chicago Style guide. The use of any secondary reference without providing credit is plagiarism and will receive a score of 0. Repeated incidents of plagiarism are reported to the Academic Affairs office and the student receives an F grade in the course. Each weekly Dropbox Assignments can be submitted at any time via the appropriate Dropbox folder prior to midnight (CT) Sunday for the week it is due (except the final week which ends on Saturday midnight CT). For example, all questions/activities relating to Week 5s Dropbox Assignment should be submitted via the Week 5 Dropbox. Each weekly Dropbox Assignment will be worth 25 points, assigned on the basis of percent of completeness, correct concept analysis, spelling, and grammar. Please upload each weekly Dropbox (which will include more than one question) at one time as one Dropbox assignment. Punctuality is vital in order to receive full credit. Late Assignments are penalized one point per late day beginning at 1 point for the 1st day late, 2 points for the 2nd and so forth up to

Columbia College Online Campus

Page |8

25 pts. No late dropboxes will be accepted (i.e. graded) two weeks after a week ends (11:59 P.M. Central Time on the final Sunday). Students are responsible for making sure that any late dropboxes have been submitted prior to that time. Quizzes: Each student is responsible for observing the rules regarding Academic Honesty noted above, and thus quizzes in this course are taken online, are open book, and are taken without proctors. There are four quizzes, each worth 50 points. Quizzes will be open on Tuesdays of Weeks 2, 3, 6, and 7 and will close on the following Sunday midnight CT. Although a "timer" is evident, there is no time limit and the quiz may be accessed multiple times. However, only one final submission is allowed. Upon this one allowed submission, the results will be automatically scored and immediately available for viewing. Detailed results of submissions, including correct and incorrect answers, will be made available for viewing only after the deadline for submissions has passed. Students are encouraged to use the text (paying particular attention to "key graphs") and the Online Learning Center accompanying the text as resources when taking the quizzes. (Feel free to test your comprehension of each chapter's material by taking the quizzes given by your text website, which is at http://highered.mcgraw-hill.com/sites/0073511447/student_view0/index.html). Make-up quizzes are allowed only for exceptional circumstances as detailed in the Late Assignments Policy. Exams: There will be a mid term and a final exam, each worth 200 points. Each exam will consist of 50 multiple-choice questions is open book and taken online. These tests are administered without proctors under the assumption that the student has read this syllabus in general, and the section on Academic Honesty in particular. Exams are given during the week in which they occur; like the quizzes, they are opened on Tuesday and closed on the deadline for submissions. Submitted exams will be acknowledged, the score posted, and returned only following the weekly deadline for submissions. Make-up examinations are allowed only for approved reasons and excused absences. Exams and Quizzes Submitted in Error: The advantage of open note exams comes with a cost. Once an exam is submitted, those answers are unchangeable. If the student erroneously checks a wrong selection or superimposes or misaligns their answer electronically from what they had intended, the answer is deemed to be the students final answer. The student assumes all responsibility for submitting their intended choices. Exams and Quizzes Not Submitted: The submission of an exam is a function performed by the student when clicking the Submit button in the module. If a student tries to send their responses via e-mail to the instructor, D2L or the Columbia help desk, this is deemed Not Submitted and receives a score of 0. Because each student is given 5 days to submit their quizzes and exams, My ISP is down or my computer broke or the web site is slow are never valid excuses to not submit a quiz or exam.

Course Schedule
Week 1 Course Introduction; Economics, Economic Problems, & the American Economy
Focus: Creating a community of economic scholars; understanding economics as a study, economic problems, and the market economy of the United States.

Columbia College Online Campus

Readings and Webquests Readings: (Read and Study) o o o o o Chapter 1 Chapter 1 Appendix Chapter 2 Chapter 5

Page |9

Webquests: ECON 294 Course: Familiarize yourself with Desire2Learn and the course by browsing around and exploring the syllabus. You may want to print it out and/or save it electronically. Online Learning Center: Visit the Online Learning Center accompanying your text by by clicking here. Familiarize yourself with the textbooks Online Learning Center. Learn to navigate the resources for each chapter. Pay particular attention to Quiz, Web-based Questions, Origin of the Idea, Interactive Graphs, Worked Problems, and PowerPoint Presentations. Links Area (optional): You may find it helpful to surf the web pages provided in the Links area for this course just to see what is there. Two notable Internet sources for economic concepts are AmosWEB which if found by clicking here, and a highly scholastic collection of Internet links are provided by Bill Goffe in "Resources for Economists on the Internet" which may be found by clicking here.

Brushing Up Needed? Having trouble with the graphs after doing the readings? There is an excellent site from Syracuse University to help you brush up on math and graphs at http://cstl.syr.edu/FIPSE/GraphA/TOCbook.html Assignments Discussions: The first discussion topic is Week 1: Greetings, Take a Seat. Please introduce yourself, one famous Economics Major and one Nobel Laureate in Economics. In your introduction of the Nobel Laureate, make sure to explain the theory or contribution that led to their prize. You will find additional online sources for this assignment in the content area of the module. Do not duplicate a selection of your classmates or you will be asked to re-post. Respond at will to your fellow students' postings. Dropbox Assignments: After completing your readings in the text, complete the following exercises and upload them to the Week 1 Dropbox by the deadline: 1. Go to the textbooks Online Learning Center. Using the Interactive Graph 1.1 Production Possibilities Curve found in Chapter 1, move the pointer on the horizontal axis to "3.0" and tell me how many pizzas were gained and how many robots lost and why. The same graph is also on page 12 of your textbook and the table that goes with the graph is on page 11 if you want to view it on a hard copy instead. 2. Using the concepts discussed in the textbook, explain the difference between rational self-interest and greed. If you get in trouble with the graphs, just click on the "Instructions" button. Consider reviewing the Origin of the Idea or the Worked Problems section on the Online Learning Center for additional insight. Do not hesitate in contacting the instructor or fellow students if you have trouble with this!

Columbia College Online Campus

P a g e | 10

Week 2 General Analysis of Market Supply and Demand

Focus: Developing theoretical understanding of market forces in the context of the classic "supply and demand" model. Understanding how equilibrium prices and quantities are determined in markets and why they change. Understanding the concept of elasticity and implications of elasticity for the magnitude of changes in revenues, prices and quantities. Readings and and Webquests Readings: (Read and Study) o o o Chapter 3 Chapter 4 Online Learning Center: Visit the Online Learning Center accompanying your text by clicking here). Explore these resources for Chapters 3 and 4 by clicking on the chapter titles, specifically the icons indicating Origin of Idea and Interactive Graphs. Online Learning Center (optional): The Online Learning Center also provides additional sources for self-study under this weeks chapter headings of Quiz, Web-based Questions, Worked Problems and PowerPoint Presentations. Internet (optional): Visit Kim Sosin's very fine Online Lesson in Supply and Demand. You may also want to visit the series of web pages explaining "elasticity" at AmosWEB by clicking here.

Webquests:

Assignments Discussions: Read and follow the Discussions Instructions for Week 2. Discussions: Read and follow the Discussions Instructions for Week 2. Read and follow the "Welcome and Instructions" given in the Discussion folder for the week. 1. You are asked to identify a product as price elastic and explain why. 2. Identify a product that is price inelastic and explain why. Draw upon Chapter 6 for your analysis and be sure to indicate why you think demand is elastic or inelastic. Read and respond to your fellow scholars' postings at will. You need to respond to at least one of your classmates post. .

Dropbox Assignments: Upload to the Week 2 Dropbox the results of the following exercises: 1. Using the Interactive Graph 3.1 Supply and demand in Chapter 3, experiment with the pointer and curves. Then, identify at least two ways that price would rise and explain why. The graph in the text for Figure 3.7 is the same as the one online and may be used in lieu of the online graph. 2. How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged? a. Price falls and demand is elastic. b. Price rises and demand is inelastic.

Columbia College Online Campus

P a g e | 11

c. Price falls and the demand is unit elastic. d. Price rises and the demand is elastic. e. Price falls and the demand is inelastic. If you get in trouble with the graphs, just click on the "Instructions" button. Quiz 1: ECON 294 Quiz 1, which covers Chapters 1-5, is available through the Quizzes area of D2L. All quizzes open at 12:01 a.m. Tuesday and close at 11:59 p.m. Sunday. The quiz is open book and does not require a proctor. There is no time limit and you may access the quiz several times, but are allowed only one submission.

Week 3 Marginal Analysis and the Foundations of Individual Economic Choices

Focus: Understanding basic Consumer Rationality and the costs of Production in the Short and Long Run in product markets. Understanding basic employer rationality in maximizing production at minimum cost. Using Marginal Analysis for these rational consumption and production decisions. Readings and Webquests Readings: (Read and Study) o o o o Chapter 6 Chapter 7 Chapter 12 Online Learning Center: Visit the Online Learning Center accompanying your text by clicking here. Explore available resources for Chapters 6, 7, and 12 by clicking on the chapter titles, then specifically the icons indicating Origin of Idea and Interactive Graphs. Online Learning Center (optional): The Online Learning Center also provides additional sources for self-study under this weeks chapter headings of Quiz, Web-based Questions, Worked Problems and PowerPoint Presentations.

Webquests:

Assignments Discussions: For Week 3 you will find two categories. Select one category and provide a personal example from your personal experience. You may post to both categories, but are required to only select one. The titles to choose from are: o Personal Examples of Marginal Utility Analysis. For this Chapter 6 assignment, you will find a summary of the conditions for "rational consumer behavior" summarized, together with a personal illustration of the principle. You are asked to provide an example of your own which illustrates the same principle, taking care to explain how the new equilbrium optimizing utility is achieved. Personal Examples of Productivity and Resource Utilization. There is a personal illustration of this Chapter 7 concept in the lead discussion posting. You are again asked to provide a personal example of your own. Post your personal example of rational resource management in the appropriate topic, taking care to explain how the new optimal level of production is achieved. Of course, read and respond to your fellow scholars' postings at will.

Dropbox Assignments: After completing your readings in the text, go to the Online

Columbia College Online Campus

P a g e | 12

Learning Center by clicking here. Upload to the Week 3 Dropbox the results of the following exercises: 1. In Chapter 6, there is a study called the Paradox of Value (generically referred to as the Diamond-Water paradox). Write a brief synopsis of what the paradox is and how marginal analysis resolves the paradox. [Hint: see the explanation offered in the Online Learning Center under the Chapter 6 Origin of Idea tab.] 2. Using the information found in the Chapter 7 Origin of Idea module, identify who gave us the ideas of diminishing returns and natural monopoly and explain these concepts in your own words. 3. Using the Interactive Graph 7.1 Production and Costs in Chapter 7, simulate increasing productivity by moving the Productivity Index from 0 to 25%. What happens to the total product and marginal cost columns of data? The table in the text for Figure 7.2 is similar to the one online and can be used in lieu of the online graph. Quiz 2: ECON 294 Quiz 2, which covers Chapters 6-7 and 12, is available through the Quizzes area of D2L. All quizzes open at 12:01 a.m. Tuesday and close at 11:59 p.m. Sunday. The quiz is open book and does not require a proctor. There is no time limit and you may access the quiz several times, but are allowed only one submission.

Week 4 Microeconomics of Product Markets: Competition and Monopoly

Focus: Identification of the characteristics of Pure Competition and Monopoly product markets, understanding of the implications of these market structures for rational managerial decisions involving production and pricing, and understanding the results from perspectives of efficiency and equity. Understanding modern antitrust and regulation policy. Readings and Webquests Readings: (Read and Study) o o o o o Assignments Discussions: You are asked to identify a particular industry (non-government, that is) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity. You may post to both categories, but are required to only select one. Read the Discussion Instructions for Week 4 and identify the market characteristics, productive efficiency, allocative efficiency, and equity in the particular industry that you selected. o Note: Do not duplicate an example in the text, lead post or a selection from one of your classmates, or you will be asked to re-post. Chapter 8 Chapter 9 Chapter 10 Chapter 18 Online Learning Center: Visit the Online Learning Center accompanying your text by clicking here. Explore the resources for Chapters 8-10 and 18.

Webquests:

Columbia College Online Campus

o

P a g e | 13

Hint: Table 8.1 on page 164 is very helpful.

Dropbox Assignments: After completing your readings in the text go to the Online Learning Center (click here ) and examine the interactive graphs for each chapter. Upload to the Week 4 Dropbox your answers, in your own words, to the following: 1. Using the Chapter 9 Origin of the Idea, identify who gave us the concept of allocative efficiency and explain what that phrase means in your own words. 2. Explain how a firm in Pure Competition determines how much to produce and how long run equilibrium is affected by the long run cost structure in such an industry. 3. Using the Monopoly model found in the Chapter 10 Origin of Idea module, explain why a monopoly will never operate in the inelastic portion of the demand curve? 4. What are the underlying purposes of the antitrust policy in the United States? These concepts are discussed in the textbook reading for this week. Midterm Examination: You are asked to take an online midterm over the first four weeks of the course (Chapters 1-10, 12, and 18). The ECON Midterm Examination is available in the Quizzes area. This exam is open book, does not have a proctor, and will remain open only during the indicated time interval. Answers are recorded by clicking on the one best selection of the multiple choices. You may access to complete individual questions, log out, and return to edit or change prior answers or to complete the quiz before the quiz deadline. If you print the quiz out and return to select answers, be careful to read all the choices again as these choices randomize on different logins for some questions. You are responsible for your own answers and allowed only one final submission. You will be able to see your score immediately upon submission, but not the correct answers until the deadline for submissions has passed. You will be able to return to the exam and compare your answers with the correct answers by clicking on the exam, then "Submissions," and then "Attempt 1" following the submission deadline.

Week 5 Microeconomics of Product Markets, Cont'd: Monopolistic Competition & Oligopoly

Focus: Identification of the characteristics of Monopolistically Competitive and Oligopolistic product markets, understanding the implications of these market structures for rational managerial decisions involving production and pricing, and understanding of the results from perspectives of efficiency and equity. Readings and Webquests Readings: (Read and Study) o o Chapter 11. Online Learning Center (required): Visit the Online Learning Center accompanying your text by clicking here. Explore the resources for Chapter 11. Webquests:

Assignments Discussions: Read and follow the Discussion Instructions for Week 5. This week we will discuss Monopolistically Competitive and Oligopolistic Product markets. You are

asked to identify a real world industry that conforms to either the Oligopolistic product model or the Monopolistically Competitive product model. Because

Columbia College Online Campus

P a g e | 14

these models are similar, you must provide detailed reasons why your real world industry conforms to the characteristics of the Oligopoly or Monopolistic Competition model. Additionally, you must provide a brief summary of implications for efficiency, equity, and public policy. As always, you will benefit and learn much from your fellow scholars' postings, so read and respond.
. Dropbox Assignments: After completing your readings in the text go to the Online Learning Center (click here). Upload to the Week 5 Dropbox your answers to the following exercise: 1. From the Chapter 11 Origin of Idea, identify those who gave us the concepts of "monopolistic competition" and "game theory". 2. Take a look at the default picture in the Chapter 11 Interactive Graphs section and indicate if you think it represents a long run equilibrium for a monopolistically competitive firm. Explain why or why not? If you get in trouble with the graphs, just click on the "Instructions" button. 3. What is the meaning of a four-firm concentration ratio? Interpret what a fourfirm concentration ratio of 60 % would mean. Interpret what a score of 90% would mean for the four-firm concentration ratio. What are the shortcomings of concentration ratios as measures of monopoly or oligopoly power? These concepts are discussed in the textbook reading for this week. Quiz: none! A chance to catch up and read ahead.

Week 6 Microeconomics of Resource Markets: The Market for Labor and Income Inequalities
Focus: Understanding the determination wage levels and wage differences in various labor market structures. Understanding of basic concepts, trends, and issues involving earnings and income differences, poverty, discrimination, and welfare policy from perspectives of economic efficiency and equity. Readings and Webquests Readings: (Read and Study) o o o o Chapter 13 Chapter 20 Online Learning Center: Visit the Online Learning Center accompanying your text by clicking here. Explore the resources for Chapters 13 and 20. Internet (optional, but highly recommended): Explore the concise summary of "How We Measure Poverty: A History and Brief Overview" written by Jessie Willis of the Oregon Center for Public Policy by clicking here.

Webquests:

Assignments Discussions: For Week 6 you will find two topics. Select one topic, then post and concisely defend your view. You may post to both topics, but are required to only select one for your initial post. Be careful to identify the positive reasons for your normative position. Read and respond to your fellow student's postings at will. The topics to choose from are: 1. Welfare Reform. What should we be doing with welfare policy and why? You

Columbia College Online Campus

P a g e | 15

are asked whether or not current antipoverty policy meets three generally accepted goals: a) helping, b) preserving work incentives, and c) minimizing cost. What changes you would favor and why? 2. Discrimination. How has discrimination affected economic efficiency and wages? You are asked to tell us what effect the discrimination you have observed has caused in a particular market for wages or prices. Ultimately, tell us what you think we should be doing with anti-discrimination policy and defend your answer with positive economic analysis. Dropbox Assignments: After completing your readings in the text, upload to the Week 6 Dropbox your answers to the following exercises: 1. Using the Chapter 13 Web-based Question: Real Wages and ProductivityAre Workers' Paychecks Keeping Up? Historically, over the long run, real wages grow at about the same pace as labor productivity. But has real compensation per hour kept up with output per hour over the latest 3 years shown? Go to the Bureau of Labor Statistics website, www.bls.gov/lpc/ to find the answer. What you are looking for is the most current information on percentage changes in output per hour of all persons in the business sector (labor productivity) and percentage changes in real compensation per hour. [Hint: This is not a 5 minute look up assignment. You will need to learn to navigate around the Bureau of Labor Statistics website to answer this. Also this question does not ask you to cut and paste the tables of info, but rather asks you to interpret the info. The tutorial or FAQ sections on the BLS site may help if you are impatient.] 2. Using the Chapter 13 Origin of Idea module, identify those who gave us the concepts of "monopsony" and "human capital," and explain what those terms mean in your own words. 3. In terms of the Supply and Demand for labor, how are the minimum wage and union wages similar and how are they different? Think about the markets for these two and use economic analysis in your answer. Chapter 13 is your guide to this one. Quiz 3: ECON 294 Quiz 3, which covers Chapters 11, 13 and 20, is available through the Quizzes area of D2L. All quizzes open at 12:01 a.m. Tuesday and close at 11:59 p.m. Sunday. The quiz is open book and does not require a proctor. There is no time limit and you may access the quiz several times, but are allowed only one submission.

Week 7 Resource Markets, Cont'd: The Markets for Land, Capital, and Entrepreneurs and the Economics of Health Care
Focus: Understanding of Supply and Demand in the Markets for Land, Capital, and Entrepreneurship; meeting some exemplary entrepreneurs. Understanding modern antitrust and regulation policy. Understanding of issues in the health-care industry. Readings and Webquests Readings: (Read and Study) o o Chapter 14 Chapter 21

Webquests:

Columbia College Online Campus

P a g e | 16

1. Online Learning Center: Visit the Online Learning Center accompanying your text by clicking here. Explore the resources for Chapters 14 and 21. 2. Internet (optional): Explore worldwide health issues by pointing your browser to the OECD Health Project and looking around. Assignments Discussions: You are asked to discuss the current state of the health care industry using the tools we have studied this semester. You will find a list of pros and cons related to this industry along with a short explanation of heath insurance and how it relates to the debate in the Content area. You are asked to develop your own solution to this social issue. You answer in terms of what you think is the socially optimal solution versus the economic least cost solution, but you must understand and explain the economic costs of your decision. Dropbox Assignments: After completing your readings in the text go to the Online Learning Center (click here). Upload to the Week 7 Dropbox your answers to the following exercises: 1. Using the Chapter 14 Origin of Idea module, identify those who gave us the first "theory of interest" and briefly summarize this "loanable funds" theory in your own words. 2. Short Essay. Identify at least one important Entrepreneur that you would consider an "Entrepreneurial Legend" and state why you consider the person to be (or have been) exemplary. Your reason for selecting the person should include examples of managerial economics and should include other criteria such as social responsibility and ethics. Remember to cite your authority and be careful not to plagiarize. Quiz 4: ECON 294 Quiz 4, which covers Chapters 14 and 21, is available through the Quizzes area of D2L. All quizzes open at 12:01 a.m. Tuesday and close at 11:59 p.m. Sunday. The quiz is open book and does not require a proctor. There is no time limit and you may access the quiz several times, but are allowed only one submission. Please point your browser to your "eServices" home page, log in to eServices, then click the Course Evaluation link under the "Academics" heading. Your evaluation helps the college and instructor improve Distance Education in general and this course in particular with your ratings and comments about what you found to be exemplary and non-exemplary during your online study of Microeconomics. You will need to do this sometime between Monday of Week 7 and Wednesday of Week 8!

Course Evaluation

Week 8 Microeconomics of Government

Focus: Understanding the Public Choice Mechanism and the Optimal Provision of Public Goods. Examination of the market impacts of apportioning the Tax Burden. Its A Short Week! Remember the Final, the Dropbox and Responsive Discussions are due on Saturday! Readings and Webquests Readings: (Read and Study) o Chapter 16 o Chapter 17 Webquests:

Columbia College Online Campus

o

P a g e | 17

Online Learning Center (required): Visit the Online Learning Center accompanying your text by clicking here. Explore the resources for Chapters 16 and 17.

Assignments Discussions: Identify a particular tax of your choosing. Then, concisely defend your view on whether that tax meets Adam Smith's criteria of a "good tax" and whether it is both efficient and equitable. Give positive reasons based on the microeconomics of product and resource markets, and the inevitable efficiency and equity implications that we have studied for your normative conclusion. Post your chosen tax and your defense in the Discussions area. Read and respond to your fellow students' postings at will. Dropbox Assignments: After your readings in the text, upload to the Week 8 Dropbox your answers to the following exercises: 1. Using your understanding of tax incidence explain why some states do not charge sales tax for basic foods. 2. Explain how the elasticity of demand influences tax revenues? 3. Define progressive, regressive and proportional taxes and give an example of each. Final Examination: You are asked to take a comprehensive, online Final Examination by midnight Saturday. The ECON 294 Final Examination, with additional instructions, is available in the Quizzes area. This exam is open book, does not have a proctor, and will remain open only during the indicated time interval. Answers are recorded by clicking on the one best selection of the multiple choices. You may access to complete individual questions, log out, and return to edit or change prior answers or to complete the exam before the deadline. If you print the exam and return to select answers, be careful to read all the choices again as these choices randomize on different logins for some questions. You are responsible for your own answers and allowed only one final submission. You will be able to see your score immediately upon submission, but not the correct answers until the deadline for submissions has passed. You will be able to return to the exam and compare your answers with the correct answers by clicking on the exam, then "Submissions," and then "Attempt 1" following the submission deadline. Course Evaluation If you have not done so, please help the college and instructors improve Distance Education in general and this course in particular. To do this, log in to eServices, then click the Course Evaluation link under the "Academics" heading.

Course Policies
Student Conduct
All Columbia College students, whether enrolled in a land-based or online course, are responsible for behaving in a manner consistent with Columbia College's Code of Student Conduct and Ethics Code for Computer Users. Students violating these codes will be referred to the Campus Life Office for possible disciplinary action. The Code for Student Conduct and the Ethics Code for Computer Users can be found in the Columbia College Student Handbook. The Handbook is available online; you can also obtain a copy by calling the Campus Life Office at 573-875-7400. The teacher maintains the right to manage a positive learning environment and all students must adhere to the conventions of online etiquette.

Columbia College Online Campus

P a g e | 18

Plagiarism
Your grade will be based in large part on the originality of your ideas and your written presentation of these ideas. Presenting the words, ideas, or expression of another in any form as your own is plagiarism. Students who fail to properly give credit for information contained in their written work (papers, journals, exams, etc.) are violating the intellectual property rights of the original author. For proper citation of the original authors, you should reference the appropriate publication manual for your degree program or course (APA, MLA, etc.). Violations are taken seriously in higher education and may result in a failing grade on the assignment, a grade of "F" for the course, or dismissal from the College. Collaboration conducted between students without prior permission from the instructor is considered plagiarism and will be treated as such. Spouses and roommates taking the same course should be particularly careful. All required papers may be submitted for textual similarity review to Turnitin.com for the detection of plagiarism. All submitted papers may be included in the Turnitin.com reference database for the purpose of detecting plagiarism. This service is subject to the Terms and Conditions of Use posted on the Turnitin.com site.

Non-Discrimination
There will be no discrimination on the basis of sex, race, color, national origin, sexual orientation, religion, ideology, political affiliation, veteran status, age, physical handicap, or marital status.

Disability Services
Students with documented disabilities who may need academic services for this course are required to register with the Coordinator for Disability Services at (573) 875-7626. Until the student has been cleared through the disability services office, accommodations do not have to be granted. If you are a student who has a documented disability, it is important for you to read the entire syllabus before enrolling in the course. The structure or the content of the course may make an accommodation not feasible.

Online Participation
You are expected to read the assigned texts and participate in the discussions and other course activities each week. Assignments should be posted by the due dates stated on the grading schedule in your syllabus. If an emergency arises that prevents you from participating in class, please let your instructor know as soon as possible.

Attendance Policy
Attendance for a week will be counted as having submitted a course assignment during that week of the session. A class week is defined as the period of time between Monday and Sunday (except for Week 8, when the week and the course will end on Saturday at midnight). The course and system deadlines are all based on the Central Time Zone.

Cougar E-mail
All students are provided a CougarMail account when they enroll in classes at Columbia College. You are responsible for monitoring e-mail from that account for important messages from the College and from your instructor. You may forward your Cougar email account to another account; however, the College cannot be held responsible for

Columbia College Online Campus

P a g e | 19

breaches in security or service interruptions with other e-mail providers. Students should use e-mail for private messages to the instructor and other students. The class discussions are for public messages so the class members can each see what others have to say about any given topic and respond.

Late Assignment Policy

An online class requires regular participation and a commitment to your instructor and your classmates to regularly engage in the reading, discussion and writing assignments. Although most of the online communication for this course is asynchronous, you must be able to commit to the schedule of work for the class for the next eight weeks. You must keep up with the schedule of reading and writing to successfully complete the class. The Late Assignment Policy operates on the assumption that submitting assignments is the students responsibility. Weekly Discussions are current dialogs with one or more students. Therefore, once the week has passed, the dialog is no longer current and cannot be completed for credit. If a documented emergency, such as a medical condition, can be shown, make-up credit will be allowed once approved by the instructor and the emergency circumstances have been confirmed. For late Discussion Posts, there is a minimum 4 point deduction, but the later the post, the greater the deduction. No late discussions will be accepted (i.e. graded) two weeks after a week ends (11:59 P.M. Central Time on the final Sunday). Students are responsible for making sure that any late discussions have been submitted prior to that time. Dropbox Assignments that are late may be turned in for partial credit. That is, all late Droboxes receive a late penalty of one point per day. Dropbox Assignments are set at an initial value of 25 potential points, so time is of the essence. No late dropboxes will be accepted (i.e. graded) two weeks after a week ends (11:59 P.M. Central Time on the final Sunday). Students are responsible for making sure that any late dropboxes have been submitted prior to that time. Quizzes and Exams are scheduled events for each week. Once that week has passed the opportunity to take the Quiz or Exam expires. The one exception is for a documented emergency, such as a medical condition. If an emergency can be shown, make-up credit will be allowed once approved by the instructor and the emergency circumstances have been confirmed. Once the course has ended the opportunity to earn points terminates.

Course Evaluation
You will have an opportunity to evaluate the course near the end of the session. Course evaluations will open on Monday of the Week 7 and remain open until 5 pm Wednesday of the Week 8. You will be able to access the link from your eServices page. Be assured that the evaluations are anonymous and that your instructor will not be able to see them until after final grades are submitted.

Additional Resources
Orientation for New Students
This course is offered online, using course management software provided by

Columbia College Online Campus

P a g e | 20

Desire2Learn and Columbia College. The Student Manual provides details about taking an online course at Columbia College. You may also want to visit the course demonstration to view a sample course before this one opens.

Technical Support
If you have problems accessing the course or posting your assignments, contact your instructor, the Columbia College Helpdesk, or the D2L Helpdesk for assistance. Contact information is also available within the online course environment. CCHelpDesk@ccis.edu 800-231-2391 ex. 4357 helpdesk@desire2learn.c om 877-325-7778

Grading Criteria
Discussion Post Rubric Criteria Content Description Posting is complete, concise and relevant to the question posed. The posting shows that the student completed and understands the weeks reading assignment. The posting encourages conversation by posing new questions, ideas or perspectives. Sources are cited where appropriate. A "Model Answer" is one which goes beyond, and could actually be used to teach. Replies/responses are substantive and help extend the discussion. The reply/response provides more evidence to prove a point given and provides constructive criticism to encourage stronger analysis/research from classmates or poses a question to promote further discussion. The initial post is submitted by Thursday at 11:59 pm CT. Replies are posted in sufficient time to provide opportunities for others to read and reflect on the issues. Students are actively listening by reading their classmates postings. Points

10

Response

Punctuality

5 5

Listening

Total

25

Dropbox Rubric Criteria Description Points

Columbia College Online Campus

Content

P a g e | 21

The answers show a clear understanding of relevant economic concepts, ideas and/or central points inquired about. Answers are clearly defined and supported by concrete substantial and relevant evidence or examples. Major points are explained with a degree of specificity. There are no errors of omission for the question posed. The answer is organized in paragraphs that are unified, coherent, and effective, with transitions between ideas. All sentences are correctly constructed, logical and complete. All writing avoids spelling errors, awkward language, improper grammar, flawed punctuation, and other technical mistakes. The assignment is in a standard type 12 point font. The assignment is submitted in Word (.doc) or (docx), Ascii (.txt) or Rich Text Format (.rtf).

20

Organization and Mechanics

Total

25

Instructor Information Dr. Satya B. Dutta is a Professor of Economics at the College for Financial Planning in Denver, Colorado, an adjunct instructor at Columbia College ( on line) and at Metro State College of Denver. He holds a Ph.D. degree in Economics from Clark University in Worcester, Massachusetts. In his spare time he likes to read, listen to music, play contract Bridge, and spend time with the family. Phone number: 303-220-4843 e-mail address: sbdutta1@cougars.ccis.edu