ECON 520 Microeconomics for Business Decisions (CRN – 22566) Syllabus Michael C.Y. Yang University of Illinois at Chicago Department of Economics www.mcyyang.com https://uic.blackboard.com Spring 2015 ECON 520 – Microeconomics for Business Decisions Spring 2015 Contents 1 Course Description and Objectives 1.1 University Course Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Course Goals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 Course Materials 2.1 Required Textbook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 Recommended Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 Course Requirements and 3.1 Exams . . . . . . . . . . 3.2 Problem Sets . . . . . . 3.3 Weekly Responses . . . 3.4 Basis for Final Grade . . Grading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 4 Course Policies 4.1 Questions & Email . 4.2 Academic Integrity . 4.3 Course Flexibility . . 4.4 Grade Dissemination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 University Policies 5.1 Students with Disabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Religious Holidays Observance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 UIC Academic Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 4 6 Tentative Schedule 5 University of Illinois at Chicago i Michael C.Y. Yang ECON 520 – Microeconomics for Business Decisions Spring 2015 Please read the entire syllabus carefully. Instructor Instructor Instructor Instructor Instructor Website Michael C.Y. Yang cyang40@uic.edu www.mcyyang.com University Hall (UH) 813 By appointment https://blackboard.uic.edu Email Website Office Location Office Hours: Days & Times University of Illinois at Chicago 1 Michael C.Y. Yang ECON 520 – Microeconomics for Business Decisions 1 Spring 2015 Course Description and Objectives 1.1 University Course Description 520 Microeconomics for Business Decisions 4 hours. Efficient allocation of resources by consumers, profit and non-profit firms and government, regulation of industry, monopoly and imperfect competition, business ethics and the market place, efficiency versus equity, social welfare. Credit is not given for ECON 520 if the student has credit in ECON 501. Prerequisite(s): MATH 165 or MATH 181 or the equivalent.1 1.2 Course Goals Microeconomic theory is a tool for making decisions and for understanding and predicting the choices and decisions of others. We will spend most of the course on applications of microeconomic theory to personal, managerial, and public-policy decision-making. We will identify when microeconomic analysis is an appropriate tool, microeconomics reveals (and what it does not) and ways to tell if it is being misused. There will be examples in the reading and homework, solving real-world problems. Topics include the efficient allocation of resources by consumers, profit and non-profit firms and government, regulation of industry, monopoly and imperfect competition, business ethics and the market place, efficiency versus equity, and social welfare. 2 Course Materials 2.1 Required Textbook Earlier editions are fine. • Pindyck, R. & Rubinfeld, D. (2012). Microeconomics, 8th ed., Pearson Series in Economics, ISBN-10: 013285712X, ISBN-13: 978-0132857123 2.2 Recommended Books • McCloskey, D. (1995). Second Thoughts: Myths and Morals of U.S. Economic History, Oxford University Press, ISBN-10: 0195101189, ISBN-13: 978-0195101188 Other principles of microeconomic textbooks will be helpful too. 3 Course Requirements and Grading 3.1 Exams Two online exams (Midterm and Final) will be given during the semester. Exams may include multiple choices, graphing, short-answer, and problem solving (calculation) questions. No exams are dropped or replaced. Be familiar with the Blackboard functions since the exams will be conducted through Blackboard system. You will have one week to access the exam and once you enter the exam you have 2 hours to complete it (multiple entries are not permitted). Thus, no make-up exams will be given for any reason. Your grades will be posted on Blackboard and complete solutions will be provided after the exams. The midterm will cover the first half of course materials and the final exam will cover the second half. 3.2 Problem Sets There will be four regular problems sets during the semester. No problem sets are dropped or replaced. The problem sets are composed of short-answer and problem solving questions; thereby mimicking the exams. Problem sets due at 11 p.m on Sunday and should be submitted electronically. 3.3 Weekly Responses In the weekly notes you will find a section called Check Your Understanding. It is your responsibility to read the notes and answer all the questions in the Check Your Understanding section. The questions are deigned based on the information in the notes, so they should be easy to answer. Responses will be due each Sunday at 11 p.m., but may be completed earlier. The purpose of this assignment is to keep you on schedule for the reading. 1 https://www.uic.edu/ucat/courses/ECON.html University of Illinois at Chicago 2 Michael C.Y. Yang ECON 520 – Microeconomics for Business Decisions 3.4 Spring 2015 Basis for Final Grade Assessment Percentage of Final Grade Weekly Response Problem Set 1 Problem Set 2 Midterm Problem Set 3 Problem Set 4 Final 10% (Total) 10% 10% 25% 10% 10% 25% Total 4 4.1 100% Grading Scale Percentage (%) Course Mark 90–100 80–89 70–79 60–69 0–59 A B C D F Course Policies Questions & Email The best way to contact me outside of office hours is via email. I will attempt to answer any and all questions asked through email promptly. The questions will then be posted on Blackboard along with the answers because other students may have the same questions. Asking relevant questions also demonstrates your contribution to the class. Thus, students are encouraged to ask valid questions. 4.2 Academic Integrity Academic honesty is expected. In fairness to the many students who work hard and put in an honest effort, those who in any way engage in acts of academic dishonesty or cheating will be treated most harshly as to do otherwise would devalue all honest student’s education. I encourage students to discuss economics and the class material together (outside of class) and to help each other in solving problems and in coming to understand the material. In fact, you will find this class much easier if you do form study groups. Nevertheless, work submitted for a grade must ultimately be the work of the individual student - not copied from another student or from any other source. It is my policy to, at a minimum, assign a grade of zero for any problem set on which cheating occurs. In the event of any cheating on an exam my policy is to assign a grade of F in the course. Furthermore, I will pursue all appropriate disciplinary measures provided by University policy; including expulsion. 4.3 Course Flexibility If it becomes necessary to add to, delete from, or otherwise alter this syllabus, then I reserve the right to do so as I deem fit. However, I will clearly communicate any and all changes made to the class in a timely manner. 4.4 Grade Dissemination All grades will be posted on Blackboard. Due to privacy concerns grades will only be given through Blackboard or in person. Phone, email, and other postings of student’s grades will not occur per university policy. No one else other than the student in question is able to collect graded material for someone else. University of Illinois at Chicago 3 Michael C.Y. Yang ECON 520 – Microeconomics for Business Decisions 5 Spring 2015 University Policies 5.1 Students with Disabilities Students with disabilities, access needs, and/or questions regarding these topics may contact the Disability Resource Center at (312) 413-2183 (voice) or (312) 413-0123 (TYY only). More information can be found at http://www.uic.edu/depts/oaa/disability_resources/index.html 5.2 Religious Holidays Observance Policy In accordance to state laws, the faculty of the University of Illinois at Chicago shall make every effort to avoid scheduling examinations or requiring student projects be turned in or completed on religious holidays. Students who wish to observe their religious holidays must notify the faculty member by the tenth day of the term that they will be absent unless their religious holiday is observed on or before the tenth day. In such cases, the student shall notify the faculty member at least five days in advance of the date when he or she will be absent. The faculty member shall honor the request and not penalize the student for missing class. If an examination or project is due during the absence, the student shall be given an assignment equivalent to the one completed by those students in attendance. The following link (http://www.interfaithcalendar.org) lists religious holidays that can be used as a reference guide for faculty and students for the coming academic year. The calendar is meant only as a guideline and because of the diverse manners in which religious holidays are observed, not every holiday constitutes an excused absence. 5.3 UIC Academic Calendar2 Month Date Day Event January January 12 19 Monday Monday January 23 Friday March 20 Friday March May May 23–27 1 4–8 Monday–Friday Friday Monday–Friday Instruction begins. Martin Luther King, Jr., Day. No classes. Last day to complete late registration; last day to add a course(s) or make section changes; last day to drop individual courses via Student Self-Service without receiving W (Withdrawn) grade on academic record. Last day to submit Withdraw from Term request via Student Self-Service and receive 100% cancellation of tuition and fees. Last day for undergraduate students to use optional late drop in college office and receive grade of W on academic record. Spring vacation. No classes. Instruction ends. Final Examinations. 2 http://www.uic.edu/ucat/catalog/CA.shtml#f University of Illinois at Chicago 4 Michael C.Y. Yang ECON 520 – Microeconomics for Business Decisions 6 Spring 2015 Tentative Schedule Week Date Topics Assignments 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Jan. 12–18 Jan. 19–25 Jan. 26–Feb. 1 Feb. 2–8 Feb. 9–15 Feb. 16–22 Feb. 23–Mar. 1 Mar. 2–8 Mar. 9–15 Mar. 16–22 Mar. 23–29 Mar. 30–April 5 April 6–12 April 13–19 April 20–26 April 27–May 3 May 4–10 (0) What is Economics? (1) Supply and Demand (2) Tax & Subsidy (Government’s Role) (3) Budget Line & Consumer’s Choice (3) Budget Line & Consumer’s Choice (4) Production (Theory of Firms) (4) Production (Theory of Firms) (5) Trade & Restrictions Midterm (6) Market Structure (6) Market Structure Spring Break! (7) Pricing with Market Power (7) Pricing with Market Power (8) Risk & Information (9) Game Theory (10) Externalities and Public Goods Final Response 1 Response 2 Problem Set 1 Response 3 Response 4 Problem Set 2 Response 5 Response 6 Response 7 Problem Set 3 Response 8 Response 9 Problem Set 4 Response 10 Important Note: Assignments are due at 11 p.m. each Sunday with no exceptions. Exams must be taken and completed by 11 p.m. on Sunday. The biggest problem with online courses is that you need to keep track of your own schedule. If you have any questions please email me as soon as possible. DO NOT wait until the day before midterm or final. Good luck and have a wonderful semester! University of Illinois at Chicago 5 Michael C.Y. Yang