Microeconomics: An Introduction to Economic Efficiency
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Microeconomics: An Introduction to Economic Efficiency
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BASIC INFORMATION |
These web pages will be used by four different class sections:
OFFICIAL: "Covers economic problems faced by the individual and the firm. Examination of market structures, price and output determination. The microeconomic approach. IAI S3 902"This course will cover the area of economics commonly defined as microeconomics which is concerned with the individual parts of the economy such as individual businesses or industries, individual consumers, and individual products. Our goal is to study whether the economy uses our limited resources to obtain the maximum satisfaction possible for society. We will concentrate on three issues or goals: ALLOCATIVE EFFICIENCY, PRODUCTIVE EFFICIENCY, and EQUITY.
Course Issues:
- efficiency (allocative efficiency)
- efficiency (productive efficiency)
- equity
This course is an ONLINE class. Students will read and study the assignments, watch the online videos, do online assignments, and take exams either at home using Lockdown Browser with a webcam
NOTE: students do not need to be online at any particular time.
This course requires students to have basic skills in mathematics, including the use of graphs. If your math skills are weak you should consider building them before taking this course. There is a Math Quiz on our Blackboard website in the FOR PRACTICE section. Please take it as soon as possible and if you score poorly, 15 or less correct out of 20, then you should consider withdrawing from ECO 211 and take it later. If you are required to take MTH 060, or MTH 082 and have not yet done so, do not take this economics course.
BLACKBOARD, WEBSITES, E-MAIL |
This class will utilize the Blackboard website to access class material, and post class related announcements. Students should logon to Blackboard and check the class site for announcements.
Students in sections -W01, -W02, -W03 and -W05 will use the same Blackboard site: "ECO211-W01 W02, W03, W05 - MICROECONOMICS (Summer 2020)".Blackboard Instructions:
All students must log-in to our Blackboard website, study the syllabus, and take the required 5-point, online, "Orientation Quiz". The orientation quiz may be taken as many times as necessary and only the highest score will be counted.
- Always use the latest Google Chrome
or Firefox
browser when using Blackboard. For more information click HERE.
- Go to http://harper.blackboard.com
- Follow the instructions to "log-in". (If you need help see the Student Service Desk link below the Login button.).
- You should see your course Blackboard site in the "My Courses" box. If you do not please e-mail the instructor: mhealy@harpercollege.edu
The "LESSONS - BEGIN HERE" link on our Blackboard site will give you access to EVERYTHING that you should be doing for this class.
I will be sending you emails several times throughout the semester. You must check your Harper G-Mail account periodically. Most students have their Harper e-mail automatically forwarded to their regular e-mail account (see below) so they only have one account to check. Whatever you do, CHECK YOUR HARPER EMAIL!Some of the emails that I will send can also be found on our Blackboard class site. See the FOR STUDYING section on the menu bar and click on UNIT EMAILS.
Option to Forward Mail from your Harper E-mail Account
You should always use your Harper email account when e-mailing your instructor. All e-mails from harper will be sent to your Harper e-mail account. If you do not check your Harper e-mail account often, you can find instructions on how to forward e-mail from that account to one you check frequently by logging in to the Harper Student Portal and clicking on the "My Harper E-Mail" tab. All correspondence in this class will be sent to your Harper e-mail account.When e-mailing your instructor always put "ECO 211", your section number, and a message in the subject line. Please use proper spelling, punctuation, and grammar.
There is an ONLINE ORIENTATION QUIZ for this course. The orientation quiz is worth 5 points and you can take it as many times as is necessary. Only the highest score will be included in the gradebook. The orientation quiz will cover information found in the course syllabus and on the course Blackboard site.For your online orientation: (1) read this syllabus, (2) review the course Blackboard site, and (3) take the ORIENTATION QUIZ on Blackboard
COURSE STRUCTURE |
The entire course is divided into 26 lessons. Some chapters are divided into a few lessons (like chapter 9: lessons 7a, 7b, and 7c) and other chapters have only one lesson (like chapter 7: lesson 6a). (Yes, the lesson numbers do not correspond to the chapter numbers in the 20th edition of the textbook. Sorry.)
On the Blackboard LESSONS link, or on the MICWEBAPP, you will find the following for each lesson This is where you must begin your studying and review what you have studied.
More information on the "Assignments: Readings" and the "Assignments: Video Lectures":
To do well you need to practice doing problems. Many are available to you but where should you begin?
I recommend that you studying a lesson in the following order:
Then, if you need more practice do other exercises that can be found on Blackboard in the FOR PRACTICE section:
COURSE MATERIALS |
Microeconomics, by
McConnell, Brue, and Flynn, 20th edition, McGraw-Hill, 2015
(should be less than $30, used) VIDEO LECTURES: Tomlinson Videos
on ThinkWell ($50) BUYING the Tomlinson Videos on
ThinkWell (one-year access, used in Mr. Healy's
MICROeconomics and MACROeconomics classes) USING the Tomlinson Videos on
Thinkwell: The Yellow Pages are packets of
worksheets. They are called "Yellow Pages" because in my
face-to-face classes they are printed on yellow paper. You
will not get points for doing them, but you will find them
very useful while you prepare for the quizzes and
exams. The Yellow Pages available on our
Blackboard site. The ANSWERS to all Yellow Pages can also be
found on our Blackboard site. MIC WEB APP: The MicWebApp
has all of the information found on our LESSONS
page. How to put an icon to the app on the
homescreen of your mobile device: The app is not designed to replace
your textbook, computer, or paper and pencil. To learn the
class material you will have to read the textbook, watch the
Tomlinson video lectures, and DO PROBLEMS. When doing
problems you will need to use pencil and paper. The app is designed to allow you to to
do a quick review after you have studied the
material. The app is organized according our
twenty-six lessons. For each lesson you will usually find a
quick introduction, an interesting topic, the reading and
video assignments, key term flashcards, a quick review quiz,
key graphs, and YouTube review videos.
REQUIRED:
Just the textbook. No textbook access codes. No
"Connect".
NOTE: We will be using the 20th edition even
though there is a 21st edition available. (You may use the
19th edition.)
REQUIRED:
REQUIRED:
VERY USEFUL:
Be sure to put an icon to the app on
your mobile devices !!!
GRADING AND
EXAMS
The final grade for the class will be awarded according to the following point system. Changes may be made to this grading policy. All changes will be posted on the class Blackboard page and an email will be sent to all students.
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ACTIVITY |
INFORMATION |
POINTS |
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1 Orientation Quiz |
5 points, must be taken online at: http://harper.blackboard.com/ |
5 points |
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16 Required Activities |
2 points each. The Required Activities are online (Blackboard) chapter review quizzes of about 20 questions - usually multiple choice. They can be retaken as many times as you wish and only the highest score will be included in the final grade. |
32 points |
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5 Online Quizzes |
10 multiple choice questions, 1/2 point each each |
25 points |
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Comprehensive Unit Exams |
Unit 1: 40 points |
135 points |
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Comprehensive Final Exam |
80 multiple choice questions, COMPREHENSIVE |
80 points |
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TOTAL: 277 POINTS |
LETTER GRADES will be awarded as follows: 100-90%=A, 89-80%=B, 79-70%=C, 69-50%=D, below 50%=F.
Letter grades may be "curved" down a little. Our goal is for students with similar scores get similar grades. So scores are ranked from highest score to lowest and I look for gaps. So, if there are students at 91%, 90%, and 89%, but then the next student is at 85%, I will move the A grade down to 89%.
There is an ONLINE ORIENTATION QUIZ for this course. The orientation quiz is worth 5 points and you can take it as many times as is necessary. Only the highest score will be included in the gradebook. The orientation quiz will cover information found in the course syllabus and on the course Blackboard site.
For each chapter you will need to complete the online "Required Activity" (Note: there are two each for chapters 1 and 13). These can be found on Blackboard under the "REQUIRED ACTIVITIES" link. The required activities are worth two points each. You can do them as many times as you wish and only the highest score will be recorded. Most Required Activities are twenty multiple choice questions. Every time you open a Required Activity, even if you do not answer a single question, you must click on the SUBMIT button before you close the page.Click on "SAVE and SUBMIT" EVERY TIME, even if you haven't finished all of the questions.
The five quizzes are online at our Blackboard site and they will be taken at home via the internet using your normal browser (Chrome or Firefox). They consist of 10 multiple choice questions each and will be worth 5 points per quiz. They can be attempted ONLY ONCE (i.e. you must finish the 10 questions the first time you access them), but there is no time limit.
- Quiz 1 - The 5 Es (http://www.harpercollege.edu/mhealy/eco211f/5es/5e.htm)
- Quiz 2 - Supply and Demand (lessons 3a, 3b, 3c)
- Quiz 3 - Elasticity (lessons 4a and 4b)
- Quiz 4 - Costs of Production (lessons 7a, 7b, 7c)
- Quiz 5 - Monopoly (lessons 10a and 10b)
STUDY: Before you take a quiz: (1) read the lesson reading assignments and take notes, (2) watch the VIDEO LECTURES and study the VIDEO NOTES, (3) do the YELLOW PAGES, and check your ANSWERS, (4) check the lesson KEY TERM FLASHCARDS and KEY PROBLEMS on our LESSONS page or MICWEBAPP, (5) do the Required Activities, (6) see the WEB QUIZZES
There will be three unit exams and one final exam. All exams are comprehensive.
- The unit 1 exam will consist of 40 multiple choice questions and a three point extra credit essay question.
- The exam for unit 2 will have 45 multiple choice questions (40 from unit 2 and 5 from unit 1) and a three point extra credit question.
- The exam for unit 3 will have 50 multiple choice questions (40 from unit 3 and 5 each from units 1 and 2) and a three point extra credit essay question.
- The comprehensive final exam is 80 multiple choice questions with NO extra credit. It will cover all units, 1 through 4.
The exams are NOT open book, NOT open notes, and you can NOT bring in a sheet of notes or formulas. You can use only a basic, simple calculator and 2 sheets of blank paper..
Exams may be taken at home using Respodus Lockdown Browser software with a webcam.
Taking Exams at Home Using Respondus Lockdown Browser with a WebcamExams will be taken at home using LockDown Browser software and a webcam for online exams. The webcam can be built into your computer or can be the type that plugs in with a USB cable. Watch this short video to get a basic understanding of LockDown Browser and the webcam feature. A student Quick Start Guide (PDF) is also available.Then download and install LockDown Browser from this link:
http://www.respondus.com/lockdown/download.php?id=311332609
TO TAKE THE EXAMS FROM HOME:
- You will need to download and install LockDown Browser and use a webcam.
- You will have to close all programs on your computer
- Then you will OPEN LockDown Browser and access Blackboard through this program to take the exam. (NOT Chrome, NOT Firefox, NOT Internet Explorer, but Lockdown Brower will be used to open Blackboard.)
To ensure LockDown Browser and the webcam are set up properly, do the following:
- Start LockDown Browser, log into Blackboard, and select this course.
- Locate and select the Help Center button on the LockDown Browser toolbar.
- Run the Webcam Check and, if necessary, resolve any issues.
- Run the System & Network Check. If a problem is indicated, see if a solution is provided in the Knowledge Base. Troubleshooting information can also be emailed to our institution's help desk.
- Exit the Help Center and locate the practice quiz named "Lockdown Browser Practice Quiz" found in the "EXAMS" section on our Blackboard site.
- Upon completing and submitting the practice quiz, exit LockDown Browser.
When taking an online exam that requires LockDown Browser and a webcam, remember the following guidelines:
- Ensure you're in a location where you won't be interrupted
- Turn off all other devices (e.g. tablets, phones, second computers)
- Clear your desk of all external materials not permitted — books, papers, other devices, except for a pen or pencil, simple calculator, and two pieces of blank scratch paper
- Remain at your computer for the duration of the test
- If the computer or networking environment is different than what was tested above, repeat the Webcam and System checks prior to starting the test
To produce a good webcam video, do the following:
- Avoid wearing baseball caps or hats with brims
- Ensure your computer or tablet is on a firm surface (a desk or table) — not on your lap, a bed, or other surface that might move
- If using a built-in webcam, avoid tilting the screen after the webcam setup is complete
- Take the exam in a well-lit room and avoid backlighting, such as sitting with your back to a window
Remember that LockDown Browser will prevent you from accessing other websites or applications; you will be unable to exit the test until all questions are completed and submitted.
Academic honesty is very important in this class, especially since students may take the exams at home.
Treat the exam as though you were coming to a physical location for a proctored test. Students should dress and act appropriately, with the expectation that the videos will be viewed by their instructor. Students should not use cell phones or other electronic devices, other than a single-function calculator and two pieces of blank scratch paper. If the webcam photo and environment check do not appear clear, please stop the exam and contact your instructor. Use of prohibited devices and/or tampering with the webcam will be grounds for dismissal (student will receive a zero on the exam and/or failure from the course.)See Harper College’s Academic Honesty Policy
Exam Extra Credit Questions
After each of the three unit exams (including the retake exams) will be a three point extra credit short answer question. For descriptions of these three questions see the EXTRA CREDIT link on Blackboard in the FOR POINTS section of the menu.To access the extra credit short answer question:
- Finish the multiple choice questions and click on the SUBMIT button,
- Close the Lockdown Browser,
- Open a web browser, Google Chrome is recommended, and open Blackboard
- Then click on the "EXAMS" link on the Blackboard menu and there will be a link for "Exam Extra Credit".
- Click on that link, type your answer in the space provided, and click SUBMIT.
- After the extra credit is graded you can see your answer and the correct answer by clicking on your SCORE in the Blackboard gradebook: MY GRADES. Be sure to check the correct answer before taking an exam retake. Note: the retake exams (see below) will have a similar, but different, question.
Comprehensive Retake Exams
One optional "retake" exam (same lessonss, different questions) is available for each of the three unit exams. There is no retake exam for the final. If you take a retake, only the higher score will be included in your total score. Retake exams also have an extra credit essay question.Please do not take the retake on the same day that you took the exam. If you need to retake an exam then you need to study more first. Retake exams can be taken at any time during the semester, but please try to have them done before final exams week. Also, check your extra credit answer (see above) before taking the retake.
Before you take a retake exam: (1) read the lesson reading assignments and take notes, (2) watch the VIDEOS and study the VIDEO NOTES, (3) do the YELLOW PAGES, (4) check the lesson "Outcomes/Must Know" on our LESSONS page, or MICWEBAPP (5) do the Required Activities, (6) see the WEB QUIZZES link on Blackboard, and (7) do as many of the FOR PRACTICE exercises on Blackboard as necessary.
Exam Retake Scores: Exam Retake scores will NOT be included in your "My Grades" total on Blackboard. If your retake score is higher I will add the extra poInts before I assign grades at the end of the semester.
Exam Make-Up Policy / Exam Schedule
Students should take the exams according to the class "SCHEDULE", but they can be taken early or late (without penalty). NOTE: Students who get behind often do poorly. Try to stay on schedule, or better yet, get ahead. No exam, quiz, or any other assignment can be taken after the final exam date.STUDY: Before you take an exam:
- read the lesson reading assignments on our LESSONS page or MICWEBAPP and take notes,
- watch the VIDEO LECTURES and study the VIDEO NOTES,
- do the YELLOW PAGES and check your answers,
- check the lesson "Outcomes - What you should learn", "Key Terms Flashcards", and other information on our LESSONS page or MICWEBAPP,
- do the WEB QUIZZES and watch the KEY PROBLEMS videos found on our LESSONS page or MICWEBAPP,
- do the Required Activities,
- do as many problems as needed to learn the material. For problems see the following on Blackboard
- YELLOW PAGES
- PRE-QUIZZES (Pre-Quizzes are used in my on-campus classes. I offer them to my online students for practice only - no points.)
- CLICKER QUIZZES (Clicker Quizzes are used in my on-campus classes. I offer them to my online students for practice only - no points.)
- REVIEW QUIZZES
ECO 211-W01 and -W02
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ECO 211-W03 and -W05
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BRIEF COURSE
OUTLINE / OFFICIAL STUDENT OUTCOMES
IMPORTANT: We may not read the whole chapter, or a "chapter" may include pages from other chapters, so always check the LESSONS page or the MICWEBAPP before reading.
BRIEF COURSE OUTLINE
NOTE: This outline may be changed! Any changes will be announced via our Blackboard site.
Unit 1: Markets are Efficient, Except . . . Intro to Microeconomics
1a - The Class and the Math
1b - The 5Es of Economics
1c - Making Choices: Scarcity and Budget Lines
1d - Making Choices: Production Possibilities and Benefit-Cost Analysis
2a - Market Economies and Trade
3a - Demand
3b - Supply
3c - Market Equilibrium and Efficiency
5a - Gov't Interference in Markets and Market Failure (Negative Externalities)
5b - Market Failure Con't: Positive Externalities and Public Goods
4a - Price Elasticity of Demand and Tax Incidence
UNIT 2: Elasticity, Consumer Choice, and Costs
4b - Other Types of Elasticity
6a - Consumer Decisions: Utility Maximization
7a - Econ. Profit and the Production Function
7b - Production Costs in the Short Run
7c - Production Costs in the Long RunUnit 3: Are Businesses Efficient? Product Markets and Efficiency
8/9a - Pure Competition: Characteristics and Short Run Equilibrium
8/9b - Pure Competition: Long Run Equilibrium and Efficiency
10a - Monopoly: Characteristics and Short Run Equilibrium
10b - Monopoly: Long run Equilibrium, Price Discrimination, and Regulation
11a - Monopolistic Competition: Are Businesses Efficient?
11b - Oligopoly: Are Businesses Efficient?
12a - Demand For Resources
Unit 4: Labor and Efficiency: Resource Markets, Inequality, and Immigration
13a - Wage Determination: Labor Markets
20a - Income Inequality and Discrimination
22a - Immigration
OFFICIAL STUDENT OUTCOMES
The student should:
- demonstrate a good understanding of the methods and principles of microeconomic theory including opportunity costs, gains from exchange, and apply benefit-cost analysis (marginal analysis) to economic issues.
- demonstrate the ability to use graphical models.
- show mastery of the theories of demand, supply, consumption, production and cost, and market structures.
- explain how markets work and how market prices are determined in different market structures.
- assess the impact of imperfect information, externalities, and public goods on efficiency and welfare, and evaluate possible public policy remedies.
- apply quantitative reasoning to understand and solve problems.
OTHER USEFUL INFORMATION |
This is a difficult course! There is an old rule of thumb concerning studying for college courses: on average during a regular 16 week semester, students should attend class 3 hours a week and they should study outside of class TWO hours for every ONE hour of class. Therefore for a regular semester 16-week three-credit-hour online class this means that you should plan for NINE hours a week (three hours of "class" PLUS 2 x 3 hours of studying). This is an average, which means some courses require more study time and some less. You may find that economics requires MORE.For class sections of fewer than 16 weeks you will need to also study more hours each week. The 12-week sections should study about 14 hours per week. The 8-week sections should study about 18 hours per week.
The following suggestions should help you learn economics:
- READ THE BOOK! Read the assigned reading in the textbook and online. Passive reading of the textbook is not very helpful. Take notes. Read with a pen in your hand and a notebook on which to list, repeat, copy, calculate, etc. ALSO, pay close attention to the TABLES and GRAPHS. THEY ARE IMPORTANT. NOTE: we may not read all pages of a chapter or a "Chapter" may include pages from other places in the textbook. Always see the LESSONS link or MICWEBAPP before reading.
- WATCH THE VIDEO LECTURES! Watch the assigned online videos. This is like attending class for a face-to-face course. "VIDEO NOTES" from your instructor are available on our Blackboard site. Students have said that they are helpful. Also, do the review quizzes (THINKWELL EXERCISES) that are available for most of the Tomlinson Videos on Thinkwell. Once you log in to the Thinkwell class site click on the "Chapter Checklist" link for a list of the videos by their number. You will find the numbers of the assigned videos on our LESSONS link or MICWEBAPP.
- DO PROBLEMS. If you don't do the problems you will do poorly on the quizzes and exams. Many are available on our Blackboard site.
- Begin with the REQUIRED ACTIVITIES (since you earn points for doing them) .
- Do the YELLOW PAGES. These are important. They will help you do better on the exams. The answers are available on Blackboard. If you do not understand a problem you can get help on our Blackboard Discussion Board.
- Watch the KEY PROBLEM videos found on our LESSONS page or MICWEBAPP
- Do the WEB QUIZZES for each lesson found on our LESSONS page or MICWEBAPP
- Then, DO PROBLEMS. For problems see the following on Blackboard:
- PRE-QUIZZES
- CLICKER QUIZZES
- REVIEW QUIZZES
- THINKWELL EXERCISES (LOGIN to our thinkwell Video site and click on "Chapter Checklist"
- GET HELP
- Ask questions on the Blackboard Discussion Board
- Call or email the instructor for assistance. This should be done EARLY in the semester.
- email: mhealy@harpercollege.edu
- cell: 815-861-7265
- OFFICE HOURS - CLICK HERE
- Free tutoring is available at the Harper College Tutoring Center
- You may also want to make use of SUCCESS SERVICES FOR STUDENTS AT HARPER COLLEGE (see below).
- GET AHEAD - Or at least keep up. It is easy to get behind. To get a good grade you will have to devote a significant amount of time to studying economics. If you get behind there simply will not be enough time. Many students get an "F" grade in online courses because they get behind. Follow the SCHEDULE or GET AHEAD!
- APPLY the concepts learned in class to the "real world" including issues in the news and aspects of your personal life. The "Introduction", "Something Interesting", and Outcomes" sections found on our LESSONS page or MICWEBAPP is a good place to start.
Make the most of your college experience this semester by visiting Success Services for Students. Be aware of your academic needs and work to effectively change behaviors to improve academic success. Schedule an appointment for one of the following free sessions: Study Skills, Test Taking Tips, Time Management, Memory, Motivation, Test Anxiety, Reading Strategies, Math Strategies, Note Taking Skills, Concentration, Study Behavior Inventory, Learning Styles, Test Performance Analysis, Accounting Tips, Economics Tips, Preparing for Finals, and Online Study Tips.Email success@harpercollege.edu to schedule an appointment.
https://www.harpercollege.edu/academics/academic_support/index.php
Access and Disability Services: Harper College strives to make all learning experiences as accessible as possible. If you anticipate or experience academic barriers based on your disability (including mental health, chronic or temporary medical conditions), please let Access and Disability Services (ADS) know immediately at 847.925.6266. ADS will privately discuss the options you have, including the accommodations they offer. You are welcome to register with Access and Disability Service by going to Access and Disability Services and filling out the application for ADS services. Once you have your accommodations approved by ADS, please make arrangements with the instructor as soon as possible to discuss your accommodations so that they may be implemented in a timely fashion.
To learn more visit: Access and Disability Services
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Please be advised that faculty members are required to report to the College if they learn that a crime, harassment, or discrimination may have occurred.
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The College reserves the right to set and communicate reasonable standards of behavior. Students are expected to uphold college standards related to academic honesty. The following behaviors, as outlined in the Student Code of Conduct, are considered academic dishonesty and are prohibited. Examples are provided to illustrate the specific prohibition and are not intended to be all-inclusive.
Near the end of this course, you will be invited to participate in a survey. The feedback you provide is valuable to me, as your instructor, as well as Harper College. The comments you share are completely anonymous and the compiled confidential results will not be released until after final grades have been posted for the entire semester. You may access the survey through a link you will receive in your Harper College Gmail account or directly via Blackboard. Surveys are usually available three weeks before the last day of class. To check a survey’s availability in Blackboard, select the SOI- COURSE SURVEY link in the course menu. Surveys are only visible when they are available. Note: Course surveys are administered in Fall and Spring semesters only.
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