GRAND VIEW COLLEGE

SYLLABUS
Department and Course #: ECON 102

Course Title: PRINCIPLES OF MICROECONOMICS

Academic Term: SUMMER 2008, SECTION 6

Class Time: MONDAYS, 5:45 – 10:25pm; 7/9/09, 5:45 – 10:25pm

Academic Division: SOCIAL SCIENCES

Instructor: TOM SCHENK

Telephone Number: 515-281-3753

Email: tschenk@gvc.edu

ACADEMIC MAJOR GOALS AND OBJECTIVES

1. Demostrate abilities to conduct research to access relevant information and then communicate the
results of the research to others in written and oral format.
2. Demonstrate abilities to work in a team environment, as a leader and as a follower, to generate solutions
to specific situations.
3. Develop skills in analyzing business situations and recommend courses of action that show a thorough
understanding of the internal and external envorments.
INSTRUCTIONAL OBJECTIVES
*Learning as Knowledge
The student will:
1. Identify the definition(s) of economics and microeconomics
2. Identify the basic principles of the law of supply, law of demand, and market equilibrium.
3. Identify and understand the basic types of market structures and economic properties of
each structure.
4. Understand the economy as a system.

*Learning as Process or Behavior

The student will:
1. Relate political economy systems to the U.S. and other economies.
2. Study how the market system allocates products and services to consumers.
3. Apply economic theory in real-world applications
4. Learn how policy affects all the elements of the economy.
*Learning as Attitude
The student will:
1. Appreciate the basic underlying dilemma of economics.
2. Develop an awareness of how economics impacts their daily lives.
3. Appreciate the complex interactions in an economy.

CONTENT OUTLINE
• Elements of economics: political economy, science, and moral philosophy
• Economic institutions
• Trade-offs (opportunity cost) and the formation of an economy
• Supply and Demand: individual choice to market equilibrium
• Elasticity: the responsiveness of supply and demand
• Applications: Taxation and market efficiency
• Constructing supply and demand: individual choice and industrial production costs
• Market structures: perfect competition, monopoly, and monopolistic competition

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 • A Beautiful Mind: game theory
Time permitting:
• Applications: antitrust policy and regulation
• Work, labor markets, production, and income inequality
• Nonwage inputs, capital, and interest rates
• International trade: from the individual to nations

INSTRUCTIONAL PROCEDURES

Instructional procedures for this course will include lectures, class discussions, “company” (group) exercises,
case analysis, and individual assignments. Students will successfully pass the class if they aforementioned
activities.
INSTRUCTIONAL RESOURCES

1. Textbook: Economics by David Colander, 7th Edition, McGraw-Hill, Irwin: 2006

ISBN: 0-07-340286-9
2. Periodicals: The Economist, The Wall Street Journal, The Des Moines Register, New York
Times
3. Blogs: See Homework #1
4. Other readings will be distributed online and in-class.

ASSESSMENT OF ACADEMIC ACHIEVEMENT

Y = 0.2 • E1 + 0.2 • E2 + 0.3 • F + 0.2 • A + 0.07 • P + 0.03 • C

Y = total score;
E1 = Exam 1
E2 = Exam 2
F = Final
A = Average of best assignments (5)
P = Participation
C = Company Score

Exams: Two exams will be administered throughout the semester. The exams will consist of a multiple choice,
argument, and long problems. Multiple choice questions will test basic economic vocabulary and elementary
relationships. Argument questions will ask the student to reply to a normative statement using economic
reasoning taught in class. I may use quotes from recent periodicals and/or blog posts. Finally, long problems will
be multi-part and will test whether the student can work through an economic model. Each exam will implicitly
be cumulative insofar as the principles of economics are tightly intertwined, but the emphasis will be on the
contemporary lesson.

Final: The final will explicitly be cumulative, although the emphasis will be slightly more on the latter third of
the class. The format will be similar to exams: multiple choice, essay, and long problems. The test is worth
slightly more and, thus, will be slightly longer than exams.

Assignments: Seven (6) assignments will be given throughout the semester. The five (5) best assignments will
be calculated in the student’s score. One multiple-question exam will be distributed every Tuesday and will be
due the following Tuesday at the beginning of class. Assignments are not meant to be taxing, but to help the
student prepare for exams and the final. Most assignments will involve a question that will resemble an exam’s
‘long problem.’

Participation: Students are expected to regularly participate in classes and on Blackboard. Students must post at
least three (3) replies throughout the semester on Blackboard. Lack of participation and irregular attendance will
be especially noticed if the student is struggling in class. The professor will warmly reward struggling students
who seek help through email and questions.

Company Score: Students will be randomly assigned to companies of 3 individuals, depending on the final class
size. Companies will accumulate points throughout the semester based on exams, assignments, participation, and
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any other metric the professor feels is appropriate. These activities are meant to be fun and introspective, while
being educational. At the end of the semester, points will be assigned as the inverse of company rank multiplied
by 100, e.g., first place: (1/1)*100 = 100, second: (½)*100 = 50, etc. The company score is especially helpful
toward boarderline students.

Final Grade: Letter grades will be assigned as follows:

A = 90-100%
B = 80-89%
C = 70-79%
D = 60-69%
F = < 60%

MISSED EXAMS AND ASSIGNMENTS

Assignments will be due at the beginning of class every Tuesday and tests will be given on the days denoted
below. Late assignments will be penalized 40 percent. Students will be allowed to make up exams ONLY when
the professor received prior notification for the inability to complete the exams. In extreme cases where prior
notification is impossible, the student must provide written documentation—not by the student—explaining the
absence. Students who miss a test for an unexcused absence will receive a zero.

ATTENDANCE

Students will be expected to attend every class. Irregular attendance will be reflected in participation and
company exercise scores.

WRITING AND CRITICAL THINKING

Modern economics is intensely mathematics, but few people possess the training to grasp a mathematical model.
As such, economics is typically communicated in written periodicals so it is no coincidence that well-known
economists tend to be good writers—e.g., Paul Krugman, Herny James, John Gailbraith, and Milton Friedman.
Employers often lament and seek those with sharp writing ability. Although writing ability is hard to notice
during an application procedure, employers will often quickly promote those who effectively communicate.

This class will challenge student to reply to assertions during an examination. Students will need to synthesize
economic theory and writing to convince the professor the original argument was either fallacious or correct.
This experience will be different from writing an essay or research paper. Argument portions of the exam will
give the student little room to wonder or “add fluff”.

TENTATIVE SCHEDULE & READINGS

Economics is truly an interdisciplinary subject involving political theory, moral philosophy, mathematics, and
elements of all social sciences. This course will be based around the cold logical and mathematical aspects often
satirized in TV and movies. However, this class will also overtly emphasis applications of economic theory and
briefly highlight the moral philosophy and political philosophy elements.

Readings are mandatory and should be completed prior to the beginning of class, with the exception of the first
week. Suggested readings are not mandatory, but will help the student understand the mandatory content if
needed. The suggested readings will often re-explain the material from a slightly different perspective, much like
the function of this sentence to the former sentence. Lastly, voluntary readings are tangential to the topic—
interesting, but not necessary knowledge for the class. These readings will delve into political theory, philosophy,
and other classical writings that will add to the student’s comprehensive knowledge. Students will not be tested
over the material and absolutely should complete other assignments first. I hope this syllabus will be a resource
for the student after the class has been completed.

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29 Jun: Review of the syllabus and introduction
What is Economics?
***Chp. 1 – Colander
Economic institutions
***Chp. 3 – Colander
Production possibilities frontier
***Chp. 2 – Colander
**Chp. 2, Appendix A – Colander
Supply, demand, and equilibrium
***Chp. 4 – Colander
Algebra Review
Find your favorite algebra book and/or begin Chp. 5, Appendix A – Colander, pp. 121-123
6 Jul: Supply, demand, and equilibrium (con’t)
***Chp. 4 – Colander
9 Jul: Elasticities: responsiveness to supply and demand
***Chp. 6 – Colander
***Chp. 5, Appendix A – Colander
13 Jul: Test (Chps. 1 – 6)
Economic efficiency, taxation, and price controls
***Chp. 5 – Colander
***Chp. 7 – Colander
20 Jul: Constructing the supply curve: production costs and output
***Chp. 8 – Colander
Constructing the demand curve: individual choice and budgets
***Chp. 9 – Colander
***Chp. 10 – Colander
27 Jul: Test (Chps. 5–10, 19)
Market failures, externalities, and applications to environmental economics
***Chp. 19 – Colander
3 Aug: Market structures: perfect competition
***Chp. 11 – Colander
Market structures: monopoly
***Chp. 12 – Colander
**Chp. 12, Appendix A – Colander
Real-world marketplace and regulation
***Chp. 15 – Colander
***Chp. 16 – Colander
Market structures: monopolistic competition
***Chp. 13 – Colander
10 Aug: Final (Chps. 1 – 16, 19, emphasis on 11–16)

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 Revised: 4/13/04, 6/24/05, 8/01/06, 12/21/06, 6/04/07

GRAND VIEW COLLEGE

INSTITUTIONAL SYLLABUS STATEMENTS

Mission Statement
Grand View Collegeengages, equips, and empowers students to fulfill their ambitions and to serve
society. Believing that each person possesses natural strengths and developing abilities which can lead to a full and
satisfying life, Grand View Collegeadmits and educates students who represent a wide range of ages, achievements,
and expectations. Committed to the development of the whole person–mind, body, and spirit–and to preparing
students for responsible citizenship in their communities and in a diverse and changing world, Grand View:
• Believes that learning is a collaborative process in which respectful interaction is the norm;
• Offers quality programs which expect intellectual growth of students;
• Integrates liberal arts education with career preparation in an urban learning environment; and
• Affirms Christian faith and ethics as a vision for life, a vision that respects the diversity and dignity
of all people and the pursuit of lifelong learning.

Building on its Danish Lutheran heritage, Grand View is a School for Life.

Academic Honesty
Grand View College is dedicated to the development of the whole person and is committed to truth,
excellence, and ethical values. Personal integrity and academic honesty in all aspects of the College experience
are the responsibility of each faculty member, staff member, and student.
A student has an obligation to do work that is his or her own and reflects his or her learning and quest
for academic knowledge. Dishonesty and cheating are not acceptable behaviors. Examples include helping
others during exams, writing papers for others, falsifying data/records, copying other students’ work, taking
work directly from the Internet or any printed source claiming it as one’s own, and downloading/purchasing
papers on-line. Students who cheat, could risk severe penalties, which may include failure of the assignment,
failure of the course, or expulsion from the College.

Accelerated Courses
Grand View offers courses in an eight week or alternative delivery format. These offerings are designed
primarily for students enrolled in the College of Adultand Professional Learning (CPAL). They cover the same
subject content and require the same or comparable assignments that are associated with a traditional fourteen
week course. Students who have successfully completed previous baccalaureate level course work, are well
organized, are able to allocate adequate time for out-of-the-classroom study and preparation, and are highly
disciplined may find this delivery format appealing.

Accommodation
Grand View Collegeprohibits unlawful discrimination and encourages full participation by all students
within the college community. When a student requires any instructional or other accommodation to optimize
participation and/or performance in acourse, it is the responsibility of the student to contact both the instructor
and the Director of Academic Enrichment and apply for any requested accommodation. The Director of
Academic Enrichment and Disability Services is Dr. Kris Owens and she can be reached at 515/263-2971.

Class Attendance
The Federal Government requires that students receiving financial aid attend classes. Students who are
identified by the instructor as not attending classes, will be reported to the Registrar’s Office. Students who fail
to return to class may lose all or a portion of their financial aid. Students who never attend a class will be
administratively dropped.

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Classroom Conduct
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 Grand View Collegeexpects students to conduct themselves as mature members of the College
community respecting the rights of others. Behavior that threatens the safety of others or which interrupts the
learning and teaching process is not tolerated. When students engage in behavior which threatens their own or
the safety of others and/or interferes with classroom learning and teaching, the professor has the authority to ask
students to leave the classroom. Readmission to the classroom is dependant upon the approval of the instructor.
The instructor may also require a student to meet with the Provost before returning to class.

Code of Integrity
As a member of the Grand View Collegecommunity, and in accordance with the mission of the College
and its Lutheran identity, I agree to appreciate and respect the dignity and worth of each individual. I will honor
and promote a community of open interaction, personal integrity, active and intellectual engagement, and
academic honesty with students, faculty, and staff.

College E-Mail Account

E-Mail is the preferred source of communication within the Grand View community. It is essential that
all students check their Grand View College e-mail account or set their account to forward to a preferred e-mail
address.
Students may set up an e-mail auto forward from the myGVC web site. Click on the “Manage and
Update Personal Information” link and then select “set myGVC Mail Forwarding Address” under the “Links for
You” section.
Information outlining proper use of e-mail and computer resources can be found on the myGVC web
site. Click on “Campus Life” and then “Technology Resources.”

The Electronic Portfolio

All students who have taken INTS 101, New Student Seminar, are required to maintain an Electronic
Portfolio that documents their success at Grand View College. At various times during their years at Grand
View, these students are required to update their portfolio and to reflect upon the growth in knowledge and skills.
This on-going reflection culminates in INTS 470, Knowledge in Social Context, where students review the
material they have assembled and consider their college experience in its entirety.

Appeal of Final Course Grade or Other Academic Disciplinary Action

Students who wish to appeal a final course grade or other academic disciplinary action of an instructor
must complete and file an Academic Appeal with the Provost within fourteen calendar days after the end of the
academic term in which the issue of disagreement occurred.