ECO 2030. Principles of Economics-Price Theory

Spring 2007 |
Calendar | Exam #3 | Grades [updated May 1]

Section 105: MW 2:00-3:15, Raley Hall 1015
Section 106: MW 3:30-4:45, Raley Hall 1015

Instructor: John Whitehead
Raley Hall 3094
Office Hours: TR 9:30-11:30, 2-4, appointment, open door
Phone: 262-6121 (office), 262-2148 (department), 268-8991 (home)
Fax: 262-6105


Last Update: 05/01/2007

Catalog Description

A brief introduction to the study of economics followed by an in-depth analysis of microeconomics, including: the price mechanism and supply and demand analysis; consumer choice; cost and revenue analysis of the firm; market structures; factor markets and income distribution; market failure and the role of government; and current economic problems such as pollution, poverty and discrimination. Prerequisite: completion of core curriculum mathematics requirement.

Learning Outcome Statement

Upon completion of this course the student will be able to:

  1. Identify the concepts of scarcity and opportunity cost as they relate to the study of economics.
  2. Identify the determinants of supply and demand and use the supply and demand model to illustrate changes in prices and output.
  3. Define price elasticity of demand and supply and demonstrate the relation between the price elasticity of demand and total revenue.
  4. Identify the behavior of the firm as it relates to production, price, cost, and profit.
  5. Demonstrate the welfare effects of alternative market structures.
  6. Describe how the concepts of comparative advantage and specialization lead to gains from trade.

Note: Every ECO 2030 syllabus at ASU has the same learning outcome statement. It is an AACSB requirement.

Textbook and Reading Assignments

Principles of Economics, 4e, Gregory N. Mankiw (required). [Greg Mankiw's Blog]
      Topic Required Reading
    1 Basic Principles 1 (pp. 3-11)
    2 Economic Methods 2
    3 Gains from trade 3
    4 Markets 4, 18 (393-404), 13 (276-278)
    5 Elasticity 5 
    6 Market efficiency 7 (6,  pp. 113-124)
    7 Public Finance 8 (6,  pp. 124-131; Chapter 12)
    8 International Trade 9
    9 Externalities 10
    10 Public Goods 11
    11 Industrial Organization 13, 14 , 15, 16 (345-363, skim 17)
    12 Labor Markets (19, 20)
    13 Frontiers of Micro 22

Teaching Methods

The primary means of instruction is the straight lecture supplemented with classroom games and experiments, interpretative dance and song. [Warning]


There are three multiple choice exams during the semester: two in-class exams and a final exam administered during the final exam period. Each exam is worth 100 points. The final exam is cumulative (i.e., it includes questions from the "learning outcomes" above).

There will be a number of unannounced quizzes during the semester. Your two lowest quiz scores will be dropped. The average quiz score is worth Q = 100 points.

Each exam is graded on a 100 point scale. The 300 exam points are weighted. Your highest two scores (H1 and H2) are weighted 40% and your lowest score (L) is weighted 20%. The points from your exams are calculated as follows:

A university excused or emergency absence is usually necessary to schedule a make-up exam [Exam procedures].

The grades are based on the three exams and quizzes. The maximum number of points is 400. There are absolutely no opportunities for extra credit.

Grade A A- B+ B B- C+ C C- D+ D D- F
Total Points 370 360 350 320 320 310 290 280 270 250 240 below 240
Overall Average 92.5 90.00 87.5 82.5 80.00 77.5 72.5 70.00 67.5 62.5 60.00 <60.00

FYI, here is the ECO 2030 final grade distribution from a previous semester (click on the thumbnail):


There are a number of ways to insure that you earn the grade that you hope to receive. One of my friends in college had this revelation late in his college career: "You know, if you go to class, read the assignments and study before the exams, you can get a pretty good grade." Indeed!


Class Attendance: From the catalogue: "It is the policy of Appalachian State University that class attendance is considered to be an important part of a student's educational experience. Students are expected to attend every meeting of their classes, and are responsible for class attendance."

Classroom behavior: The following classroom behaviors are not acceptable: excessive and/or loud chatting with other students, disruptive coming and going, answering your cell phone and other annoying behaviors.

Academic Dishonesty: It is the responsibility of every student to abide by the Appalachian State University Academic Integrity Code. In short: "Students will not lie, cheat, or steal to gain academic advantage."

Disabilty: "If you have a disability for which you are or may be requesting an accommodation, you are encouraged to contact both your instructor and the Office of Disability Services, 222 D.D. Dougherty, 262-3053/262-3056 (TTY) as early as possible in the term."

ASU Office Hours Policy: Every full-time faculty member is required to be available seven (7) hours per week during the regular academic year to consult with students. Requirements for part-time faculty will be prorated according to the number of hours taught. Each department will maintain an office hours policy that establishes standards regarding a mix among formal office hours, meetings in other locations, and electronic communications appropriate for faculty members and curricula in that department. A schedule indicating the times available for formal office hours, meetings in other locations, and electronic communications must be posted on the faculty memberís office door, listed on course syllabi, and provided to the departmental office at the beginning of each semester. Electronic communication addresses, URLs, and/or phone numbers must be listed on course syllabi and also provided to the faculty memberís departmental office. During the term of a summer session in which a faculty member teaches, office hours expectations are half of those during the regular academic year.