1. Resources

Catalog description: Principles of price determination applied to the analysis of consumer demand and business supply; production and costs; comparison of various market structures; income distribution; general equilibrium analysis. Elementary knowledge of calculus assumed.

Prerequisites: A course in "Principles of Microeconomics" (Drake's Econ 2) and a course in calculus (Drake's Math 28 or higher). The calculus prerequisite is essential, because differentiation (dy/dx) is used throughout the course. However, advanced concepts such as integration and Lagrange multipliers are not used.

Lectures: This is an on-line course. Instead of attending lectures, students view materials through the internet and submit assignments electronically using a web browser. For Summer 2011, Econ 173 online runs from May 16 to June 24. The final exam will be given on campus on Friday, June 24 from 9:00 AM to 10:50 AM in 101 Aliber Hall.

Who should take this course:

• Economics majors. This course is required for the Economics and Quantitative Economics majors at Drake (and at almost all other colleges and universities).
• Mathematics majors. This course may be counted toward the "application of mathematics" requirement, with approval from your Mathematics advisor.
• Students preparing for graduate school. If you plan to attend grad school in economics or a field that uses economic analysis (business, public administration, law, environmental policy, international relations, etc.) you will find this course useful.

How to contact instructor:

• Office: 319 Aliber Hall
• Telephone and voice mail: 515-271-3129
• Electronic mail: william.boal@drake.edu
• U.S. mail: College of Business and Public Administration, Drake University, 2507 University Avenue, Des Moines, Iowa 50311-4505

Required textbooks:

• Jeffrey M. Perloff, Microeconomics: Theory and Applications with Calculus, Boston: Pearson Addison Wesley, 2008, ISBN-13: 978-0-321-27794-7, ISBN-10: 0-321-27794-5. Available for purchase at Drake's University Bookstore (www.drakebookstore.com).
• Lecture Notes and Problems for Boal's Econ 173. Available online in PDF format. The lecture notes supplement the textbook for the first 3 weeks of the course. The problems are used throughout the course.

Recommended textbooks and materials:

• Your favorite textbook from Principles of Microeconomics, for reference.
• Your favorite calculus textbook, for reference.

Required software:

• A web browser. Internet Explorer 7, Apple Safari, and Mozilla Firefox are recommended. You can get a free copy of Safari from www.apple.com/safari/. You can get a free copy of Firefox from www.mozilla.org. Internet Explorer 8 and Google Chrome are not recommended because they sometimes have problems with Blackboard.
• Adobe Acrobat Reader Version 8 or higher. Most computers come with Acrobat Reader already installed, but you can download a free copy from the Adobe Web Site, www.adobe.com.

Learning objectives: This course covers price theory, the fundamental theoretical framework of economics which distinguishes it from other social sciences. Students completing this course will be well-prepared for virtually any other economics course (including macroeconomics). Some of the material covered in Econ 173 was introduced in Econ 2, but here it is covered more thoroughly and rigorously, using algebra, analytic geometry, and basic differential calculus. Detailed learning objectives are posted at the course web page ( www.drake.edu/cbpa/econ/boal/173).

2. Requirements and grading

Course grade: All components of the course are graded on a range of zero to 100. The formula for the course grade is a weighted average of these components:

Daily quiz: Every day, Monday through Thursday, a short on-line multiple-choice quiz must be completed before 11 PM. The quiz helps you review the key concepts for that day, and practice solving simple problems. You can retake the quiz as many as three times before 11 PM but the questions will change. Only your last score is recorded.

Daily problems: Every day, Monday through Thursday, students are assigned problems for solution and online discussion. Some students are required to post answers on the discussion board. Others are required to discuss and respond to the posted solutions. If the posted solution is incorrect, the discussant should give the correct solution. If the posted solution is correct, the discussant should explain intuitively why the posted solution makes sense, or show an alternate way of solving the problem.

Weekly tests: On the first five Fridays, an on-line test will be given on the material for that week. Tests include both multiple-choice questions and problems.

Final exam: The final exam will be given on Friday, June 24, 2011 from 9:00 to 10:50 AM in Aliber Hall 101. Students who will not be on campus on June 24 must make prior arrangement with the instructor for a makeup exam. The final exam is comprehensive and includes questions from all parts of the course. Books, notes, computers, cell phones, and wireless devices are prohibited during the exam. Simple calculators are permitted, but not graphing calculators or calculators with alphabetical keyboards. Old exams are available for study on Blackboard (bb.drake.edu) and at the course web page (www.drake.edu/cbpa/econ/boal/173).

How to succeed in this course:

• Check the prerequisites before enrolling. If you had difficulty with Principles of Microeconomics or Calculus, you are likely to have difficulty with this course. If you have forgotten calculus, you will have to work especially hard the first week of the course.
• Plan your time. Assignments are due each weekday. Work ahead if possible. Expect to spend at least 20 hours per week on this course.

3. Schedule of topics and readings

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