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Title III Project Outline
Jeff A. Wiltzius
Professor of Economics
Valencia Community College
ACTION RESEARCH PROJECT
Name: Jeff A. Wiltzius Campus facilitator: Tom Byrnes Course targeted for this project: Microeconomics 2023 Comparison Course: Microeconomics 2023 section W Brief description of the targeted course including its curriculum and audience: ECO 2023 Principles of Economics-Micro Introduction to economic theory and fundamentals of economic analysis. Emphasis on the study of microeconomics: market structure, price determination, factors of production, distribution of income and the effects of monopoly and oligopoly on markets. For prospective economics majors and students with interest in specialized business curricula, completion of full Principles of Economics sequence (ECO 2013 and ECO 2023) is highly recommended.
Title III Project Abstract Microeconomics has one major focus, the maximization of profit for business entities. The acquisition of conceptual knowledge by the students is important, but perhaps more important is the improvement of critical thinking skills that relate to the subject of long-term profit maximization. In this project I intend to incorporate learning activities that are designed to improve both the mastery of conceptual knowledge by the students and their critical thinking skills. In a Microeconomics course students should learn the tools necessary to make business decisions. However, once individual microeconomic techniques are mastered, can students use them in the comprehensive scenarios presented in the world of business? The best type of test is one that forces them to apply these skills to real-life business situations. Four learning techniques have been developed for the four modules of the Microeconomics course. First, a cooperative learning technique was developed for implementation into the Economics for Life module of the Microeconomics course that previously was taught primarily through lecture. Second, a cooperative learning technique was implemented into the Supply and Demand module of the Microeconomics course in the past, but was not assessed. This technique will now be assessed by obtaining formative feedback from the students for learning goals. Third, I will design a demonstration business model (setting up a pencil-sharpening factory) for use in teaching the concepts of marginal physical property of capital and marginal physical property of labor. Again, I will design an assessment of this learning activity. Finally, once students have the tools necessary to make business decisions, I will design a project to measure whether students have the learned the techniques well enough to apply them given a real-life business situation. These hands-on activities and learning techniques should boost student success in this course, and more importantly, in life. In the Economics for Life section a short survey was designed to ask students their opinion of the project and for feedback on suggestions for improvement of the project. After the Supply and Demand segment of the course students will be given a mid-semester feedback survey to seek out suggestions for improvement of the teaching techniques for the remainder of the semester. A “Muddiest Point” questionnaire will be given to the students after the pencil sharpening factory presentation to find out which points of the demonstration were still misunderstood at the end of the third demonstration module. In the final section of the course students will be required to first on an individual basis, and then as a group, to complete a Ticket Out questionnaire as a final requirement for completion of the project. These assessment techniques should help in the refinement and improvement of the techniques used.
Module 2: Cooperative learning techniques are implemented into the Supply and Demand module of the Microeconomics course. Background: Supply and Demand analysis is a key tool for economists. In order for students to learn how to use this tool, it is imperative that they use hands - on techniques. It does not do students any good to learn the basic fundamentals of supply and demand without the ability to apply the analytical techniques. Procedure: Students are asked to read the chapters covering supply and demand and to pull out the determinants of supply and demand for a study sheet. The class is presented with two class periods of lecture on the fundamentals of supply and demand. At the end of the second class students are broken into groups of three to four people. Each group is given one large question bank (currently 104 questions) of supply and demand problems, and a single scantron sheet. The groups are told they are only supplied one copy and so they first must formulate a plan for communication and a procedure to get exam copies to all team members. Students are also given specific instructions on how the scantron sheets must be filled out and are required to submit a separate sheet with their group number and individual names. Groups then compete for points toward their next test score with the winning group receiving 5 points, second 4 points, and so forth down to 1 point for fifth place. Groups that do not follow directions are disqualified. Half of the next two class periods are given to the students for group work. The instructor helps individual groups with problems during this period and also uses some examples from the exam to teach the class how to work the problems. Evaluation: A Mid-Semester Feedback on Learning will be given to students after their second exam to obtain suggestions to be used for the remaining part of the course.
Module 3: Section three of the Microeconomics course includes an introduction to evaluation of cost control mechanisms used by business. A demonstration business model setting up a pencil-sharpening factory is used to teach the concepts of marginal physical property of capital and marginal physical property of labor. Background: Several different lecture techniques were used over several semesters that produced limited success. Marginal physical product is the amount of additional goods or services produced when an additional unit of labor or capital is added by a business. Students could understand this part of the concept based on test results. What students can not seam to grasp from the lectures is the next step, where labor and capital are weighted based on the cost of the labor and the cost of the capital, and then compared with each other to find out which input would yield a higher marginal physical product per dollar. This analysis allows businesses to decide whether to spend money on labor or capital inputs. Procedure: Students are given an assignment to read the section in the book for the marginal physical product section. At the beginning of class the instructor announces that today the class will be setting up a factory to help them understand how businesses make decisions in increasing labor or capital to increase production. The pencil- sharpening factory is put together with a hand pencil sharpener, a box of pencils, and two student volunteers (a sharpener and a timer). The company buys unsharpened pencils, sharpens them, and then sells the sharpened pencils to customers. Costs of pencils and prices of sharpened pencils are established. The sharpener student is given a wage rate per minute. The timer measures the amount of pencils the student is able to sharpen and put back in the box (customers will not buy pencils unless they are in a box) in one minute. Total cost and total revenue equations are used to calculate profit on the results. A second student volunteer is then added to the company and the procedure is repeated. The amount of pencils the two students can sharpen goes up, but based on the costs, profits go down. The proper decision is to replace the hand sharpener with better capital. The two students are directed to use the sharpener in the back of the classroom. Since the sharpener is already in place, this gives the professor a perfect opportunity to explain the concept of sunk costs. Why the costs of the second pencil sharpener are not included in the analysis. Students are given another minute to use the additional capital and profits are recalculated. A third student is added to the team and once again there are too many workers for the company and the marginal physical product goes down along with profits. Finally the instructor tells the class there is some brand new technology available and pulls an electric pencil sharpener from a book bag. The class immediately embraces the new technology, but they still need the point driven into the situation. That is when the instructor tells the class that because this is brand new state of the art technology, it is very expensive and writes $5,000.00 on the board. The class realizes that even though the company could produce more pencils with the new technology, it could not pay that price and still make a profit, driving home the point that you can’t just look at output. You have to look at both the marginal physical product and costs of the inputs into your business decisions. Evaluation: Evaluation takes place in the form of a multiple-choice exam given at the end of the section. A “Muddiest Point” questionnaire is given to the students after the presentation to find out which points of the demonstration were still misunderstood so that point can be focussed on differently in the future.
Core Competency Assessment Plan The wrap up project of this Microeconomics course requires students to use three of the four Valencia Student Core Competencies: Think, Act, and Communicate. Initially students must analyze the data of the problem. They then must employ the procedures of the discipline to evaluate the company. The different techniques that are used to formulate well-supported conclusions on the individual components of the business must then be synthesized to formulate a plan of action. They must apply problem-solving conclusions and communicate how they can help Max and Char maximize profits for their business. Instructional Technology Two types of instructional technology will be used. First, a power point presentation will be used on the final profit Maximization project to show students that this is a real life problem for real people. They will be shown a series of slides on their client introducing them to Whispering Pines Lodge. They will get to see the lake, the activities available for guests, the accommodations, and the restaurant where the guests eat. They will be able to see for themselves the types of decisions that face a business. The second segment is the analytical portion conducted in an Excel spreadsheet. Given the data students will have to manipulate that data to generate and income statement for the business and calculate profits and losses.
Bibliography/References Angelo, Thomas A. and K. Patricia Cross_. Classroom Assessment Techniques: A Handbook for College Teachers_ , 2nd^ Edition, San Francisco: Josey-Bass, 1993. Brookfield, Stephen D., Becoming a Critically Reflective Teacher , (San Francisco, CA, Jossey-Bass Inc.
- pp. 163-180. Cross, K. Patricia, & Steadman, Mimi Harris, Classroom Research, Implementing the Scholarship of Teaching , (San Francisco, CA, Jossey-Bass Inc. 1995) pp. 122-130. Draper, Stephen W., Observing, Measuring, or Evaluating Courseware , Department of Psychology, University of Glasgow Glasgow G12 8QQ U.K. 18 Feb 1996, p1. Johnson, David. Johnson, Roger. Smith, Karl, Active Learning: Cooperation in the College Classroom , (Edina, MN: Interaction Book Company, 1998) Nosich, Gerald M., Learning to Think Things Through, A Guide to Critical Thinking in the Curriculum , (Upper Saddle River, NJ, Prentice Hall, 2001) pp. 6-8, p. 154. Palloff, Rena M., & Pratt, Keith, Building Learning Communities in Cyberspace, Effective Strategies for the Online Classroom , (San Francisco, CA, Jossey-Bass Inc. 1995) p. 175, and pp. 192-193. Internet Research Center for Teaching and Learning Excellence. Retrieved March 5, 2002, from http://clte.asu.edu/ Learning through technology. Retrieved Jan 8, 2002, from http://www.wcer.wisc.edu/nise/cl1/ilt/default.asp The Cooperative Learning Center at the University of Minnesota. Retrieved Feb 5, 2002, from http://www.clcrc.com/
Economics for Life Questionnaire
I'd like to have your reactions to the Economics for Life module used in the beginning of this course. How many of the courses in the informal survey done the first day of class have you taken? (Reminder: High School Economics, Basic Economics, Macroeconomics, Accounting, and Introduction to Business) [ ] None [ ] One [ ] Two [ ] Three [ ] Four [ ] Five or more Please indicate how strongly you agree or disagree with each of the following statements. 1=(strongly agree) to 5= (strongly disagree); or no basis for opinion. Use of Text: I read the assigned chapters prior to coming to class. [ ] (1) Strongly Agree [ ] (2) Agree [ ] (3) Neither Agree Nor Disagree [ ] (4) Disagree [ ] (5) Strongly Disagree [ ] No basis for Opinion Classroom Group Activity: The group contest for points on the advantages and disadvantages of the legal forms of business enterprises helped me understand how entrepreneurs choose a business form. [ ] (1) Strongly Agree [ ] (2) Agree [ ] (3) Neither Agree Nor Disagree [ ] (4) Disagree [ ] (5) Strongly Disagree [ ] No basis for Opinion Accomplishment of Goals: The Economics for Life section has given me confidence in my ability to do well in this course. [ ] (1) Strongly Agree [ ] (2) Agree [ ] (3) Neither Agree Nor Disagree [ ] (4) Disagree [ ] (5) Strongly Disagree [ ] No basis for Opinion The Economics for Life section has helped me learn foundation of economic concepts. [ ] (1) Strongly Agree [ ] (2) Agree [ ] (3) Neither Agree Nor Disagree [ ] (4) Disagree [ ] (5) Strongly Disagree [ ] No basis for Opinion Comments: Please add any comments or suggestions for improvement of the Economics for Life section of the Course on the reverse side of this survey form.
Mid-Semester Feedback on Learning Please write brief, honest answers to the questions below:
- What things are going well in this course that the instructor should continue doing?
- What things are not going well in this course that the instructor should stop doing?
- Please give 1 or 2 specific, practical suggestions that your instructor should start doing to improve your learning in this course.
YOUR TICKET OUT
EACH STUDENT AND EACH GROUP ARE REQUIRED TO
THOUGHTFULLY ANSWER THESE QUESTIONS AND
YOUR OUTTA HERE!!!
1. What are the most important things
you have learned from this project?
2. What knowledge will you take away
from this exercise?
3. What questions remain?
