| Course
Information | Technical
Information | Communications | Resources | Assessments | Academic
Schedule | Scholastic Honesty | Course Evaluation | Course Policies |UTD Policies |
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Professor Contact Information
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Professor |
Peter Lewin |
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Office Phone |
972-883-2729 |
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Email Address |
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Office Location |
SOM 3.223, UT Dallas |
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Mailing Address |
P.O. Box 830688, SM 31, Richardson, TX
75083-0688 |
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Web Page: |
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(Preferably contact me using my direct
email plewin@utdallas.edu) |
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Course Pre-requisites,
Co-requisites, and/or Other Restrictions:
MATH 5304 or equivalent.
Course Description
Economics is about the ordinary business of life
and it is also the basis for many courses in Business. It also contains
much of the conceptual material necessary for an intelligent understanding of
business life. The approach in this course to the teaching of economic
principles is to try to ensure that students acquire the necessary conceptual
apparatus in a way that is both challenging and interesting. This is done by
attempting to ensure that the material is presented in a lively, interesting
and relevant fashion. We will constantly use current real world examples to
illustrate the application of concepts.
Catalogue
Description.
Business Economics (3 semester hours) Foundations
of the economic analysis of business problems, with special emphasis on the
function and determination of market prices in production and consumption.
Supply and demand, price theory, production theory, trade theory with reference
to the global economy, the effects of tax and other policies in the economy,
and essential elements of the banking system and monetary policy are addressed.
Student Learning
Objectives/Outcomes
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Minimal
General Learning Outcomes - the ability to |
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1. Understand and be able to apply the concepts of supply and demand,
equilibrium, and the factors that shift supply and demand to analyze the
behavior of real markets when conditions change. |
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2. Analyze the impacts of restricting markets from reaching the
competitive equilibrium through price controls, taxes, and subsidies. |
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3. Understand the difference between monopoly markets and competitive
markets. |
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4. Understand the nature of production in the modern economy. Be able
to identify the profit maximizing price and the relationship between
different types of cost. |
I would like students to take away from this course
at least the following:
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1. the achievements of the American economic system An
appreciation of the power of economic reasoning for understanding current
events |
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2. A facility for analyzing everyday economic problems using basic
economic analysis |
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3. An understanding of the concepts of |
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4. the limits of regulation |
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5. the effects of taxes and subsidies of different types |
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6. the workings of the market
system is determining earnings (interest, profits, wages, salaries and rents) |
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7. the modern business firm, its function and its boundaries |
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8. An appreciation of the role of |
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9. supply and demand |
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10. costs and benefits |
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11. and their multiple applications |
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12. money in the economy |
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13. the dangers of inflation |
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14. the importance of free trade |
Required Texts
Required
Textbooks and Materials
The official text book for this course is Business
Economics by Steven E. Landsburg and N. Gregory Mankiw (Southwestern:
multiple editions, any one will do, the 2008 edition is probably the most user
friendly - see below under Reading
and Lesson Outline. It is a custom book from the publisher.)
Ideas in economics can be learned from multiple
sources. I will post supplementary material to complement the text and the
lectures.
In addition any basic text may help solidify the
fundamentals and add to insight and understanding. A good example is Economics
by Walter J. Wessels (4th edition is the latest, any will do),
Barron’s 2006, Available here.
Textbooks and other materials can be often be
ordered online through, MBS Direct Virtual Bookstore or Off-Campus Books web ordering site. They are also available
when in stock at UTD Bookstore and Off-Campus Books.
Instructor Information - brief
biography
I was born and grew up in Johannesburg , South
Africa. I received a BA (honors) degree in Economics and History from the
University of the Witwatersrand in Johannesburg in 1969. In September 1972,
after teaching at the business school at that University, I left to study at
the University of Chicago. I received a Ph.D. in Economics from the University
of Chicago in 1979. I was fortunate to have as teachers at least four Nobel
prize winners. In January 1979 I moved with my family to Dallas, where we have
lived ever since. After seven years as an academic, I tried my hand in an
entrepreneurial venture and joined a friend in a startup business called Soft
Warehouse. Today it is called CompUSA. I was one of its founding shareholders.
It was a difficult but very educational experience. In 1992 I decided to return
to academics and have been with the UTD School of Management since 1997. I love
my job. I have a passion for teaching and for economics.
My wife and I were married in December 1969. We
have four children and five grandchildren.
To see more about my professional and personal
life visit my website at http://www.utdallas.edu/~plewin/
In addition to a confident level of computer and
Internet literacy, certain minimum technical requirement must be met to enable
a successful learning experience. Please review the important technical requirements and the web browser configuration information.
This course was developed using a web course tool
called WebCT. It is to be delivered entirely online. Students will use their
UTD NetID account to login to the course at: http://webct6.utdallas.edu. Please see
the course access and navigation information.
To get started with a WebCT course, please see
the Getting Started: Student WebCT Orientation.
UTD provides eLearning technical support 24 hours
a day/7 days a week. The services include a toll free telephone number for
immediate assistance (1-866-588-3192), email request service, and an online
chat service. The UTD user community can also access the support resources such
as self-help resources and a Knowledge Base. Please use this link to access the
UTD eLearning
This WebCT course has
built-in communication tools which will be used for interaction and
communication. Some external communication tools such as regular UTD email and
a web conferencing tool may also be used during the semester. Please see more
details about communication tool information.
Another communication tool
available to students is live voice chat in the 3D virtual world of Second
Life. Instructions for accessing the UTD SOM Island in Second Life can be found
at http://som.utdallas.edu/somResources/eLearning/faculty/secondLife.php.
Interaction with Instructor: I will
communicate with students mainly through the Discussion Boards and Course
Announcements. Students may send personal concerns or questions to me using
my personal email, plewin@utdallas.edu tool.
I will reply to student emails or Discussion Board messages within 3 working
days under normal circumstances.
Interaction with other students: You
may communicate and interact with other students using either email, discussion
board or the Collaboration tool shown on the course menu.
The following university resources are available
to students:
UTD Distance Learning: http://www.utdallas.edu/oee/distance/students/cstudents.htm
McDermott Library: Distance Learners (UTD students who live outside the boundaries of Collin, Dallas, Denton, Rockwall, or Tarrant counties) will need a UTD-ID number to access all of the library’s electronic resources (reserves, journal articles, ebooks, interlibrary loan) from off campus. For UTD students living within those counties who are taking online courses, a Comet Card is required to check out materials at the McDermott Library. For more information on library resources go to http://www.utdallas.edu/library/distlearn/disted.htm.
Student
Assessments: Grading/Evaluation
There will be three online tests, two timed
midterms (25%) and a comprehensive final (50%). The tests will be
composed of multiple choice questions. In addition 5% can be added to
your grade by participation.
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Test 1 (covers
lessons 1-3) |
25% |
June 19 (12 am) - June 21 (11:59 pm) Online - 1
hour time limit |
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Test 2
(covers lessons 4-5) |
25% |
July 10 (12 am) – July 12 (11:59 pm) Online - 1
hour time limit |
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Test 3
(final, comprehensive) |
50% |
August 7
(12 am) – August 9 (11:59 pm) Online - 2 hour time limit |
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Bonus for
participation |
5% |
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Discussion Participation (up to a possible 5%
bonus added to your score)
You may participate in class discussion by following the discussions on the “Discussions
Boards” link on your course menu (on the left side of the screen). I will
create and manage a series of separate discussion topics and questions at
different points during the semester. Discussion on particular topics will be
open for only a limited time period. So, you should watch for current and new
topics. I encourage you to post questions or comments on the topics (this is a
public space, so everyone will see your posting). You will be rewarded for
evidence that you understand the material and that suggests good thinking. You
will not be rewarded for postings that do not fall into this category – and you
could be penalized for subjecting me and your fellow classmates to postings
that are a waste of time. So keep your postings short and make sure they have
some value.
In addition to providing you with the possibility
of earning a bonus, the discussions will prepare you for the tests. So I urge
you to at least read the discussions and my replies as part of your learning
and preparation.
To ask general questions, or make a general
comment – related to the course in general and not to a specific topic – make
use of the topic space entitled “Questions for Peter Lewin.” Remember
everyone in the class will see these, so use this space for communications that
may be of interest to everyone. To communicate with me privately, on topics of
interest or pertinent only to you, please send me email to plewin@utdallas.edu). To
keep abreast of the latest topics and on announcements relating to the course –
which could include supplementary course information – be sure to consult the “Announcements”
link on your course menu (on the left side of the screen).
Online Testing
You can access tests by clicking the "Assessments"
link on the course menu and then clicking the available test title links. Each
test is timed and can only be accessed once within the scheduled time window.
Please read the on-screen instructions carefully before you start the test. You
may review your test results after the test results are released.
All tests must be completed within the scheduled
3-day time window. No make-up tests will be allowed.
Grades
You can check your grades by accessing the “My Grades” on the course
menu.
(Business
Economics by Steven E. Landsburg and N. Gregory Mankiw (Southwestern: multiple
editions - any one will do, the 2008 edition is probably the most user
friendly))
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LESSON # |
TOPICS COVERED |
SUGGESTED READING |
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ISBN 978-0-324-61699-6 (2008 edition)
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ISBN 0-324-34573-9 (2007 edition)
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ISBN 0-324 -33890-2 (2006 edition)
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One |
Course Access and Self-Orientation Introduction to Economics –
assumptions and implications- productions possibility curves (two parts: part
A and part B) |
Chapter 19. Pages 258-259. |
Pages 477-490; 291-297, Chapter 4. |
Pages 477-490; 291-297, Chapter 2. |
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Two |
Demand and Supply – movements
along curves vs. shifts of curves. Elasticities of demand and supply; Engel
curves; Market Equilibrium. (Three parts: part A, part B and part C) |
Chapter 1 |
Pages 1-17; 188 -189. |
Pages 1-17; 188 -189. |
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Three |
Economic Policies - Price
controls, taxes and subsidies. Minimum wages, rent controls, consumer and
producer surplus. (two parts: part A and part B) |
Chapter 8 (through page 251). Appendix to Chapter 8. Chapter 9. |
Pages 17-25; 229 -263 |
Pages 17-25; 229 -263 |
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Test 1 – June 19 - 21. |
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Four |
Consumer Theory -The isolated consumer,
the consumer in the market (two parts: part A and part B) |
Chapters 3, 4. |
Chapters 2, 3 |
Chapters 3, 4 |
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Five |
Producer Theory - Monopoly,
competition, production, revenue and costs (four parts: parts A - D) |
Chapters 5, 6 7, 10. |
Chapters 7, 10 |
Chapters 7, 10 |
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Test 2 – July 10 – 12. |
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Six |
Production and Growth – Growth
accounting, the cost of living – price indexes (three parts: part A, B and C) |
Chapter 6, 21, 22. |
Chapter 6, 18, 19 |
Chapter 6, 18, 19 |
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Seven |
The Financial System - Saving,
investment and financial markets (two parts: part A and part B) |
Chapter 23, 25. |
Chapter 20, 22. |
Chapter 20, 22 |
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Eight |
The International Economy - Topics in
international trade and finance (two parts: part A and part B) |
Chapters 2, 24. |
Chapters 17, 21 |
Chapters 17, 21 |
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Test 3 - Final – August 7 -9 |
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The University has policies and discipline
procedures regarding scholastic dishonesty. Detailed information is available
on the UTD Judicial Affairs web
page. All students are expected to maintain a high level of responsibility with
respect to academic honesty. Students who violate University rules on
scholastic dishonesty are subject to disciplinary penalties, including the
possibility of failure in the course and/or dismissal from the University.
Since such dishonesty harms the individual, all students and the integrity of
the University, policies on scholastic dishonesty will be strictly enforced.
As required by UTD academic regulations, every
student must complete an evaluation for each enrolled course at the end of the
semester. An online instructional assessment form will be made available for
your confidential use. Separately students will also submit a course evaluation
required by UTTC. Please check course Announcement area for course evaluation
access information towards the end of the course.
Make-up exams
Make up exams will be given only in
exceptional circumstances
Extra Credit
There will be no extra credit
assignments
Late Work
N/A
Special Assignments
There are no special assignments
Class Participation
Students are required to login regularly to the
online class site. The instructor will use the tracking feature in WebCT to
monitor student activity. Students are also required to participate in all
class activities such as discussion board activities, chat or conference
sessions and group projects.
Virtual Classroom Citizenship
The same guidelines that apply to traditional
classes should be observed in the virtual classroom environment. Please use
proper netiquette when interacting with class members and the professor.
Policy on Server Unavailability or Other
Technical Difficulties
The
university is committed to providing a reliable online course system to all
users. However, in the event of any unexpected server outage or any unusual
technical difficulty which prevents students from completing a time sensitive
assessment activity, the instructor will extend the time windows and provide an
appropriate accommodation based on the situation. Students should immediately
report any problems to the instructor and also contact the UTD eLearning Help
Desk: http://www.utdallas.edu/elearninghelp,
1-866-588-3192. The instructor and the UTD eLearning Help Desk will work with
the student to resolve any issues at the earliest possible time.
Student Conduct & Discipline
The University of Texas System and The University
of Texas at Dallas have rules and regulations for the orderly and efficient
conduct of their business. It is the responsibility of each student and
each student organization to be knowledgeable about the rules and regulations
which govern student conduct and activities. General information on
student conduct and discipline is contained in the UTD publication, A to Z
Guide, which is provided to all registered students each academic year.
The University of Texas at Dallas administers
student discipline within the procedures of recognized and established due
process. Procedures are defined and described in the Rules and
Regulations, Board of Regents, The University of Texas System, Part 1, Chapter
VI, Section 3, and in Title V, Rules on Student Services and Activities of
the university’s Handbook of Operating Procedures. Copies of these
rules and regulations are available to students in the Office of the Dean of
Students, where staff members are available to assist students in interpreting
the rules and regulations (SU 1.602, 972/883-6391).
A student at the university neither loses the
rights nor escapes the responsibilities of citizenship. He or she is
expected to obey federal, state, and local laws as well as the Regents’ Rules,
university regulations, and administrative rules. Students are subject to
discipline for violating the standards of conduct whether such conduct takes
place on or off campus, or whether civil or criminal penalties are also imposed
for such conduct.
Academic Integrity
The faculty expects from its students a high
level of responsibility and academic honesty. Because the value of an
academic degree depends upon the absolute integrity of the work done by the student
for that degree, it is imperative that a student demonstrate a high standard of
individual honor in his or her scholastic work.
Scholastic dishonesty includes, but is not
limited to, statements, acts or omissions related to applications for enrollment
or the award of a degree, and/or the submission as one’s own work or material
that is not one’s own. As a general rule, scholastic dishonesty involves
one of the following acts: cheating, plagiarism, collusion and/or
falsifying academic records. Students suspected of academic dishonesty
are subject to disciplinary proceedings.
Plagiarism, especially from the web, from
portions of papers for other classes, and from any other source is unacceptable
and will be dealt with under the university’s policy on plagiarism (see general
catalog for details). This course will use the resources of turnitin.com,
which searches the web for possible plagiarism and is over 90% effective.
Email Use
The University of Texas at Dallas recognizes the
value and efficiency of communication between faculty/staff and students
through electronic mail. At the same time, email raises some issues concerning
security and the identity of each individual in an email exchange. The
university encourages all official student email correspondence be sent only to
a student’s U.T. Dallas email address and that faculty and staff consider email
from students official only if it originates from a UTD student account. This
allows the university to maintain a high degree of confidence in the identity
of all individual corresponding and the security of the transmitted
information. UTD furnishes each student with a free email account that is
to be used in all communication with university personnel. The Department of
Information Resources at U.T. Dallas provides a method for students to have
their U.T. Dallas mail forwarded to other accounts.
Withdrawal from Class
The
administration of this institution has set deadlines for withdrawal of any
college-level courses. These dates and times are published in that semester's
course catalog. Administration procedures must be followed. It is the student's
responsibility to handle withdrawal requirements from any class. In other
words, I cannot drop or withdraw any student. You must do the proper paperwork
to ensure that you will not receive a final grade of "F" in a course
if you choose not to attend the class once you are enrolled.
Student Grievance Procedures
Procedures for student grievances are found in
Title V, Rules on Student Services and Activities, of the university’s Handbook
of Operating Procedures.
In attempting to resolve any student grievance
regarding grades, evaluations, or other fulfillments of academic
responsibility, it is the obligation of the student first to make a serious
effort to resolve the matter with the instructor, supervisor, administrator, or
committee with whom the grievance originates (hereafter called “the
respondent”). Individual faculty members retain primary responsibility
for assigning grades and evaluations. If the matter cannot be resolved at
that level, the grievance must be submitted in writing to the respondent with a
copy of the respondent’s School Dean. If the matter is not resolved by
the written response provided by the respondent, the student may submit a
written appeal to the School Dean. If the grievance is not resolved by
the School Dean’s decision, the student may make a written appeal to the Dean
of Graduate or Undergraduate Education, and the deal will appoint and convene
an Academic Appeals Panel. The decision of the Academic Appeals Panel is
final. The results of the academic appeals process will be distributed to
all involved parties.
Copies of these rules and regulations are
available to students in the Office of the Dean of Students, where staff
members are available to assist students in interpreting the rules and
regulations.
Incomplete Grade Policy
As per university policy, incomplete grades will
be granted only for work unavoidably missed at the semester’s end and only if
70% of the course work has been completed. An incomplete grade must be
resolved within eight (8) weeks from the first day of the subsequent long
semester. If the required work to complete the course and to remove the
incomplete grade is not submitted by the specified deadline, the incomplete
grade is changed automatically to a grade of F.
Disability Services
The goal of Disability Services is to provide
students with disabilities educational opportunities equal to those of their
non-disabled peers. Disability Services is located in room 1.610 in the
Student Union. Office hours are Monday and Thursday, 8:30 a.m. to 6:30
p.m.; Tuesday and Wednesday, 8:30 a.m. to 7:30 p.m.; and Friday, 8:30 a.m. to
5:30 p.m.
The contact information for the Office of Disability
Services is:
The University of Texas at Dallas, SU 22
PO Box 830688
Richardson, Texas 75083-0688
(972) 883-2098 (voice or TTY)
Essentially, the law requires that colleges and
universities make those reasonable adjustments necessary to eliminate
discrimination on the basis of disability. For example, it may be
necessary to remove classroom prohibitions against tape recorders or animals
(in the case of dog guides) for students who are blind. Occasionally an
assignment requirement may be substituted (for example, a research paper versus
an oral presentation for a student who is hearing impaired). Classes
enrolled students with mobility impairments may have to be rescheduled in
accessible facilities. The college or university may need to provide
special services such as registration, note-taking, or mobility assistance.
It is the student’s responsibility to notify his
or her professors of the need for such an accommodation. Disability
Services provides students with letters to present to faculty members to verify
that the student has a disability and needs accommodations. Individuals
requiring special accommodation should contact the professor after class or
during office hours.
Religious Holy Days
The University of Texas at Dallas will excuse a
student from class or other required activities for the travel to and
observance of a religious holy day for a religion whose places of worship are
exempt from property tax under Section 11.20, Tax Code, Texas Code Annotated.
The student is encouraged to notify the
instructor or activity sponsor as soon as possible regarding the absence,
preferably in advance of the assignment. The student, so excused, will be
allowed to take the exam or complete the assignment within a reasonable time
after the absence: a period equal to the length of the absence, up to a maximum
of one week. A student who notifies the instructor and completes any missed
exam or assignment may not be penalized for the absence. A student who fails to
complete the exam or assignment within the prescribed period may receive a
failing grade for that exam or assignment.
If a student or an instructor disagrees about the
nature of the absence [i.e., for the purpose of observing a religious holy day]
or if there is similar disagreement about whether the student has been given a
reasonable time to complete any missed assignments or examinations, either the
student or the instructor may request a ruling from the chief executive officer
of the institution, or his or her designee. The chief executive officer or
designee must take into account the legislative intent of TEC 51.911(b), and
the student and instructor will abide by the decision of the chief executive
officer or designee.
Off-Campus Instruction and Course Activities
Off-campus, out-of-state, and foreign instruction
and activities are subject to state law and University policies and procedures
regarding travel and risk-related activities. Information regarding these
rules and regulations may be found at the website address given below.
Additional information is available from the office of the school dean. (http://www.utdallas.edu/BusinessAffairs/Travel_Risk_Activities.htm)
These descriptions and timelines are subject to
change at the discretion of the Professor.
MECO
6303.0G1 © 2009 - Dr. Peter Lewin, plewin@utdallas.edu