Econ 101: Principles of MicroeconomicsCh. 0: IntroductionFall 2010Herriges (ISU) Chapter 0: Introduction Fall 2010 1 / 1OutlineHerriges (ISU) Chapter 0: Introduction Fall 2010 2 / 1Course LogisticsThe BasicsInstructor: Prof. Joseph Herriges- Office: 369 Heady Hall- Office Hours: MWF 10-10:50 am or by appointment- email address: [email protected] ← preferred method of contact.- Do not call me at home!Class Time: MWF 11 to 11:50 amClass Location: 125 KildeeClass webpage:http://www.econ.iastate.edu/classes/econ101/herriges/Class information also available through WebCTHerriges (ISU) Chapter 0: Introduction Fall 2010 3 / 1Course LogisticsAbout MeB.S. from Marquette University in Economics and StatisticsMasters and Ph.D in Economics from U of Wisc-Madison10 years in the consulting industry, focusing on the electric powerindustry22 years at Iowa State University, specializing in- Environmental Economics- EconometricsHerriges (ISU) Chapter 0: Introduction Fall 2010 4 / 1Course LogisticsTeaching Assistants and Help RoomTAs for the course are:- Matthew Clancy- Hocheol Jeon- Yixing Peng- Sulagna Sarkar- Xioabo XiongOffice hours for the TA’s are- listed on the class webpage- held in the Help Room (180 Heady Hall)Help Room- Hours: M-R 9-5 and F 9-4- All 101 students can see any TA in the Help RoomHerriges (ISU) Chapter 0: Introduction Fall 2010 5 / 1Course LogisticsTextbook, etc.Required textbook: Paul Krugman and Robin Wells, Microeconomics,2nd Edition, Worth PublishingRequired software: ApliaRequired hardware: clickerHerriges (ISU) Chapter 0: Introduction Fall 2010 6 / 1Course LogisticsTextbook OptionsOption 1: Purchase (looseleaf) hardcopy of textbook at the bookstorewith Aplia software ($127.30). With this option you also have accessto an online version of the book.Option 2: Purchase online textbook with software- At Aplia site for $80 (there is a grace period until 9/12/2010)- At bookstore for $108.80With this option you can purchase a used or new hardcopy from thebookstore.Herriges (ISU) Chapter 0: Introduction Fall 2010 7 / 1Course LogisticsGrading PolicyGrade Composition- Two Midterm Exams: 20% each- One Final Exam (cumulative): 30%- Online Aplia Homework: 15%- In-class Clicker Questions: 15%Extra Credit is availableClass participation and attendance can affect borderline gradesViolations of classroom etiquette can negatively impact ones gradeAll administrative questions about grades are handled by Head TAHerriges (ISU) Chapter 0: Introduction Fall 2010 8 / 1Course LogisticsExamsFor exams, always provide the following 9 digits of your student ID:000000 XXXXXXXXX 00There are no make-up exams. If you miss a midterm exam- the weight is shifted to the final exam- only 1 (instead of 2) lowest Aplia problems set score will be droppedIf two midterm exams are missed, the you will receive an F for thesecond missed exam.Exceptions will be handled on a case-by-case basis with the StudentDeans officeExams will be in the usual classroomBe sure to bring a photo ID (they will be checked)Neither calculators nor any other form of electronic devices arepermitted during examLet me know ahead of time of special needs for disabilitiesHerriges (ISU) Chapter 0: Introduction Fall 2010 9 / 1Course LogisticsApliaThe Aplia software is synchronized with the textbook readingsProvides:1online access to the text2problem sets3course announcements4a listing of assignments and due dates5tutorials on graphs and math used in the course6extra credit readings and problemsHerriges (ISU) Chapter 0: Introduction Fall 2010 10 / 1Course LogisticsAplia Problem SetsOnline problem sets assigned with each chapter- practice problem set (not graded)- graded problem set (usually due the class after a chapter is completed)Your lowest two problem set grades will be droppedProblem sets announced in class and onlineGraded automatically by computerDeadlines are strict (to the minute)Try to submit 24 in advance of deadline to allow for internet problemsWorking together is allowed, but be sure to take an active roleHerriges (ISU) Chapter 0: Introduction Fall 2010 11 / 1Course LogisticsExtra CreditThere are two sources of extra credit:1Occasional online Aplia news analysis2Occasional online experimentsExtra credit will be incorporated after initial curve is assignedExtra credit- never changes grade by more than a full grade- typically changes grade by a half-step (e.g. C+ to B-)Herriges (ISU) Chapter 0: Introduction Fall 2010 12 / 1Course LogisticsIn-Class Clicker QuestionsWe will be using the “clickers” throughout the course of the semester.Instructions for registering your clicker can be found on WebCT.I anticipate asking between 3 and 5 questions each class.Questions will typically be drawn from the lecture for the day, thoughI may choose to ask questions involving the assigned readings.As with exams, there are no make-up options for the “clicker”questions.To allow for illness, forgotten clickers, and technical malfunctions, Iwill be dropping you lowest daily percentile scores from nine daysduring the course of the semester (out of 39 days).Herriges (ISU) Chapter 0: Introduction Fall 2010 13 / 1Course LogisticsClassroom EtiquettePlease do not:1start gathering up materials before the lecture is complete (if you haveto leave early please sit near the door)2read newspapers during lectures3carry on conversations during lecturesPlease1turn off all cell phones, laptops and iPads prior to the start of class2ask questions if you have them during the lectureFood and drink are fine (within reason)Sleeping is fine, snoring is notHerriges (ISU) Chapter 0: Introduction Fall 2010 14 / 1Course LogisticsMiscellaneousEconomics Majors: Feel free to talk to me if you are at all interestedin Economics as majorDisability Accommodations:- Contact the Disability Resources (DR) office for information on policiesand procedures- DR is located in Student services Building, Room 1076, phone515-294-7220Herriges (ISU) Chapter 0: Introduction Fall 2010 15 / 1What is Economics?What is Economics?Economics is typically thought to be aboutmoneybusinessthe stock marketWhile it does consider each of these areas, it is a much broader fieldEconomics is the social science studying how people make decisionsgiven scarcityscarcity of incomescarcity of timescarcity of resourcesHerriges (ISU) Chapter 0: Introduction Fall 2010 16 / 1What is Economics?What is Microeconomics?Microeconomics focuses on the decisions (given scarcity) ofindividuals,households,and
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