Economics 101Principles of MicroeconomicsFall 2009-10Tu-Th: Lecture 1 – 9:30-10:45, 6210 Social ScienceTu-Th: Lecture 2 – 1:00-2:15, 272 Bascom HallProfessor John Karl ScholzOffice: 7454 Social ScienceCourse web page: http://www.ssc.wisc.edu/~scholz/teaching_101.htmE-mail (please use sparingly!): [email protected]: 262-5380Office Hours: 1-3 pm, Wednesdays, or by appointmentThis course is designed to provide you with an introduction to microeconomics. Our primary focus will be on the behavior of consumers and producers as they engage in economic activity, generally governed by markets and the price system. A central issue is to understand theefficient allocation of resources. Throughout the course we will develop and apply a set of methodological tools that will be useful for evaluating existing public policies and policy alternatives, as well as providing a deeper understanding of how the economy operates. People like to poke fun at the economists' understanding of the economy. For example, an economist, a philosopher, a biologist, and an architect were arguing about what was God's real profession. The philosopher said, "Well, first and foremost, God is a philosopher because he created the principles by which man is to live." "Ridiculous!" said the biologist "Before that, Godcreated man and woman and all living things so clearly he was a biologist." "Wrong," said the architect. "Before that, he created the heavens and the earth. Before the earth, there was only complete confusion and chaos!" "Well," said the economist, "where do you think the chaos camefrom?" This course will improve your understanding of the economy and economic behavior. Economics has its own special language and way of thinking. When the course is over you will understand the following joke (and perhaps even find it mildly amusing!). An economist and a real person are walking down a street. They see a ten dollar bill lying in the gutter. The real person says "let's pick it up." The economist says "don't bother, it must be counterfeit. Otherwise someone would have already picked it up." I also hope that this course will whet yourappetite to learn more economics.When does class meet? Lectures are on Tuesday and Thursday. I teach two sections of economics 101 this semester, at 9:30-10:45 in 6210 Social Science and at 1:00-2:15 in 272 Bascom Hall. You should try to attend at the same time each class because I may not be presenting identical material in each lecture. Still, if you need to miss your regular lecture, feel free to attend the other one. You are expected to attend lecture and do the assigned readings for the lecture before coming to class.When do sections meet? You have signed up for recitation sections that will meet withteaching assistants on Wednesday or Friday on the schedule that you registered for (see, http://timetable.doit.wisc.edu/cgi-bin/TTW3.navigate.cgi?20101+sects/d296c101A1.html). The sections will usually focus on the problem sets that have been handed out the previous week. You should attend and actively participate in discussion sections.What texts are needed for the course? The required textbook, Microeconomics: Economics and the Economy, by Timothy Taylor, Freeload Press, is excellent. It is available at http://www.textbookmedia.com/Products/ViewProduct.aspx?id=3269 in a free online version (but you cannot print it); for $16.95 for a version without advertisements that you can print; or for $19.95 for an ad-free paperback version. I would also like you to acquire the Study guide, available at http://www.textbookmedia.com/Products/ViewProduct.aspx?id=3334. This will costanywhere from $4.95 (for an online version with ads that you cannot print) to $17.95 (for an ad-free hard copy). The study guide is a good source of additional problems (with answers). I assigned additional readings in most weeks of the class that are posted on the course web site (http://www.ssc.wisc.edu/~scholz/teaching_101.htm). Like the textbook, these are required readings that may form the basis of exam questions.How will students be evaluated? There will be three midterms during the quarter and a final exam. Your lowest midterm score will be dropped. Fifty percent of your final grade will bebased on your best two midterms, 40 percent will be based on the cumulative final exam, and 10 percent will be based on homework. The midterms and final are scheduled Midterm 1: The evening of Thursday, October 1Midterm 2: The evening of Thursday, October 29Midterm 3: The evening of Thursday, December 1Final Examination: Saturday, December 19, 7:25-9:25pmBarring a tornado or natural disaster of similar magnitude in Madison, these dates will not be changed. You are responsible for being there.Following practice in several other high-enrollment courses in the economics department, I expect the final grade distribution in my Economics 101 classes this Fall to be roughly 15% A’s: 18% AB’s; 20% B’s; 20% BC’s; 18% C’s; and 9% D’s and F’s. The grade distribution on midterm exams will be tighter than this because students are allowed to drop their lowest midterm grade.Homework: Weekly problem sets will be assigned during the semester. These will be collected and selected problems will be graded by the discussion section leaders. Problem sets will each be assigned one of three possible grades: a “2” for exceptional work; a “1” for complete and reasonably accurate work; and a “0” for incomplete or generally inaccurate work. Group work is permitted, but you must turn in your own work (and identify other group members) to get credit. Late problem sets will not be accepted under any circumstances. Each student may drop his or her lowest problem set grade. The problem set score will then be determined based on the student’s average performance on the remaining problem sets. Take special care to understand all solutions to problem sets, as this will be important preparation for the midterms and final exam. What are the rules for making up a midterm or final exam? Making up a midterm ispossible only under extenuating circumstances, such as a sudden illness, and must be accompanied by a doctor's verification. Also, Professor Scholz must be notified by phone or in person prior to the exam that the student will be unable to attend. Because the lowest midterm will be dropped from your grade, the rules on make-up midterms will be strictly
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