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UW-Madison ECON 101 - ECON 101 Syllabus

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ECONOMICS 101INTRODUCTORY MICROECONOMICSFALL 2007 Instructor: Elizabeth Sawyer KellyOffice: 7416 Social ScienceOffice Phone: 608-262-8829Office Hours: Before class and after class, and by appointmentE-mail: [email protected]: www.ssc.wisc.edu/~ekelly/econ101 TEXT:Microeconomics by Paul Krugman and Robin Wells, first edition, Worth Publishers,2005. OVERVIEW: Economics is the study of the production, allocation and distribution of goods and services in a world where resources are scarce. In this course we will explore some basic concepts: the notion of scarcity and how it relates to opportunity cost; supply and demand; taxation and other government programs; externalities and public goods; production and cost theory; perfect competition,monopoly and other types of market structures; factor markets; and consumer theory. We may consider other topics as time allows.COURSE WEBSITE: www.ssc.wisc.edu/~ekelly/econ101Practice questions and problems are available on the course website. In addition, important information with regard to exams, review sessions, TA contact information, and announcements will be posted on this website. It is your responsibility to check the website for announcements, assignments, and anypossible changes related to the course plan. COURSE STRUCTURE AND GRADING POLICY: 1. LECTURES:There will be two lectures and a discussion section each week. Students are expected to have completed the reading prior to lecture. Attendance isnot mandatory at the lectures, but exams will focus primarily on material presented in lecture. A second reading of the textbook after the lecture will greatly enhance your understanding of the ideas being presented. 2. DISCUSSION SECTIONS:Attendance at discussion sections is highly recommended. Your Teaching Assistant will take attendance at every meeting. Discussion sections provide an opportunity to ask questions, go over problems from the large lecture or from the webpage, and generally reinforce material that has been presented in lecture. The discussion section is also the place where more complicated and challenging problems will be explored: these problemswill build off the material presented in the large lecture. Your T.A. willbe available during the discussion section and during office hours to answer your questions. In addition to attending the discussion section 1that you are enrolled in, you are also welcome to attend other discussion sections. We will make available a list of all T.A.s, their discussion sections, and the times and locations for these discussion sections. 3. GRADES:There will be two midterms and a final exam as well as five homework assignments. In addition there are extra credit opportunities that can effectively contribute an additional 3% to the total available points in determining your grade. The weights for the midterms, final and homework are as follows:MIDTERM I: 25% of gradeMIDTERM II: 25% of gradeFINAL: 40% of grade5 Homework Assignments: 10% of gradeAlthough attendance is not required at class you are responsible for any material, written assignments, reading material, etc. covered or assigned in class.The format of the midterm exams and the final will be announced in class prior to the date of the exams.Midterm exams will be held in class: students should plan to arrive at their assigned classrooms fifteen minutes early on these dates in order that the full class meeting time is available for the exam. Students arriving late will not receive compensating time: all exams must be turned in to the proctor at the end of the class hour. THERE ARE NO MAKEUP MIDTERM EXAMS. If you miss an exam and have a valid excuse, your final exam grade’s weight will be increased to make up for the missing midterm. If you do not have a valid excuse, you will receive a zero for that exam. Job interviews and travel plans (except as required by university-sponsored activities) do not constitute valid excuses for missing an exam. Students should plan to be in Madison, Wisconsin until they take the final exam. If you are unable to take an exam because of a valid excuse, please contact me in advance, if possible.The final exam will be held during the University’s final exam period at its scheduled time. The final will be comprehensive and cumulative. Review sessions for each exam will be offered prior to the exam: information with regard to the date, time and place for these reviews willbe provided during the large lecture and posted on the course’s website.Homework assignments, which will be posted on the web as well as mailed toyour University provided email account will be due on their assigned dates. NO LATE HOMEWORK ASSIGNMENTS WILL BE ACCEPTED. THERE WILL BE NO MAKEUP HOMEWORK. If you fail to turn in homework you will receive a zero for that homework. All homework must be turned in at the large lecture (NO EXCEPTIONS TO THIS!) Students may work together on homework assignments, but must submit their own answers independently. Sharing knowledge does not mean sharing homework. Answers that are copies on one another will be treated as violations of academic integrity and will be punished accordingly.2Exam Dates:Midterm I: Monday, October 15, 2007Midterm II: Monday, November 19, 2007Final Exam: Wednesday, December 19, 2007 at 7:45 a.m.Homework Due Dates:Homework #1: Monday, September 24, 2007Homework #2: Monday, October 8, 2007Homework #3: Monday, October 29, 2007Homework #4: Monday, November 12, 2007Homework #5: Monday, December 10, 2007NOTE: Failure to do the homeworks competently, thoroughly and consistently really hurts your grade: students who choose not to do the homeworks will find that their final computed weighted average grade is significantly impacted by this decision.Extra Credit Opportunity:This semester I will offer an extra credit opportunity three times during the semester. I have selected a recently published book which I think will be 1) easy to access at libraries, used bookstores, and local bookstores (as well as at web sources); 2) thought provoking and, perhaps,on occasion disturbing; and 3) an example of one economist’s work. This book is Freakonomics by Steven D. Levitt (University of Chicago professor and recipient of the John Bates Clark Medal “awarded every two years to the best American economist under forty” [from the book jacket])and Stephen J. Dubner (you may have read something by him in the New York Times). My selection of this book is not an


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UW-Madison ECON 101 - ECON 101 Syllabus

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