Economics 101Principles of MicroeconomicsSpring 2004-05Tu-Th: Lecture 1 – 9:30-10:45, 6210 Social ScienceTu-Th: Lecture 2 – 11:00-12:15, 6210 Social ScienceProfessor John Karl ScholzOffice: 7454 Social ScienceCourse web page: http://www.ssc.wisc.edu/~scholz/teaching.htmE-mail (please use sparingly!): [email protected]: 262-5380Office Hours: 1-3 pm, Tuesdays, or by appointmentThis course is designed to provide you with an introduction to microeconomics. Ourprimary focus will be on the behavior of consumers and producers as they engage in economicactivity, generally governed by markets and the price system. A central issue is to understandthe efficient allocation of resources. Throughout the course we will develop and apply a set ofmethodological tools that will be useful for evaluating existing public policies and policyalternatives, 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, aneconomist, a philosopher, a biologist, and an architect were arguing about what was God's realprofession. The philosopher said, "Well, first and foremost, God is a philosopher because hecreated the principles by which man is to live." "Ridiculous!" said the biologist "Before that,God created man and woman and all living things so clearly he was a biologist." "Wrong," saidthe architect. "Before that, he created the heavens and the earth. Before the earth, there wasonly complete confusion and chaos!" "Well," said the economist, "where do you think the chaoscame from?" This course will improve your understanding of the economy and economicbehavior. Economics has its own special language and way of thinking. When the course is over youwill understand the following joke (and perhaps even find it mildly amusing!). An economistand a real person are walking down a street. They see a ten dollar bill lying in the gutter. Thereal person says "let' 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 in 6210 Social Science. Iteach two sections of economics 101 this semester, at 9:30-10:45 and at 11:00-12:15. Youshould try to attend at the same time each class because I may not be presenting identicalmaterial in each lecture. Still, if you need to miss your regular lecture, feel free to attend theother one. You are expected to attend lecture and do the assigned readings for the lecture beforecoming to class.When do sections meet? You have signed up for recitation sections that will meet withteaching assistants on Monday, Thursday, or Friday on the schedule that you registered for (see,http://registrar.wisc.edu/timetable/spring/). The sections will usually focus on the problem setsthat have been handed out the previous week. You should attend and actively participate indiscussion sections.What texts are needed for the course? The required textbook, Microeconomics, by PaulKrugman and Robin Wells, Worth Publishers, is excellent. It is available at the University2Bookstore, and it is bundled with a Study Guide written by Rosemary Cunningham andMadison’s own Elizabeth Sawyer-Kelly. The study guide is a good source of additionalproblems. I assigned additional readings in most weeks of the class that are posted on the courseweb site (http://www.ssc.wisc.edu/~scholz/teaching.htm). Like the textbook, these are requiredreadings that may form the basis of exam questions.How will students be evaluated? There will be three midterms during the quarter and afinal exam. Your lowest midterm score will be dropped. Fifty percent of your final grade willbe based on your best two midterms, 40 percent will be based on the cumulative final exam, and10 percent will be based on homework. The midterms and final are scheduled Midterm 1: Thursday, February 10Midterm 2: Thursday, March 10Midterm 3: Thursday, April 7Final Examination: Friday, May 13, 7:25-9:25pmBarring a tornado or natural disaster of similar magnitude, these dates will not be changed. You are responsible for being there.Homework: Weekly problem sets will be assigned during the semester. These will becollected and selected problems will be graded by the discussion section leaders. Problem setswill each be assigned one of three possible grades: check plus, for exceptional work; check, forcomplete and reasonably accurate work; and check minus, for incomplete or generally inaccuratework. Group work is permitted, and one problem set may be submitted by three or fewer groupmembers. Late problem sets will not be accepted under any circumstances. Each student maydrop his or her lowest problem set grade. The problem set score will then be determined basedon the student’s average performance on the remaining problem sets. Take special care tounderstand all solutions to problem sets, as this will be important preparation for the midtermand final exams. 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 beaccompanied by a doctor's verification. Also, Professor Scholz must be notified by phone or inperson prior to the exam that the student will be unable to attend. Because the lowest midtermwill be dropped from your grade, the rules on make-up midterms will be strictly enforced.Make-ups for the final exam are possible if the student has another exam scheduled at thesame time, has three exams in a 24-hour period, or there is an extenuating circumstance (anddoctor's note for an illness). Arrangements must be made prior to the exam by phone or inperson. Even if you have already talked to me about taking the final at a different time and youhave a compelling reason for doing so, talk to me again once the course has started. Please doeverything possible to take exams at their scheduled times.If you have a complaint about a grade you receive (TAs and professors do, unfortunately,make errors), first see your TA. If you still feel an error was made, type a letter (not an e-mail)to me describing your complaint, the grade received, and the grade you feel you deserve. I willre-grade at the entire exam and respond in writing. This formality is meant to preserve theimpartiality of the grading process.What is the policy
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