Department of Economics Spring 2014 University of Iowa Professor Frank Principles of Microeconomics 06E:001:SCA Instructor: Sarah Rosen Frank Email: [email protected] Office: S362 PBB Office hours: TBD Class: 6:30-10:00 Monday 218 PH Course Information and Procedures Course Description Principles of Microeconomics is an introduction to economic principles and methods. This course will focus on microeconomics, which is the study of consumer choice, firm behavior and market interaction. We will first explore fundamental principles about economics such as scarcity and choice and supply and demand. Next, we will build models of how consumers make choices to maximize their utility and how firms make decisions regarding output and price to maximize profits. Finally, we will explore some market imperfections, such as monopoly and externalities, and explore potential government interventions to correct these market imperfections. Reading The textbook for the course is Principles of Microeconomics, Eleventh Edition, by Karl E. Case, Ray C. Fair and Sharon M. Oster. The 9th or 10th editions are also acceptable. You do not need MyEconLab. Course Requirements There are two midterm examinations in the course, three quizzes, a final exam, 11 graded homework assignments and a math review. The two midterms will be in-class and 90 minutes in length. They cover material up to and including the preceding lecture. They are a mix of true/false/explain, problem solving and multiple choice questions. Sample exams will be posted as a study aid. The final exam consists of two parts. The first part is similar to the previous midterms. It is not comprehensive and will cover the material presented after the second midterm. The second part is a take home essay. The topic will be given in class a few weeks before the last class. You are welcome to discuss the essay with each other and with me. The essay should be turned in with your final exam. The 11 written homework assignments cover material presented in lecture the previous week/s. You are encouraged to work with other students on the problem sets, but you must write up your problem set in your own words. With two exceptions, the problem sets are due at the beginning of class. The problem sets will be graded on a scale of 1 to 10 and the lowest grade will be dropped. No extensions will be granted. The final requirement for the course is to take a math quiz and complete exercises pertaining to missed questions. This will not affect your grade directly (although being comfortable with basic math will definitely improve your ability to do economics and therefore, indirectly, your course grade). However, it must be completed to receive a grade in the class. Course Grading The course grade will be calculated as follows: (1) the two midterm exams are each worth 15% (2) the three quizzes are each worth 5% (3) the final exam is worth 35% (15% for the test portion and 20% for the essay) (3) the top 10 homework assignments together are worth 20%.Grades will be assigned as follows: A 86.0 – 100% B 78.0 – 85.9% C 60.0 – 77.9% D/F < 60.0% Plus/minus grading will be used within those categories. Communication The best way to communicate with me is through email. I will check and respond to course-related email at least once per day. I will post messages and course-related material on ICON. Attendance Attendance is mandatory. Each unexcused absence will drop your grade by a plus/minus. Since I also teach the Tuesday evening section of the class (Tuesday at 6:30 PM in W107 PBB), if you cannot attend Monday’s class, you may substitute it with Tuesday’s class. You are responsible for all of the material covered in lecture. It is not my policy to post lecture notes. If you do miss class, I recommend copying a classmate’s notes or coming to office hours. In-class etiquette All laptops and phones must be put away during class time. If you need to send or receive a message, please step outside to do so. I strongly encourage class discussion and asking questions about the material as they arise. However, side conversations are distracting to me and your fellow students. If you are having difficulty hearing or understanding me or seeing the board, please tell me immediately. Make-up Exams Make-up exams will be administered for students who miss an exam due to illness, mandatory religious obligations, or other unavoidable circumstances or University activities. With the exception of sickness, you must notify me in writing one week in advance of the exam to request a make-up. Tutor Referral The Department of Economics (W210 PBB) keeps a list of students who are interested in tutoring this class. All arrangements (hours, cost, etc.) must be negotiated between you and your tutor. Students with Disabilities If you have a disability that may require some modification of seating, testing, or any other class requirement, please let me know as soon as possible so that appropriate arrangements can be made. Similarly if you have any emergency medical information about which I should know, or if you need special arrangements in the event the building must be evacuated, please let me know. Please see me after class hours or during my scheduled office hours or schedule an appointment. I would also remind you that the Office of Student Disability Services is available to assist you. Academic Misconduct It is my sincere hope that no student in this class submits work which is not his or her own. However, it seems prudent to clarify in advance the policy on cheating. If I determine that any assignment was not written solely by the student whose identification number appears on the project or if cheating occurs during exams, the student(s) will receive a zero (0) for the assignment and may receive an "F" for the class. All incidents of cheating will be reported to the Senior Associate Dean of the Tippie College of Business and the student may be placed on disciplinary probation for the remainder of his or her undergraduate work at the University of Iowa. In general, the decision of the Professor may be appealed to a Judicial Board, then to the appropriate Associate Dean. The Honor Code for the Tippie College of Business will determine the appropriate appeal process.Sexual Harassment The Tippie College of Business and the University of Iowa are committed to providing