College of William & Mary Department of Economics Fall Semester 2012 Professor Nicholas Sanders 124 Morton Hall firstname.lastname@example.org Economics 101 Principles of Microeconomics Lecture Time/Location: Section 02 – Tues/Thurs 9:30 am –10:50 am, Sm. Physics Lab 110 Section 04 – Tues/Thurs 11:00 am –12:20 pm, Sm. Physics Lab 110 Instructor Office Hours: Tuesday/Wednesday 2:00 pm – 3:30 pm Teaching Assistant: Jane Ryngaert (email@example.com) is the teaching assistant for this course. Ms. Ryngaert is available for clarifying questions on topics, homework, etc., and will occasionally hold office hours around exam time. Prerequisites: While this class has no listed prerequisites, you should have basic knowledge of algebra, geometry, and graphical representation of equations. Class Grading Policy: A combination of homework, three midterms, and a final will determine your final grade. All homework will be done via Aplia (see below). Grade weighting will be whichever of the following yields the highest score: Homework 20% Midterm(s) 50% Final 30% OR Homework 20% Midterm(s) 40% Final 40% In calculating the midterm portion, I will drop each student's lowest midterm score (except in the case of cheating, as noted below), so there will be no makeup exams. The final will occur on the date prescribed by the College of William & Mary Fall semester exam schedule, as listed on the school website. Except for specific situations noted by the College, no alternative dates will be provided for finals – if you have a schedule conflict, please drop the class. There is no required curve for the course – if everyone performs well, everyone's grades will reflect that achievement. I will adjust accordingly to account for difficulty in the case of particularly hard exams. Tests: Tests will consist of approximately 70%-80% multiple choice questions, with the remainder being short answer. You are allowed to use calculators, but only simple, nonprogrammable calculators, like those available at the campus bookstore for around 4 dollars (http://goo.gl/VtOiS). I allow absolutely no use of cellphones as calculators, so plan accordingly. Regrades: If you believe a test has been graded incorrectly, you may request a regrade. Submit your test, along with a typed note explaining the grading error in detail, within 1 week of the day tests were returned to the class. A request for a regrade means I will regrade the entire exam. In the case of errors in adding up points, no formal regrade request is required; simply bring it to my attention and I will fix the problem. Textbook: We'll be using Microeconomics by Krugman & Wells (3rd edition). The version available in the campus bookstore is new, bundled with an Aplia code, which you will use for homework. If you prefer, you can use the second edition instead, available used in the bookstore and pretty cheap online (see http://goo.gl/MhfPB), but make sure you follow the correct chapters as some numbering has changed (see below) and you will need an Aplia code. If you get a book without a code, you can purchase such a code online through the Aplia website (http://www.cengagebrain.com/shop/search/9781285097046). The purchase of an Aplia code online rather than with the bookstore bundle includes an eBook electronic version of the text (see Aplia section below), so if you don't want a hard copy there is no need to purchase an additional physical book. Homework: Practice makes perfect, especially in economics. This class includes 17 short required homework assignments, all done online via the online program Aplia (15 graded for score). This means for this course, you must have access to a computer. Students are required to subscribe to the course using course number 2V38-UH4X-FYCZ. You can do so by either: • Purchasing a copy of the book in the campus bookstore that is bundled with an access card. • Buying a code online. This also includes a digital copy of the textbook, so if you don't want a hard copy this is enough to be set for the class. If you decide you want a hard copy as well, you can purchase one at a discounted price after registering. This also works well if you've purchased an older edition of the text. The first homework is due Wednesday, September 5th, so register soon. I have no problem with you working together on homework, but each student must submit answers via their own Aplia account. The lowest three homework scores will be dropped when calculating your grade. Aplia Details: The Aplia website provides great feedback and the ability to engage in a lot of practice if you so desire. Note that simply registering for the class does not register you for Aplia – you must do that separately. 1. Visit the main Aplia website at https://login.cengagebrain.com/. 2. Either create an account (if you have never used the system before) or sign in using an existing account. You will be asked for a course key (2V38-UH4X-FYCZ). Please register under the section that corresponds to your class time. 3. In order to pay for Aplia, you can either (a) enter the code included with a bundled textbook such as in the campus bookstore, (b) pay immediately using the website, or (c) use the trial version and pay at a later date if you aren't sure if you will remain enrolled. If you choose (c) and remain enrolled, make sure to pay by 11:59 PM on 09/18/2012. The cost of an Aplia account is $122 per semester. This includes access to the eBook, as noted above. If you don't want a physical copy, then with this option you're all set. Aplia homework deadlines are firm and unwavering, since a computer server somewhere is regulating things. The deadline on the due date is 11:00 pm. Even one second beyond that, and it will be considered late and thus counted a zero, so make sure to submit your homework on time, as this cannot be changed. One of the benefits of Aplia is the ability to try a problem multiple times. Problems with "Grade it Now" as an option can be attempted up to three times (with slight variations). The only score that will count will be the highest of your attempts, so you can get great feedback and practice. If you have any problems signing in/using Aplia, please send an email to the tech support at Aplia by clicking on the "Help" link in the upper-right corner of any page while logged in. You can also email them at firstname.lastname@example.org or send me an email. Disclaimer: I am not affiliated with Aplia in any way, shape, or form, and I am not compensated for using Aplia as a teaching tool. Communication: From time to time I will send notices out by email regarding homework, class details, and such. It is your responsibility to check your @wm.edu email regularly. As an instructor, it is my responsibility to check my own @wm.edu address regularly, and I will do my best to respond to emails within 24 hours. I aim to respond to all emails, so if you haven't heard from me within 48 hours, please email me again – there is always a chance something got lost in my inbox. Please keep all email communication (with me and with the TA) professional. Consider it practice for the emails you will write to future employers/clients/etc. That means no text-speak ("I hv a qstn 4 u"), no ignoring punctuation or capital letters ("hi there what chapter do we have to read when is the test i have a homework question bye"), and the inclusion of a simple salutation and valediction. Attendance: Attendance is not mandatory, but recommended. While the textbook is well written and informative, some concepts are more difficult and will require elucidation, and material in lecture may go beyond what is included in the text. You will not be tested on any material that was not discussed in class. Student Conduct: Please behave in a courteous, professional manner during class. This means turning off cell phones (or placing them on silent), refraining from talking excessively with others, arriving on time, and not leaving until the class has ended. While I do allow laptops in class, I ask that you only use them for taking notes. Please refrain from using laptops/tablets/phones in a manner that might distract others, such as online chatting, use of social media, or watching videos. Cheating: I have a zero tolerance policy for cheating. You are students at one of the oldest and most prestigious institutions of higher learning in the United States, and your behavior should reflect the value and honor of that achievement. Behave in accordance with the College of William & Mary Honor Code: do not lie, cheat, or steal. Any student caught cheating on an exam will receive a zero for that exam (which cannot be dropped as the lowest test grade) and be reported without exception. More than one instance of cheating will result in an F for the course, without exception. Disabilities: Students with disabilities should inform me within the first 2 weeks of the course. Reasonable accommodations will be made, but students be registered with Disability Services at Campus Center, Room 109, 757-221-2510 and provide me with proof of registration. Econ 101 Fall Semester, Professor Nicholas J. Sanders Course Outline Microeconomics is the science of choice. How and why do individuals and firms arrive at the choices they make? Economists attempt to answer these questions by modeling decision behavior, much in the same way a hydrologist attempts to answer questions about the world by modeling water flowing around a rock in a river. Some assumptions that make those models usable are simplifications, and may seem unrealistic (e.g., "the rock in the water is perfectly smooth" or "people are perfectly rational"). But these simplified models can tell us, on average, how things will turn out. Hydrologists can't tell you where a cup of water dumped in a river will end up, but they can tell you water usually ends up downstream. Economists can't tell you what job your best friend will accept after college, but they can tell you how the labor market will probably move as a whole. I became an economist because I'm fascinated by how people make decisions – it's a little bit of psychology, a little bit of statistics, and a little bit of math all balled up into one! My current research interests deal with the formation of efficient government policy, with a focus on improving health and environmental quality. Below is a very general overview of the topics to be covered in this class. A specific calendar, with topics covered and dates for homework and exams, is at the end of this syllabus. Please note, the schedule is subject to change as the semester progresses, so make sure to check for updated versions on the course website. • • • • • • • • Part 1: The science of economics and "thinking like an economist" Part 2: How do markets work? Supply and demand, market efficiency (what it means), government intervention (when it's needed) Part 3: How do people and firms respond to taxes and subsidies? How (and when) can the government use taxes and subsidies to fix "market failure"? Part 4: Why do markets sometimes fail to do what they should? Why are things like public goods and externalities problematic, and what (if any) role does the government have in fixing those problems? Part 5: A more detailed look into how the supply and demand curves are developed Part 6: Learning about how firms make production decisions, and how those decisions are influenced by costs, competition, and market structure Part 7: Part 8: Some basic applications of market theory to environmental questions (if we have time) Econ 101 Fall Semester, Professor Nicholas J. Sanders Course Schedule, Readings, and Assignments Updated as of August 29th, 2012 – subject to change as the semester progress, so check the course webpage for the most up to date schedule. Week 1 8/27 8/28 8/29 8/30 8/31 9/3 9/4 Monday Tuesday NO CLASS Wednesday LECTURE #1 Thursday Ch. 1: First Principles Friday Week 2 Monday LECTURE #2 Tuesday Ch. 2: Trade-offs and Trade Appendix to Ch. 2 9/5 Wednesday 9/6 Thursday 9/7 Friday Aplia HW Due: Intro to Using Aplia Problem Sets Aplia HW Due: Math and Graphing Assessment with Tutorials LECTURE #3 Ch. 3: Supply and Demand Aplia HW Due: Ch. 1 ADD/DROP DEADLINE Week 3 9/10 9/11 9/12 9/13 9/14 Monday Tuesday LECTURE #4 Ch. 3: Supply and Demand (continued) Ch. 4: Consumer and Producer Surplus Wednesday Aplia HW Due: Ch. 2 LECTURE #5 Thursday Ch. 4: Consumer and Producer Surplus (continued) Friday Aplia HW Due: Ch. 3 Week 4 9/17 9/18 9/19 9/20 9/21 Monday LECTURE #6 Catch up Aplia HW Due: Ch. 4 Wednesday APLIA PAYMENT DEADLINE LECTURE #7 Thursday Midterm Exam #1: Chapters 1-4 Friday Tuesday Week 5 9/24 9/25 9/26 9/27 9/28 Monday Tuesday NO CLASS Wednesday LECTURE #8 Thursday Ch. 5: Price Controls and Quotas Friday Week 6 10/1 10/2 10/3 10/4 10/5 Monday LECTURE #9 Ch. 6: Elasticity Wednesday Aplia HW Due: Ch. 5 LECTURE #10 Thursday Ch. 7: Taxes Friday Aplia HW Due: Ch. 6 Tuesday Week 7 10/8 10/9 10/10 10/11 10/12 Monday LECTURE #11 Ch. 7: Taxes (continued) Wednesday Aplia HW Due: Ch. 7 LECTURE #12 Thursday Ch. 9: Decision Making Friday Aplia HW Due: Ch. 9 Tuesday Week 8 10/15 10/16 10/17 10/18 10/19 Monday Tuesday NO CLASS Wednesday LECTURE #13 Thursday Midterm Exam #2: Chapters 5, 6, 7, 9 Friday Week 9 10/22 Monday 10/23 Tuesday 10/24 Wednesday 10/25 Thursday 10/26 Friday LECTURE #14 Ch. 16: Externalities LECTURE #15 Ch. 16: Externalities (continued) Aplia HW Due: Ch. 16 LAST DAY TO WITHDRAW FROM CLASSES Week 10 10/29 10/30 10/31 11/1 11/2 Monday LECTURE #16 Ch. 17: Public Goods and Common Resources Wednesday Aplia HW Due: Ch. 17 LECTURE #17 Thursday Ch. 18: Economics of the Welfare State Friday Aplia HW Due: Ch. 18 Tuesday Week 11 11/5 11/6 11/7 11/8 11/9 Monday LECTURE #18 Ch. 11: Behind the Supply Curve Wednesday Aplia HW Due: Ch. 11 LECTURE #19 Thursday Ch. 12: Perfect Competition and the Supply Curve Friday Aplia HW Due: Ch. 12 Tuesday Week 12 11/12 Monday 11/13 Tuesday 11/14 Wednesday 11/15 Thursday 11/16 Friday LECTURE #20 Midterm Exam #3: Chapters 16, 17, 18, 11, 13 LECTURE #21 Ch. 13: Monopoly Week 13 11/19 11/20 11/21 11/22 11/23 Monday Tuesday NO CLASS Wednesday Aplia HW Due: Ch. 13 Thursday NO CLASS Friday Week 14 11/26 Monday 11/27 Tuesday 11/28 Wednesday 11/29 Thursday 11/30 Friday LECTURE #22 Ch. 14: Oligopoly LECTURE #23 Ch. 14: Oligopoly (continued) Topics in Environmental Economics Aplia HW Due: Ch. 14 Week 15 12/3 Monday 12/4 Tuesday 12/5 Wednesday 12/6 Thursday 12/7 Friday LECTURE #24 Topics in Environmental Economics (continued) LECTURE #25 Catch up Crosswalk Between Relevant 3 rd and 2 nd Editions 3rd Edition 2nd Edition Ch. 1 Ch. 2 Ch. 3 Ch. 4 Ch. 5 Ch. 6 Ch. 7 Ch. 9 Ch. 11 Ch. 12 Ch. 13 Ch. 14 Ch. 16 Ch. 17 Ch. 18 Ch. 1 Ch. 2 Ch. 3 Ch. 4 Ch. 5 Ch. 6 Ch. 7 Ch. 9 Ch. 12 Ch. 13 Ch. 14 Ch. 15 Ch. 17 Ch. 18 Ch. 19 How to access your Aplia course Sanders, ECON 101 (Krugman 3e) Fall 2012 Instructor: Nicholas J Sanders Start Date: 08/29/2012 Course Key: 2V38-UH4X-FYCZ Registration Aplia is part of CengageBrain, which allows you to sign in to a single site to access your Cengage materials and courses. 1. Connect to http://login.cengagebrain.com/ 2. If you already have an account, sign in. From your Dashboard, enter your course key (2V38-UH4X-FYCZ) in the box provided, and click the Register button. If you don't have an account, click the Create a New Account button, and enter your course key when prompted: 2V38-UH4X-FYCZ. Continue to follow the onscreen instructions. Payment Online: Purchase access to your course (including the digital textbook) from the CengageBrain website. Bookstore: Purchase access to Aplia from your bookstore. Check with the bookstore to find out what they offer for your course. After paying, you will have the option to purchase a physical book at a discounted price. If you choose to pay later, you can use Aplia without paying until 11:59 PM on 09/18/2012.
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