Econ 101 Sanders

Econ 101 Sanders
College of William & Mary
Department of Economics
Fall Semester 2012
Professor Nicholas Sanders
124 Morton Hall
njsanders@wm.edu
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 (jmryngaert@email.wm.edu) 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 support@aplia.com 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.
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising