Text Box:  
Principles 
of Microeconomics
Econ 256 F4

Spring Semester 2005

 

 

 

 

 

Syllabus

 

 

 

 

 

 

 

 

 

Instructor:  Kevin Biller

Edgewood College

Madison, Wisconsin

Spring 2005

 


 

Instructor 

Dr. Kevin Biller           

Office:  319 DeRicci     Office Phone: 663-2808

E‑mail:  biller@edgewood.edu

http://socsci.edgewood.edu

 

Office Hours 

 

Office hours will be Tuesday and Thursday 1:00 to 1:50, Monday and Wednesday 10:00 to 11:30, and by appointment. 

 

Textbooks 

 

The required text for the course is Microeconomics‑16th edition, by McConnell and Brue.

 

 

Prerequisite  

 

There are no prerequisites for Economics 256. Strong motivation to learn, a will to work hard, a sense of professionalism, and an absence of preconceived notions about economics courses would be most helpful. Please see the instructor before continuing in the course if you are lacking in any of the above-mentioned qualities. 

 

Course Description 

 

The course will survey the basic principles of microeconomics.

You will learn:

·        how the market system operates to allocate resources and determine prices, production and social welfare.

·        about the consequences of different market structures.

·        the circumstances under which markets may fail to provide socially optimal results and the policy options for dealing with this failure.

These economic principles will be applied to an analysis of various current social issues including health care, crime, pollution, education, immigration, discrimination, international trade, poverty, income distribution and market power.


 

Evaluation of Student Performance 

 

My system of examinations is designed to promote learning and generate optimal effort from the student. The primary determinant of your course grade will be your performance on nine examinations. The values assigned to these examinations are as follows: 

 

            Unit Examinations         7 exams @ 35 points each        245 points

            Comprehensive final exam                                               55 points 

 

Unit exams will be given in the last hour of class on the scheduled date.  The Final exam will be comprehensive.  Fifty percent of the final exam will be constructed with material taken from previous unit exams (with slight modifications). Each exam will consist of a combination of short-answer essay questions and problem solving.  Multiple-choice questions are also possible.

 

General Notes on Examinations 

 

Exam times will be approximately 11:10 A.M. Graded exams will be distributed at the end of class for the student's perusal and discussion. Please bring a number 2 lead pencil and your own eraser to all exams. You may want to bring a calculator as well.  

 

Grading Scale 

% of points possible

grade  

93

A

90

AB

83

B

80

BC

73

C

70

CD

60

D

<60

With exams, approximately 300 points will be possible for the course. Grades will be awarded based on cumulative scores on the scale to the right.  A less rigorous scale may be used if warranted by class performance. It is also possible that each student’s lowest unit exam score will be given only half weight.  This results in 285 points being possible for the course.

 

Timeline and Important Dates

Date

Day

Session

Notes

1-Feb

Tuesday

5

Unit One Exam

15-Feb

Tuesday

9

Unit Two Exam

1-Mar

Tuesday

13

Unit Three Exam

15-Mar

Tuesday

17

Unit Four Exam

7-Apr

Thursday

22

Unit Five Exam

21-Apr

Thursday

26

Unit Six Exam

12-May

Thursday

Final

Unit Seven Exam and Final Exam 10:00 A.M.

Note: Exam dates are subject to change. 


 

Course Outline/Reading Assignments                                             

Unit

Title

Topics

Chapter

Pages

One

When Markets Work I

Decisions Faced by Every Society and the Market Answers

Resource scarcity versus infinite possible wants

Opportunity costs

Demand and Supply

Market equilibrium and market dynamics

1

1A*

2

3

4

8

all: 3-14

15-21*

22-34

all: 39-58

all: 59-72

128-131

Two

When Markets Work II

Market functioning and social welfare in the short- and long-run

Production and costs in the short- and long-run

Demand Elasticity

7

9

10

 

all: 112-127

all: 148-168

all: 169-193

 

Three

When Markets Fail I

Lack of Competition and antitrust policy

Incomplete information

Application: The Microsoft case

11

12

19

all: 194-215

all: 216-239

354-361

Four

When Markets Fail II

Spillovers and public policy to deal with them

Application: Public Funding of Education

Application: Pollution and Environmental Damage

Application: Criminal Behavior

5

17

8

79-83

314-328

147

Five

The Fruits of Your Labor

Labor Markets and Wage Determination

Labor demand and wage differentials

Labor supply and wage differentials

Earning differentials by race and gender

Application: Discrimination

Application: Wages under competition and employer buying power

14

15

22

260-268

all: 277-297

413-421

Six

The Appeal of Robin Hood: Issues of Equity

Income Distribution, Poverty

Application: Health Care

Application: Minimum Wage

14

21

23

287-288

all: 387-405

all: 428-444

Seven

Getting Along With the Neighbors

International Trade

Why we trade

What we trade

Application: Protecting domestic industries and workers

Application: Immigration

22

24

 

421-423

all: 446-466

*Appendix to Chapter 1 will not be covered in class, but should be reviewed by students desiring to be more confident of their graph reading skills.

Text is Microeconomics 16th Edition, by McConnell and Brue. Schedule is subject to change. Additional material may be covered as time permits. Pay close attention to assigned page numbers.
 

Class Policies                                                                                                             Biller  


 

Attendance A seating chart may be made from the class roster to assist the instructor in learning names.  Attendance will be taken periodically. As professionals, or soon-to-be professionals, you are expected to attend every class meeting. Students will be treated as adults and are expected to act as such. This means that an occasional absence is understandable. Excessive absences or tardiness will be viewed as irresponsible action and considered grounds for grade reduction, possible withdrawal from class, and/or assignment of a failing grade.

 

You are expected to be in class mentally as well as physically. This means stay awake and pay attention.  Speak up!  Participate!  Don't sit there like a lump!

 

Homework/Quizzes Written homework assignments and quizzes (announced or unannounced) can be given at the instructor's discretion. Quiz and homework points are usually treated as bonus points in the determination of the student's semester grade but may be added to the total points possible for the course and thus, treated as required work. No opportunities will be provided for individual extra credit.

 

Grading Standards for Written Work   Initially, all written work (homework, class assignments or exams) will be graded on content. Poor writing skills or penmanship will influence your content score indirectly to the extent that they inhibit the student’s ability to communicate effectively. The instructor may judge the presentation of written work to be unsatisfactory. In this event, the student must rewrite and return the material within one week to receive credit for the content grade. Otherwise, a grade of zero (0) will be recorded for the assignment.

 

Drop Policy   College drop policy will be followed. Pay close attention to deadlines for withdrawal. Always see your instructor about options before you drop a class.

 

Students with Disabilities   If  you have a documented disability that requires accommodations in this course, please contact Learning Support Services, located in the Student Resource Center in DeRicci 206, 663-2281. They will work with you to provide appropriate accommodations, and all information will be kept confidential. Accommodations for students with disabilities must be coordinated with and through Learning Support Services.
 
Learning Support Services  Learning Support Services, located in DeRicci 206 (The Student Resource Center) and in Sonderegger 408, provides academic support for students. Peer tutoring is available in some introductory-level undergraduate courses. Individual assistance in time management, study skills, and test-taking skills is also available. Please contact Learning Support Services at 663-2281 for more information.

 

Make-up Examinations

Make-up exams may be given under the following conditions:

1.        The student should make every attempt notify the instructor of his/her inability to attend the regular exam session prior to the examination.

2.        The student should provide written explanation for missing the test along with a request for a make-up exam.

3.        Make-up exams will cover the same material as the regular exam. However, questions and format will be different.  Make-ups will not contain flexible response choices often found on regularly scheduled exams.  Make-ups will not contain bonus points often found on regularly scheduled exams

4.        Make-ups will be given at the instructor's convenience at the end of the semester. This may be at the time of the final exam. 

5.        Students will be given only one opportunity for a make-up and will not be allowed to make-up more than one examination.

 

Late Work   The instructor is not obligated to accept or give any credit for assignments turned in late. If it is accepted, penalties for late work will be determined at the instructor's discretion--count on losing at least a letter grade.

 

Early Exams Under no circumstances will exams be given to any individual student before the scheduled exam period.

 

Notification of Grades   Grades may be posted by a non-personally identifiable number, provided the student has given written permission to do so (see Student Information Sheet). Final grades will be available via EdgeReg as soon as they are posted. Grades or grade information will not be provided via telephone or e-mail.  Student requests to receive grades or grade information via telephone or e-mail will be denied or ignored.  

 

Class session cancellation   In the rare event the College is closed due to poor weather, announcements will be made on local media.  If the instructor cancels a class session, every attempt will be made to post the cancellation on the Blackboard course website by one hour before class.

 

Appeal  Scores of any written assignment or examination can be appealed by resubmitting the document and a written explanation of your answer and why you believe you should be given additional credit. Upon appeal, the entire document is subject to reassessment and re-grading.

 

Academic Dishonesty  Any student caught cheating will be withdrawn from the class, given a failing grade, and recommended for dismissal from the college.  Be aware that multiple versions are made of most in-class examinations and may be made for mid-term exams as well.