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ECONOMICS 101
INTRODUCTORY MICROECONOMICS
SPRING 2022
Instructor: Elizabeth Sawyer Kelly Office Hours: Tuesdays and Thursdays 11-12 and by appointment; office hours can be in person or via Zoom Email: eskelly@wisc.edu Webpage: www.ssc.wisc.edu/~ekelly/econ101 (this is an archival website that predates COVID- 19 and it provides lots of old practice exams, old homeworks with solutions, and other materials that you may find helpful in your study) TA Information: Once that information is available your TA will communicate with you! Course Attribute: Social Science Instructional Mode: Face-to-face Meeting Time and Location: 9:30 a.m. to 10:45 a.m. lecture on Tuesdays and Thursdays Midterm exams will be on Tuesday nights. You are expected to be available to take the two midterms on their scheduled night.
Note: it is your responsibility to read and fully understand everything in this
document.
PREREQUISITES:
Satisfaction of Quantitative Reasoning A TEXT: Microeconomics by Paul Krugman and Robin Wells, fifth edition, Worth Publishers, 2018. Note: It is fine to use the second, third, or fourth editions of this text, but if you choose to use the earlier editions of the text you will need to spend time reconfiguring the reading list to fit that text. It is also highly recommended that you read current event publications which cover economic events: among these recommended publications are The New York Times, The Wall Street Journal, Business Week, The Financial Times, Barron’s, and The Economist. OVERVIEW: The official course description of 101 is:
"Economic problems of individuals, firms and industries with emphasis on value, price, and distribution of income. Must be taken before 102." Let me elaborate: Economics is the study of the production, allocation and distribution of goods and services in a world where resources are scarce. In this course we will explore some basic concepts: the notion of scarcity and how it relates to opportunity cost; supply and demand; taxation and other government programs; externalities and public goods; production and cost theory; perfect competition, monopoly and other types of market structures; factor markets; and consumer theory. We may consider other topics as time allows. COURSE OBJECTIVES: Any QR-B class teaches students to: Manipulate quantitative information to create models, and/or devise solutions to problems using multi-step arguments, based on and supported by quantitative information. Evaluate models and arguments using quantitative information. Express and interpret in context models, solutions, and/or arguments using verbal, numerical, graphical, algorithmic, computational or symbolic techniques. Within the context of this class we will be addressing these broad general goals by working to: Enhance economic literacy of students Improve close reading skills Improve numeracy Develop mathematical models and then be able to apply these mathematical models to economic questions and economic settings Improve logic and deductive reasoning skills Develop basic economic knowledge of opportunity cost, scarcity, supply and demand, consumer behavior, firm behavior, and market failure Relate real world events to our study of microeconomics COMMON COURSE LEARNING OUTCOMES FOR ECON “CORE” COURSES – (composed by Department December 2019) ECON 101: Following the completion of this course, students will be able to:
- Explain basic economic concepts such as scarcity, opportunity cost, supply and demand, and market failure
- Recognize how households and firms respond to incentives and make economic decisions
- Identify and apply mathematical models to answer economic questions (QRB-1)
- Express relationships among economic variables verbally, graphically, and numerically (QRB-3) • Read current news articles and recognize and critique economic arguments
- Apply marginal analysis and cost-benefit analysis in a variety of settings
complicated and challenging problems will be explored: these problems will build off the material presented in the lecture videos. Your T.A. will be available during the discussion section and during office hours to answer your questions.
3. GRADES There will be weekly quizzes (10 of them), two midterms and a final exam as well as five homework assignments. The weights for the midterms, final, and homework are as follows: 10 Weekly Quizzes: 20% of grade MIDTERM I: 20% of grade MIDTERM II: 20% of grade FINAL: 30% of grade 5 Homework Assignments: 10% of grade The format of the midterm exams and the final will be announced in class prior to the date of the exams. Weekly quizzes will be held online on Tuesday nights in a time frame from 5 p.m. to 9 p.m. CT. You will have thirty (30) minutes to complete the quiz. To get the full 30 minutes you must start your quiz no later than 8:30 p.m. CT. If you have a standing conflict with this time frame, then you will need to contact the Head TA to set your quizzes to a time that will work for you and for the class (students needing to reset their time frame will need to select a time frame before the rest of the class takes the quiz). Midterm exams will be held on Tuesday nights time and place TBD. It is expected that you are available to take these midterm exams at their scheduled time. THERE ARE NO MAKEUP MIDTERM EXAMS. If you miss an exam and have a valid excuse, your final exam grade’s weight will be increased to make up for the missing midterm. If you do not have a valid excuse, you will receive a zero for that exam. Job interviews and travel plans (except as required by university-sponsored activities) do not constitute valid excuses for missing an exam. If you are unable to take an exam because of a valid excuse, please contact me in advance of the exam, if possible. The final will be comprehensive and cumulative. Homework assignments will be posted on the Canvas page and will be due on their assigned dates at 11:59 p.m. CT. You will be submitting a pdf file to Canvas for these homeworks. It is best not to wait until the last minutes to post this file to Canvas in case you run into technical difficulties or challenges. NO LATE HOMEWORK ASSIGNMENTS WILL BE ACCEPTED. THERE WILL BE NO MAKEUP HOMEWORK. If you fail to turn in homework you will receive a zero for that homework. Students may work together on homework assignments, but each student must submit their own answers independently. Sharing
knowledge does not mean sharing homework. Answers that are copies on one another will be treated as violations of academic integrity and will be punished accordingly. Exam Dates: Midterm I: Tuesday, March 1, 2022 Midterm II: Tuesday, April 19, 2022 Final Exam: Thursday, May 12, 2022 from 7:25 p.m. to 9:25 p.m. Quiz Dates: (Note: all quizzes are on online and take place on Tuesday nights) Practice Quiz #0: Not for credit: 2/1/ Quiz #1: 2/8/ Quiz #2: 2/15/ Quiz #3: 2/22/ Quiz #4: 3/8/ Quiz #5: 3/22/ Quiz #6: 3/29/ Quiz #7: 4/5/ Quiz #8: 4/12/ Quiz #9: 4/26/ Quiz #10: 5/3/ Practice Quiz on Externalities and Public Goods: Not for credit: 5/5/ Homework Due Dates: Homework #1: Thursday, February 10, 2022 Homework #2: Thursday, February 24, 2022 Homework #3: Thursday, March 24, 2022
Supply and Demand; Interventions in Markets; International Trade Chapters 7, and second half of Chapter 8 on International Trade Elasticity Chapter 6 First Midterm Chapter Coverage to be announced Real and Nominal Prices Consumer Theory Chapters 9, 10; Appendix to chapter 10, and Appendix to chapter 19 Production and Cost Chapter 11 Perfect Competition Chapter 12 Monopoly Chapter 13 Monopoly and Price Discrimination Oligopoly, Game Theory and Monopolistic Competition Chapters 14 and 15 Second Midterm Chapter Coverage to be announced Income Distribution* and the Economics of the Welfare State Chapters 19 Externalities Chapter 16 Public Goods and Common Resources Chapter 17 Asymmetric Information Final Exam Final Exam is cumulative and comprehensive and will cover everything presented in class ECONOMICS CAREER DEVELOPMENT OFFICE If you are interested in learning more about careers related to this course or careers for economics majors, you are encouraged to contact the Economics Career Development Office. This office is staffed by economics specific career advisors who can help you throughout the job/internship exploration and application process. To learn more or make an appointment, visit their website: econ.wisc.edu/careers/. ACCOMMODATIONS FOR STUDENTS WITH DISABILITIES McBurney Disability Resource Center syllabus statement: “The University of Wisconsin- Madison supports the right of all enrolled students to a full and equal educational opportunity. The Americans with Disabilities Act (ADA), Wisconsin State Statute (36.12), and UW-Madison policy (Faculty Document 1071) require that students with disabilities be reasonably accommodated in instruction and campus life. Reasonable accommodations for students with disabilities is a shared faculty and student responsibility. Students are expected to inform faculty [me] of their need for instructional accommodations by the end of the third week of the semester, or as soon as possible after a disability has been incurred or recognized. Faculty [I], will work either directly with the student [you] or in coordination with the McBurney Center to identify and provide reasonable instructional accommodations. Disability information, including instructional accommodations as part of a student's educational record, is confidential and protected under FERPA.” http://mcburney.wisc.edu/facstaffother/faculty/syllabus.php
DIVERSITY & INCLUSION
Institutional statement on diversity: “Diversity is a source of strength, creativity, and innovation for UW-Madison. We value the contributions of each person and respect the profound ways their identity, culture, background, experience, status, abilities, and opinion enrich the university community. We commit ourselves to the pursuit of excellence in teaching, research, outreach, and diversity as inextricably linked goals. The University of Wisconsin-Madison fulfills its public mission by creating a welcoming and inclusive community for people from every background – people who as students, faculty, and staff serve Wisconsin and the world.” https://diversity.wisc.edu/ ACADEMIC MISCONDUCT: “Society depends upon some minimal level of integrity in our graduates, not just upon their academic knowledge or skills.”
- Gary Pavela, founding member of The Center for Academic Integrity Academic misconduct is a vital issue concerning all members of the University community. Those who engage in academic misconduct, and those who ignore it when they become aware of it, threaten the integrity of the University and of the educational process. As a UW-Madison student, you have the right to expect that you and other students will be graded fairly, and you have rights of due process should you be accused of misconduct. You also have an obligation to conduct your academic work with honesty and integrity according to University standards. Therefore, it is important that you: Become familiar with the rules of academic misconduct. Ask your instructor if you are unsure what behaviors constitute academic misconduct in a specific class or assignment (for example, how to cite from the web or whether to work with another student on an assignment). Let your instructors know if you think you see incidents of misconduct. Be aware that helping someone else to cheat is a violation of the rules and may result in misconduct charges against you. By enrolling in this course, each student assumes the responsibilities of an active participant in UW-Madison’s community of scholars in which everyone’s academic work and behavior are held to the highest academic integrity standards. Academic misconduct compromises the integrity of the university. Cheating, fabrication, plagiarism, unauthorized collaboration, and helping others commit these acts are examples of academic misconduct, which can result in disciplinary action. This includes but is not limited to failure on the assignment/course, disciplinary probation, or suspension. Substantial or repeated cases of misconduct will be forwarded to the Office of Student Conduct & Community Standards for additional review. For more information, refer to studentconduct.wiscweb.wisc.edu/academic-integrity/.
The grievance procedure is designed for situations where neither of these channels is appropriate. If you wish to file a grievance, you should go to room 7238 Social Science and request a Course Comment Sheet. When completing the comment sheet, you will need to provide a detailed statement that describes what aspects of the course you find unsatisfactory. You will need to sign the sheet and provide your student identification number, your address, and a phone where you can be reached. The Department plans to investigate comments fully and will respond in writing to complaints. Your name, address, phone number, and student ID number will not be revealed to the instructor or teaching assistant involved and will be treated as confidential. The Department needs this information, because it may become necessary for a commenting student to have a meeting with the department chair or a nominee to gather additional information. A name and address are necessary for providing a written response.
