Instructor: Prof. Jeff Heinrich
Office: Hyland Hall 4304C (the main Economics department office)
phone: 472.5583 (office)
Office Hours:  MWF 10a-11a; MW 1p-2p; Tuesday, 1-4 (electronic by email); or by appointment.  Office hours may occasionally be cancelled as my administrative duties require.
email: heinricj@uww.edu

Course Description and Objectives:  This course is an introduction to the principles of microeconomics, which is the study of how individual decision makers and markets behave economically and how they interact with each other as they make decisions in the face of resource scarcity, and the implications for the welfare of society.  We will learn fundamental economic principles, and apply them in the analysis of the U.S. economic system and business environment with regard to market behavior and the role of government in the economy.  In particular, the following will be emphasized:

• Development of student analytical techniques
• Analysis of economic decision-making in several contexts
• Assessment of relevant economic policies

Assignments (homeworks, exams) will assess your ability to interpret and understand economic principles and the use of those principles to interpret how different forces will affect microeconomic activity.  This course is highly quantitative, thus the course prerequisite is a grade of C or better in Math 141. 

Required Resources:  

1. Principles of Microeconomics 5th ed., N. Gregory Mankiw, South-Western Cengage, 2008.  The book is available from textbook rental.  
2. Aplia:  Problem sets and exercises will be conducted using the web site http://www.aplia.com.  Students are required to register there for this course and the cost is $35.00, with the fee due in full by Feb 07 2010.  However, I would recommend you not pay the fee until the first week of February in the event you need to drop the course, as refunds are not possible.  Students need a key code to register.  The code for this section is MVRN-RL34-2BSY.  See the bottom of this page for more information on getting registered for Aplia.

Optional Material:  A Study Guide written by the author is available for purchase from the text publisher - interested students should inquire at the University Bookstore.  Students are also expected to regularly read from a news source with significant economic coverage.  Recommended publications include the New York Times, the Wall Street Journal, the Financial Times, and the Economist.  While some content is free of charge, these recommendations do require registration or subscription for the rest.  Refer to my web site for interesting links to other sources of economic news that may be more easily available.  An audio option is the MarketPlace program from NPR which we may discuss on occasion in class. 

Course Requirements:  It is expected students will complete required readings before coming to class.  Grading will be based on weekly problem sets/homeworks, two midterm exams, and a final exam.  All exams will be cumulative, covering all course material up to the time of the exam.  There are two possible grading schemes.  For each student, I will use the scheme which results in the highest course score.  The schemes are:

1. Homeworks and problem sets 25% of your overall grade, each midterm worth 20%, and the final exam worth 35%.
2. Homeworks and problem sets 25% of your overall grade, your highest midterm score worth 30%, and the final exam worth 45%.

Problem sets will be assigned and graded almost every week.  Most will be conducted within Aplia, but there could be in-class exercises as well..  Your two lowest homework assignment grades will be dropped, except for the math test in the first week.  Students are permitted to work together on the homework, but are required to submit individual responses to homework assignments unless explicitly told otherwise.  Ideas for solving homework problems can be shared.  At the end of the day though, you are responsible for submitting your own solutions.

Do not expect any extra credit.

Grading Scale:  This course will use the plus/minus grading scale.  92%-100% = A; 90-91.x = A-, 87-89.x = B+; 83-86.x = B; 80-82.x = B-, 77-79.x = C+; 73-76.x = C; 70-72.x = C-, 67-69.x = D+; 63-66.x = D; 60-62.x = D-; <60% = F.  I may curve this at my discretion, but never in a way that gives you a worse grade than indicated by this scale. 

Attendance and Make-ups:  Enrollment in this course is taken as a commitment from you that you have made room in your life to fulfill the obligations of this course - coming to class, being there for exams when they are scheduled, etc..  I will not record attendance, but you will find yourself at a significant disadvantage if you miss class.  Important announcements will be made primarily in-class, including revisions to this syllabus.  I reserve the right to give unannounced quizzes or assign in-class work on occasion at my discretion.  It is the student’s responsibility to obtain any materials or information missed due to absence.  

I do not allow make-up of missed assignments under any circumstances!!  If you must miss a midterm, grading option (2) above will be automatically invoked.  Late homework assignments will be completely ignored by me.  You have two "free passes" on homeworks, the two lowest scores that will be dropped.  I strongly recommend you save those for instances where you simply can't get the homework done for whatever reason.  So, though its possible to ignore a midterm and two homework assignments, I suggest you not do so unless absolutely necessary.  Students that must be away for University sanctioned events, such as sports, are expected to complete work beforehand.  If you miss the scheduled final exam time, you will fail the course.

Suggestions for Doing Well:  Don’t fall behind.  We are going to move at a fast pace, covering one or perhaps two chapters out of the text per week with perhaps a few additional outside readings.  You will find it difficult to play catch-up.  Also, plan on spending about 5 hours per week outside of the classroom studying the material and doing practice problems to do well.  Less time means lower grade - its just that simple.  Nobody ever learned how to ride a bike just by watching it happen, and so it is here.  You need to do it to learn it.

Economics is often a difficult experience for students exposed to it the first time, as it requires both strong quantitative and intuitive skills.  When you have difficulty grasping a concept, you should do two things.  First, come talk to me for assistance.  Second, do additional practice problems wherever you can.  Learning-by-doing is usually much more effective than just reading and listening to lectures.  Don't wait until the last few weeks to be worried about your grade - the time to start worrying about your performance in this class was when you registered for it.

Take copious notes in class.  I can tell you from experience that the students who don’t write things down don’t do nearly as well in class as those who do.  And for the love of all that is holy, ask questions when something isn't clear!!  Remember, "assumption" is the mother of "f***-up".

I wrote a little blurb on What First-Year Students Should Know About Their Own Education.  If you are a first-year student, or even any year, you might find some interesting viewpoints in it.

Policy Statement:  The University of Wisconsin-Whitewater is dedicated to a safe, supportive and non-discriminatory learning environment.  It is the responsibility of all undergraduate and graduate students to familiarize themselves with University policies regarding Special Accommodations, Misconduct, Religious Beliefs Accommodation, Discrimination and Absence for University Sponsored Events.  (For details please refer to the Undergraduate and Graduate Timetables; the “Rights and Responsibilities” section of the Undergraduate Bulletin; the Academic Requirements and Policies and the Facilities and Services sections of the Graduate Bulletin; and the “Student Academic Disciplinary Procedures” [UWS Chapter 14]; and the “Student Nonacademic Disciplinary Procedures” [UWS Chapter 17].

COBE Honor Code:  As members of the University of Wisconsin – Whitewater College of Business & Economics community, we commit ourselves to act honestly, responsibly, and above all, with honor and integrity in all areas of campus life.  We are accountable for all that we say and write.  We are responsible for the academic integrity of our work.  We pledge that we will not misrepresent our work nor give or receive unauthorized aid.  We commit ourselves to behave in a manner that demonstrates concern for the personal dignity, rights and freedoms of all members of the community.  We are respectful of college property and the property of others.  We will not tolerate a lack of respect for these values.

Tentative Course Schedule:  I reserve the right to amend this schedule as I see fit, and such changes will be announced in class.  All Chapter references come out of the text and are required readings.  We will go as far along this schedule as time permits.  The dates of the Midterm exams are subject to change (though I will be hesitant to do so), the date and time of the final exam is fixed by university policy.  You *must* be available at the scheduled time of the final exam.

Part One:  Introduction
Chapter 1:  Ten Principles of Economics
Chapter 2:  Thinking Like an Economist
Chapter 3:  Interdependence and the Gains from Trade

Part Two:  How Markets Work
Chapter 4:  The Market Forces of Supply and Demand.  This is the most important material of the whole course.
Chapter 5:  Elasticity and Its Applications
Chapter 6:  Supply, Demand, and Government Policies

Part Three:  Markets and Welfare
Chapter 7:  Consumers, Producers, and the Efficiency of Markets
Chapter 8:  Application:  The Costs of Taxation

Part Four:  The Economics of the Public Sector
Chapter 10:  Externalities
Chapter 11:  Public Goods and Common Resources
Chapter 12:  The Design of the Tax System (tentative)

Part Five:  Firm Behavior and the Organization of Industry
Chapter 13:  The Costs of Production
Chapter 14:  Firms in Competitive Markets
Chapter 15:  Monopoly
Chapter 16:  Monopolistic Competition
Chapter 17:  Oligopoly

Part Six:  The Rest of the Course
Chapter 18:  The Markets for the Factors of Production
Chapter 22:  The Frontiers of Micreconomics

Spring Break:  March 22-March 26;  Easter Mini-break:  April 2

Midterm Exam 1:  Wednesday, February 24

Midterm Exam 2:  Wednesday, April 7

FINAL EXAM:  Monday, May 10, 10-12n as per the University Final Exam Schedule

More About Aplia:

Weekly assignments are found on the Aplia website, and collectively count for 25% of your grade.  The Aplia site requires a separate registration process.  You only need to register once, and that is the only time you will need to enter the course key MVRN-RL34-2BSY.  This PowerPoint presentation can help you guide you through the registration process.  For technical problems or problems signing in, please send Aplia an e-mail by clicking on the "Help" link in the upper-right hand corner of any page on that site or by e-mailing support@aplia.com.

Student benefits: By completing regular work in association with the lectures, you will better prepare yourself for the lectures and exams in the course. Cramming is not an effective method of learning. Think of the regular assignments on Aplia as a weekly Economics workout. Practicing and applying what you are learning from Aplia and lecture will better prepare you for class.  We will often discuss the assignments in class as well.

Aplia assignments:  The problem sets use Aplia's "Grade-it-Now" technology. Students are graded immediately on each problem as they work through it.  If you are happy with the result, you can move on to the next problem; if you want to improve your score, you click "try another version" of a similar problem to improve your score after reading the feedback. You have up to 3 attempts per question if you wish, and Aplia averages all of your attempts (even if subsequent attempts earn a lower score!).

Aplia homework assignments must be completed by the due date. The software does not care whether you have an excuse or not, and I cannot change the due date for individual students. These assignments are posted at least a week in advance. Do them early to avoid any emergencies preventing your completion before the due date.  The only accommodation that is offered is that your two lowest problem set scores are dropped automatically.  After the due date, you will be able to see the correct answers and the explanations for problems.

The cost of Aplia is $35 per student for this class for the semester. You may register and use the website until 02.07.10 without paying the fee. If you are considering dropping this course during the drop/add period, do not make a payment until you are sure. You will need to pay the full amount before the end of the grace period to continue using the service. Payment options will be indicated on the Aplia site.  The instructor has no role in payment, and can be of no assistance with such.

Disclaimer: I am not financially affiliated with Aplia and receive no monetary benefit from requiring this material.