Short Syllabus   |  Books  | Grading  |  Exams  |  Schedule  |  Supplemental Instruction


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This is an introductory course in microeconomics, which covers the fundamental theories of the consumer, the firm, and markets. It is a required course for any student wishing to major or minor in business or economics, and it is recommended for any student who would like to understand how the U.S. economy works. This course also meets the social science requirements of the core curriculum, since you will be exposed to major questions concerning human and institutional behavior, and you will be encouraged to develop your skills in critical analysis, mathematics, and/or writing clarity.  This course has a math prerequisite of MATH 120 (or equivalent, or ACT of 22 or SAT of 500, or satisfactory scores on math readiness exam), OR a corequisite of MATH 126 or higher. No previous economic study is required.     

There are different approaches to teaching. Some like to spoon-feed their students bite-sized portions which are easily digestible. I believe in having high expectations, in setting goals that you can only reach on tiptoe. I do this because I believe that you will learn more if you are pushed to learn, and because I believe that you should be aware of how much there is to learn. I fully believe that, if you pay attention, what you learn in this class will help you make more sense of business, politics, and world affairs in the future. (See the Velco Theory of Learning.) 

  Books

The textbook is Microeconomics, 3rd edition, by P. Krugman and R. Wells (2012), Worth Publishers. I have asked the ASUN Bookstore to order the textbook in a cheaper loose-leaf form. Weekly homework will be done online using the Sapling Learning website. Prepaid access is packaged with the Krugman & Wells textbook by the ASUN. You may purchase textbook elsewhere, including an older edition, and then also purchase access to the Sapling Learning site for $30. If you don't already own one, you will need to purchase a clicker from the ASUN Bookstore. I would also encourage you to regularly start reading business publications or good newspapers, such as Bloomberg Business Week, the Economist, the Financial Times, the Wall Street Journal, the New York Times, Barrons, or Forbes to familiarize yourself with the business and policy relevance of microeconomics. Krugman also has a blog that you might find interesting, but it tends to deal more with macroeconomic, international, and political topics. You might also enjoy Economists Do It with Models, by "Econgirl."

  Grading   

Exams | Homework | Math Competency Quiz |  Attendance & Participation | Grading Scale | Tutoring | Hints for Success 

40% - Two In-Class Midterms (20% each) - no notes allowed 20% - Online Homework (see explanation below) 20% - In-Class Performance (requires a clicker) 20% - In-Class Final Exam - no notes allowed

 

Dropping an Exam, Homework or In-Class Performance: 

The two midterm exams, the final exam, the weekly online homework, and the in-class performance will each count for fifth of your grade.  However, I will drop the lowest fifth of your grade, as long as you do not miss an exam, and weight the other four fifths by 25% each. However, if you miss an exam then it will count as a -1.0 on a four-point scale, and all five grades will be included in your course grade. This gives you the option of either not doing the weekly homework, or not buying a clicker.  I don't recommend this, however, because the exams are hard. Students who show up to class, participate, and do their weekly homework are likely to get a better grade on the exams, and also the in-class performance and online homework grades are usually higher than the exam grades.

In-Class Performance with Clickers: 

Online Homework: 

Grading Scale:

Grading will be done according to a four-point scale (4=A, 3=B, 2=C, 1=D, and 0=F). Homework and exams are usually scored on a percentage basis, and the score S (in percentage terms) is converted to a grade G in my gradebook.    

On exams, the conversion of raw scores to grades is done on a curve, a change I made with the unanimous consent of my students in previous classes. The mean grade for those who take the exam is a 2.5 (i.e., the cutoff between C+ and B-). One standard deviation above the mean is a 3.5, and one standard deviation below the mean is a 1.5. It is possible to get better than a 4.0, but the only way to get less than a 0.0 is to miss the exam (those who miss the exam get a -1.0 in the gradebook).

On homework, the conversion is G = S/20-0.5 if S > 10, which is usually a little more generous:        90% = 4.0  70% = 3.0  50% = 2.0  30% = 1.0  10% or less = 0.0 missing homework = 0.0  For the 2/3 of students who typically do their homework, the mean homework grade is usually around 3.0, though this varies with the assignment, and the overall homework grade is higher than the exam grades for 80% of students. If there are online problems which no student is able to answer correctly, I will adjust the raw score before calculating the chapter grade.

At the end of the semester, your numerical course grade average will be converted back into a letter grade, based on the following ranges:   Course Average Grade Range  Reported Grade  3.80 or more A  3.50 - 3.79  A-  3.20 - 3.49 B+ 2.80 - 3.19 B  2.50 - 2.79 B- 2.20 - 2.49 C+ 1.80 - 2.19 C  1.50 - 1.79  C-  1.20 - 1.49 D+ 0.80 - 1.19 D  0.50 - 0.79 D-  0.49 or less F

It may be reassuring to know that reported grades for this class over the past three years I taught this course averaged a little over 2.6 for the almost ninety percent of enrolled students who complete it, with slightly over half of these students earning a B- or better. Somewhat over ten percent of students earn an A- or better. You will find that my average grade is consistent with other sections of economics principles.

Exams:

Exams are graded on a curve, as explained above.  You will find the exams to be very challenging. They are in-class, closed book exams that use both multiple-choice questions and short-answer problems. A significant number of exam questions will be based on the homework questions, but others will be based on my lectures, the textbook, and the supplemental readings. Since the material in each section builds on earlier work, each exam is naturally comprehensive, but the final will intentionally cover all of the previous material in addition to the new material.

There will be no exam make-ups without prior approval except under extremely unusual circumstances, and missing an exam will result in a grade of -1 for that exam. You must take a midterm exam even if you think you might do badly and want to drop it (see explanation above).

The dates of midterm exams will be announced at least one week in advance, but the final exam schedule is set by the University, and it is against university policy to take the exam before finals week. This semester, the final exam will be held Friday, May 10, 10:15 AM -12:15 PM . If you cannot attend the scheduled final exam, you might consider dropping the class. Do not make travel arrangements and then present them to me as a fait accompli.

Sample Exams:

To help you study, here are some exams from a few past semesters:

Spring 2007: Midterm Exam 1, Midterm Exam 2, and Final Exam
Spring 2006: Midterm Exam 1, Midterm Exam 2, and Final Exam
Spring 2005: Midterm Exam 1, Midterm Exam 2, and Final Exam  

The questions on your exams this semester will be different, of course, so don't bother to memorize the answers. Instead, try to understand the questions and the material they cover.

  Test Smart!

Your online subscription to Sapling Learning is packaged with your textbook by the ASUN bookstore (or you can purchase it and the book separately online). Homework will be due weekly, and we will cover one to two chapters per week. It is essential to comprehending the material. I have seen consistent evidence over the years that doing your homework improves your exam grades. Sometimes homework will even be assigned before the lecture in order to encourage you to read the text beforehand, especially when it is just before an exam. Assignments will be available at least one week prior to the due date. Each chapter will be graded (and weighted) individually.

Attendance and participation is measured by in-class use of clickers. There will be partial credit even if you get the answer wrong. I may occasionally offer bonus points for some outside events.

Please be seated before lecture begins, and don't leave early without prior permission since it is very distracting to me and your classmates. Arriving late or leaving early without a valid excuse will count as half of an absence, if I notice.  

Because it is distracting to other students and to me, I ask that you not carry on private conversations. Making a habit of this will reduce your participation grade. Read A Modest Proposal for Students in the Classroom.

Math Skills Quiz:

This course requires basic math skills in arithmetic, algebra, and geometry, as well as an ability to manipulate data, read graphs, and pay attention to detail. All this you should have learned in high school. The prerequisite for this course includes a college math course.    

You will be given a math skills prequiz during the first week of class. Passing requires that 80% of your answers be correct. If you pass the prequiz this first time, you will receive a bonus equivalent to a 4.0 (A) on two chapters of your homework. If you do not pass the first time, you must take the math skills postquiz. Passing this with 80% will earn you a bonus of only one additional 4.0 on your homework.

If you do not attempt and pass the math skills quizzes, then you are required to come see me to discuss it or you will receive an incomplete on your final grade until you do. An incomplete will turn into an F after a semester.

Cheating:

Any cheating will be severely punished, ranging from failing the exam or assignment at a minimum to failing the course and even expulsion from the university, in egregious cases or in cases where there is evidence of any prior offenses. Students who are caught cheating also lose their chance at college scholarships. Cheating includes both copying someone else's work as well as letting your work be copied, bringing in notes, text messaging or taking pictures of the exam, et cetera. I am serious as a heart attack about this.

Tutoring may be available through Thompson Student Services.  Check there.

Don't miss an exam. Do your homework. Study! Use the materials: read the assigned chapter before you do the homework, and take the practice tests e study guide. Don't cram all your studying in the night before the exam, for you will not only be too tired to think, you will not be able to process all the information. Don't work too much. Get tutoring if you are struggling, or ask the professor or teaching assistant for help and advice. Finally, studying in groups is highly recommended, as long as each member of the group pulls his or her own weight, and you each remain responsible for learning the material. It is OK to discuss homework with your classmates, but copying somebody else's answers is cheating. Also read The Difference between A and C students.

Also see The Nobel Laureates in Economics