ECO 201: Principles Of Microeconomics Syllabus

Microeconomics is the study of human behavior. It is a philosophy, business, and political science course all rolled into one. Primarily we will be studying how individuals, households, and firms make decisions about what to do, where to go, what to buy, what to sell, and what to pay. You will learn what a market is and how markets shape the world around us. This is a course unlike most courses you have had before. This course will teach you a way to think about your surroundings. By the end of the semester, you ought to be able to intelligently discuss everything from international trade to why star athletes are paid so highly.

This course is structured rather unusually and it is important that you spend time at the beginning of the course learning how to best use the learning resources that the course offers. The most common problem I have heard from students in this course is that they understood the theory when they heard it in lecture, but then when they had to apply it to a new situation in an exam they were confused. For this reason, I have structured the course very differently. It is an "inverted classroom." You will learn the theory outside of class and we will spend our time inside of class doing hands-on work with problems and experiments so you can practice the process of applying the theory.
The semester is split up into eleven units. For each unit, you will be expected to read the chapter before coming to class. In addition to the textbook there are a number of resources available for you to use as learning aids. These include PowerPoint lectures and notes, videotaped "lectures," on-line quizzes with immediate feedback, internet links to relevant information, electronic bulletin boards, a supplemental instructor, and my office hours. You are expected to take advantage of as many of these resources as necessary for you to understand the material as best as possible. On the first day of a unit you will come to class having read and understood the material as best as possible and you will have completed the Worksheet for that unit to the best of your ability. The Worksheets will be collected, but not graded. On that first day you should also bring any questions about the material to class with you. We will discuss and answer all questions first thing that day. After that, we will go over our worksheets in groups and discuss them as a class. You will then have a set of Review Questions to finish for the following class day. On that day the Review Questions will be collected and graded. We will then discuss the Review Questions in groups and as a class. Also on that day we will usually conduct an economic lab experiment and write up/discuss the results. Most units will take two days to complete, though there are some exceptions to the rule.

[Course Objectives and Goals]
The general objective of this course is to provide an introduction to basic microeconomic issues and to teach basic tools of economic analysis. More specifically, the goals of the course are listed below:

1. To stimulate an awareness and an interest in important problems of economic policy.

2. To give you a firm grasp of the few basic principles and analytical tools you must have in order to think intelligently about economic problems. The basic assumption is that analytical concepts, tools and models are most effectively learned when you apply them in understanding actual situations and problems that you are likely to encounter in the "real" world.

3. To help you develop good methods in thinking about economic problems. This involves specific attention to the process of orderly problem solving by:

a. Carefully defining the problem.
b. Mapping out the main alternative ways of achieving the stated objectives.
c. Carefully analyzing the alternative approaches, and using the appropriate analytical concepts and principles to decide which alternatives or combination of alternatives best "solves" the problem.
d. Checking the "solution" reached, both for flaws in reasoning and, where feasible, against experience in comparable situations.

4. To help you learn to evaluate and use both qualitative and quantitative evidence when conflicting viewpoints and approaches are encountered.

[Course Philosophy]

The set-up of the course is based upon two basic tenets of student learning:

1. Analytical concepts, tools, and models are most effectively learned when students apply them in understanding actual situations and problems.

Note that given the emphasis on having you apply the material, very little (if any) class time will be devoted to lectures. I will be happy to answer any questions you have on the material, but will not be "lecturing" on the material. As such, it is imperative that you come to class prepared (see below).

2. Students can (and should) learn from each other.

As such, a large component of the course will have you working together in groups. I will assign you in a group during the first week of class. Students must work in their assigned group during in-class work and for the first two exams. In addition, it is highly recommended that you work in your assigned group for assigned review questions. Please carefully read the handouts on working in groups and collaborative writing.

The following in the minimal amount of preparation you are required to complete for each unit of the course:

1. Read the assigned pages in the textbook
   
2. Watch the video-taped lecture on the material.

1. Lectures can be watched (or checked out) at King Library (Basement) or SBA Computer Lab (2^nd Floor, Laws Hall).
2. Lectures can be viewed on Miami’s cable television station the evening before they appear on the syllabus at 7:30 p.m.
3. Videotapes can be copied if you own a VCR. You may check out the videotapes from King or Laws and bring them to Gaskill Hall (Applied Technologies) with a blank videocassette – they will make a copy of the tape for you, free of charge.
4. The Oxford Copy Shop Packet provides a complete set of PowerPoint notes to use to follow the lectures.

3. Complete the Worksheet (see below on grading of Worksheets).
   
4. Complete all Review Questions (see below on grading of Review Questions).

[Required Texts]
1. Microeconomics, 4th Edition by Roger A. Arnold
2. Course materials from web site: http://www.sba.muohio.edu/plattgj/eco201 and/or course packet available at Oxford Copy Shop.

[Optional Texts]
1. Study Guide for Microeconomics, 4th Edition by Thomas Wyrick
2. Economics Alive! CD-ROM.
3. The web site for our textbook  (http://www.thomson.com/swcp/bef/arnold/arnold.html) has supplemental exercises on the web, free dowloadable tutorial software, and other goodies.

[Grading]
The grading scale for this class is as follows:

Note that this is a strict grading scale where your grades will solely be determined using the following formula:

[Examinations]
There will be three exams in this class. The emphasis on exams will be on applying the material learned in class. The first exam will constitute 20% of your final grade, while the second exam will constitute 25% of your final grade. Both of this exams will be take-home exams. The first exam will be handed out on October 1st and is due on October 8th. The second exam will be handed out on November 10th and is due on November 17th. The final exam, which is comprehensive, will be given Thursday, December 17th, at 7:30am. The final will be taken individually and will constitute 40% of your final grade.

[Make-Up Examinations]
All students are expected to take the examinations on the scheduled dates and times. Only University approved excuses will be an acceptable reason for a student missing an exam. A student who misses an examination without notifying the instructor prior to the examination and receiving my permission to miss the exam will be assigned a grade of zero.

[Written Assignments]

In addition to the exams, there are two other types of written assignments in this class.

(a) Worksheets

Each topic on the course outline has a corresponding worksheet which must be purchased at the Oxford Copy Shop. These assignments must be completed before the class period in which the material is to be discussed. You may work with other students on these worksheets – however, all students must turn in their own worksheet. Periodically (and randomly) I will collect these assignments in order to ensure that they are being completed. No late assignments will be accepted. The emphasis on grading these assignments will be on completeness (i.e. you will be graded on whether you completed the assignment – not on whether you completed the assignment correctly). Your score on the worksheets (after allowing you to drop the lowest score) will constitute 5% of your final grade.

(b) Review Questions

In addition to the worksheets (which should be completed before the class period), each chapter has a corresponding set of review questions and "experiment questions" (which correspond to in class demonstrations). Periodically, I will announce the collection of an assignment for the next class period. These assignments, when collected, will be graded for correctness and completeness.

You have two options for completing these assignments: (1) work individually; or (2) work on in your assigned group and hand in a group answer (all group members will receive the same grade). It is highly recommended (although not required) that students work in their groups for the review questions as a way to help the group prepare for Exams 1 and 2.

Your review questions grades will constitute 5% of your final grade.

[Quizzes]

There will be three in-class quizzes during the semester. The dates of these quizzes are given on the course outline. Each quiz will consist of ten multiple-choice questions. Quizzes are to be completed individually. The average of the quiz scores will constitute 5% of your final grade.

[Attendance]
Attendance will not be taken. However, you are urged to attend class each day. In addition, a significant portion of each examination is drawn from the classroom material. If you miss class, it is your responsibility to obtain the information missed.
Note that if you decide to attend class you must attend the entire class period, unless other arrangements are made prior to class with the professor. Students who simply arrive in class to hand in an assignment and then leave class will receive a zero on the assignment.

[Re-grading of Assignments or Exams]
Any assignment may be submitted to be re-graded, subject to the following conditions:

1. Assignments must be written in pen.
2. Assignments must be submitted to be re-graded within one week after the assignment has been handed back by the instructor (Exams can be submitted anytime during the semester).
3. Any assignment submitted to be re-graded must include a written explanation of why you believe the grade is inappropriate.
4. The entire assignment or exam will be re-graded.

[Academic Dishonesty]
All cases of academic dishonesty will be fully investigated, and the maximum penalties will be imposed. Note that this includes stealing a glance at others' exams.

[Schedule]