Syllabus
ECON 422:  Microeconomic Analysis
  Fall 2007
Section 001, TR 2:00 - 3:15 pm, McElhaney Hall 205
 
Instructor:  Dr. Stephanie M. (Brewer) Jozefowicz
Email:  Stephanie.Jozefowicz@iup.edu  (Note:  I tend to check email fairly infrequently.)
Economics Dept. Phone: 724-357-2640
My Office Location:  McElhaney Hall 202B
My Office Phone:  724-357-2642
Office Hours:  TR 10:55 - 11:55 am & 1:15 - 1:55 pm, W 12:30 - 1:30 pm, R 3:20 - 4:00 pm, or by appointment
Course Website: http://www.chss.iup.edu/smjozef/brewerteach.html
Course Prerequisites: ECON 121, ECON 122, and MATH 121 (or MATH 115 or MATH 123)
Course Description:  Consumer behavior, theory of the firm theory of exchange, market structures, distribution, general equilibrium theory, welfare economics
 Textbook

Robert H. Frank, Microeconomics and Behavior, 6th edition.

The textbook is designed to facilitate learning both inside and outside the classroom.  Reading assignments from the text are included on the course outline and will be mentioned about once a week.  You will know what you should be reading if you check the course outline.  Lecture material will make more sense if you read the text first; the text will make more sense if you attend lecture first.  Although exam questions are based on the lecture material, the text parallels the lectures.  Hence, the readings in the text should be thought of as a supplement to the lecture material.

I may hand out supplemental reading materials in class.  These readings will be news articles or other materials related to the current course topic.  You are responsible for obtaining these materials from me if you miss class.  I additionally may ask you to access supplemental materials through JSTOR or other IUP accessible web resources.

ECON422 Website

I have set up a website for this class.  The direct html address location is given above.  (This page is linked off of the Department of Economics website, as well if you cannot remember the address.)  A variety of information will be accessible via this website.  I intend to update an “Announcements” page after every class.  Announcements will include the topic of the lecture material covered in class on a given day and any homework/in-class/extra-credit assignments collected or announced that day.  Old exams and answers from the Fall 1999 semester are posted so that all students have equal access to these materials.  Answers to textbook chapter problems and to exams will be posted as we progress throughout the semester.  Additionally, there is a link to the website operated by Irwin McGraw-Hill for the Frank textbook.  Unfortunately, you will have to access this site to download the textbook appendix material.  There are also online tutorial resources available at this textbook site.

Assignments and Grading Policy

Homework and In-Class Assignments:  Periodically homework and in-class assignments will be made.  These assignments may be problems from the text or other materials that I prepare.  In-class assignments will be due in class on the day they are assigned.  Generally, you will be asked to work in a small group as you complete in-class readings and assignments.  Learning to work better in groups and learning microeconomic theory are both instructional goals from these in-class assignments.  They are also important instructional tools in breaking up class time rather than having 1½ hours of solid lecture every class.  Points will be deducted from any assignments turned in after they are due unless prior arrangements with the instructor have been made.  To be redundant, this policy means that if you miss a class, it is YOUR responsibility to check with a classmate to determine what, if any, assignments were made.  Not being able to reach me personally concerning assignments because you missed class is NOT a legitimate excuse for late homework.  If you know you will be missing the class in which a homework assignment is due, you can send the assignment with a classmate, turn in the assignment to me in advance, have it placed in my box (during normal business hours), or email the assignment to me attached as a Word or WordPerfect document.  Homework must be in my box or received as email by the end of the class period.  Homework and in-class assignments will count as 15% of your final course grade.

Writing Assignment(s):  There will be at least one writing assignment given during the semester.  A separate handout with the details of the assignment(s) will be given.  The writing assignment(s) will count as 10% of your final course grade.

Major exams:  There will be two major exams given in class during the semester.  Each exam will be worth 100 points, and each will count as 25% of your final semester grade.   The tentative exam dates are Major Exam #1:  Thursday, October 11 and Major Exam #2:  Thursday, November 15.  There will be NO make-up exams in this class regardless of circumstances.  You may choose not to take one (and only one) of the two in-class exams simply by informing me prior to the end of the exam period.  (Thus, you may decide during the course of taking an exam that you do not wish to hand in the exam.  If this is your choice, then DO NOT turn in the exam.  If you walk out the door with the exam in your possession, I will assume your final decision (in the words of Regis Philbin!) is to not have the exam to count as part of your grade.)  Any exam turned in to me at the end of an exam period WILL BE graded and WILL partially determine your course grade.  If you elect not to take one of the two in-class exams, the comprehensive final exam will take on the additional weight of the missed exam.  Exam questions will stress analysis including short essay questions, numerical problem solving, and defining microeconomic terms or concepts.  Using graphs to illustrate your reasoning is a critical part of answering most short essay questions.  Any written answer that cannot be deciphered due to handwriting illegibility will be counted as a wrong answer.  Exams will be based on the material covered in class.  You may use a basic, non-programmable calculator on exams.  Cell phones should be turned off and put away before any exam begins.  Once the exam is handed out, you will not leave the room until you are ready to hand in the exam.

Final exam:  There will be a final exam given on Tuesday, December 11 from 12:30 - 2:30 pm in McElhaney Hall 205.  The final exam will have the same format as the major exams.  The final exam will be comprehensive, covering all of the course material for the whole semester.  The final exam will count as 25% of your final semester grade.  (This means that if you miss either the first or second major exam, then the final exam will count as 50% (25% + 25%) of your final semester grade.) You may use a basic, non-programmable calculator on exams.  Cell phones should be turned off and put away before any exam begins.  Once the exam is handed out, you will not leave the room until you are ready to hand in the exam.   Unless alternative arrangements are made before the final exam, a score of zero will be entered in my grade sheet for the final exam if you do not show up in the correct room and at the correct time for the final exam.

Attendance and Class Participation:  I believe class attendance and participation are closely linked with how well students learn and perform on exams.  All students will be expected to participate fully in the discussion of materials.  In other words, I expect you to be present in mind as well as body when you come to class.  Students routinely will be called upon to provide definitions of terms, examples for theories under consideration, and theories for examples under discussion.  This is non-punitive behavior–it merely enhances the learning environment.  Cardinal rule:  never, never, never cut class because you are unprepared:  such behavior will only compound how far behind you are.

Extra-credit:  Under no circumstances will I give extra-credit work to individual students.  However, during the semester, class exercises for which extra-credit points can be earned may be offered.  Offering extra-credit is subject to my discretion.

Summary of grading:
                   Homework and In-Class Assignments:   15%
                   Writing Assignment(s):                            10%
                   Major Exam #1:                                       25%
                   Major Exam #2:                                       25%
                   Final exam:                                               25%
                                                                                    100%

Grading scale:  The standards are based on the below percentage distribution.  Changes to the distribution may be made at the instructor’s discretion, but any changes will be strictly in your favor in terms of expanding the ranges to include lower grade percentages.  A:  90 - 100%, B:  80 - 89%, C:  70 - 79%, D:  60 - 69%, F:  <  60%.

Miscellaneous

Many students may find it beneficial to discuss the course material with one another.  You are encouraged to share helpful suggestions for studying and mastering the material.  There is an underlying principle of learning when working together in small groups like this–you can determine what you know as you are forced to explain the concepts and problem solutions to one another.

You may wish to bring colored pens/pencils with you to class.  For some graphical analyses, I will use colored chalk in my presentation.  Some students have expressed that having colors of their own greatly enhances their ability to understand their notes.

If you historically have not regularly checked your IUP email, you should begin to do so.  I may sometimes email the class information, and I will only use your assigned IUP email address.

I follow the policy outlined in the IUP Academic Integrity Policy and Procedures with regard to cheating and academic dishonesty.  I will give an incomplete only for the specific reasons outlined in the IUP Incomplete policy, so please don't ask for exceptions to these rules.  Both policies can be found in the Undergraduate Catalog 2007-2008.

Additional IUP services that you may wish to explore: the Writing Center (http://www.wc.iup.edu/) and the Learning Enhancement Center Walk-in Individual and Group Tutoring program (http://www.iup.edu/devstudies/lecpage.shtm).

I will be available for questions or comments about class during my office hours.  I will arrange to see you by appointment if you are not able to come see me during the designated office hours.  Please talk with me to arrange any appointments.



Summary of Important Dates for the Semester

(Announcements about upcoming homework, in-class assignments, and extra-credit opportunities will be made in class, as well as confirmation of/changes in the tentative exam dates.)
   
Week 1:  (8/28, 8/30)   

Week 2:  (9/4, 9/6)

Drop/Add on Banner ends: Sunday, September 2
No classes university-wide (Labor Day): Monday, September 3

Week 3:  (9/11, 9/13)   

Week 4:  (9/18, 9/20)  

Week 5:  (9/25, 9/27)   

Week 6:  (10/2, 10/4)

Note:  My classes and office hours are cancelled October 2 - 5 (Tuesday-Friday).  I am travelling to and attending the National Council for Economic Education Annual conference (Denver). A replacement application assignment for missed class time will be given.

Week 7:  (10/9, 10/11)      

Major Exam #1: Thursday, October 11

Week 8:  (10/16, 10/18)    

Week 9:  (10/23, 10/25) 

Students can view mid-term grades on Banner:  Monday, October 22, 8:00 am

Week 10:  (10/30, 11/1) 

Individual Course Withdrawal Deadline: Wednesday, October 31

Week 11:  (11/6, 11/8) 

Total Semester Withdrawal Deadline: Friday, November 9

Week 12:  (11/13, 11/15)  

Major Exam #2: Thursday, November 15

Week 13:  (11/20, 11/22)  

No classes university-wide (Thanksgiving): November 19-24 (Monday-Saturday)

Week 14:  (11/27, 11/29)  

Week 15:  (12/4, 12/6) 

Week 16:

Final Exam: Tuesday, December 11, 12:30 - 2:30 pm; Location–McElhaney Hall 205
Fall 2007 Commencement:  Sunday, December 16
Fall 2007 Semester Grades Available on Banner: TBA


Course Outline

 Part I:  Getting Started
    ▸    Ch. 1:  Thinking Like an Economist
        ●    Questions for Review:  # 2, 3, 5, 6
        ●    Problems:  # 1, 4, 5, 6, 8, 9, 13
    ▸    Ch. 2:  Supply and Demand
        ●    Questions for Review:  # 1, 3, 4, 5, 8
        ●    Problems:  # 1-10
    ▸    Ch. 2 Appendix
        ●    Problems:  # 1, 2, 4, 8, 9        

Part II:  The Theory of Consumer Behavior
    ▸    Ch. 3:  Rational Consumer Choice
        ●    Questions for Review:  # 1, 2, 4, 8
        ●    Problems:   # 1, 3, 4, 8-11, 13, 14, 16, 18
    ▸    Ch. 3 Appendix:  (pp. 92-101)
        ●    Problems:  # 1-4
    ▸    Ch. 4:  Individual and Market Demand
        ●    Questions for Review:  # 3, 4, 5, 7, 9, 13
        ●    Problems:  # 1, 5-7, 9, 11-13, 16
    ▸    Ch. 5:  Applications of Rational Choice and Demand Theories (pp. 155, 160-164, 170-181)
        ●    Questions for Review:  # 2, 3, 4, 7
        ●    Problems:  # 4, 6-13
    ▸    Ch. 6:  The Economics of Information and Choice under Uncertainty
        ●    Questions for Review:  # 1-6
        ●    Problems:  # 2, 5-12, 15

Part III:  The Theory of the Firm and Market Structure
    ▸    Ch. 9:  Production
        ●    Questions for Review:  # 2-9
        ●    Problems:  # 1-4, 10
    ▸    Ch. 9 Appendix
        ●    Problems:  # 1 & 2
    ▸    Ch. 10:  Costs
        ●    Questions for Review:  # 2-5
        ●    Problems:  # 1, 3, 5-8
    ▸    Ch. 10 Appendix (p. 359-360)
        ●    Problems:  1, 3
    ▸    Ch. 11:  Perfect Competition
        ●    Questions for Review:  # 1-3, 8, 12, 13
        ●    Problems:  # 1-3, 8, 12, 13
    ▸    Ch. 12:  Monopoly
        ●    Questions for Review:  # 1-5, 9-11
        ●    Problems:  # 1-4, 7, 8, 10-12
    ▸    Ch. 13:  Imperfect Competition
        ●    Questions for Review:  # 1-4, 6, 7
        ●    Problems:  # 1-9, 13, 14

(As time during the semester allows...)
    ▸    Ch. 14:  Labor
    ▸    Ch. 17:  Externalities, Property Rights, and the Coase Theorem
    ▸    Ch. 18:  Government  


DR. S. JOZEFOWICZ’S TOP TEN LIST
FOR A SUCCESSFUL SEMESTER:

1.    Attend class regularly.  Missing class means you lose out on course lecture material that is vital to successful performance on exams, in-class assignments, and with valuable discussion with peers.    

2.    Be on time for your own benefit and out of consideration for others–the disruptions you cause by coming in late affect everyone (in economics, we call such impacts negative externalities).  Similarly, if you know you will have to leave before class ends, then sit by the door to minimize disruptions and interruptions for your classmates that will occur if you don’t sit near the door and have to stomp over the top of them and/or parade across the front of the room as you exit (furthermore, I would appreciate if you would kindly mention your need to leave to me before class starts).

3.    Having to get up and leave in the middle of class in the case of an emergency is one thing, but DO NOT make it a habit to wander into and out of lecture–this is rude and disruptive behavior that causes a NEGATIVE impact on your fellow classmates and makes your instructor grumpy.  Being asked to work with a neighbor or in a group should NOT be interpreted as a signal that you have a free pass to get up and leave class.

4.    KEEP UP--the materials build as the semester progresses--very few students can succeed by just studying the night before the exam.  You have many opportunities for working on sample exam questions between formal in-class and homework assignments, end-of-chapter questions in the textbook, and other materials I distribute.  Students who perform at the top of the class generally are the ones who work on these sample questions and ask questions as they go about what they discover they don’t understand as well as they thought they did.    

5.    Take excellent class notes–write out explanations and examples of the concepts covered rather than just copying down the definitions or graphs–this will help you immensely as you work on assignments and as you study for exams.  Additionally, look over your class notes and text readings before (yes, I said before!) coming to class–for each section of notes, go back and think how you can reorganize them so they make sense to you (students have found that making flow diagrams can help connect the material in a personally meaningful way).

6.    Make use of office hours–clear up questions as they arise and are fresh on your mind... generally students find I am friendly and helpful in office hours, and the additional one-on-one attention does wonders for truly comprehending the material.

7.    Realize at the outset that you may have really buckle down and approach studying for this class differently.  This class will require much more than basic memorization and regurgitation of definitions.  This class has the reputation of being “hard” for a reason.  Merely showing up every day for class is likely to be insufficient to secure an “A” or even a “B” letter grade.  You should plan on allocating time outside of class to working on practice problems from the textbook well beyond any formal homework assignments.  In “the good old days” students used to be told time and again to plan on spending 3 hours studying outside of class for every hour of official class time as an undergraduate...I was a student in “the good old days”...my expectations of you reflect many of the expectations my professors had of me...bear this in mind....  

8.    Expect that we virtually always will have class every day and that we virtually always will stay the entire length of class.  Class time is a mixture of lecture/note taking, in-class problem solving, application exercises to news and pop cultural print and visual media sources, and peer discussion.

9.    Cell phone basics 101: double check and make sure that they are turned off before class starts.  Furthermore, they are to be turned off and placed completely out of sight during all exams.

10.    Just as you expect to be treated with respect, remember to treat your fellow students and me with the same high level of respect.


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