Economics 101: Principles of Microeconomics
Spring 2014
_____________________________________________________________________________
Professor: Katie Schultz
Schedule: MWF
Email: keschultz01@wm.edu
Section 01: 10-10:50, Small Physics Lab 110
Office: Morton Hall #117
Section 03: 12-12:50, Andrews Hall 101
Office Hours: Wednesdays 1:00-2:00
Tuesdays 1:00-2:00, Thursdays 10:30-11:30
______________________________________________________________________________
Course Overview: In Principles of Microeconomics, we will study the economic behavior of
individuals, firms, and governments and consider how they make choices and respond to
incentives in a world of scarcity. We will cover a wide variety of topics including market
equilibrium, market structure, market efficiency, and externalities. Students will learn to use
economics as a lens through which to understand and study a variety of subjects.
Textbook: Principles of Microeconomics with APLIA access code, by N. Gregory Mankiw (6th
Edition). ISBN: 9781418816018.
Another option is to purchase a used copy of the textbook and purchase the APLIA access code
separately. You can purchase the APLIA access code separately at:
http://www.cengagebrain.com/shop/isbn/978-1-111-77801-9.
Teaching Assistant: Carly Shira will be our teaching assistant for this course. She will hold
regular office hours (I will announce these as soon as a room is reserved).
Student Evaluation: This course consists of 3 midterm exams, a final exam, 9 homework
assignments (4 written and 5 online), “one minute papers”, and 2 Economics Journal
assignments.

Homework: There will be 4 written homework assignments during the semester, each
assigned at least a week before its due date. These homework assignments will be
graded based on completion. A reasonable effort will receive full credit. Note that
turning in a blank page with your name or showing no work to illustrate how you arrived
at a particular solution does not constitute a “reasonable effort.” Homework is due in
class. No late assignments will be accepted. To access written homework assignments,
please refer to the Blackboard site for this course.
This course also uses APLIA (an online program) for homework assignments. You will be
assigned 5 online APLIA homework assignments throughout the semester. Each
assignment will be available on the APLIA course website at least 4 days prior to the due
date. To log into APLIA for the first time, see the instruction sheet on the Blackboard
course page. The APLIA course key is DZAN-A3AZ-5JCZ. If you have purchased an
APLIA access code from the bookstore or online, you will also need that APLIA access
code (along with our course key) to obtain access. If you have not yet purchased access
to APLIA, you will have an opportunity to do so when you register for our course online.
Assignment
HW 1 (Written)
HW 2 (APLIA)
HW 3 (Written)
HW 4 (APLIA)
HW 5 (APLIA)
HW 6 (Written)
HW 7 (APLIA)
HW 8 (Written)
HW 9 (APLIA)

Due Date
Jan 29th
Feb 3rd
Feb 17th
Feb 24th
March 17th
March 24th
March 31st
April 18th
April 25th
Exams: Exam dates are provided below. Missing an exam due to an unexcused absence
will result in a 0 for that exam. There will be no make-up exams. Students who are not
able to take an in-class exam due to an excused absence will have the final exam
reweighted accordingly. Students must provide appropriate documentation (a letter
from the Office of the Dean of Students) for an absence to be excused and should notify
the instructor in advance of the exam whenever possible. The final exam will be
comprehensive.
Exam
Exam 1
Exam 2
Exam 3
Date
Feb 5th
Feb 26th
April 2nd
Time
In-class
In-class
In-class
Final Exam Dates:
• Section 01: April 29th, 2:00 pm - 5:00 pm, Small Physics Lab 110
• Section 03: April 30th, 9:00 am - 12:00 pm, Andrews Hall 101

Economics Journal: Two times during the semester, you will be asked to write a brief
journal entry. I will provide more detail on this assignment as the semester progresses.
Due Date
Assignment
ENTRY 1
March 14th
ENTRY 2
April 9th
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
One Minute Papers: Attendance will not be directly taken in this course. However, at
the end of some unannounced class sessions, I will ask you to take one minute and write
down what you did not understand during the class period and what you understood
the best from that class. This provides me with helpful feedback on the material covered
in lecture, as well as providing an incentive for you to attend class.
Breakdown of Course Grades:
Component
Economics Journal
One Minute Papers
Homework
Exam 1
Exam 2
Exam 3
Final Exam
Total
% of Course Grade
2%
1%
9%
20%
20%
20%
28%
100%
A grading curve will be determined at the end of the semester. The curve will never be stricter
than the 90-80-70-60 scale.
Academic Honesty: All students are expected to adhere to the Honor Code:
http://www.wm.edu/offices/deanofstudents/services/studentconduct/honorcodeandstudentc
onduct/honorcode/index.php.
Students are always encouraged to study together, but all academic work that is turned in
should be the student’s own work and students should follow all course guidelines.
Disabilities: Students with disabilities should contact Disability Services to receive
accommodations to assist their academic success:
http://www.wm.edu/offices/deanofstudents/services/disabilityservices/?svr=web. Please
notify me well in advance of any exams or other course deadlines and provide documentation
from Disability Services, if you have a disability and require additional accommodations for
exams and coursework.
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Schedule
Introduction
• Chapter 1: Ten Principles of Economics
• Chapter 2: Thinking Like an Economist
• Chapter 3: Interdependence and the Gains from Trade
How Markets Work
• Chapter 4: The Market Forces of Supply and Demand
• Chapter 5: Elasticity and Its Application
Markets and Welfare
• Chapter 7: Consumers, Producers, and the Efficiency of Markets
• Chapter 6: Supply, Demand, and Government Policies
• Chapter 8: The Costs of Taxation
Consumer Choice and Preferences
• Chapter 21: The Theory of Consumer Choice
Firm Behavior and the Organization of Industry
• Chapter 13: The Cost of Production
• Chapter 14: Firms in Competitive Markets
• Chapter 15: Monopoly
• Chapter 16: Monopolistic Competition
• Chapter 17: Oligopoly
Externalities and Public Goods
• Chapter 10: Externalities
• Chapter 11: Public Goods and Common Resources
Additional Applications (As Time Allows)
• Chapter 22: Frontiers of Microeconomics
• Chapter 18: The Markets for the Factors of Production
• Chapter 19: Earnings and Discrimination
• Chapter 20: Income Inequality and Poverty
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