1201 Fall 2021 Syllabus - Prof Edward Smith PDF

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1201 Fall 2021 Syllabus - Prof Edward Smith...

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UNIVERSITY OF CONNECTICUT ECON 1201 Z84 - PRINCIPLES OF MICROECONOMICS PRINCIPLES OF ECONOMICS by Professor Steve Buckles, ISBN 9781773300931 all materials are available online via Top Hat; see details below Tuesdays and Thursdays 330 to 445 PM, August 31 to Dec 9, 2021 Professor Edward Smith, [email protected], 203-524-4589

OVERVIEW The course has 28 sessions and 13-modules. We are set to meet in person and with masks. Essential goals include providing students with a variety of ideas and tools which aid in the development of better business, financial, personal, and political decision-making processes. I hope that students are surprised at how fun, engaging, and valuable microeconomics can be. To build this analytic and business acumen, students are asked to be engaged. Engaged in this case means concentrating, making a strong effort, practicing, thinking, and participating in class. To foster this level of engagement, there are fewer concepts and less rote memorization. GOAL To have fun as we build solid academic foundations for productive futures. My personal goal is to foster students’ enjoyment when learning. If you enjoy learning, you will have better careers, better conversations, probably live longer, and have more interesting partners. OFFICE HOURS Tuesdays 445 to 545 PM and Thursday 230 to 330 PM in the third-floor faculty area. Students can ask questions privately; some econ concepts will take practice if you do not love math or logic. GRADING An A+ is > 97. A is < 97.01 and > 93. A- is < 93.01 and > 90. The same pattern holds for Bs but in the 80s, Cs in the 70s, and Ds in the 60s. There is only very minor curving of final scores. Grading elements are ● Concept Check questions = 19.5% of your grade. 1.5% for each of 13 modules. All module scores count. ● Homework = 36% of your grade. 3% for 12 modules. Your lowest of 13 scores does not count. ● In-class oral participation = 14% of your grade. 0.5% for each of 28 classes. Scores are posted frequently. ● Quizzes = 16% of your grade. 8% for each of the two quizzes. ● Final exam = 15%. If you do poorly on a quiz, you can cancel that score and have the Final count 23%. ● Extra credit case = up to 4% added to your average. Teams of two or three present on December 9. The total is 100.5% before any extra credit. You are winning already! YIKES Late assignments or quizzes cannot be accepted for any reason. I will go over the answers right after the due dates. But as you know, your lowest score of 13 homework assignments gets dropped from each student's semester grade calculation, and you have the option of missing a quiz or negating a poor quiz grade. Due to the homework grade drop, you will see your score for the Module Six assignment, but it will be excluded from your grade calculation. I will correct for dropping the correct lowest score at the end of the semester. DISCUSSION BOARD This has three purposes: contact information, self-introductions, and student-student relationship building. An important part of college is the relationships you make. I am hoping that our ECON 1201 class-time and Discussion Board posts help foster life-long relationships. Of course, let's keep the conversations educational, fun, attractive, non-judgmental, and supportive.

TECHNOLOGY SUPPORT For IT help, you can click on STUDENT RESOURCES in Blackboard or call Top Hat at 888-663-5491 or UConn IT at 860-486-5052 or 860-486-4357. Top Hat IT is very user-friendly to me. TO GET STARTED Please introduce yourself on Blackboard / Discussion. An important part of college is the relationships you make. I have started the topic. You may wish to include where you are from, where you went to school, what semester you are in, what you are majoring in, and contact information. We will be using Top Hat Pro (www.tophat.com) for class materials. You can submit your homework either on Blackboard or by logging in to Top Hat. You will be able to submit answers to in-class questions using Android or Apple smartphones and tablets, laptops, or through text message. I will go over this in the first class on August 31. For instructions on creating a Top Hat account and enrolling in our Top Hat Pro course, please refer to the invitation sent to your school email address or consult Top Hat's Getting Started Guide (https://bit.ly/31TGMlw). You will also need Top Hat access for the digital interactive textbook, Principles of Economics, that we will be using in this class. If you already have a Top Hat account, go to [https://app.tophat.com/e/227837/] to take our course directly. If you are new to Top Hat, follow the link in the email invitation you received or ● Go to https://app.tophat.com/register/student ● Click "Search by school" and input University of Connecticut – Stamford ● Search for our course with the following join code: 227837 The textbook cost is $30 for the platform and $45 for the Principles of Economics textbook and materials. These costs will be applied at checkout when enrolling in our Top Hat Pro course. Remember that textbook material will be available throughout the semester, so do not panic if you do not see much in the system upon entry. Should you require assistance with Top Hat Pro at any time, please contact their Support Team directly by way of email ([email protected]), the in-app support button, or by calling 888-663-5491. Specific user information may be required by their technical support team when troubleshooting issues. ACADEMIC INTEGRITY The University of Connecticut faculty strongly believe that academic integrity is a cornerstone in the educational process. Please familiarize yourself with the Academic Misconduct Regulations found in the Student Code found at https://community.uconn.edu/academic-misconduct/. PROCTORIO To assure the integrity of the exams, they will be digitally proctored. Proctorio is the name of the system that Top Hat uses. The software offers remote proctoring integrated into the course Blackboard site. There is no need to take the exams in the lecture hall, and, for distance students, there is no need to hire or pre-schedule an in-person proctor. You are required to use a computer outfitted with an external or built-in webcam and microphone, Google Chrome browser, and a stable internet connection. LTE hotspots will not work. VOLUNTARY VIDEOS These are meant to offer a different way of learning for those who wish. Personally, I like short videos that summarizes where the reading material will lead. The videos do not cover the whole module but are intended to explain a main topic. As this is the first time that I have used this textbook, I anticipate emailing you additional voluntary video URLs in advance of a new module. FYI, the video by Ray Dalio is longer (30 minutes), but I hope you watch it as it explains the United States’ economic cycles extremely well. I have watched the video at least four times. I anticipate adding videos from www.econeveryday.com. As the website name implies, we will use course concepts to better understand the world around us. If you have extra time (?!?) you might want to poke around on this website and watch some of the videos.

CONCEPT CHECK QUESTIONS Partial credit is earned for simply participating. The questions are intended to make sure you understand the material, that you are better prepared for the homework, and so that I can understand where students need more discussion. The Concept Check questions are why I switched textbooks and platforms. However, if we feel that there are too many questions, I will decrease the number. CLASS PARTICIPATION Attending earns half the credit. Saying something or asking something that helps the class understand the concepts earns another half. Learning to speak well in front of a group is an important skill that improves over time. Still, not everyone wants to speak in class. If this is the case for you, let me know and we will work something out. Extra credit can be earned for making emailed suggestions as to how to improve the ECON 1201 student experience. Thank you.

OUTLINE of the 28 CLASSES AUGUST 31, Class #1 – Introduction to the main concepts and course outline. Sign up for the Top Hat materials and read ● Welcome to Microeconomics ● Author’s Welcome to Students Watch this ten-minute economics overview from Kahn Academy: ● https://www.khanacademy.org/economics-finance-domain/macroeconomics/macro-basic-economicsconcepts/macro-scarcity/v/introduction-to-economics?modal=1 Welcome to college! Or, welcome back to in-person college! We will discuss: Blackboard resources ● ARTICLES ● ASSIGNMENTS ● COLLABORATE ● DISCUSSION BOARD ● MY GRADES ● STUDENT HELP ● SYLLABUS ● QUIZZES Economist etymology ● The etymology of "economics": from 1580, the art of managing a household. ● The etymology of microeconomics: from 1948, the branch of economics that is concerned with single factors and individual decisions. ● Economics vs. economical: As we shall see, economics is about using available information to optimally allocate resources, such as money. Economical is often solely related to being frugal. Top Hat account logistics ● See "TO GET STARTED" above How to answer questions in class. Main concepts 1. Scarcity – Although we have boundless needs and wants, the resources available to us are limited. 2. Marginal benefit versus marginal cost – An individual should take an action if, and only if, the extra benefit from taking that action is at least as great as the extra costs. 3. Opportunity cost – What we give up when we choose an action, including psychic benefits / costs.

4. Comparative advantage – Everyone does best when each person concentrates on the activity for which their opportunity cost is lowest. 5. Elasticity – The study of whether increasing a product or service's price will increase revenue. 6. Complements have negative cross-price elasticity. Substitutes have positive cross-price elasticity. 7. Efficiency – The study of the proper allocation of resources. Efficiency is an important social goal because when the economic pie grows larger, everyone can have a larger slice. 8. Game theory – The study of models of the interactions between decision-making competitors. 9. Equilibrium – A state whereby all competing influences are balanced. Markets in equilibrium leave no unexploited opportunities. 10. Externality - The cost of an activity that falls on people other than those who pursue the activity. 11. Behavioral economics – The study of psychological, cognitive, emotional, cultural, and social factors on economic decisions. 12. The economics of information – One should only work to have more information until the marginal benefit falls below the marginal cost. How do I make a more informed decision regarding opportunity costs? ● Should I see Clapton or Dylan? ● Should I babysit or have the dinner date? ● Should I have a pizza? A burrito? Or the leftover tuna fish sandwich?

SEPTEMBER 2, Class #2– Module One: An introduction to economics, slide deck, and module questions. Voluntary: watch this video on scarcity: ● https://www.khanacademy.org/economics-finance-domain/microeconomics/basic-economic-conceptsgen-micro/economics-introduction/v/scarcity?modal=1

SEPTEMBER 7, Class #3 – homework answers and in-class question bank discussion. Voluntary: watch this video of some of the early course concepts. Those include scarcity, choice, opportunity cost, and free lunches: ● https://www.stlouisfed.org/education/economic-lowdown-video-series/no-such-thing-free-lunch (St. Louis Fed's website is another good learning source.)

SEPTEMBER 9, Class #4 – Module Two: An economic model, slide deck, and module questions. Voluntary: watch these videos on the production possibilities frontier and equilibrium: ● https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-3-equilibrium ● https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-8-productionpossibilities-frontier/scarcity-opportunity-cost

SEPTEMBER 14, Class #5 – homework answers and in-class question bank discussion.

SEPTEMBER 16, Class #6 – Module Three: The United States and the world economy, slide deck and module questions. Voluntary, but please watch this understandable 30-minute video by Ray Dalio on how the economy works. Mr. Dalio works 20 miles from here and is one of the most successful hedge fund operators in history. ● https://www.youtube.com/watch?v=PHe0bXAIuk0

SEPTEMBER 21, Class #7 – homework answers and in-class question bank discussion.

SEPTEMBER 23, Class #8 – Module Four: Demand, supply, and markets, slide deck, and module questions. Voluntary: watch these two videos. They are by the St. Louis Federal Reserve and explain shifts in the demand and supply curves. ● https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-2-demand, ● https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-1-supply

SEPTEMBER 28, Class #9 – homework answers and in-class question bank discussion.

SEPTEMBER 30, Class #10 – Module Five: Using supply and demand , slide deck, and module questions. Voluntary: watch these two videos explaining the concept of the price elasticity of demand: ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/unit-2-supply-anddemnd/23/v/introduction-to-price-elasticity-of-demand-ap-microeconomics-khan-academy ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/unit-2-supply-anddemnd/23/v/introduction-to-price-elasticity-of-demand-ap-microeconomics-khan-academy

OCTOBER 5, Class #11 – homework answers and in-class question bank discussion and review.

OCTOBER 5 to 7 – Quiz #1 with remote proctoring.

OCTOBER 7, Class #12 – answers to Quiz #1 and intro to Module Six: Behind demand: slide deck and module questions. Voluntary: watch this Khan Academy that uses ice cream supply and demand to (hopefully) allow you to fully comprehend supply and demand ● https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economicsconcepts-macro/market-equilibrium-disequilibrium-and-changes-in-equilibrium/v/changes-inequilibrium-price-and-quantity-when-supply-and-demand-change-khan-academy

OCTOBER 12, Class #13 – homework answers and in-class question bank discussion. Voluntary: watch this video on Adam Smith's ideas on the invisible hand (He is my hero, not my father. I am not quite that old….) ● https://www.youtube.com/watch?v=4KWUdliOGuc&ab_channel=MartinHogan

OCTOBER 14, Class #14 – Module Seven: Behind supply; slide deck and module questions. Voluntary; watch this video explaining average total cost, average fixed cost, and marginal cost: ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/production-cost-andthe-perfect-competition-model-temporary/short-run-production-costs/v/graphical-impact-of-costchanges-on-marginal-and-average-costs

OCTOBER 19, Class #15 – homework answers and in-class question bank discussion.

OCTOBER 21, Class #16 – Module Eight: Inputs, production, and costs in the long run; slide deck and Module questions. Voluntary: watch this video on long-run average total cost ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/production-cost-andthe-perfect-competition-model-temporary/33-long-run-p/v/long-run-average-total-cost-curve

OCTOBER 26, Class #17 – homework answers and in-class question bank discussion.

OCTOBER 28, Class #18 – Module Nine: Competitive markets; slide deck and module questions. Voluntary: watch this video on economic profit (and loss) for firms in perfectly competitive markets. ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/production-cost-andthe-perfect-competition-model-temporary/ap-perfect-competition/v/economic-profit-for-firms-inperfectly-competitive-markets

NOVEMBER 2, Class #19 – homework answers and in-class question bank discussion and review.

NOVEMBER 2 to 4 – Quiz #2 with remote proctoring.

NOVEMBER 4, Class #20 – Module Ten: Monopoly; slide deck and module questions. Voluntary: watch this video on monopolistic competition and economic profit. ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/imperfectcompetition/monopolistic-competition/v/monopolistic-competition-and-economic-profit

NOVEMBER 9, Class #21 – homework answers and in-class question bank discussion.

NOVEMBER 11, Class #22 – Module Eleven: Between Perfect Competition and Monopoly; slide deck and module questions. Voluntary: watch this video on monopolies and perfect competition. ● https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/imperfectcompetition/ap-monopolies-tutorial/v/monopolies-vs-perfect-competition

NOVEMBER 16, Class #23 – homework answers and in-class question bank discussion.

NOVEMBER 18, Class #24 – Module Twelve: Regulation of Firms with Market Power; slide deck and Module questions. Voluntary: watch this video on how Amazon, Apple, Facebook, and google control our thoughts. ● https://www.ted.com/talks/scott_galloway_how_amazon_apple_facebook_and_google_manipulate_o ur_emotions

NOVEMBER 30, Class #25 – homework answers and in-class question bank discussion.

DECEMBER 2, Class #26 – Module 17 (our 13th): Capital and financial markets"; slide deck and Module questions. I will introduce why we have financial institutions (I wrote a book about this). Voluntary: watch this video on the tension between capitalism and democracy. ● I am going to try to get Top Hat to allow everyone to access my Financial Institutions material (UConn’s FNCE 5206 for part-time MBAs). Your level of participation would be up to you. I think many students would benefit from having some idea of what a graduate-level finance course is like.

DECEMBER 7, Class #27 – homework answers and in-class question bank discussion.

DECEMBER 9, Class #28 – student case study presentations, question bank discussion, final exam review.

END

PROFESSOR SMITH EDUCATION ● Brown University, Bachelor of Arts in Economics ● Harvard University, Master of Business Administration ● Chartered Financial Analyst CAREER ● Bank of America: portfolio manager ● Goldman Sachs: proprietary derivatives trader ● State of Rhode Island: Chief State Bank Examiner ● UConn and Berkeley College: adjunct professor for undergraduates and MBA candidates ● https://www.linkedin.com/in/edwardfsmith3/...