ECON 101 Syllabus PDF

Preview

Summary

Syllabus...

Description

Economics 101 - 300 Principles of Economics I – Microeconomics Fall 2020

Instructor: Dr. Ron Caldwell Class Location: Online through Canvas and Zoom Online Office Hours: See Canvas for the drop-in weekly office hour schedule or make an appointment with Dr. Caldwell or a GSI at https://umichecon.mywconline.com/. Email: [email protected] GSIs: Dena Lomonosov (Head GSI) ([email protected]); Jordan Berne ([email protected]), Cristiano Costa Carvalho ([email protected]), Ian Chin ([email protected]), Xiaosheng Guo ([email protected]), Andrew Joung ([email protected]), Elliot Kang ([email protected]), Conrad Kosowsky ([email protected]), James Reeves ([email protected]), Xuan Teng ([email protected]), Rachel Yang ([email protected]). Optional Text: Principles of Microeconomics, Betsey Stevenson and Justin Wolfers; or Microeconomics (any edition), Paul Krugman and Robin Wells

Description: Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and imperfect competition. Throughout the semester, the course will stress applications of elementary economic theory to real world issues and problems. Topics that we will investigate include the basic supply and demand model, price controls, taxes, trade, pollution, and monopolies. Note: Most of this course will be administered asynchronously. However, there will be synchronous components to the course. In order to help maintain the integrity of the exams, all exams will be taken synchronously during the dates and times provided in the course schedule available on the last page of this syllabus. All exams must be taken during those dates and times. We will also provide a significant amount of opportunities for synchronous interaction with the instructor, the GSIs, and your classmates in order to help provide a sense of community. These opportunities will come in the form of available office hours (around 37 hours per week), discussion sections, and weekly “coffee hours” where we can meet and chat about a variety of topics in a relaxed, informal manner. Text(s): This course will be entirely self-contained and there is no one particular textbook that I follow perfectly. As such, I will not assign readings or problems from a specific textbook. I do, however, recommend a textbook for use as a reference and for further enrichment beyond the topics that will be covered in this course. A new textbook written by Betsey Stevenson and Justin Wolfers, Principles of Microeconomics, is exceptionally well written and contains a lot of interesting examples and applications. Additionally, Microeconomics (any edition) written by 1

Paul Krugman and Robin Wells would also serve as a suitable reference for many topics covered in this course. Again, this course is entirely self-contained and will not follow a specific textbook. Some topics covered, due to their nature, will be very similar to the treatment provided in the suggested textbooks, while other topics will not. Students are responsible for the materials specifically provided in this course.

Prerequisites: There are no specific prerequisites for this course and it is not necessary to have any previous experience with economics as a field. Given the nature of the course, we will use some basic mathematics in the form of basic algebra and geometry. No calculus will be used in this course and the basic algebra and geometry will be on the level of finding areas of triangles and rectangles, and calculating percentages.

Lecture Material: Due to the difficulties associated with requiring students spread around the globe in various time zones to attend mandatory, synchronous lectures, there will NOT be live lectures for this course. Lecture slides and videos will be posted asynchronously according to the schedule provided on the last page of this document. A new lecture will be posted each Monday and Wednesday during the semester according to the schedule. This is intended to mimic the normal schedule that would have occurred if the course were offered as a live, in-person course. It is the responsibility of the student to keep up with the material as it is posted. All lecture materials will be posted in the “Modules” section of Canvas. Each topic covered in the course will have its own Module that will include: lecture slides for the specific topic, videos discussing the lecture slides, and a brief, ungraded quiz regarding the material from that topic. Please note the following: Lecture slides will cover the entire topic in one set of slides, however some elements, such as graphs and numerical problems, will be left blank and should be filled in by the student while watching the relevant lecture videos. This is intended to assist with the learning process by keeping students engaged and active during the lecture videos. Lecture videos will be broken into “chunks” such that each set of lecture slides will have four to eight short videos associated with them. This is intended to help reduce fatigue while watching the lectures and to assist with locating specific topics within the lecture videos. Lecture videos will focus on explanation and application. I will not simply read the lecture slides. Each module will conclude with an ungraded quiz with two to five questions covering the entire topic. These questions will be based on exam questions from previous semesters and will provide an example of what some of the actual exam questions will look like.

2

Discussion Sections: Discussion sections will contain both an asynchronous and a synchronous component. Asynchronous component: Each week, according to the schedule provided below, a discussion section worksheet will be provided for students to work through. These worksheets will supplement the material presented in the lecture material for that week and will help students internalize the material and prepare for quizzes and exams. A video will also be posted that will walk students through the correct answers to the discussion section worksheet. Both the worksheet and video will be posted in a ”Module” titled “Discussion Section Materials” in Canvas. These problems will not be collected or graded. They are specifically to provide additional practice regarding the course material. The worksheet and solutions video will be posted by Wednesday of each relevant week. Students are advised to attempt these problems on your own before watching the solutions video. Doing so will provide additional feedback on whether you understand the materials being presented that week. The discussion section problems will be mechanical in nature and are intended to supplement the lecture material. Do your best to work through them, even if you do not know the answer. You will learn more through the effort. It is in your best interest to attempt to solve the discussion section problems prior to attending discussion section that week.

Fall 2020 Discussion Section Schedule Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14

Date Sept 3,4 Sept 10,11 Sept 17,18 Sept 24, 25 Oct 1, 2 Oct 8, 9 Oct 15, 16 Oct 22, 23 Oct 29, 30 Nov 5, 6 Nov 12,13 Nov 19, 20 Nov 26, 27 Dec 3, 4

Topic Meet/Greet – Break into groups Core Concepts/Demand Supply/Equilibrium Elasticity Price Controls/Taxes Externalities Comparative Advantage International Trade Production/Cost NO Discussion Section Monopoly/Price Discrimination Game Theory/Oligopoly THANKSGIVING (No Discussion Section) NO Discussion Section

Synchronous Component: Eleven weeks during the semester, based on the schedule provided above, discussion sections will meet synchronously via Zoom. During the first meeting of the semester, GSIs will meet with the entire discussion section of 35 students at once. During this initial meeting, the GSI will divide the discussion section into two groups. Subsequent discussion sections will meet as groups of 17 to 18 students for thirty minutes each week instead of the scheduled eighty minutes. The shortened discussion sections should reduce the fatigue and disengagement that might 3

normally have occurred in a longer, online session, and the reduced number of students per session should increase the possibility of engagement by more students and increase the connection between GSIs and students. During these weekly discussion sections, students will be able to ask questions regarding the week’s discussion section material and engage in a more general discussion of economics. Ideally, these should be conversations between the GSI and the students that engages all the students. The intent is to help provide a sense of community within the course by providing students the opportunity to interact with other students and their GSI. In order to encourage participation and involvement, participation/attendance points will be provided as part of the overall course grade. Five points will be awarded for the first six discussion sections that each student attends and participates in during the semester. If you will be unable to attend synchronous discussion sections during the semester due to technical, geographic, or health reasons then please contact your GSI during the first two weeks of the semester. As an alternative to the discussion section attendance/participation points, students who are unable to attend due to technical, geographic, or health reasons will be allowed to submit a brief reflection paper regarding what you learned from that week’s posted discussion section problem. These reflection papers should be 200 to 300 words in length and must be submitted to your GSI within seven calendar days of the missed discussion section in order to receive credit. If you believe there is an error in the recording of your attendance/participation for an individual discussion section, it must be reported and discussed with your GSI within ten days of the relevant discussion section. Note: The discussion sections will NOT be recorded by the GSI nor are students allowed to make their own recordings. This is to help ensure that students feel more comfortable expressing themselves and becoming engaged during the discussion. Practice Problems: Periodically, I will post practice problems on the course website. These will be posted in the “Modules” section of Canvas under the title “Practice Problems”. These problems are intended to help students better understand and master the course material and to help students prepare for the quizzes and exams. I will also post solutions to the problems, usually at a later date. However, please make an effort to successfully answer the questions on your own. Looking at solutions as a way of learning the material is a poor substitute for trying to work through the problems on your own. The practice problems are intended to be a learning tool that compliments the lectures, as a result they are not merely a test of your knowledge but are intended to provide additional knowledge. Some parts will be difficult, and the solutions should be treated as required readings. Questions similar to the practice problems will show up on the exams and quizzes. In order to better understand the course material and to succeed in this course, it is important that you spend time working through the problems and understand the solutions. Note: These problems will not be collected or graded.

4

Announcements, Office Hours, and Additional Assistance: Weekly Announcements: A weekly announcement will be sent every Monday during the semester. This announcement will itemize the materials that were posted during the previous week, itemize the materials that will be posted for the week ahead, and provide additional information as relevant. In addition to the weekly announcement, Dr. Caldwell will post a weekly video discussing where we are in the course and what students should expect during the upcoming week. The announcement videos will be posted in the “Modules” section of Canvas under the title “Weekly Updates”. Piazza: Piazza is an online “discussion board” that students can use to post questions relating to specific aspects of the course. It is available through the course Canvas page. Most questions can be managed via Piazza, where multiple people can help, and many people can benefit from hearing the answers. Office Hours: Dr. Caldwell will hold both regularly scheduled, drop-in office hours via Zoom that can be attended by any student and office hours by appointment. In addition to Dr. Caldwell’s office hours, each GSI will also have one hour a week of regularly scheduled, drop-in office hours via Zoom and two hours a week of office hours by appointment. These office hours are available to any student in the course. Collectively, there will be approximately thirty-seven hours a week of office hours that are available for students in this course. The schedule and zoom links to the regularly scheduled, drop-in office hours can be found in Canvas in the “Modules” section under the title “Important Documents”. To schedule an appointment with either Dr. Caldwell or a GSI, please go to https://umichecon.mywconline.com/ Coffee Hour: On a weekly basis, both Dr. Caldwell and various GSIs will hold a “coffee hour” that is open to all students. These are intended to provide a means for a casual conversation about economics or anything else. As a result, they are distinct from office hours. My goal is to create a sense of community for my students, share information, and to create a platform to have conversations. Note that these coffee hours are not designed to answer any content related questions. For content related questions, please go to the weekly office hours, sign up for an appointment, or ask your question in Piazza. Details about each week’s “coffee hour” will be included in the weekly announcements for the course. ECoach: ECoach is a free, personalized, web based coaching tool aimed at helping you do your best in this course. ECoach gives you strategies about the best ways to study, insider tips on course resources, and feedback on your scores. Use of ECoach is totally optional – you can use it as much or as little as you want. To sign up: https://ecoach.ai.umich.edu/. ECoach Feedback and Support: [email protected].

5

Tutoring: The Department of Economics offers free Econ 101 tutoring study groups led by an experienced undergraduate student. This service is offered remotely via Zoom. The basics: • Size: Groups include up to 4 students and 1 facilitator. • Expectations: Come prepared to talk. Sessions will be far more useful and interesting if you bring questions. But if no one has questions, facilitators will have you focus on that week's lecture topics. • Sign-up: Register for a time you like at https://umichecon.mywconline.com/ and our tutor will schedule a Zoom meeting with you 5 hours before your scheduled appointment at the latest. • Questions: o If you have questions about the study group structure, please contact Dr. Dongni Wan ([email protected]). o If you have questions about sign-up, you can email Cassie Kelly ([email protected]).

Assessments: Quizzes: Six open note quizzes will be given during the semester. Each quiz will be available in the “Modules” section of Canvas in the module titled “Exams and Quizzes” on Monday of the week they are due and will be completed in Canvas. Quizzes will be due by 5 PM on Friday on the dates listed in the course schedule (the last page of this syllabus). All quizzes must be completed by the due date and time, no exceptions or extensions will be provided for any reason. No late quizzes will be accepted. Each quiz will be worth a total of 30 points and the five best quiz scores will be counted in your final grade, so you will be able to drop the lowest quiz score to account for the possibility of illness, personal emergency, or technical difficulties. Note: the specific reason for allowing a dropped quiz is to accommodate students in the event they have a personal or medical emergency. There will be no make-up quizzes. If you fail to turn in a quiz, your score for that quiz will be zero. Again, we will not accept late quizzes, so plan accordingly. You will have multiple days to work on and complete each quiz. Do not wait until the last minute. No extensions will be provided due to technical difficulties. If you are having trouble accessing the quiz, you must inform either Dr. Caldwell or your GSI at least 24 hours prior to the due date/time. Your quiz score will account for 30% of your total course grade. Grading errors or regrade requests on quizzes must be reported, in writing, to your GSI within ten days of the quiz being released to the class. Any request for a regrade must include a written explanation for why your answer is correct. Any request for a regrade will result in a complete regrading of your entire quiz and may result in your score being reduced. No exceptions will be made to the course quiz policy. Note: Quizzes will not be timed and you may enter and leave the quiz as you wish while it is still active. DO NOT Submit until you are ready to submit the quiz. Once submitted, you will not be able to restart or revise your quiz. No Exceptions. 6

Exams: There will be three open note examinations during the semester. These exams will consist of 20 multiple choice and short-answer questions based on the material discussed in lecture, the discussion sections, the practice problem sets, the quizzes, and logical extensions thereof. Each exam will be equally weighted and account for 20% of your total course grade. The exam dates are as follows: Tuesday, October 6 First Midterm Exam 8:10 to 9:50 PM Thursday, November 5

Second Midterm Exam

8:10 to 9:50 PM

Thursday, December 3

Third Midterm Exam

8:10 to 9:50 PM

Note: All exams must be taken on the assigned dates and times. All exams will begin at 8:10 PM on the dates listed above, no exceptions or early exam times are available. No alternative dates or times are available. If you fail to take an exam your score for that exam will be zero unless you have been previously excused from taking the exam. All exams will be remotely administered through Canvas. In order to maintain the integrity of the exams, the following procedure will be followed for all exams: • All exams will be administered at the same time for all students. • Students will be required to acknowledge and adhere to an honor pledge prior to taking each exam. • Exam questions will be delivered to students one at a time, and previously answered questions cannot be revisited. • Each student will receive the questions in a random order. Grading errors on exams must be reported within ten days of the exam results being posted on the class website (Canvas). Any request for a regrade of a particular exam question must be submitted in writing within ten days of the exam results being posted on the class website. Written requests must include your reasoning for why your answer is correct and is a superior answer to the correct answer (i.e. the best answer). Article Responses: You will submit two article responses over the course of the semester. A selection of articles for you to choose from will be posted in the ‘Modules” section of canvas under the title “Article Response Articles”. For each of the two article response assignments, you will select from the articles that we have posted. A form will be posted on Canvas that will provide the best format to submit your article response. You must describe in your own words the issues presented in the article, and then summarize how the material taught in class explains the information, events, or phenomenon in the article. This economic explanation must relate to a theoretical graph (such as Supply and Demand or Production Possibility Frontier, etc). Article responses will be submitted electronically in Canvas as a single file. Be sure to include your drawn graph in your submission. Each article response must be typed and be at least 300 words in length and cannot be more than 600 words in length (not including the...