Econ1011Section 10Syllabus 25 August 2021 PDF

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Major economic principles, institutions, and problems in contemporary life. Microeconomics—supply and demand, the price system and how it works, competitive and monopolistic markets....

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THE GEORGE WASHINGTON UNIVERSITY Department of Economics Preliminary Version August 25, 2021 ECON 1011−Section 10 (CRN 691038): PRINCIPLES OF MICROECONOMICS SYLLABUS Note Econ 1011 is a GPAC Course and All Sections Have A Similar Syllabus Economics 1011, Section 10 Meets Monday-Wednesday at 11:10 am in Funger Hall Room 108 Instructor: Anthony Yezer Office: Room 320 Government Hall (2115 G Street NW) Office Email: [email protected] Office Hours: 8:30 am -10:00 am Monday and Wednesday Office Phone: 202-994-6755 2:00 pm – 3:30 pm Tuesday Also Saturday 11 am – 2 pm when announced Discussion Sections: You must be registered for a discussion section numbered 30 to 38. Sections Taught by Nathaniel Harris: Discussion 11.30, Thursday, 8:00 am – 8:50 am in 1957 E Street, Room 310 Discussion 11.31, Thursday, 9:35 am – 10:25 am in 1957 E Street, Room 3:10 Discussion 11.32, Thursday, 12:45 pm – 1:35 pm in 1957 E Street, Room 310 Sections Taught by Kavya Ravindranath Discussion 11.33, Friday, 12:45 pm – 1:35 pm in 1957 E Street, Room 310 Discussion 11.34, Friday, 2:20 pm – 3:10 pm in 1957 E Street, Room 310 Discussion 11.35, Friday, 3:45 pm – 4:35 pm in 1957 E Street, Room 310 Sections Taught by Maheen Javaid Discussion 11.36, Thursday, 8:00 am – 8:50 am in Rome Hall Room 202 Discussion 11.37, Thursday, 9:35 am – 10:25 am in Rome Hall Room 202 Discussion 11.38, Thursday, 12:45 pm – 1:35 pm in Smith Art Pavilion Room 120 Note: Although students have assigned discussions and TAs, any TA will be available to work with any student during TA office hours. Of course, all students can work with the instructor to clarify learning issues, or other problems associated with this course, the economy, or life on this planet. Students can get extra help by visiting Academic Commons in Gelman Library ( members of the undergraduate economics honor society, ODE, serve as tutors. COURSE DESCRIPTION Principles of microeconomics is a standard first course in microeconomic theory. It covers the behavior of consumers (consumer demand theory), behavior of firms (theory of the firm), market interaction (supply and demand), forms of market organization (monopoly, monopolistic competition), strategic behavior and games, and causes of and cures for market failure. The microeconomic theory is taught using basic algebraic models and graphs. Students learn to solve various “if …then” problems, e.g. if the government levies an additional $.15 tax on gasoline, what happens to price, output, tax revenue, consumer welfare, and producer welfare? A more detailed list of topics is covered in the Course Outline at the end of this syllabus. By the end of this course, you will be able to: 1. Identify and have a working knowledge of the basic concepts and terminology of microeconomics; 2. Demonstrate an understanding of both the role of economic models in explaining economic phenomena as well as the limitations of those models; 3. Think through economic relationships using the concepts and models you have learned; 4. Solve problems and make recommendations based on those models, graphically and algebraically; 5. Critically analyze current economic news and events in light of the concepts learned in this class.

Econ 1011

GWU-Economics

Fall 2021

LEARNING OUTCOMES This course is designed to fulfill the requirements of the Quantitative Reasoning subcomponent of the G-PAC Analysis learning goal. Quantitative reasoning refers to the process of modeling problems of the real world within a formal abstract system, solving those problems using systematic numerical methods of analysis, and interpreting the results. The following table links the course learning objectives to GPAC quantitative reasoning learning outcomes: GPAC QUANTITATIVE REASONING LEARNING OUTCOMES 1. Represent mathematical information symbolically, visually, numerically, and verbally

2. Articulate precise mathematical definitions and propositions and draw inferences from them

3. Use algebraic, geometric, or statistical calculations to solve problems

4. Interpret and explain information represented in mathematical forms (e.g. graphs, equations, diagrams, tables)

COURSE PREREQUISITE

ECON 1011 LEARNING OBJECTIVES  Large number concepts (prerequisite)  Two variable graphs (prerequisite)  The slope of a curve (prerequisite)  Areas of a rectangle and a triangle (prerequisite)  Percentage change – general (prerequisite)  Percentage change - midpoint method  Solving for unknowns (prerequisite)  Solving systems of equations (prerequisite)  Elements of game theory  Shortages and Surpluses; Consumer & Producer Surplus; Tax Revenue – implications of government intervention on economic welfare  Elasticity – revenue implications of price changes; implications for market definition  Total and Marginal Utility – implications for consumer demand  Revenue and Costs – implications for firm profit maximization; firm supply; and entry/exit decisions  Economic & Accounting Profit – the role and importance of opportunity costs  Solve for equilibrium price and quantity given demand and supply equations  Compute changes in consumer and producer surplus, and calculate the deadweight loss due to price controls, taxes, market power and externalities  Product and cost curves – total, average and marginal  Find a firm’s profit-maximizing price and quantity under different market structures  Graph production possibility frontiers  Graph supply and demand functions and/or schedules  Derive market supply and market demand curves graphically  Identify consumer and producer surplus, deadweight loss (due to price controls, taxes, market power and externalities) and the incidence of a tax on a graph  Solve utility maximization problems graphically  Solve firm profit maximization problems under different market structures graphically

Econ 1011 GWU-Economics High School algebra (Algebra I) and basic geometry as evidenced by placement exam results

Fall 2021

REQUIRED COURSE MATERIALS This course uses an online textbook that has special properties. The textbook is part of the Top Hat (www.tophat.com) classroom response system. You will be able to submit answers to in-class questions using Apple or Android smartphones and tablets, laptops, or through text message. Additionally, we will be using the custom-built interactive textbook, Introduction to Microeconomics, by Steven Buckles, available exclusively from Top Hat for this class. You can visit the Top Hat Overview (https://success.tophat.com/s/article/Student-Top-Hat-Overviewand-Getting-Started-Guide) within the Top Hat Success Center which outlines how you will register for a Top Hat account, as well as providing a brief overview to get you up and running on the system. An email invitation will be sent to you by email, but if don’t receive this email, you can register by simply visiting our course website: https://app.tophat.com/e/691038 Note: our Course Join Code is 691038 Top Hat may require a paid subscription, and a full breakdown of all subscription options available can be found here: www.tophat.com/pricing. Your textbook will be applied at checkout for about $61. Don’t worry if you don’t see any content in the course right away, I will make it available to you as we progress through the semester. Should you require assistance with Top Hat at any time, due to the fact that they require specific user information to troubleshoot these issues, please contact their Support Team directly by way of email ([email protected]), the in app support button, or by calling 1-888-663-5491. COURSE POLICIES A) PLACEMENT IN ECONOMICS – PLEASE READ CAREFULLY ECON 1011 (Principles of Microeconomics) satisfies the G-PAC Quantitative Reasoning subcomponent fulfilling a Social Science requirement. Algebra I and basic geometry are prerequisites for this class. Data on student performance in Econ 1011 over the past few years indicates that students who cannot show mastery in these basic topics do not do well in Econ 1011. The economics department has a course specifically designed for students who may need some additional review in algebra and geometry – Econ 1001 (Principles of Mathematics for Economics). To be correctly placed into Econ 1001 versus Econ 1011, all economics students take two assessments: 1) ALEKS Math Placement Exam - REQUIRED for all students registered for ECON 1011 Students who are registered for ECON 1011 must achieve a minimum score of 61 on the ALEKS math placement exam. Students will have 5 opportunities to take the placement exam and achieve the minimum score as well as the opportunity to avail of remediation modules between attempts to improve their score. ALEKS score reports are automatically forwarded to economics faculty by the Registrar. Students need NOT report scores individually to their professors. The exam will be available beginning May 1st, 2021. Students who fail to earn a minimum score of 61 on the ALEKS placement examination encouraged to take Econ 1001 in order to succeed in Econ 1011. .

Econ 1011 GWU-Economics Fall 2021 Students who fail to earn a score of 61 on the ALEKS placement examination, or who barely pass the ALEKS placement exam with a score of 61 and are concerned they have a weak math background, are encouraged to register for Econ 1001 (Principles of Mathematics for Economics) instead. Econ 1001 is designed to be a review of the topics in algebra and geometry most important for success in economics as well as to be an introduction to many of the concepts and models used in Econ 1011 and Econ 1012. This gives students a “head start” towards success in these economics courses as well as other courses using algebra and geometry. Econ 1001 may be added in the same manner as any other course. It counts as three credits toward graduation in all schools except engineering. 2) In-class Math Assessment (5% of the course grade in Econ 1011) - REQUIRED for all students registered for ECON 1011.. Calculator use is not allowed on the math assessment. The score on the math assessment is worth 5% of the course grade and will provide additional guidance for students regarding their likelihood of success in Econ 1011. This semester (Fall 2021) the assessment will be administered in discussion sections either on Thursday September 2 or September 3t . It is strongly recommended that all students taking Econ 1011, regardless of their score on the ALEKS placement examination, do some additional practice in mathematics using the remedial modules in ALEKS, the review materials/websites listed below, as well as examples of previous years’ assessments that will be provided by instructors to prepare for the in-class math assessment. Disability Support Services (DSS) students who wish to make use of their academic accommodations for the Math Assessment (that will be administered in the first week of class) are required to provide either: a) a Letter to Professor - in this case, students are required to contact the DSS office in time to make an appointment early in the first week of classes to finalize registration and receive a hard copy of the Letter to give to their professor or to their TA before the Math Assessment, or, b) a Letter of Eligibility that they received from DSS over the summer. The Letter of Eligibility will be allowed only for the Math Assessment. For all subsequent quizzes, tests and exams, a student MUST provide a Letter to Professor if he or she wishes to receive DSS accommodations. If you have not yet registered with DSS and you need testing accommodations, please register on the DSS website (https://disabilitysupport.gwu.edu/register-disability-support-services), ensuring you provide appropriate documentation (https://disabilitysupport.gwu.edu/document-your-disability). You are encouraged to register before arriving on campus to allow DSS adequate time to process your registration. 3) Why Should a Student Take ECON 1001 (Principles of Mathematics for Economics)? Students who do not score 61 or higher on the ALEKS placement exam, or who score below 14/20 on the in-class math assessment even if they receive a 61 or higher on the ALEKS placement exam, are strongly advised to take ECON 1001 for the following reasons: i.

The course is designed to prepare students to succeed in ECON 1011 (Principles of Microeconomics) and ECON 1012 (Principles of Macroeconomics). Once students have successfully completed ECON 1001, they can register for ECON 1011 the following Spring semester, and then ECON 1012 in the semester after ECON 1011 has been successfully completed.

ii.

The course is designed to help students quickly master college level mathematics. Mastery of the material in ECON 1001 will improve academic performance in many other courses outside of economics.

iii.

CCAS, ESIA and GWSB students will receive 3 hours of elective credit for the course that will count towards graduation. If you are an SEAS student, please note that although ECON 1001 will prepare you to take ECON 1011 in a subsequent term, course credit will not be applied

Econ 1011 GWU-Economics Fall 2021 towards any graduation requirements in SEAS. SEAS strongly recommends that any SEAS student taking MATH 1220 in the Fall 2019 semester switch out of ECON 1011 for a different Social Science or Humanities elective and/or plan to take ECON 1011 in a subsequent semester after successfully completing MATH 1220. If you have questions or concerns about your ALEKS placement and how this could affect your AY 2019-2020 course schedule, please contact your academic advisor. Please see your home school advising office contact information below:  CCAS: https://advising.columbian.gwu.edu/undergraduate-advising  ESIA: https://elliott.gwu.edu/undergraduate-academic-advisors  GWSB: [email protected] http://business.gwu.edu/current-students/the-advisingcenter/undergraduate-advisors/  SEAS: [email protected]  SPH: Meaghan Sullivan ([email protected]) or Dr. Westerman ([email protected]) 4. In Class Behavior Students should wear masks in class. Eating and drinking during class is prohibited. Students are expected to arrive in classes and discussion sections on time with pencil and/or pen and paper. Cell phones should on mute and stowed away. Computers are to be put away. No electronic devices are to be used during class, including during examinations, unless by special permission of the instructor. Slides of the class lecture will be on Blackboard well before class. Students may wish to print the slides, perhaps 2 or 4 per page, and take notes on the printed slides. Classes and discussion sections will have worksheets which may be collected as quizzes at the end of class as discussed in the next section.

GRADING 1.Attendance Attendance is not taken but the demonstrations conducted in class are generally not found in the textbook and it is very difficult to achieve learning outcomes without regular class attendance. Examinations are cumulative covering material indicated on the course outline. Calculators may not be used on examinations. Slide rules are allowed on examinations but no calculators or other electronic devices. Organized study groups are recommended. There will be some Saturday review sessions scheduled by the instructor as needed. Students are encouraged to tell the instructor when extra review would be helpful. There will be “pop quiz” events in BOTH lecture and discussion sections. 2. Assessment examination: An assessment examination in algebra and geometry similar to those posted on Blackboard will be given in discussion sections in the first week of class. 3. Assignments in class and discussion sections There will be assignments that are part of every class and discussion section. In the case of classes, part of the assignment will be posted on Blackboard before class. SOME of these exercises will be collected at the end of class and graded (at least 8 from lectures and 5 from discussions). The lowest 3 grades on these assignments will be dropped). Finally answers to questions in the chapters of the online textbook will be graded (see the course outline for due dates for answering these questions). These textbook question assignment are all scheduled so that they are due on Friday. No calculators or notes permitted when answering these in class assignments. 4. Scheduled class quiz October 6 The quiz is given during class as scheduled on the syllabus. No calculators permitted but one 3x5 inch not card with notes on both sides is allowed.

Econ 1011 GWU-Economics Fall 2021 5. Midterm examination November 1 The midterm examination is cumulative and given during class as scheduled on the syllabus. No calculators permitted but one 3x5 inch not card with notes on both sides is allowed. 6. Second chance midterm on Saturday, November 13 at 9 am. This second chance midterm may be taken by all students. The student’s grade for the midterm will be set equal to the larger of the grade on the regular midterm (see 4 above) and the second chance midterm. However, if conditions do not permit giving this extra examination on a Saturday, there will be no second change midterm. 7. Final examination (Date will be set by scheduling – likely by November 1) The final examination is cumulative and will be scheduled formally when the University publishes a final examination schedule. Based on previous years and the preliminary schedule, my forecast is that it will be held at 10:20 am on Monday, December 16, 2019. In accordance with University policy, the final examination will be given at the time and date scheduled by the University administration, not during the last week of classes. No calculators permitted but one 4x6 inch note card with whatever you choose to write on both sides is permitted. 8. Illness, family emergency, and travel on study or university related matters. Accommodations for illness, injury, family emergency, and travel related to study or university business will be made provided that the instructor is notified by e-mail BEFORE the work is due and given evidence to support the reason for the absence or delay in completing an assignment. Formula used to compute final score Assessment in algebra and geometry Unscheduled quizzes and textbook problems Scheduled Quiz Midterm examinations (highest grade) Final examination

5% 25% 10% 20% 40%

Grading Scale: A ≥ 93, 93 > but ≥ 90 → A-, 90 > but ≥ 87 → B+; etc. Grading problems Please report problems, in writing to Professor Yezer (use his mail slot in Monroe 340). Please do not take grading problems to your TA. GW Code of Academic Integrity “Academic dishonesty is defined as cheating of any kind, including misrepresenting one's own work, taking credit for the work of others without crediting them and without appropriate authorization, and the fabrication of information.” For the remainder of the code, see: http://www.gwu.edu/~ntegrity/code.html University Policy on Religious Holidays Students should notify faculty during the first week of the semester of their intention to be absent from class on their day(s) of religious observance. Students may be absent on these days without penalty, including permission to make up examinations. Support for Students Outside the Classroom Disability Support Services (DSS)

Econ 1011

GWU-Economics

Fall 2021

Any student who may need an accommodation based on the potential impact of a disability should contact the Disability Support Services office at 202-994-8250 in the Rome Hall, Suite 102, to establish eligibility and to coordinate reasonable accommodations. For additional information please refer to: gwired.gwu.edu/dss/ Mental Health Services 202-994-5300 The University's Mental Health Services offers 24/7 assistance and referral to address students' personal, social, career, and study skills problems. Services for students include: crisis and emergency mental health consultations confidential assessment, counseling services (individual and small group), and referrals. counselingcenter.gwu.edu/ SECURITY In the case of an emergency, if at all possible, the class should shelter in place. If Funger Hall is affected, students should fol...