Econ1201.Fall2019 .Classoutline.08 PDF

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ECONOMICS 1201 PRINCIPLES OF MICROECONOMICS Economics 1201 Fall 2019 Office Hours: 11:15 am – 12:30 pm M 3:30 pm – 4:30 pm M 3:30 pm – 4:30 pm W and by appt.

Prof. Derek M. Johnson Office: 347 Oak Hall Phone No.: 860-486-4752

e-mail: [email protected] Required Readings: Paul Krugman and Robin Wells (KW), Microeconomics (5th Ed.; Worth Publishing) Tim Harford (H), The Undercover Economist (Revised and Updated Edition, 2012, Oxford University Press) Wall Street Journal Selected readings will be assigned during the course term Scope and Objectives of Course: Economics 1201 is an introductory microeconomics course. The course will examine basic principles of choice, trade and production: basically, we examine how markets “work” and when they don’t “work as well.” We also look at the economic differences across markets. And then we examine individual and business conduct and decisions (e.g., how do businesses set prices or charge different prices for the same good or service) across these different markets or market structures and through the lens of behavioral economics. We also look at the interaction between institutions (e.g., government) and legal rules, on the one hand, and markets, on the other. The course will also consider the role and contributions of Adam Smith, David Ricardo and several other “economic thinkers.” Since the Wall Street Journal is a required reading for the course, one of our objectives is to take what “we are doing in class” and applying it to “real world” economic events. We will also try to have some fun; or at least as much fun as economics can be (which, just so you know, I think can be a lot.) Course Grading and Tentative Assignments: A. Grades will be based on homework (worth 20% of grade), quizzes (worth 15% of grade), Writing Projects (worth 20% of grade), one midterm (worth 22.5% of grade) and a cumulative final examination (worth 22.5% of grade). Class participation and extraordinary achievement may be worth up to an additional 10% of grade. B. 1. Homework will be conducted online through Launchpad. (LaunchPad is a Macmillan Publishing online tutorial, learning and testing program connected with the textbook and class.). The dates for the homework will be announced in class, discussion sections or through HuskyCT. All homework will be due at 11:59 p.m. on the homework’s due date. For the purpose of calculating final grades, the two lowest online homework scores will be dropped. 2. Quizzes will be conducted mostly online (through LaunchPad), although there may be “in class/discussion section” quizzes as well. The dates for the quizzes will be announced in class, discussion sections or through HuskyCT. Often (but not always) an “in class” quiz will relate to articles from the Wall Street Journal (or other readings) that have been discussed in or referenced in

class or the discussion sections. Unannounced or “pop” quizzes may also be given in the discussion sessions and class. For the purpose of calculating final grades, the lowest online quiz score will be dropped. 3. Writing Projects will consist of (i) two (2) Wall Street Journal executive summaries (1st and 3 written project) which are short summaries (no more than four (4) pages, doubled spaced but typically they are around two to three (2-3) pages) of Wall Street Journal articles of your selection and (ii) one Chapter “Book” Review (2nd written project) from The Undercover Economist which should likewise be no more than four (4) pages, doubled spaced but are typically two to three (2-3) pages.) There will be no more than three (3) writing projects required in the class although you will have an opportunity to substitute one (or an additional) executive summary (not chapter review) for your lowest quiz score. Again, the expectation is that each writing project will be around two to three pages. More information and content criteria regarding the writing projects will be separately provided in class in a separate writing project information handout (which shall include due dates). rd

Unexcused late submissions will not be accepted. 4. Exams will be conducted in the main lecture class (hall) on the date(s) set forth in the class syllabus and/or as announced in class or through HuskyCT. Please check announcements on HuskyCT for any announcements regarding exams, homework sets, quizzes and executive summaries. Homework assignments are opened up (usually at least a week), and are to be completed, prior to their due dates. They are not timed. The online quizzes will be timed, with windows (typically two days) to complete the quiz. Students must complete all assignments and exams when scheduled, unless other arrangements have been made prior to the applicable due date. C. Assignment Expectations: Beginning in the second week of the semester, the expectation should be that (1) there will be around one (1) and sometimes two (2) homework assignment(s) due a week, (2) quizzes will be conducted at least once every two (2) weeks and (3) writing projects are due once every four (4) weeks (or so, for a total of three (3) graded writing projects for the semester.) Some “in class” quizzes (in the large lecture and discussion sections) may be unannounced. Information and criteria regarding unannounced quizzes will be separately provided in class. Additionally, any requests for extensions for or from any assignment deadline must be directed in person to your teaching assistant or myself (that is, not by e-mail or other electronic means.) Course Topics: The following is a preliminary and tentative (that is subject to change) list of the concepts and topics to be discussed and reading assignments from the textbook and The Undercover Economist (readings from the Wall Street Journal and additional readings will be referenced and announced throughout the course). Consult the Announcements Board frequently for messages and announcements.

Weeks 1-2:

Introduction: Economic Way of Thinking Chapter 1 (KW)

Weeks 2-3:

Exchange and Gains from Trade Chapters 1 and 2 (KW) Chapter 9 (H)

Week 3:

Basic Market Principles: Supply and Demand Chapter 3 (KW) Chapters 1 and 3 (H)

Weeks 3-4:

Basic Market Principles: Elasticity Chapter 6 (KW) Special Topic: The Economics of the Shared Economy

Weeks 4-6:

Basic Market Principles: Social Surplus, Non-Price Rationing Issues and Taxes Chapters 4, 5 and 7 (KW) Chapters 1 and 3 (H) Special Topic: Cities, Countries and Minimum Wages: is the impact the same around the globe?

Weeks 7-8:

Basic Market Principles: Externalities and Public Goods Chapters 16-17 (KW) Chapter 4 (H) Midterm Examination Date: OCTOBER 16, 2019

Week 9:

Special Topics: The Economics of Information and HealthCare Chapters 18 and 20 (KW) Chapter 5 (H)

Weeks 10-11: Markets: Firms, Production Costs and Price Takers Chapters 11-12 (KW) Chapter 3 (H) Weeks 12-13: Market Structures: Price Searchers, Pricing Strategies, Economic Regulation and Anti-Trust Issues Chapters 13-15 (KW) Chapters 2 and 7 (H) Special Topic: Are Google, Amazon and Facebook Monopolists and should they be regulated?

Week 14:

Thanksgiving Break

Week 15:

Continuation of Market Structures: Price Takers, Price Searchers, Pricing Strategies, Economic Regulation and Anti-Trust Issues Chapters 13-15 (KW) Chapters 2 and 7 (H) Special Topic: Are Google and Facebook Monopolists and should they be regulated? Final Examination: TBA

Grading Scale: The course grading scale is as follows:

Grade

Letter Grade

GPA

92-100

A

4.0

90-91

A-

3.7

87-89

B+

3.3

82-86

B

3.0

80-81

B-

2.7

77-79

C+

2.3

72-76

C

2.0

70-71

C-

1.7

67-69

D+

1.3

62-66

D

1.0

60-61

D-

0.7...