Outline-MGEA02-FALL 2020.docx PDF

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MGEA02 – Lec01-03 Introduction to Microeconomics: A Mathematical Approach Fall 2020 Instructor Contact Information: Name Office Office hours Email Telephone

Jack Parkinson IC-284 Tuesdays 11am-12noon & Wednesdays 2-3pm [email protected] 416-287-7339

Lectures & Tutorials Information: Class day/time: Class location: Course website:

Lec 01 (Mon & Wed 2-3:30pm), Lec 02 (Mon & Wed 3:30-5pm), Lec 03 (Tues & Thurs 11am-12:30pm) Online See course Quercus page

** Tutorials will be taped and will be posted online. Teaching Assistants: Office hours: TBA  Our TAs will hold weekly (online) office hours, and they are happy to answer your questions.  In general, detailed questions about the material should be discussed with the teaching assistants because they are the “first line of defence”. Of course, I am happy to offer my help if this is not enough, but the time I can spend individually with each student is limited. You are unlikely to get lots of individual time from me, especially right before the exams.

Course Description: Microeconomics is the study of how scarcity influences individual decision makers for the better or worse, how markets and prices help to allocate resources and of the policies that policy makers use to impact this allocation. Topics to be covered include:  

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Production possibilities Supply & demand (what they mean & where they come from) Market structure: Perfect competition, Monopoly & Oligopoly Measuring the welfare impact of markets Market failures: Public goods & externalities Gains from (international) trade

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt

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Prerequisite(s): High school level calculus & algebra along with a positive attitude and willingness to learn.

Textbook/Required Course Materials: Paul Krugman, Robin Wells, Iris Au, and Jack Parkinson, Microeconomics, 3rd Canadian edition, Worth, 2018. * The (new) course text package in the bookstore includes the Sapling Plus assignment access code.

Lecture Notes and Other Announcements: 

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Lecture notes, review questions, tutorial questions, and other course related matters will be posted on Canvas (also called Quercus found at: q.utoronto.ca ); students are expected to check the course page on a regular basis. We will be introducing extra mathematical material in class. Problem-solving concepts will also be introduced and discussed in your tutorials. That being the case, you should plan on attending all classes and watching the online tutorials, concentrating in class, and taking proper notes. You are responsible for what is discussed in class, and other assigned materials posted on Quercus.

Tutorials:  

There will be eleven tutorial sessions during the term. They provide an excellent opportunity for students to work on improving their conceptual & problem solving skills. Tutorials start in the second week of class (we will get back to you about how/when they will get posted).

Evaluation and Grading: Component

Weight/Value

Due Date

Assignments (best 5 of 6)

15%

TBA

Midterm

35%

TBA – outside of class

Final Exam

50%

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 2

Assignments:  There will be have 6 mandatory online assignments assigned throughout the term, and you need a code to have access of the assignments.  If you get a new course text package from the bookstore, the assignment access code is already included.  If you decide to get a used text, the option of getting a stand-alone access code is available from the Sapling site.  The assignment is, normally, due on the Saturday of the week at 11:00pm.  If you have any questions about on how to use Sapling Learning or need technical support, you can contact them. Their support hours are Monday-Thursday: 9:00 a.m. to midnight (CST) Friday: 9:00 a.m. to 5:00 p.m. (CST) Saturday-Sunday: 4:00 p.m. to midnight (CST) 

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See the document, MGEA02 - Online Assignment - Sign-up Instructions & Grading Policies.pdf, posted on Canvas for sing-up instructions. Also, be sure to include your UTSC Student ID# in your Sapling account profile. Improvement will be taken into consideration when assigning the overall course grade. If you write the final exam and your mark on the final is higher than on the midterm, the half of the lower midterm mark will replaced by the mark you received on the final exam. This means that there is a smaller penalty for trying the midterm, even if you think you are not fully ready. The mid-term test will be 1 hour 30 minutes long. Check Canvas for information on where to write these tests. The dates and times will also be announced in class. The final exam will be a two-hour exam and will take place in the final exam period.

Calculators:  Non-programmable calculators are allowed for this course.  You should avoid any calculator that has considerable storage capacity for text such as a graphical calculator, because these calculators will be confiscated during an exam. Also possessing unauthorized electronic devices (including cell phone or smartphone) during exam is is a VIOLATION of the Code of Behaviour on Academic Matters, there will be serious academic consequences and it will be reported to the Dean’s Office. Grade Distribution – Last Five Years: Grade 80% – 100% 70% – 79% 60% – 69% 50% – 59% 0% – 49%* Class average * Including those who did not write the final exam.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 3

% of class 25% 20% 20% 15% 20% 63-67%

NOTE: Any student that wrote the midterm AND whose score on the final is higher than what they received on the midterm will have half of the weight of the midterm exam shifted to the final exam. Policy on Missed Assignments/Examinations:  

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LATE assignments will NOT BE ACCEPTED UNDER ANY CIRCUMSTANCE. ABSOLUTELY NO MAKE-UP MIDTERM EXAM. If you miss the midterm with LEGITIMATE reason, you can request to have the weight of the midterm transferred to the final exam. YOUR REQUEST MUST BE SUPPORTED BY PROPER DOCUMENTATION AND MUST BE SUBMITTED WITHIN TWO WEEKS AFTER THE MIDTERM IS WRITTEN. The university has created a new standardized form for students who are requesting special academic consideration based on illness or injury. The form focuses upon the degree of incapacitation that the illness or injury has upon the student’s academic functioning and the timeline of that incapacitation, rather than on diagnosis and /or details of the problem. All students must now have a health professional complete this new form: http://www.illnessverification.utoronto.ca/index.php If you miss the final exam, you will have to submit a petition to the Registrar’s Office for permission to write a deferred exam, which will be written at the end of the following term (i.e., at the end of the summer). You should try to write the regularly scheduled final unless this is impossible. Students who defer exams often forget huge chunks of the material over the term and suffer by the delay.

Re-grading Policy: If you want to have your term work re-graded, please follow the instructions below: 1) If there are addition errors, please inform Professor Parkinson immediately. 2) Re-grading will not be done for penciled answers. 3) Carefully compare your answer to the answer key. 4) If you have questions about the grading, go and talk to the marker who graded the question(s) you have concerned first. If you are not satisfied with the explanation, then you MUST SUBMIT A TYPED REQUEST for re-grading. 5) The request must include the following information:  Name & student number  The question(s) you asked for re-grade and DETAILED EXPLANATION WHY YOU DESERVED A RE-GRADING. 6) When you request for re-grading, THE WHOLE ASSIGNMENT/EXAM will be re-graded based on the initial grading scheme. YOUR MARK MAY INCREASE, DECREASE, OR REMAIN UNCHANGED after the re-grading. 7) Deadline: Within two weeks of the date of distribution of the original grade (requests that are submitted after 5:00pm on the last day of the re-grading period will not be accepted).

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 4

Academic Support UTSC Library & The BRIDGE: The BRIDGE and the UTSC Library are operating online! We are offering our full suite of programs and services to support students, staff, and faculty in their studies, research projects, and experiential learning initiatives. Visit The BRIDGE @ Quercus to: -

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Participate in virtual events and competitions Get research and data analytics help Access data and academic research tools and tutorials Get support in entrepreneurship and the New Venture Program Learn more about Work Integrated Learning

To find out more about the UTSC Library’s support for students while studying remotely, please visit the UTSC Library Website

For all other inquiries, please email [email protected] or email your Liaison Librarian, Mariana Jardim [email protected]

Health & Wellness Centre: The Health & Wellness Centre provides professional and confidential medical, nursing, counselling, health promotion, and education services to all UTSC students. These services are offered in a safe, caring, respectful, and empowering environment that is directed toward optimizing your personal, academic, and overall wellbeing.. To access these services, please use the following url: https://www.utsc.utoronto.ca/hwc/health-wellness-centre and when visiting the Health & Wellness Centre, please bring a valid T-card and Health card.

Academic Advising and Career Centre: The Academic Advising and Career Centre (AA&CC) at UTSC integrates developmental advising, learning/study skills, career counselling, and employment coaching. To reach out to them please use the following url: https://www.utsc.utoronto.ca/aacc/ English Language Development Centre: The English Language Development Centre (ELDC) helps students develop the critical thinking, vocabulary and academic communication skills essential for achieving academic and professional success. Personalized support includes: RWE (for academic writing); Communication Cafés (oral); Discussion Skill-Building Cafés; Vocabulary Cafés; seminars/workshops; personal ELD consultations; drop-in sessions. http://ctl.utsc.utoronto.ca/eld/ The Writing Centre: The Writing Centre (TWC) offers invaluable services to students (learn to become a better writer!) and offers many different kinds of help: drop-in sessions, individual consultations, workshops, clinics, and online writing handouts. http://ctl.utsc.utoronto.ca/twc/

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 5

Academic Misconduct Academic integrity is essential to the pursuit of learning and scholarship in a university. The University treats cases of cheating and plagiarism very seriously. The University of Toronto’s Code of Behaviour on Academic Matters (http://www.governingcouncil.utoronto.ca/Assets/Governing+Council+Digital+Assets/Policies/PDF/pp jun011995.pdf) outlines the behaviours that constitute academic dishonesty and the processes for addressing academic offences. Any student caught engaging in such activities will be subject to academic discipline ranging from a mark of zero on the assignment, test or examination to dismissal from the university as outlined in the Code of Behavior on Academic Matters. Any student abetting or otherwise assisting in such misconduct will also be subject to academic penalties. If you like to find out more information regarding university advice for ‘How not to plagiarize’, please use the following url: https://advice.writing.utoronto.ca/using-sources/how-not-to-plagiarize/ More generally, the link below includes a lot of useful advice for students on academic writing: https://advice.writing.utoronto.ca/ FIPPA language: Course videos and materials belong to your instructor, the University, and/or other sources depending on the specific facts of each situation, and are protected by copyright. In this course, you are permitted to use session videos and materials for your own academic use, but you should not copy, share, or use them for any other purpose without the explicit permission of the instructor. Important Dates: Saturday, Oct 10th – Friday, Oct 16th – Reading Week (Classes may occur on other campuses) Monday, Oct 12th – Thanksgiving Day (Holiday, no classes, tutorials, office hours held) Monday, Dec 7th – Last day of classes (for courses/sections meeting on Mondays) Tuesday, Dec 8th – Wednesday, Dec 9th - Study Break. Thursday, Dec 10th – Tuesday, Dec 22nd - Final examinations.

Dropping Out of MGEA02:  Dropping a course is unfortunate, but it is not a shameful act; under certain circumstances, it is the wisest course of action (to protect your CGPA). The drop date is listed online. By that time, if, at that stage, it is clear you cannot handle the material (given the rest of your academic load), you are better to drop the course and take it again another term, rather than see it through to the bitter end.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 6

Detailed Course Outline: Week 1

Date(s) Sept 8/14

2 3

Sept 15/21 Sept 22/28

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Sept 29/Oct 5

5 6 7 8 9 10 11

Oct 6/19 Oct 10-16 Oct 20/26 Oct 27/Nov 2 Nov 3/9 Nov 10/16 Nov 17/23 Nov 24/30

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Dec 1/7

Topics – Chapter(s) The Production Possibilities Frontier – (See pg. 1 of the Reading List) Markets: Supply & Demand – (See pg. 1 of the Reading List) The Theory of Consumer Demand – (See pg. 2 of the Reading List) Elasticity: What is it & how it is used – (See pg. 2 of the Reading List) Production & Productivity – (See pg. 2 of the Reading List) Reading Week (No classes held @ UTSC) Costs of Production – (See pg. 2 of the Reading List) Perfection Competition – (See pg. 3 of the Reading List) Perfection Competition – (See pg. 3 of the Reading List) Monopoly – (See pg. 3 of the Reading List) Oligopoly – (See pg. 3 of the Reading List) Public Goods & Externalities – (See pg. 4 of the Reading List) International Trade – (See pg. 4 of the Reading List)

Assignment

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2

3 4 5 6

Tutorial Schedule: Week 1 2 3 4 5 6

Date TBA TBA TBA TBA TBA

Tutorial No tutorial #1 #2 #3 #4 #5

Week 7 8 9 10 11 12

Date TBA TBA TBA TBA TBA TBA

Tutorial #6 #7 #8 #9 # 10 # 11

The Secret of Success in MGEA02:  

The course is complex and interconnected, and many students find it quite hard. Success in this course is actually quite easy. Work hard, work steadily, and don’t stop working. Also, understand the materials not memorize them!

Make some new friends, maybe lifelong ones. Start a study group. Challenge each other to keep up with you course work.

Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada www utsc utoronto ca/mgmt 7...