Syllabus EC201 Spring 20 updated PDF

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MICHIGAN STATE UNIVERSITY DEPARTMENT OF ECONOMICS

SPRING 2020

EC 201 (SECTION 003): INTRODUCTION TO MICROECONOMICS Class Time: 5:00pm-6:20pm, Tue/Thu Class Room: 1281 @ Anthony Hall Professor Kiwon Kang Office Hours: 5:00pm-6:20pm, Mon/Wed; or by Appointment Office Location: Room 12B, International Center Tel: (517) 884-2178 Email: [email protected] COURSE DESCRIPTIONS: Introduction to Microeconomics emphasizes the development of an economic way of thinking. The approach emphasizes the ability to think through applications of economic concepts and ideas and then to be able to explain how economic concepts work and to make recommendations as to a variety of personal, business, and public decisions. The approach continually asks students to explain why markets work or fail and not just that they do or not. The approach does not just ask students to draw graphs, but to use the reasoning behind the graphs to make decisions, explain events, and recommend policies. The ultimate goal of the material is the development of students who can speak and write in an articulate manner about a large range of economic problems and issues. The objectives of this course are • to provide you with the basic knowledge of micro issues, • to stimulate your further interest in the advanced study of economics, and • to help you get a sense for a real economy by applying what you learned in the class into a real economy. REQUIRED TEXTBOOK: E-textbook Title: Top Hat Microeconomics Author: Buckles, Steve et al. ISBN: 978-1-77330-093-1 Subscription Code – One Semester (Includes Top Hat Test) ISBN: 978-0-9866151-0-8 Note: Students should buy both e-textbook ISBN code and subscription ISBN code. You can’t buy only subscription code since you cannot access to e-textbook!

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INSTRUCTIONAL METHODS: TOP HAT Smartphone Friendly Class! We will be using the Top Hat (www.tophat.com) classroom response system in class. 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 (ISBN: 978-1-77330-093-1) within Top Hat for this class. You can visit the Top Hat Overview (https://success.tophat.com/s/article/Student-TopHat-Overview-and-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, but if don’t receive this email, you can register by simply visiting our course website: https://app.tophat.com/e/774517

Notes: • Our Course Join Code is 774517 • When you register it, you should use the same name and email address which were used in D2L. Top Hat Test We will be using Top Hat with Top Hat Test to allow us to go paperless and run exams online from any personal or mobile device (i.e. your phone or laptop) in an online, secure testing environment. If you leave the browser during a test, you will be automatically locked out of the test. 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. POSTED MATERIALS: Top Hat: https://app.tophat.com/e/774517 (i) E-textbook (Chapters) (ii) Lecture PPTs (iii) Scores of Homework and Quizzes (iv) Scores of Exams (Midterms & Final) Desire2Learn (D2L): https://d2l.msu.edu/ (i) Required Textbook and Top Hat Instruction (ii) Economics Help Rooms

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Syllabus

You can download original lecture PPTs. You can either 1) print out lecture PPTs in advance and bring them to the class, or 2) view lecture PPTs using your laptops, tablets, or smartphones in the class. EVALUATION: Each student’s performance will be evaluated on the following criteria: (i) Experiment Participation 2.24 percent (ii) Homework 14.01 percent (iii) Quizzes & Attendance 9.07 percent (iv) Midterm 1 21.34 percent (v) Midterm 2 21.34 percent (vi) Final Exam 32.01 percent This class is graded on a curve. So, I cannot specify the exact set of cutoffs for grades of 4.0, 3.5, 3.0, and so on. NO chance for extra credits! •

Experimental Participation (Info.Econ Exercise) 105 points for Info.Econ Exercise. Faculty members in the Department of Economics are running an informational research project to provide students more information about being an economics major at MSU. This exercise will entail you completing seven short tasks over the course of the semester. You will receive 15 (=105/7) points for each task you complete. To receive credit for this exercise, you only need to provide your NetID; you do not need to consent to participate in the research project itself to receive credit. Additionally, I will NOT be informed about whether you participate in the research project or how you answer any particular question. If you have any questions, please email to the experimental team at [email protected].

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Homework You are required to read over the chapter before or after the class. I strongly recommend you to preview the contents rather than to review them. You are required to solve both the questions in chapters and the EOC (End of Chapter) questions. You will need to answer the questions on a desktop/laptop for the submissions to be recorded. No mobile device to answer the questions. Note: Those questions will NOT be graded for the correctness. You will be able to view hints as well as the correct answer if you answered incorrectly. The homework due date for each chapter will be 1 week after the class covering in that chapter; either Tuesday or Thursday. There will be NO make-up homework.

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Quizzes and Attendance All quizzes will consist of multiple-choice questions. The “pop-up” quizzes will be given during lecture. The number of quizzes per chapter will vary from 3 to 9 questions. Either laptop or mobile device can be used to answer the quizzes. Note: Those quiz questions will be graded for the correctness. If you answered a question

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correctly, you will get 5 points. If you answered a question incorrectly, you will still get 2.5 points for participation. This is how I check your attendance and give you a credit for it. •

Midterms and Final Exam There will be two midterms. Each midterm, which is not cumulative, has 40 questions. The final exam will be cumulative, and it has 60 questions. Each of the midterms is worth 1,000 points. The final exam is worth 1,500 points. All questions will be multiple-choice questions.

MAKEUP EXAM POLICY: Students who cannot take an exam at the regularly scheduled time will be able to take a makeup exam, if three requirements are met. (i) The student must contact me before the exam. (ii) The excuse must be a valid one. Valid excuses include (a) serious illnesses, (b) family emergencies, (c) religious observances, (d) obligations to appear to Court, and (e) participation in activities that are officially approved by the University. (iii) The student must provide some documentation. HOW TO PREPARE EXAMS: Here are tips: (i) Do your homework diligently – preview (or review). EOC (End of Chapter) questions will be good sample questions. (ii) Attend the lectures and take quizzes and good notes. Most of the questions on the exams will be taken from the lecture. People who fail the course typically do so because they cut classes. (ii) Take advantage of the review sessions before exams. In addition to reviewing all chapters, I will introduce some sample questions and teach you how to figure out the right answers. (iii) Ask me for help if things are not going well before it is too late. If you do poorly on the first midterm exam despite having a good attendance record and studying very hard for the exam, make an appointment to see me to prepare for the second midterm exam. Let me see if I can help. COMMUNICATIONS/MEETINGS: Office Hours: Office hours are Mondays and Wednesdays from 5:00pm to 6:20pm. My office is in 12B at the International Academic Center. Room 12B is located at the west side of the basement (so called “garden level”) of the building. You do not have to make an appointment to visit me during office hours. You can also meet me by making an appointment through either phone or email. I check my email frequently, and it would be the best way to contact me.

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Time Before/After Class: I will usually arrive at the classroom about 15 minutes before the beginning of class and depart about 15 minutes after class. If you have any questions, you can see me before or after class. Classroom Etiquette: Participation in class is an important part of the learning process. If you come to class, you will be able to observe the thought process in action. Therefore, it is essential that students demonstrate courteous class etiquette by following these rules: (i) Please put your cell phone silent during class time. Emergency calls should be taken outside the classroom. (ii) This class takes place in a very large lecture hall. In this setting, there is the potential for the lecture to be interrupted in various ways. Out of respect for your classmates and me, please refrain from talking loudly during class. Please be in your seat on time. If it is unavoidable for you to arrive late, please enter and take a seat as quietly as possible. If it is urgently necessary for you to leave before class is over, please do so as quietly as possible. TEACHING ASSISTANTS: Park, Narae Barazi, Adnan Loukota, Jacob

[email protected] [email protected] [email protected]

Graduate Assistant Undergraduate Assistant Undergraduate Assistant

THE HELP ROOM FOR EC 201: The Economics Help Rooms offer academic support to students enrolled in this course and strive to enhance students’ approaches to studying and learning. In Help Rooms, students may receive assistance in a number of areas, including: • completing homework and problem sets • reviewing course concepts • preparing for exams The Help Rooms are staffed by experienced undergraduate and graduate students and operate in the Neighborhoods and Main Library, with numerous sessions offered throughout the week to accommodate students’ schedules. For a full list of locations and hours of operation, please ask your professor or TA or visit our website at https://socialscience.msu.edu/undergraduate/current-students/student-success/helprooms.html

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LETTERS OF RECOMMENDATION: If you are applying for further study or another pursuit that requires letters of recommendation and you’d like me to recommend you, I will be glad to write a letter on your behalf. However, your final GPA in this class must be 3.5 or better. In addition, you should have held at least three substantial conversations with me about the course material or other academic subjects over the course of the semester. THE SPARTAN CODE OF HONOR ACADEMIC PLEDGE: No-tolerance for academic dishonesty! The Associated Students of Michigan State University (ASMSU) is proud to be launching the Spartan Code of Honor academic pledge, focused on valuing academic integrity and honest work ethics at Michigan State University. The pledge reads as follows: “As a Spartan, I will strive to uphold values of the highest ethical standard. I will practice honesty in my work, foster honesty in my peers, and take pride in knowing that honor is worth more than grades. I will carry these values beyond my time as a student at Michigan State University, continuing the endeavor to build personal integrity in all that I do.” HANDLING EMERGENCY SITUATIONS: Suggested procedures for faculty to assist with campus safety: (i) Inform your students that you will take charge of the room in the event of an emergency and that they should listen to your directions for their safety. If the order is given to evacuate, “shelter-in-place,” or “secure-in-place;” you MUST follow that order in the classroom. (ii) Review evacuation and shelter-in-place maps located in all building hallways. (iii) Develop a plan for how you might secure-in-place, if needed. (iv) Know your exits and be familiar with your surroundings. (v) Review posted classroom emergency guideline sheets (vi) Keep informed of local weather or emergency conditions; and what severe weather sirens sound like. (vii) Pay close attention to actions of your students or visitors that cause you alarm and report them to the MSU Police, Office of the Provost or the Behavioral Threat Assessment Team (btat.msu.edu). (viii) Include the following as a syllabus insert or provide it to your students. Review it with them during your first class period of the semester. “In the event of an emergency arising within the [classroom/lab], the [Professor, Teaching Assistant (TA), graduate student, instructor, Facilitator] will notify you of what actions that may be required to ensure your safety. It is the responsibility of each

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student to understand the evacuation, “shelter-in-place,” and “secure-in-place” guidelines posted in each facility and to act in a safe manner. You are allowed to maintain cellular devices in a silent mode during this course, in order to receive emergency SMS text, phone or email messages distributed by the university. When anyone receives such a notification or observes an emergency situation, they should immediately bring it to the attention of the [Professor, Teaching Assistant (TA), graduate student, instructor, Facilitator] in a way that causes the least disruption. If an evacuation is ordered, please ensure that you do it in a safe manner and facilitate those around you that may not otherwise be able to safely leave. When these orders are given, you do have the right as a member of this community to follow that order. Also, if a shelter-in-place or secure-in-place is ordered, please seek areas of refuge that are safe depending on the emergency encountered and provide assistance if it is advisable to do so.” STRUCTURE OF THE E-TEXTBOOK: Chapter 1 – An Introduction to Economic Analysis Chapter 2 – An Economic Model Chapter 3 – The U.S. and the World Economy Chapter 4 – Demand, Supply and Markets Chapter 5 – Using Supply and Demand Chapter 6 – Behind Demand Chapter 7 – Behind Supply Chapter 8 – Inputs, Production, and Costs in the Long-run Chapter 9 – Competitive Markets Chapter 10 – Monopoly Chapter 11 – Between Competition and Monopoly Chapter 12 – Regulation of Firms with Market Power Chapter 13 – The Economic Role of Government Chapter 14 – Markets for Labor Chapter 15 – Taxes – Efficiency and Fairness Chapter 16 – Why International Trade Chapter 17 – Capital and Financial Markets Chapter 18 – Economics After the Course STRUCTURE OF THE LECTURE: After January 1 (Wednesday) * Required Textbook and Top Hat Instruction Posted * Syllabus Posted * All Chapters Accessible * All Lecture PPTs Accessible

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Lecture 1: January 7 (Tuesday) Syllabus; Brief Review of Graphs Topics: Choice, Why Economics E-textbook: Chapter 1 * Quizzes Lecture 2: January 9 (Thursday) Topics: Micro/Macro, Scarcity, Fundamental Questions, Opportunity Cost, Rational Decision, Marginal Benefit and Cost, Market and Government E-textbook: Chapter 1 (cont’d) * Quizzes Lecture 3: January 14 (Tuesday) Topics: Economic Model, Production Possibilities Frontier, Diminishing Marginal Return, Increasing Marginal Cost, Technical Efficiency, Allocative Efficiency, Economic Efficiency E-textbook: Chapter 2 * Quizzes Lecture 4: January 16 (Thursday) Topics: GDP, Nominal and Real GDP, Unemployment, Inflation, Absolute Advantage, Comparative Advantage E-textbook: Chapter 3 * Quizzes * Homework Due for Chapter 1: 12pm (Noon) Lecture 5: January 21 (Tuesday) Topics: Law of Demand, Quantity Demanded vs Demand, Shift Demand, Law of Supply, Quantity Supplied vs Supply, Shift Supply E-textbook: Chapter 4 * Quizzes * Homework Due for Chapter 2: 12pm (Noon) Lecture 6: January 23 (Thursday) Topics: Market Equilibrium, Shortage and Surplus, Elasticity, Price Elasticity of Demand, Elasticity and Total Revenue E-textbook: Chapter 4 (cont’d) & 5 * Quizzes * Homework Due for Chapter 3: 12pm (Noon)

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Lecture 7: January 28 (Tuesday) Topics: Income Elasticity, Price Ceiling and Floor, Tax and Subsidies, Marginal Utility, Diminishing Marginal Utility E-textbook: Chapter 5 (cont’d) & 6 * Quizzes Lecture 8: January 30 (Thursday) Topics: Maximizing Utility, Income and Substitution Effect, Normal vs Inferior Goods, Giffen Goods, Consumer Surplus, Water & Diamond Paradox E-textbook: Chapter 6 (cont’d) * Quizzes * Homework Due for Chapter 4: 12pm (Noon) February 4 (Tuesday) * Review Session #1 * Homework Due for Chapter 5: 12pm (Noon) February 6 (Thursday) * Midterm #1 (*Coverage: Lecture 1 through 8) – It is an online test, but you should be physically in the assigned room at the given time. Lecture 9: February 11 (Tuesday) Topics: Marginal Product, Average Product, Fixed and Variable Costs, Marginal and Average Costs E-textbook: Chapter 7 * Quizzes * Homework Due for Chapter 6: 12pm (Noon) Lecture 10: February 13 (Thursday) Topics: Wage and MP & MC, Long Run, Input Decision, Long Run Average Cost E-textbook: Chapter 7 (cont’d) & 8 * Quizzes Lecture 11: February 18 (Tuesday) Topics: Economies of Scale, Return to Scale, Types of Markets, Perfect Competition E-textbook: Chapter 8 (cont’d) & 9 * Quizzes

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Lecture 12: February 20 (Thursday) Topics: Entry and Exit, Economic Profits, Costs in the Long Run, Economic Efficiency E-textbook: Chapter 9 (cont’d) * Quizzes * Homework Due for Chapter 7: 12pm (Noon) Lecture 13: February 25 (Tuesday) Topics: Monopoly, Barriers, Price and Marginal Revenue, Markup Price, Natural Monopoly E-textbook: Chapter 10 * Quizzes * Homework Due for Chapter 8: 12pm (Noon) Lecture 14: February 27 (Thursday) Topics: Price Discrimination, Monopolistic Competition, Trade Off between Price and Variety E-textbook: Chapter 10 (cont’d) & 11 * Quizzes * Homework Due for Chapter 9: 12pm (Noon) Spring Break (March 2-6) – No Class! March 10 (Tuesday): Class Cancelled! Lecture 15: March 12 (Thursday) – cancelled, as in-person classes will be changed into online learning starting from Tuesday, March 17 * Homework Due for Chapter 10: 12pm (Noon) Lecture 16: March 17 (Tuesday) Topics: Oligopoly, Game Theory, Prisoner’s Dilemma, Zero Sum and Non-zero Sum Games, Price Fixing, Merger Rules, Regulating Natural Monopoly, Policy Options E-textbook: Chapter 11 (cont’d) & 12 * Quizzes March 19 (Thursday) * Review Session #2 * Homework Due for Chapter 11: 12pm (Noon) March 24 (Tuesday)

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* Midterm #2 (*Coverage: Lecture 9 through 16) – It is an online test, but you should be physically in the assigned room at the given time. Lecture 17: March 26 (Thursday) Topics: External Cost, Social Marginal Cost, External Benefit, Social Marginal Benefit, Pollution and Policy Responses, Property Right Responses, Coase Theorem E-textbook: Chapter 13 * Quizzes * Homework Due for Chapter 12: 12pm (Noon) Lecture 18: March 31 (Tuesday) Topics: Regulations, Tax and Subsidy, Marketable Permit Responses, Public Goods, Government Failure E-textbook: Chapter 13 (cont’d) * Quizzes Lecture 19: April 2 (Thursday) Topics: Demand for Labor, Marginal Productivity and VMP, Human Capital, Supply of Labor, Income and Substitution Effect, Efficiency Wage, Labor Union E-textbook: Chapter 14 * Quizzes Lecture 20: April 7 (Tuesday) Topics: Taxes, Marginal Income Tax Rate and Average Income Tax Rate, Excise Taxes, Sales Taxes, Deadweight Loss, Progressive Taxes and Regressive Taxes E-textbook: Chapter 15 * Quizzes * Homework Due for Chapter 13: 12pm (Noon) Lecture 21: April 9 (Thursday) Topics: Specialization, Comparative Advantages, Trade Gains, Tariff and Quotas, Regional Bloc E-textbook: Chapter 16 * Quizzes * Homework Due for Chapter 14: 12pm (Noon) Lecture 22: April 14 (Tuesday) Topics: Physical Capital, Financial Capital, Interest Rates, Bonds, Exchange Rates, Purchasing Power Parity E-textbook: Chapter 17

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