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Econ 201: Principles of Microeconomics Fall 2020 Syllabus Professor: Ben Hamilton, COBL 3000I Office Hours: Friday, 8:00 AM – 9:00 AM 11:00 AM – 3:00 PM Email: [email protected]

Sections 0001 and 0002 Burruss Hall 0229 MWF 9:05 AM - 9:55 AM MWF, 10:10 AM – 11:00 AM

“The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessors to draw conclusions.” – John Maynard Keynes “Economic doctrine is … not a body of concrete truth but an engine for the discovery of concrete truth, similar say to the theory of mechanics.” – Alfred Marshall 1) Course Description: This course is designed to teach you the economic way of thinking described above by John Maynard Keynes and Alfred Marshall, two of the field’s most influential scholars. Much of what we will cover will seem like common sense, but this economic way of thinking will help you see the world in a new way, understand some of the hidden tradeoffs which underlie our daily behavior, and make more informed decisions. Economics is not about learning a set of facts, but about learning a methodology to approach every day decision-making. 2) Class Structure: What? Econ 201 lectures, three times a week. We are a 40-student class in a room that fits 20 with proper social distancing. Therefore, we will alternate who is in the room on any given day. When and how? Day of the week Structure Monday – hybrid ½ of students in class, ½ online Wednesday – hybrid The other ½ of students in class, ½ online Friday – synchronous online All students online Who’s in person? We will learn over the course of the semester how goods and services are allocated within markets, but we will create our own allocation system for in-person class spots. Rather than having a topdown rule (such as those with last names beginning with A-I having the option to attend in-person Monday and those with last names beginning with J-Z having the option to attend in-person Wednesday), you will have the opportunity to fill out a survey each week stating which day you prefer to attend in person. If half of students want to attend on Monday and the other half want to attend on Wednesday, everybody will be able to get what they want. If there are conflicts though (and ¾ of students prefer Monday), preference will be given to students who submitted their preferences earlier. More information on this preference survey will be delivered in our first class on August 25th, which will be online for all using WebEx and/or Zoom.

2 3) Questions outside of Class: You have multiple methods for contacting me outside of class. 1. Office hours: See the top of syllabus for information on time. Office hours will be held using WebEx using a link that will be distributed in the first week of class. If the link is unsuccessful, send me an email so we can jointly figure out how to talk. 2. After class: On Mondays and Wednesdays, I will remain in the classroom after lecture ends to answer any lingering questions (for both in-person and online students). On Friday, I will remain in our WebEx room and we can talk after lecture ends. 3. Email me the question directly or to schedule a meeting time: I can meet flexible at other times as well. If you would like to schedule a meeting or ask a question directly via email, I will always try to respond within 24 hours. If I have not responded within that time, do not hesitate to send another email (perhaps including “Econ 201” in the subject line). 4) Assigned Materials: 1) Colander, Microeconomics (10th edition, ISBN-13: 978-1259655500) Purchasing the textbook is optional and will not be used for any assignments. A previous edition of the book or a different principles of microeconomics textbook is suitable for our purposes. However, recommended reading sections will be given using the chapters and pages from this book. The 11th edition of this textbook has recently been released. If you would prefer this newest version, be aware that it only comes as an ebook or as a looseleaf set of papers rather than as a bound book. 2) Squarecap app to answer clicker questions synchronously during class. information on Squarecap will be provided in the first week of class.

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5) Prerequisites: There are no official prerequisites for Econ 201.

6) Course Grades: Your course grade will consist of two exams (55%), periodic quizzes/homework assignments (25%), surveys (5%), and clicker question responses (15%). Exams: The two exams will be predominantly multiple choice questions and will be administered using Canvas. The midterm will count for 25% of your grade and is tentatively scheduled to be held on Monday, October 19, but may change subject to the speed of our progress. The cumulative final exam will be scheduled by the university and count for 30% of your grade. Content for the exams will come only from lecture. That is, content from the textbook that is not discussed in class will not be covered on the exams. Periodic quizzes and homework assignments: Each week, you will be assigned a quiz or short homework assignment via Canvas. The purpose of these quizzes is to expose you to the sort of questions you may encounter on exams and to reveal any lack of understanding prior to a higher-stakes test situation. These assignments will be announced at least four days prior to their due date. Your lowest score on these assignments will be dropped.

3 Surveys: I will periodically use the surveys to solicit information from you about what topics you would like to cover, what topics you would like to review before exams, and suggestions about how to improve the course, etc. Clicker question responses: While Econ 201 is designed as a lecture course, it is also an outlet for discussion, which requires participation on your side. We will use the Squarecap app to submit answers to these questions, and as long you answer 60% correctly over the course of the semester, you will receive full credit. Otherwise, your final clicker credit will be determined by the fraction of clicker questions that you answer correctly. You will be rewarded no clicker points on days you do not attend class. It is your responsibility to track clicker points throughout the semester to make sure that your device is working properly. Check clicker scores on Canvas frequently!!!! 7) Withdrawing: The last day to withdraw is Tuesday, September 15th. 8) Lectures: Lecture each day will begin promptly at 9:05 AM or 10:10 AM and conclude at 9:55 AM or 11:00 AM. Keep in mind that the purpose of lecture is not to summarize the textbook and that the purpose of the textbook is not to summarize lecture. They are complementary resources to help you learn the material. I treat the textbook as purely optional: by that, I mean that all material represented on graded assignments will have been covered in lecture and that nothing in the textbook that does not show up in class will be on the exams. Having said that, the exams will force you to think creatively rather than being rote recitation.

9) Credit/No Credit: If you are taking the course credit/no credit, the minimum grade for credit is a C.

10) Grading Questions: Any grading questions concerning quizzes, tests, or written assignments must be submitted within two weeks of receiving the assignment back and before the last day of class (December 11th). I encourage you to check your clicker scores after each class to make sure that your device is working. Any grading questions concerning clicker questions must be submitted within a week of the questions being asked in class.

11) Accommodations: If you have been granted accommodations from the ODS, please see me as soon as possible (before Friday, September 4th) to ensure that you are supplied with an appropriate testing environment and other accommodations.

12) Attendance: Class attendance is not strictly mandatory, but strongly, strongly encouraged. The easiest way to do well in this course is to be in lecture. Additionally, part of your grade is determined by your performance on clicker questions, for which you must be present (either inperson or virtually).

4 13) Honor System: Because of the James Madison University honor system, my operating assumption will be that you behave truthfully with respect to all assignments in this course unless evidence arises to suggest otherwise. With respect to this class, you should not: 1) submit a test or any assignment if you have received any assistance during the exam period in the form of copying another student, consulting notes, using your phone, etc. 2) remove a test from the exam room prior to turning it in or share information about a test with other students in the course, past or present. 3) use tests and other materials from previous versions of my class unless I provide access to them through Canvas.

14) Statement on Diversity: James Madison University is a community dedicated to diversity and inclusivity. As faculty, we believe that learning environments should support a diversity of thoughts, perspectives, experiences, and identities. We invite you to share anything with us that might help create a more inclusive and learning environment.

15) Course Policies: 1) Recordings, course materials, and lecture notes may not be exchanged or distributed for commercial purposes, for compensation, or for any other purpose other than study by students enrolled in the class during the Fall 2020 semester. 2) All students are expected to take the course exams at the scheduled time. The only exceptions made will be for one of the following four reasons: personal illness, a family emergency, university-sponsored travel, or religious holiday. If any of these circumstances apply to you, you must contact me in writing prior to the test to make accommodations. Any unexcused absence that endures more than 24 hours beyond the test will be assigned a score of 0. If you miss the midterm exam and your absence is excused, the weight from that component of your course grade will be transferred to the final exam. No makeup exams will be offered. 3) Dutch Knockout: To reward those who show improvement over the course of the semester, half of your midterm score will be replaced by your final exam score if you perform better on the latter. You do not need to opt into the Dutch Knockout; whichever outcome yields a higher grade will automatically be applied. If at any point of the semester you are suspected of an honors violation (regardless of the outcome of any proceedings), you are ineligible to use the Dutch Knockout.

16) Classes in the Time of Coronavirus: 1) Each student will have the option to attend at least one lecture in class each week. However, we must be prepared to be flexible over the course of this semester so check your email every morning before coming to class to see if that day’s instruction has been moved online. Courses that are held online will be conducted using a combination of WebEx and/or Zoom.

5 2) If you show the slightest signs of being sick or suspect that you are sick, DO NOT COME TO CLASS. For in-person class, lecture will be streamed using WebEx and/or Zoom and the recording will be made available after class for your viewing. 3) In times like these, in-person classes require us to bear some risk. We all run the risk of becoming sick, but each of us is safer when the remainder of us act more safely. The instructor bears no responsibility for any possible infections that occur as a result of inperson classes. 4) I reserve the right to remove students from the classroom if they fail to observe proper social distancing guidelines or if they create a disruptive environment.

17) The Semester’s Only “Extra Credit” Opportunity: Over the course of the semester, you are sure encounter news articles, data, graphs/graphics, and stories from social media, other professors, your friends and family, and other sources that are relevant to microeconomics (and reinforces one or more of the topics we cover). If you send it to me and it is deemed sufficiently relevant, I will (with your permission) include it in a future lecture’s slides to share with your classmates. For those who succeed in this task, your lowest two quiz scores will be dropped instead of the single lowest.

18) Your Agreement with the Conditions in this Document: Your continued enrollment in this course will be taken as explicit agreement that you have read this document in its entirety and are prepared to be held to the standards outlined herein.

6 19) Tentative Course Outline: The outline below is tentative and will be updated depending on the speed of our progress. The date of the midterm exams may be moved, but the date of the final exam is pre-selected as part of university policy. Unit

Lectures

Suggested Reading

Introduction, The Central Economic August 26 – Colander Chapters 1-3 Problems, and The Approach of Economics September 14 Market Allocations: Supply and Demand, September 16 – Colander Chapters 4-7 Elasticity, and Government Intervention September 28 The Theory of Demand: Consumer Behavior

September 30 – Colander Chapter 19 October 2

The Theory of Supply: Firm Behavior

October 5 October 14

Review

October 16

Midterm Exam

October 19

– Colander Chapters 11-12

When the Market “Works”: Competitive October 21 – Colander Chapters 13 Pricing October 28 When the Market “Fails”: Monopoly Pricing

October 30 – Colander Chapters 14-15 November 4

When the Market “Fails”: Externalities

November 6 – Chapter 8 November 9

When the Market "Fails": Public Goods

November 11

Chapter 8

Resource Markets and the Income November 13 – Chapters 17-18 Distribution: The Third Economic Question November 18 International Trade – Causes, Patterns, and November 20 – Chapters 9-10 Consequences November 30 Selected Topics: Asymmetric Information, December 2 – Forthcoming Monopolistic Competition, Game Theory December 9 (including Oligopoly), Behavioral Economics, Financial Markets Review

December 11

Final Exam

Pending...