Principles of Microeconomics ECO-304K, Summer 2015 First Session Instructor: Garrett Hagemann Office: BRB 4.1116 Email: garrett.hagemann@utexas.edu Office Hours: T,W 11:30 am - 1 pm Required reading Microeconomics, Acemoglue, Laibson, & List Other Sources You Might Find Helpful Naked Economics, Wheelan Course Website Canvas, found at http://courses.utexas.edu Assignments, announcements, and other course materials will be posted on Canvas. This syllabus will also be available and should be your first stop if you have any administrative questions about the course. If there are any changes to the syllabus, they will be announced in class and the most recent version will be posted to Canvas. Class Overview This course is likely the first course you will take in economics. It is designed as an introduction to the concepts of microeconomic theory. The goals of the course are for you to: 1. Gain an understanding of basic economic concepts 2. Lean how to think like an economist 3. Apply your newfound tools to analyze real-world events and situations from an economic perspective Expectations The foundations of a good classroom experience are clear expectations for both students and instructors. As students, you are expected to attend class on time and stay for the whole period. You are also expected to come to class prepared. Preparation includes doing the reading assignments ahead of time. Lectures are designed to supplement the reading material rather than replace it. All submitted assignments must be handed in at the beginning of class on the due date; any assignments turned in after this will be considered late. Finally, as a student you are expected to participate in the classroom and treat your classmates with respect. We are all here to learn together and students should feel free to express their ideas and opinions in an open and respectful manner. As your instructor, I am expected to come to class prepared and notify you of any changes to the schedule at least two days in advance. Email is the most direct way to contact me outside of office hours and I will respond to emails the same day if received before 5pm and the next day if received after 5pm. My office hours are a time for you to come with any follow up questions that you may have after lecture. I will do what I can to help you master the material, but if you find yourself falling behind I recommend you visit office hours early and often. Academic Dishonesty
The University honor code is as follows: The core values of the University of Texas at Austin are learning, discovery, freedom, leadership, individual opportunity, and responsibility. Each member of the University is expected to uphold these values through integrity, honesty, trust, fairness, and respect toward peers and community. To foster these values, students should do their own work on the individual homework and exams. Plagiarism and other forms of academic dishonesty will not to be tolerated. To learn more about academic integrity and consequences of dishonesty, please visit: http://deanofstudents.utexas.edu/sjs/ Homework Homework will be assigned on Mondays and due the following Monday. Homework will consist of several questions that cover the week s material. In addition, you will be asked to write two short assignments that briefly summarize and analyze a current news article. Assignments should be completed individually, but you may find discussing the problems with other students a useful learning experience. However, each student is responsible for turning in his or her own independent work. Exams There will be two midterms and one final. These will be taken individually. The nature of economics is cumulative, so you will need certain skills from the midterm on the final. Appeals If you feel strongly about the correctness of an item on an exam that was marked incorrect, you may submit a written appeal to the instructor. This appeal process must occur no later than the end of the next class after you receive your exam. Only individuals that write successful appeals get points for that appeal, even if other individuals missed the same question(s). Appeals are not simply an opportunity to dig for more points. Rather, they are an opportunity for you to make scholarly arguments for your position. All arguments must be supported by evidence from the text or lecture notes. If the appeal is based on an ambiguously phrased question, you must suggest wording that is less ambiguous. The decision to grant or refuse an appeal will be made by the instructor after class via e-mail. The following is an example of a successful appeal: Argument: I feel that A, rather than B, should be the correct answer to question 15. Evidence: According to the text, p. 381, the minimum price at which a firm will continue to produce in the short run is where the MC crosses the AVC. Since the question does not state whether it is the long or short run, we feel that A is acceptable. Grading Policy Assignment and test scores will be posted, but the weighted grade for the course will not be calculated until the end. Please do not ask to see your weighted score. If you are interested in your final grade you may use the weights in the syllabus as well as the available grades Students course grades will be determined based on the exams and assignments described above. The percentage of points achieved on each assignment will be calculated, and then these percentages will be averaged using the following weights. Final exam: 35 % Midterm 1: 20 %
Midterm 2: 20 % Homework: 15 % Participation: 10 % Letter grades will be assigned according to where your final weighted score falls: 95 and above A 90 94 A- 87 89 B+ 83 86 B 80 82 B- 77 79 C+ 73 76 C 70 72 C- 67 69 D+ 63 66 D 60 62 D- 59 and below F Disabilities The University is welcoming to students with disabilities, be they physical, learning, or psychological. Students with a documented disability who require academic accommodations should provide me with an official letter from the office of Services for Students with Disabilities outlining authorized accommodations. The office is located on the fourth floor of the Student Services Building on Dean Keeton and can be reached by phone at 471-6259 (voice) or 1-866-329-3986 (video phone). I would appreciate the letter as soon as possible, given to me personally in office hours, where we will briefly discuss accommodations. For more information regarding accommodations, please visit: http://www.utexas.edu/diversity/ddce/ssd/. Absences and Religious Holidays There will be no makeup exams or quizzes for non-documented reasons. If the absence is in observance of a religious holy day, UT Austin policy requires students to notify the instructor of the absence at least fourteen days prior to the date of observance. If you must miss a class or an examination in order to observe a religious holy day, I ask that you notify me in person with a written note naming the occasion. If you must miss a class or examination due to illness, you must provide written documentation from a physician. If you must miss for a compelling personal reason, you may email me (if the matter is urgent) and at some point come by my office with a note describing the situation. I reserve the discretion to determine whether a personal reason is sufficiently compelling to warrant a missed class or exam. For either of these, you will be given an opportunity to complete the missed work within a reasonable time after the absence. The final exam is Friday, July 10. Please do not plan to leave campus before that date. You must take the final exam at this time, unless you have a compelling personal reason or a documented conflict with another exam. In the case of conflict with another exam, you much contact me by July 1st in order to arrange another time. In case of a personal reason, contact me as soon as possible regarding the nature of the reason, and we will work something out. Behavior Concerns Advice Line (BCAL) If you are worried about the behavior or mental state of another student, you may use the Behavior Concerns Advice Line to discuss by phone your concerns about another individual s behavior. This service is provided through a partnership among the Office of the Dean of Students, the Counseling and Mental Health Center (CMHC), the Employee Assistance Program (EAP), and The University of Texas Police Department (UTPD). Call 512-232-5050 or visit http://www.utexas.edu/safety/bcal If you yourself are having difficulty with the increased workload of college, are experiencing emotional upheaval or physical discomfort, please check healthyhorns.utexas.edu for your options in visiting
Student Health Services or the Counseling and Mental Health Center. If you re stressed, visit Stress Recess at http://cmhc.utexas.edu/stressrecess/index.html or the Mind Body Lab on the 5 th floor of the SSB and relax a little. Schedule Monday Tuesday Wednesday Thursday Friday June 4 Syllabus Why study Economics? 3 principles of Economics June 5 Chapter 2 Economic Methods and Economic Questions Chapter 3 Optimization June 8 HW 1 assigned Chapter 4 Demand, Supply, and Equilibrium June 9 Chapter 5 Consumers and June 10 Chapter 5 Consumers and June 11 1 st article summary due Chapter 6 Sellers and incentives June 12 Chapter 6 Sellers and June 15 HW 1 due Chapter 8 Trade June 16 Chapter 9 Externalities and Public Goods June 17 Chapter 9 Externalities and Public Goods Chapter 10 The Government in the Economy June 18 Chapter 10 The Government in the Economy June 19 MIDTERM 1 June 22 HW 2 assigned Chapter 11 Markets for Factors of Production June 23 Chapter 12 Monopoly June 24 Chapter 12 Monopoly June 25 2 nd article summary due Chapter 13 Game Theory and Strategic Play June 26 Chapter 13 Game Theory and Strategic Play June 29 HW 2 due Chapter 14 Oligopoly and Monopolistic Competition June 30 Chapter 15 Trade-offs Involving Time and Risk July 1 Chapter 16 The Economics of Information July 2 Chapter 16 The Economics of Information July 3 MIDTERM 2 July 6 Chapter 17 Auctions and Bargaining July 7 Chapter 18 Social Economics July 8 TBD July 9 TBD July 10 Review Class FINAL EXAM 7 10 PM