z01 Intro Jpw

http://www.arts.cornell.edu/econ/wissink/econ1110jpw/

Lecture 1Introductory Microeconomics

Dr. Jennifer P. WissinkJanuary 22, 2014 ©2014 Jennifer P. Wissink, all rights reserved

WELCOME To Econ 1110-Wissink

Welcome to (or back to) Ithaca and Cornell.

Welcome to Economics 1110Introductory Microeconomics – Lecture 1

Web address for THIS class: WRITE THIS DOWN


Dated announcements for the class will be made on our Cornell Blackboard site. – If you have successfully enrolled in the class & a section via Student

Center, then you are automatically enrolled on our Blackboard site.

– If you are currently a "guest" in the class, hoping to get in, then you can access the announcements on Blackboard by going to the site. You will need to search for the site on Blackboard.

» If you are still not in the class, please come down front and see the Head TA right after class.

If you can not get into the lecture and section you want, keep trying and trying. Persevere. Check the Cornell web-based drop/add system as much as you can. All drops/adds/switches should be done via the Cornell web-based drop/add system.

At this point in time there is no "waiting list" and no "manual overrides" for this class given the 24-7 nature of electronic drop/add/switch at the start of each semester. Make sure you have a back up plan just in case the spot you are hoping to get never becomes available.

You are welcome to UNOFFICIALLY attend lecture and section even if you have not yet registered. NOTE: THIS DOES NOT GUARANTEE that you will get into the class. It's a gamble. I will do my best to get the people who do not intend to take the class to drop ASAP, so that spots open up. That's why it's essential that you continue to persevere on line as much as you can.

I am really sorry that I can't tell you more at the moment and am sorry you would like to take this class and, at the moment, can not get in. The econ department sets the cap and I can't change it. After the first couple of weeks I should have a better idea of your prospects of getting into the class.

Best of luck with putting together your schedule.

Adding & Switching

Teaching Team


ECON 1110 - Introductory Microeconomics 3CR 6544 LEC 001 MW 09:05AM - 09:55AM STL 185 Wissink,J (jpw6) HEAD TA: Yu Susan Ye (yy496)

Sub-courses (also known as sections) Daniel Chin Lay Lau (dcl253)

6545 DIS 210 T 08:00AM - 08:50AM URH 202 6546 DIS 211 T 09:05AM - 09:55AM URH 202 6547 DIS 212 T 10:10AM - 11:00AM URH 202

Yanan Li (yl2294) 6548 DIS 213 T 12:20PM - 01:10PM RCK 112 6549 DIS 214 T 01:25PM - 02:15PM RCK 112 6550 DIS 215 T 02:30PM - 03:20PM RCK 112

Todd Jones (trj25)6551 DIS 216 R 08:00AM - 08:50AM RCK 122 6552 DIS 217 R 09:05AM - 09:55AM RCK 122 6553 DIS 218 R 10:10AM - 11:00AM RCK 122

Zhenda Yin 6554 DIS 219 F 08:00AM - 08:50AM GSH G22 6555 DIS 220 F 09:05AM - 09:55AM GSH G22 6556 DIS 221 F 10:10AM - 11:00AM GSH G22

Mehreen Mookerjee 9603 DIS 222 T 08:00AM - 08:50AM IVS 219 9604 DIS 223 T 09:05AM - 09:55AM IVS 219 9605 DIS 224 T 10:10AM - 11:00AM IVS 219

BUILDING CODES LINK: http://registrar.sas.cornell.edu/Sched/bldgcd.html

http://www.economics.cornell.edu/wissink/econ1110jpw/

COURSE INSTRUCTIONAL MATERIALS

Textbook*: Karl E. Case, Ray C. Fair and Sharon M. Oster, Principles of Microeconomics, 11th edition (Pearson, Prentice Hall). Hereafter referred to as the “Text”.

Panopto Videos: See Web page for link– Please be mindful of Note #1 on this page! (For common user name and password)

MyEconLab: See Web page for detailed information and instructions on how to register and get started.

– The MyEconLab course code for THIS class (everyone uses this) is wissink87154

i>clickers: Each student will need an i>clicker for the class.

– *Note: You do not necessarily need the 11th edition of the text, earlier versions are ok. The bookstore and the MyEconLab site have various options for you. Choose what suits you best. Three options I suggest you consider: 1) buy a new 10th edition of the textbook at the CU bookstore, which comes with a MyEconLab access code; 2) DO NOT buy the textbook at the CU bookstore, but buy into MyEconLab via their Website and select the choice where you get a PDF version of the text at the MyEconLab site; 3) DO NOT buy the textbook at the CU bookstore, but buy into MyEconLab via their Website and select the choice where you only get MyEconLab access and NOT the text and then pick up a used text some where.

READ THIS SECTION BEFORE YOU BEGIN DOING ANYTHING WITH PEARSON's MEL product.

EVERYONE: The very first thing you do is locate our MEL course by using its unique MyLab&Mastering Course ID and the link given

below. The MyLab&Mastering Course ID for Econ1110-Wissink-Spring2014-MICRO is wissink87154. This

Course ID locates the specific textbook site for this class and allows you to begin the process of signing up for our lecture's MEL site. (If you are not already registered as a Pearson customer, you will be prompted to register during this process.)

If you purchased a NEW Case/Fair/Oster textbook: it came with an MEL access(payment) code that is bundled with your text book. Have this card (with the code) available. Do not lose this card! It's like money.

If you DID NOT purchase a new Case/Fair/Oster textbook: you will have the opportunity to pay for access to our specific MEL textbook site with a major credit card during the process.

For students totally new to PEARSON's web products: During the process of signing up for our lecture's MEL site, you will be asked to create a PEARSON account. When you are asked to create your PEARSON account, please use your full Cornell email address ([email protected]) as your PEARSON username. (Note: the password you select should NOT be the same as the password you use on the Cornell system.)

Please use your Cornell email address ([email protected]) as the email address associated with your PEARSON account. This will guarantee that your MEL scores are recorded correctly in my master spreadsheet for the class at then end of the semester.

For students who already have a PEARSON account: Once you have signed up for our lecture's MEL site, please make sure to set your PEARSON account email address to [email protected] e-mail address. This will guarantee that your MEL scores are recorded correctly in my master spreadsheet for the class at the end of the semester.

Important notice for all Cornell University students registering for two or more PEARSON resources (Such as Mastering Chemistry and MyEconLab for another econ class): You can use the SAME Pearson username and password for most Pearson resources. There is no need to set up separate PEARSON accounts for each class.

*EVERYONE START THE PROCESS HERE (once you have carefully read the instructions and information above)

https://pearsonmylabandmastering.com/students/register/#page=home Our unique Course ID is wissink87154

From The Syllabus Examinations and Exam Policy: PLEASE READ CAREFULLY NOW!

NOTE: ONLY SIMPLE HAND HELD ORDINARY CALCULATORS ARE ALLOWED AT EXAMINATIONS. No cell phones, I-Touch/Tunes devices, or similar devices with graphing and/or web browsing, text reading capabilities or "apps" are allowed at exams. This policy is strictly adhered to, please make sure you get a simple standard calculator and a time piece before the 1st prelim.

Prelim 1: Tuesday March 4 @7:30pm-9:00pm, for location and other information see our class Cornell Blackboard site announcement page, once posted.

Prelim 2: Thursday April 10 @7:30pm-9:00pm, for location and other info see our class Cornell Blackboard site announcement page, once posted.

Conflict Policy For Prelims: In the event that you have another evening prelim scheduled by Cornell University at the same time, you have two options.

Option 1. Take the econ1110 exam at 5:15pm on the date above and then go off and take your other scheduled exam. You will have to stay at the exam until 6:45pm. You may want to plan to bring a sandwich or something so you can eat if you end up finished with the exam early. This exam is the same exam that everyone else will take at 7:30pm.

Option 2. Take the 1110 make-up exam on the day AFTER the evening prelim. The makeup exam for prelim 1 is Wednesday March 5 @3:00-4:30pm. The makeup exam for prelim 2 is Friday April 11 @3:00-4:30pm. This make-up exam is of comparable length and difficulty to the official exam, but not of necessarily identical format.

All Other Bona Fide Prelim Conflicts and/or Issues: For all other prelim conflicts/issues you must come and see Prof. Wissink in person ASAP.

*FINAL: There will be a cumulative final during exam week, date and policy TBA after Feb 14.

From The Syllabus Lectures, i>clicker Participation and Panopto

Videos:– Students are expected to attend all lectures and you should bring

your i>clicker to all lectures. During lectures there will be i>clicker activities that we will track. A part of your course letter grade will depend on your i>clicker history. Students are also expected to view the Panopto video for each lecture prior to attending that lecture. These videos can be accessed via this link: http://www.economics.cornell.edu/wissink/econ1110jpw/course.html

– VERY IMPORTANT NOTE: Having someone else's i>clicker in your possession in lecture is considered a serious infraction and violation of academic integrity and will be zealously prosecuted as such. Please do not even think about it. It's not worth jeopardizing your record at Cornell for a few i>clicker points here and there.

From The Syllabus Sections:

– Students are expected and encouraged to attend the weekly sections with the TA. In section the TA will: clarify and augment lecture notes; discuss problem sets; go over exams; and answer questions.

Homework, Quizzes & Old Fashioned Problem Sets:– Graded MyEconLab Quizzes: All officially graded quizzes will be assigned via the

MyEconLab site. Check there for assignments and due dates. MyEconLab graded quizzes WILL NOT be accepted late. This is an absolute policy. Please do not ask for extensions.

– Ungraded Homeworks and Problem Sets: MyEconLab offers tons of homeworks for you do try. This is all officially "ungraded" material. Also, on the problem set page you will see several problem sets files from previous semesters (before MyEconLab was available and integrated into the class), along with answer keys. You are STRONGLY encouraged to do as many of these problem sets as you can. Problems of this nature will appear on the prelims and final, so it behooves you to sincerely work on these problem sets well in advance of each test. Trust me on this one.

From The Syllabus Grading Scheme: At the end of the semester we will calculate your

"GRAND-SCORE" as indicated below. Letter grades will be assigned based on GRAND-SCORE (no letter grades will be assigned for prelims). Will we curve? Yes and no. If the median "GRAND-SCORE" is high (80 or higher), I use an absolute scheme where scores in the 90s get an A- or better (to be determined at the end), scores in the 80s get a B- or better, scores in the 70s get a C- or better and scores below 70 are determine case-by-case. If the mean and median "GRAND-SCORE" are in the 70's then I will use a curve based somewhere between a B- and B, depending on where in the 70s we are and what lecture and section attendance and participation looked like during the term.

– GS1 = 21% each prelim, 41% for final exam, 10% on the i>clicker history, 7% on the TAgrade

– GS2 = 15% LOWER prelim, 23% HIGHER prelim, 43% for final exam, 10% on the i>clicker history, 9% on the TAgrade

– GS3 = 20% on each prelim, 50% on the final, 10% on the i>clicker history, 0% on the TAgrade

Your GRAND-SCORE = the maximum of {GS1 or GS2 or GS3}. This way if you have a bad prelim you can moderate its impact with the TAgrade, which reflects effort.

From The Syllabus Your TAgrade, at a minimum, is your MyEconLab(MEL) quiz score. However, the TAs will also

have an opportunity to add bonus points to this average for section attendance, effort and participation - up to a max of 100%.

– The Magic Number for graded MEL quiz points is 500. Once you get 500 MEL quiz points, you get a 100% on the TAgrade in the grading rubric. End of story.

– You will be able to take each graded MEL quiz twice, ONLY THE HIGHEST SCORE COUNTS (beware that you don't miscalculate your points by "double" counting quizzes you have taken twice).

– If you have less than 500 MEL quiz points at the end of the semester, then your MEL quiz score=[(#of MEL quiz points you have)/500]*100.

– If you have more than 500 MEL quiz points, then that's great! You'll do that much better on exams. But your MEL quiz score has maxed out at 100%.

– There is no other extra credit work. I have front-loaded all of that into the way I give you the benefit of letting you use your MEL to minimize the damage from a bad prelim. So the extra credit is already being built in via MEL.

– Total number of MEL quiz points that will be available by the end of the semester will be at least 650. So there will be plenty of opportunity to reach the magic number of 500 for anyone who misses deadlines here and there.

– All other MEL problem sets and sample exams, etc, that appear "graded" by the MyEconLab web site DO NOT factor into your grand score directly, they only help indirectly, since the more problems you do, the better you will do on exams.

Your i>clicker history will be based on your participation in i>clicker activities that take place during lectures over the course of the semester.

From The Syllabus ACADEMIC INTEGRITY NOTE: This course follows CORNELL CODE of

ACADEMIC INTEGRITY and Cornell’s Code of Campus Conduct. Violations will be taken seriously. Students tend to be most tempted to violate these codes when they are concerned about their course grade. If you are concerned to that degree, please talk to me, the TA, or an academic advisor. Please note that videotaping, photographing, audiotaping, or otherwise making any picture or sound recording of the professor or of a TA is NOT permitted without written consent of the professor. Failure to comply with this rule is a violation of Cornell’s Campus Code of Conduct. Moreover, students are not authorized to replicate, reproduce, copy or transmit such materials, or “derivative” materials, including class notes, for sale or general distribution to others without the written consent of the faculty or academic staff member or class participant who is the original source of such materials; and that Violations of the above constitute academic misconduct as described in the Code of Academic Integrity.

Carefully read and then re-read the syllabus. Make note of the dates for the two prelims. – Check all your other exam dates and if you see you will have

conflicts, read the syllabus for your 1110-Wissink options.

Decide what form of the textbook you plan to use.

Get your i>clicker and register it via the link on our class Blackboard page.

Follow the directions for signing up for MyEconLab

Check out the Panopto page and see if it works OK with your software.

Things To Do To Get Started


Risk To Avoid


How To Beat Intro Micro Come to the lectures and review your notes against my slides. Stay current in the textbook. Do the MyEconLab stuff for starters and then really test yourself with

the Wissink old problem sets and Wissink’s sample exams and the Abowd multiple choice bank.

– Do them sincerely. Go for quality over quantity.

Use the course Web pages. Use the entire instructional team!!

– Everyone’s office hours– Everyone’s sections– Learning Strategies Center’s services– Also use the E.T.C. staring in about 10 days

Nip problems in the bud. Practice, practice, practice!!

From The Syllabus

COURSE SYNOPSIS: This course will introduce you to the basic tools of microeconomic theory necessary to analyze contemporary economic problems and their proposed solutions. In particular, the role of the price system in determining production, consumption, and the distribution of income will be analyzed. We will also develop an awareness of the strengths and weaknesses of markets and of the government's intervention in the market process. [Note: Economics 1120 is not a prerequisite for Economics 1110. You can even take BOTH at the same time.]


So what is this course about?– (And what is it not about?)

My working title: Introduction to Applied Microeconomic Theory.– Theory: We will construct models.

» Look at the world, hypothesize a model, analyze the model, use the model to make predictions and then see if the model holds up under empirical scrutiny.

Applied Microeconomic Theory


Applied Microeconomic Theory– Economics: The study of the allocation of

scarce resources to produce commodities to satisfy infinite human wants.

» Classic definition. Economics is about constrained optimization. Choice under conditions of scarcity.

– Micro: Looking at small pieces of the puzzle, individual markets (as opposed to macro - which looks at the big picture).

» Three basic traditional micro questions: What? How? and For Whom?


Examples of Microeconomic and Macroeconomic Concerns

BRANCH OF ECONOMICS PRODUCTION PRICES INCOME EMPLOYMENT

Micro Output in individual industries

How much steel? How much office space? How many cars – big or small, how fuel efficient?

Price of individual goods and services

Price of medical care. Price of gasoline. Food prices. Apartment rents.

Distribution of income and wealth

Wages in the auto industry. Minimum wage. Executive Salaries. Poverty.Wage differentials.

Employment by individual businesses and industries

Steel industry jobs. Number of employees in a firm. Number of accountants.

Macro National production/output

Total output: GDPOutput by sectors.Investment. Growth of output.

Aggregate price level

Consumer prices. Producer prices.Rate of inflation.Interest Rates.

National income

Total wages and salaries. Total corporate profits.National savings.

Employment and unemployment in the economy

Total # of jobs. Unemployment rate Productivity growth


Applied Microeconomic Theory We will apply what we learn to real world

situations.


Why Study Economics? It’s everywhere. It’s unavoidable. It’s a requirement and a prerequisite for

understanding lots of other material. To help you understand how economists

think and construct arguments. To understand how markets work. To help you differentiate good from bad

analysis.

Documents

z01 Intro Jpw