Economics 1 Principles of Microeconomics

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Economics 1 Principles of Microeconomics

• Instructor
• Ted Bergstrom

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No Crashes

• I am sorry, but the class full. There is no
  waiting list.
• No more students will be admitted for this term.
• Econ 1 is offered every term. In fact, two
  classes will be offered next term.

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Textbooks

• Experiments with Economic Principles
  Microeconomics 2d Edition by Bergstrom and Miller
• Introduction to Economic Analysis by R.
  Preston McAfee. Available for free online at
  http//www.introecon.com

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Clickers

• You must buy a clicker at the UCSB bookstore.
  Must be an Interwrite PRS. Use the
  instructions that come with it to enter your perm
  number.
• Questions will be posted on screen. You will use
  your clicker to send in answers, which we record.
  
• We record answers and attendance.
• Clicker scores count for extra credit toward your
  course grade. See syllabus.

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Course Syllabus is Online

• All of the course rules, and a complete schedule
  of acativities for the rest of the term is
  available at the class website.
• Go to Economics Home Page
• Then click Class Pages, Then Econ 1
• Read it carefully.

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Class Web Page

• You will need to check it regularly. It has
  daily schedule of experiments, lectures, quizzes.
• Data needed for homework appears each week.
• Also practice questions for quizzes and final.
• Lecture slides will be posted on web.

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Scientists and Lab Rats

• In this class, you get to be both a scientist and
  a lab rat.
• Each week we do a market experiment. You are the
  participants.
• We record the data and you analyze the results.
  You are the scientists.
• In the texts and the lectures, we present
  theories that explain results observed in the
  lab.

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Experiments and Theory

• Experiments are conducted in your section, every
  week (starting next week).
• These give you experience with the economic
  actions you are about to study.
• We present a theory that predicts outcomes in the
  experiments. We test the theory by seeing how
  well it accords with the data. We motivate the
  theory by acting out the events that it deals
  with.

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The Routine

• Each week, before section, read experiment rules
  and do warm up exercises.
• Participate in experiment.
• Read text assignments. Attend Lecture
• Data from your section will be posted. Use this
  data to do your homework.
• Turn in homework in section next week.

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Grading

• Performance in market experiments 15
• Homework 10
• Two scheduled quizzes 30
• Final Exam 45
• Extra credit for high clicker scores, up to 10.
• Missing more than half of lectures will cost a
  letter grade.

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Quiz Dates

• Quiz 1, Weds, October 24
• Quiz 2, Monday, November 19
• There are no makeup quizzes. If you miss one
  quiz, the weight placed on your final exam will
  be increased accordingly.
• If you miss two quizzes, you fail the course.

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Final Exam

• Regularly Scheduled time Friday, Dec 14, 12-3 pm
• No makeups.
• No alternative times.
• If this doesnt work for you, take Econ 1 next
  quarter.

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Sections

• You must attend the section that you are
  registered for.
• You will not be allowed to switch sections.

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Your First Econ 1 Lesson

• Caveat Emptor What does it mean?
• Let the buyer beware.
• We try to make Econ 1 interesting, informative,
  and fun
• But we dont claim it is easy.

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What to expect

• You must come to class and to section.
• You must turn in homework every week.
• You must keep up with reading assignments from
  two textbooks.
• This is a 4 credit hour class and we expect
  students to spend an average of 2-3 hours
  studying for each hour of class. That is
• 8-12 hours a week.

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Estimated Grade Distribution based on previous
quarters

• A 12
• B 30
• C 30
• D 20
• F 8

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An alternative to Econ 1

• If you dont intend to major in economics, you
  are still very welcome.
• But if you dont want to work quite so hard and
  need the credits to fulfill requirements in
  another major, you should consider
• Econ 109, which will be offered next quarter.
  For some dept, 109 is a substitute for Econ 1 AND
  Econ 2.
• Check with your own department to see if this
  works.

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Dropping Econ 1

• The last day for dropping courses is October 24.
• You may petition for a late drop after that date,
  
• But, except for documented medical problems, I
  will not support your petition.

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A gentle reminder

• Be sure to go to the section that you registered
  for. You will not be allowed to participate in
  any other section.
• Be sure to arrive on time. Late arrivals may not
  be able to participate.

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Campbell Hall Acoustics

• We are about 500 people in a hall where sound
  travels.
• Be courteous to your neighbors.
• Dont chatter during lecture.
• If you must leave early, let me know in advance.
  Sit near the back at the end of a row.

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Clicker Practice

• I have a clicker and it is working.
• I have a clicker and I hope it works.
• I dont have a clicker, but when I pull my left
  ear

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What to do next

• Get your textbooks and your clicker.
• Read the syllabus at class website
• Go to Economics Dept home page, click on Class
  Pages link, then Econ 1
• Read Chapter 1 of McAfee online text.
• Come to class on Monday

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See you later