ECONOMICS 1201
PRINCIPLES OF MICROECONOMICS
Spring 2024

RequiredReadings:  Eric  Chiang(C),Microeconomics:PrinciplesforaChangingWorld(6th Ed; Worth)
Charles Wheelan (W),Naked Economics(Revised and Updated Edition, 2019, W.W. Norton Press)
Selected readings and additional textbook readings/chapters will be assigned during the course term. (In the class outline, these readings are referred to as the “Outside Assigned Readings” and these are/will be posted in HuskyCT. This is separate from any Wall Street Journal or other “daily” publication that we may read during the semester as economic events occur during the semester.)
Digitalmaterialsrequiredforthiscourseare  providedto  studentsparticipatingintheHuskyBookBundleatnoadditionalcharge.ThesematerialshavebeenintegratedwithHuskyCTandcanbe foundinthe“BookBundleDigitalAccess”linkontheleftsidemenuinyourHuskyCT course.PleasesignintoHuskyCTtoaccessyourcourseandcoursematerials.IfyouhaveoptedoutoftheHuskyBookBundleprogram,you willneedtopurchaseaccessforthedigitalmaterial.
Scope and Objectives ofCourse:
Economics 1201 is an introductory microeconomics course. The course will examine basic principles of choice, trade and production. We examine individual choice, the interactions between individuals and businesses and the social impact of that interaction. In that context, the  course examines how markets “work” and when they “don’t work” or at least not “as well” as we would like and associated public policies to correct or improve market outcomes. We also look at the economic differences and differential impacts across markets. And then we examine individual and business conduct and decisions (e.g., how do businesses set prices or charge different prices for the same good or service) across these different markets or market structures and through the lens of behavioral economics. In a broad sense, we also look at the interaction between institutions (e.g., government) and legal rules, on the one hand, and markets, on the other. The  course will also consider the role and contributions of Adam Smith, David Ricardo and a few other “economic thinkers.” One of our objectives for the class is also take what “we are doing” in class and applying it to “real world economic events” so we will also be reading articles from the Wall Street Journal, the Economist and other publications.

Course Grading and Tentative Assignments:

A. Grades will be based on homework (worth 25% of grade), quizzes (worth 25% of grade), the midterm (worth 20% of grade) and acumulativefinal examination (worth 30% of grade).Extracredit maybe worth up to an additional 10% of grade.

B.

1.Homework will be conducted online through Achieve.  (Achieve is a Macmillan Learning online tutorial, learning and testing program connected with the textbook and class.). The dates for the homework will be announced in class or through HuskyCT.  All homework will be due at 11:59 p.m. on the homework’s due date.Forthe purposeofcalculatingfinal grades,thetwolowestonlinehomeworkscores willbe dropped.

2.Quizzes will be  conducted mostly online (through Achieve),althoughtheremaybe“inclass” quizzes as well.The quizzes will be in a multiple choice and/or short answer format (for in class quizzes.) The dates for the quizzes will be announced in class and/or through HuskyCT.  Take- home quizzes tied to class readings including Wall Street Journal and other articles and materials may also be given in the class.For thepurpose of calculatingfinalgrades, the lowestonlinequizscore willbe dropped.

3.Examswill beconductedinthemainlectureclass(hall)onthedate(s)setforth in the class syllabus and/or as announcedin class or throughHuskyCT.

4. Extra credit will be conducted online through Achieve.  The dates for the extra credit will are announced in class or through HuskyCT.  All extra credit will be due at 11:59 p.m. on the extra credit’s due date.

Please check announcements on HuskyCT for any announcements regarding exams, homework sets and/or quizzes (and extra credit.) Homework assignments are opened up (usually at least a week in advance), and are to be completed, prior to their due dates. They are not timed. The online quizzes will be timed, with windows (typically two days) to complete the quiz. Students must complete all assignments and exams when scheduled, unless other arrangements have been made prior to the applicable due date.

Additionally, any requestsfor extensionsfor orfrom any assignment deadline mustbedirectedinpersontotheclassgraders/teachingassistantsormyselfduringoffice hours(that is, not by e-mail or other electronic means.) If Iam unavailableduring(or after scheduled)officehours,you may dropoff(inthemailbox/slotonmy office door) a written requestfor an extension statingyour name,theclass,theassignmentmissedandexplanation forthemissedhomework orquiz. If  anyinformationis  confidential orprivate,pleasesubmityour  requestin a sealedenvelope andplaced under my door.

Course Topics:

The following is apreliminaryandtentative(that is subject to change) list of theconcepts and topics to be discussed and reading assignments from the textbook and The Naked Economist (additional readings will be referenced and announced throughout the course).

Consult the Announcements Board frequently for messages and announcements.

Weeks 1-3:Introduction:EconomicWayofThinking,ExchangeandGains  fromTradeand

Basic Market Principles: Supply and Demand

Chapter 1-3 (C)

Outside Assigned Readings

Chapters 1-2 and 12 (W)

Weeks 3-4:Basic Market Principles: Elasticity

Chapter 5 except pp.126- 131(C)

Special Topic: The Economics ofthe Shared Economy

Week 4-5:Basic Market Principles:Social Surplus, Non-Price Rationing IssuesandTaxes

Chapter 4, Online Chapter Economics of Food and Agriculture and pp. 126- 131 (C)

SpecialTopic:Cities,CountriesandMinimum Wages:istheimpactthesamearound the globe?

Weeks 5-6:Basic Market Principles: Externalities and Public Goods

Chapter 13 (C)

Chapters 3 and 4 (W)

Weeks 7-8:Special Topics: The Economics ofInformation and HealthCare

Online Chapter Economics of Healthcare (C)

Chapter 12 (C) pp. 318-322 only

Outside Assigned Readings

Chapter 5 (W)

MidtermExaminationDate:March1st(Week7;Inourclassroomduringourregularly scheduled class time.)

Week 9:           Spring Break (March 10- 16)

Weeks 10- 11:Markets: Overview ofIdeas, Firms, Production Costs and Price Takers

Chapters 7 and 8 (C)

Chapter 7 (W)

Outside Assigned Readings

Weeks 12- 13:MarketStructures:PriceSearchers,PricingStrategies,NetworkGoods,EconomicRegulation, Anti-Trust Issues and the Labor Market Counterpart

Chapters 9- 10, 14 and 11 (C)

Outside Assigned Readings

Weeks 14- 15:Continuation   of   Market   Structures:   PriceTakers,Price    Searchers,   PricingStrategies, NetworkGoods, Economic Regulation, Anti-TrustIssuesandtheLaborMarket Counterpart

Chapters 9- 10, 14 and 11 (C)

Outside Assigned Readings

SpecialTopic:Thechangingfaceof publicregulationpertainingto the“TechGiants”andarethe“TechGiants”suchasGoogle,AmazonandFacebookmonopolists and should they be regulated?

Week 15:Special  Topics  (fingerscrossed):  PublicChoiceandtheEconomicsof  Public

Decision Making

Outside Assigned Readings

Chapter 8 (W)

Final Examination Date: TBA

Grading Scale:

The course grading scale is as follows:

Help and Resources:

In addition to my office hours and your graders/teaching assistants ’office hours, the Economics Department offers free tutoring for all students in principles of economics classes. Feel free to take advantage. When meeting with a tutor, it is always best to come prepared with questions (from the chapters or exams).

For support for HuskyCT:

Digital Learning Center, Level One of Homer Babbidge Library.

Phone: (860) 486- 1187

Website: http://dlc.uconn.edu

Accommodations:

The Center for Students with Disabilities (CSD) at UConn provides accommodations andservices for qualified students with disabilities. If you have a documented disability for which you wish to request academic accommodation and have not contacted the CSD, please do so as soon as possible. The CSD is located in Wilbur Cross, Room 204 and can be reached at (860)   486-2020 or at [email protected].

Detailed information regarding the accommodations process is also available on their website at www.csd.uconn.edu.

Student Responsibilities:

As a member of the University of Connecticut student community, you are held to certainstandards and academic policies.  In addition, there are numerous resources available to help you succeed in your academic work. This section provides a brief overview of important standards, policies and resources.

Student Code:

You are responsible for acting in accordance with theUniversityofConnecticut’sStudentCode, available athttp://www.community.uconn.edu/student_code.html. Review and become familiar  with these expectations. In particular, make sure you have read the section that applies to you on Academic Integrity:

• AcademicIntegrityinUndergraduateEducationandResearch

Cheating and plagiarism are taken very seriously at the University of Connecticut.  As a student, it is your responsibility to avoid plagiarism. If you need more information about the subject of plagiarism, use the following resources:

Plagiarism: How to Recognize it and How to Avoid It

UniversityofConnecticutLibraries’StudentInstruction(includes research, citing and writing resources)

Copyright:

Copyrighted materials within the course are only for the use of students enrolled in the course for purposes associated with this course and may not be retained or further disseminated.

Netiquette and Communication:

At all times, course communication with fellow students and the instructor are to be professional and courteous. To the extent applicable, it is expected that you proofread all your writtencommunication, including discussion posts, assignment submissions, and mail messages. Again, to the extent applicable, if you are new to online learning or need a netiquette refresher, please look at this guide titled, The Core Rules of Netiquette.

Adding or Dropping aCourse:

If you should decide to add or drop a course, there are official procedures to follow:

• Matriculated students should add or drop a course through the Student Administration System.

• Non-degree students should refer to Non-Degree Add/Drop Information located on the registrar’swebsite.

You must officially drop a course to avoid receiving an "F" on your permanent transcript. Simply discontinuing class or informing the instructor you want to drop does not constitute an official drop of the course. For more information, refer to the Undergraduate Catalog.

Policy Against Discrimination, Harassment and Related Interpersonal Violence:

The University is committed to maintaining an environment free of discrimination or discriminatory harassment directed toward any person or group within its community – students, employees, or visitors. Academic and professional excellence can flourish only when each member of our community is assured an atmosphere of mutual respect. All members of the University community are responsible for the maintenance of an academic and work environment in which people are free to learn and work without fear of discrimination ordiscriminatory harassment. In addition, inappropriate amorous relationships can undermine the University’s mission when those in positions of authority abuse or appear to abuse theirauthority. To that end, and in accordance with federal and state law, the University prohibits discrimination and discriminatory harassment, as well as inappropriate amorous relationships, and such behavior will be met with appropriate disciplinary action, up to and including dismissal from the University. Additionally, to protect the campus community, all non-confidential University employees (including faculty) are required to report sexual assaults, intimate partner violence, and/or stalking involving a student that they witness or are told about to the Office of Institutional Equity. The University takes all reports with the utmost seriousness. Please beaware that while the information you provide will remain private, it will not be confidential and will be shared with University officials who can help.

Statement on Absences from Class Due to Religious ObservancesandExtra-CurricularActivities:

Faculty and instructors are strongly encouraged to make reasonable accommodations in response to student requests to complete work missed by absence resulting from religious observances or participation in extra-curricular activities that enrich their experience, support their scholarly

development, and benefit the university community. Examples include participation in scholarly presentations,performing arts, and intercollegiate sports, when the participation is at the request of, or coordinated by, a University official. Such accommodations should be made in ways that   do not dilute or preclude the requirements or learning outcomes for the course. Students anticipating such a conflict should inform their instructor in writing within the first three weeks of the semester, and prior to the anticipated absence, and should take the initiative to work outwith the instructor a schedule for making up missed work. For conflicts with final examinations, students should contact the Office of the Dean of Students.