Economics 1 Principles of Microeconomics Instructor Ted Bergstrom

Economics 1 Principles of Microeconomics Instructor: Ted Bergstrom

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.

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

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.

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.

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.

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.

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 theory by seeing how well it accords with the data. We motivate theory by acting out the events that it deals with.

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.

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.

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.

Final Exam • Regularly Scheduled time: Friday, Dec 14, 12 -3 pm • No makeups. • No alternative times. • If this doesn’t work for you, take Econ 1 next quarter.

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

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 don’t claim it is easy.

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.

Estimated Grade Distribution based on previous quarters • • • A B C D F 12% 30% 20% 8%

An alternative to Econ 1 • If you don’t intend to major in economics, you are still very welcome. • But if you don’t 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.

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.

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.

Campbell Hall Acoustics • We are about 500 people in a hall where sound travels. • Be courteous to your neighbors. • Don’t chatter during lecture. • If you must leave early, let me know in advance. Sit near the back at the end of a row.

Clicker Practice A) I have a clicker and it is working. B) I have a clicker and I hope it works. C) I don’t have a clicker, but when I pull my left ear…

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 Mc. Afee online text. • Come to class on Monday

See you later…