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lecture1

lecture1 - Lecture 1.1 1 Introductions-introduce myself...

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Lecture 1.1: 1. Introductions -introduce myself – office number, e-mail, phone, website -have students introduce themselves – take attendance -decide office hours [email protected], econisfun -go over syllabus -appropriate subject heading -textbook -prerequisites (appendix to chapter 1) -homework will be worth 25 points each. There will be 5 assignments and the lowest will be dropped -midterms are worth 100 point (if you miss one, the weight will be added to the final, with documented reason) -final will be worth 200 points (entered as 2 separate 100 scores) -final grade will be these five categories minus the lowest one -midterm and final dates are fixed (if we get behind, then the exams will cover what we have covered), midterms are February 26 th and April 9 th , final is may 14 th at 5:30 -grade disputes – may change later… must submit for regrades within 7 days of the return date -academic honesty (don’t cheat) -schedule- basically go through the whole book -decide on whether to have midterms at the beginning or end of class -guest lectures will be extra credit questions (except for the last guest lecture) -procedures and policies 2. Map Model Activity

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-Map to my office/mall of America/anyplace -what’s missing from this map? -How is this like a model? -In economics, we use models – a simplification of reality - we use assumptions to make solving a problem easier -what assumptions did we make when drawing the map? 3. Ideas you should remember after you finish the course: a. opportunity cost -the value of what must be given up in order to acquire the item -cost of opportunities the firm or individual must forgo to get what they want b. Price floors and price ceilings -when prices are high (rent in New York) People try to convince legislators to put in price ceilings -causes shortages because it’s unprofitable -this is probably the opposite effect of what people wanted -when prices are low (high crop yield) -… c. comparative advantage -2 countries
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lecture1 - Lecture 1.1 1 Introductions-introduce myself...

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