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San Jos State University
Department of Economics
ECON 1B Principles of Economics: Microeconomics
Section 07 Class Number 48544
Fall 2024
Instructor:Mark BradyOffice Location:DMH 144Telephone:408-924-5419Email: HYPERLINK "mailto:mark.brady@sjsu.edu" mark.brady@sjsu.edu
(please write Econ 1B fall 2024 in the subject line)Office Hours:MW 11:30 11:55 AM (provisional)
and by appointment MTWThClass Days/Time:MW 12:00 1:15 PMClassroom:DMH 166Prerequisites:May be taken prior to ECON 1ACourse Description (from the catalog)
Allocation of resources and distribution of income as affected by the workings of the price system and by government policies.
Course of Study
How the study of economics has changed over four centuries with reference to some important economists and key economic concepts.
Production possibilities frontiers and opportunity cost.
Absolute and comparative advantage, and specialization and the gains from trade.
Supply and demand; Elasticity and its applications; Taxes and subsidies.
Price ceilings and price floors; Economic calculation, central planning, and the role of markets and prices in coordinating exchange.
Externalities; Production and costs; Competitive process.
Competition and monopoly (price takers vs. price searchers); Monopoly and price discrimination; Further topics in industrial organization; Labor markets.
Public goods and the tragedy of the [unmanaged] commons.
Public choice; economics, ethics, and public policy.
Throughout we apply economic analysis to understand the world around us.
Course Goals and Student Learning Objectives (SLO)
The goal is to promote both economic understanding and application (Econ SLO 1 & 2). Specifically, students are expected to gain familiarity with analytical methods and model-based argument; and relationships between verbal, graphical, mathematical and statistical representations of economic ideas and analysis (Econ SLO 1.3).
Course Learning Outcomes (CLO)
Upon successful completion of this course, students should have an understanding of the principal ideas in microeconomics, including
why incentives matter (law of demand; law of supply; rational decision makers weight marginal costs versus marginal benefits; the power of self-interest)
opportunity cost (sunk costs; production possibilities; the free-lunch fallacy; tradeoffs in consumption and production; grains from interpersonal and international trade; comparative advantage)
supply and demand (understanding the S&D model as a representation of individual choices in exchange based on individual preferences, knowledge and circumstances; ability to examine current events using S&D tools; movement versus shift; welfare analysis)
Course Format
In-person classes and exams.
Texts/Readings
Textbook
Our textbook is Tyler Cowen and Alex Tabarrok, Modern Principles: Microeconomics. The sixth edition (2024) is the most recent and costs more, but the buy-back price is higher. If you're short of money, buy either the fifth edition (2021), fourth edition (2018), third edition (2015) or even the second edition (2013), but avoid the first edition (2010), which is significantly different. Or you may choose to rent the e-text of the book. (Please note that I customarily refer to the chapter numbers, and Ill be sure to mention where they differ between editions.)
Make sure that you are buying the Micro and not the Macro text. Ive had students buy the wrong book. Of course, you would never do that!
And be aware that anyone can access the authors website Marginal Revolution University at HYPERLINK "https://mru.org" https://mru.org for free.
HYPERLINK "https://mru.org/principles-economics-microeconomics" https://mru.org/principles-economics-microeconomics
HYPERLINK "https://mru.org/courses/principles-economics-microeconomics/introduction-microeconomics" https://mru.org/courses/principles-economics-microeconomics/introduction-microeconomics
Other Readings
I distribute handouts that I expect you to read alongside the textbook.
Course Requirements and Assignments
Success in this course is based on the expectation that students will spend, for each unit of credit, a minimum of 45 hours over the length of the course (normally three hours per unit per week) for instruction, preparation/studying, or course related activities. More details about student workload can be found in HYPERLINK "http://www.sjsu.edu/senate/docs/S16-9.pdf" University Policy S16-9, Course Syllabi at HYPERLINK "/senate/docs/S16-9.pdf" /senate/docs/S16-9.pdf
There are three components to your grade: three examinations (80%), your ten best quizzes (10%), and a writing assignment (10%).
Course Requirements and Assignments (contd)
The three exams consist very largely, if not entirely, of multiple-choice questions created by your instructor. The two shorter exams on Monday, September 23, (worth 25%) and Monday, November 4, (also worth 25%) emphasize what we have covered in the previous five weeks. The final exam on Monday, December 16, 9:45 AM 12:00 PM (worth 30%) is comprehensive but with a major emphasis on what we have covered since the second exam.
There are at least twenty objective quizzes worth 10%. Each quiz is worth one point, allowing students to drop or miss at least five quizzes. Quiz scores are calculated pro rata so that 10/10 on a quiz is worth one point, and 5/10 is worth half-a-point. There are no make-ups for any quizzes.
Many quizzes are based on my lectures. Others are based on chapters from Cowen and Tabarrok, Modern Principles: Microeconomics, and test your knowledge of key concepts.
The writing assignment (details TBA) is worth 10%, and is due by 6 PM on Wednesday, November 13. The Writing Center is there to help you. HYPERLINK "/writingcenter/" /writingcenter/
Grading Information
Converting number grades to letter grades
95% to 100% A plus90% to 94% A85% to 89% A minus80% to 84% B plus75% to 79% B70% to 74% B minus65% to 69% C plus60% to 64% C55% to 59% C minus50% to 54% D plus45% to 49% D40% to 44% D minusF 39% and belowIf every student does first-rate work, Id be delighted to award everyone an A.
I am happy to help you. If you experience any difficulty in this course, please do not hesitate to come to me for help. I am available after our class and by appointment, and I am always happy to clarify difficult concepts, resolve any lingering confusion, or otherwise assist you in making this course enjoyable and rewarding.
A minimum aggregate GPA of 2.0 91 Studies (R, S, & V) shall be required of all students as a graduation requirement. To see full text, review HYPERLINK "91 & DA 2022-2023/JMB Microeconomics fall 2022/91 & DA 2021-2022/JMB Microeconomics fall 2021/91 & DA 2020-2021/JMB Hist Econ Thought fall 2020/Backup_MarkBrady/Desktop/91 & DA 2019-2020/JMB Hist Econ Thought fall 2019/91 & DA 2017-2018/JMB Econ Hist Europe spring 2018/91 & DA 2016-2017/Documents/Downloads/University Policy S11-3"University Policy S11-3 at HYPERLINK "/senate/docs/S11-3.pdf" /senate/docs/S11-3.pdf
Classroom Protocol
Class attendance is not mandatory and will not directly affect a students grade. However, students who miss several classes, in addition to dropping quizzes, will very likely consign themselves to doing extremely poorly on their examinations. I therefore strongly encourage students to attend fully every class.
Please note that the university is closed for Labor Day (Monday, September 2), Veterans Day (Monday, November 11), and the Thanksgiving Holiday (on Wednesday, November 27 the campus is open, but it is a non-instructional day, and on Thursday-Friday, November 28-29, the campus is closed).
University Policies HYPERLINK "/students/" /students/
Dropping and Adding
Students are responsible for understanding the policies and procedures about add/drop, grade forgiveness, etc. Refer to the current academic years Catalog at HYPERLINK "https://catalog.sjsu.edu/" https://catalog.sjsu.edu/ Add/drop deadlines can be found on the Registrars fall 2022 calendar here: HYPERLINK "/registrar/calendar/fall-2024.php"/registrar/calendar/fall-2024.php
And the academic year 2022-23 calendar is here: HYPERLINK "/provost/docs/Academic_Calendar-2024-25.pdf"/provost/docs/Academic_Calendar-2024-25.pdf
Undergraduate Late Drop and Semester Withdrawal is available at HYPERLINK "/ue/student-petitions/drops/index.php" /ue/student-petitions/drops/index.php
Students should be aware of the current deadlines and penalties for dropping classes.
Information about the latest changes and news is available at the HYPERLINK "http://www.sjsu.edu/advising/" Advising Hub at HYPERLINK "/advising/" /advising/
Consent for Recording of Class and Public Sharing of Instructor Material
HYPERLINK "http://www.sjsu.edu/senate/docs/S12-7.pdf" University Policy S12-7, HYPERLINK "/senate/docs/S12-7.pdf" /senate/docs/S12-7.pdf, requires students to obtain instructors permission to record the course.
Common courtesy and professional behavior dictate that you notify someone when you are recording him/her. You must obtain the instructors permission to make audio or video recordings in this class. Such permission allows the recordings to be used for your private, study purposes only. The recordings are the intellectual property of the instructor; you have not been given any rights to reproduce or distribute the material.
Course material developed by the instructor is the intellectual property of the instructor and cannot be shared publicly without his/her approval. You may not publicly share or upload instructor generated material for this course such as exam questions, lecture notes, or homework solutions without instructor consent.
Academic integrity
Your commitment as a student to learning is evidenced by your enrollment at San Jose State University. The HYPERLINK "http://www.sjsu.edu/senate/docs/F15-7.pdf"Universitys Academic Integrity policy, located at HYPERLINK "/senate/docs/F15-7.pdf" /senate/docs/F15-7.pdf, requires you to be honest in all your academic course work. Faculty members are required to report all infractions to the office of Student Conduct and Ethical Development. The HYPERLINK "http://dev.sjsu.edu/studentconduct/"Student Conduct and Ethical Development website is available at HYPERLINK "/studentconduct/" /studentconduct/
Instances of academic dishonesty will not be tolerated. Cheating on exams or plagiarism (presenting the work of another as your own, or the use of another persons ideas without giving proper credit) will result in a failing grade and sanctions by the University. For this class, all assignments are to be completed by the individual student unless otherwise specified. If you would like to include your assignment or any material you have submitted, or plan to submit for another class, please note that 91s Academic Policy S07-2 requires approval of instructors.
Campus Policy in Compliance with the American Disabilities Act
If you need course adaptations or accommodations because of a disability, or if you need to make special arrangements in case the building must be evacuated, please make an appointment with me as soon as possible, or see me during office hours. Students with disabilities requesting accommodations must register with the HYPERLINK "http://www.sjsu.edu/aec/"Accessible Education Center (AEC) at HYPERLINK "/aec/myaeclogins/student-myaec.php"/aec/myaeclogins/student-myaec.php to establish a record of their disability.
Course Scheduleand this is subject to change with fair notice (announcement in class)
WeekDatesTopics, Readings, Exams, Deadlines1Sunday, August 18
Monday, August 19
Wednesday, August 21
Wednesday, August 21
August 21Advance Registration ends, Last Day to Drop for 100% Refund
Academic year beginsFall semester begins
First Day of Instruction
Late Registration begins on My91 at 7am
Introduction to economics and the economic way of thinking2Friday, August 30
Saturday, August 31
August 26
August 28Waitlist ends
Permission number is required to add a class
Specialization and the gains from trade
Supply and demand3
September 2
September 4Labor Daycampus closed
Supply and demand (contd)4September 9 & 11Elasticity and its applications5Tuesday, September 17
Wednesday, September 18
Thursday, September 19
September 16 & 18Last Day to Drop Classes without a "W" Grade and Last Day to Add Classes via My91 (ends at 11:59 pm); Last Day to submit Audit | Credit/No-Credit Option Request (DocuSign); Last Day to submit Instructor Drops
Enrollment Census Date (No Enrollment allowed)
Late Add Post Census Request required; Petition on Forms page at 9 am
Taxes and subsidies6Monday, September 23
September 25First (shorter) exam (25%)
Price ceilings and floors7September 30 & October 2The price system: Signals, speculation, and prediction8October 7
October 9Economic calculation, central planning, and the role of markets and prices in coordinating exchange
International trade9October 14 & 16Externalities10October 21 & 23Production, costs, revenues, and profit/loss; the competitive process11October 28 & 30Competition and monopoly (price takers vs. price searchers)12Sunday, November 3
Monday, November 4
November 62 AM: Clocks go back by one hour (PDT ( PST)
Second (shorter) exam (25%)
Monopoly and price discrimination13Monday, November 11
Wednesday, November 13
November 13Veterans Day observedcampus closed
Semester Withdrawal Deadline; Late Enrollment Post Census ends
The writing assignment is due by 6 PM
Further topics in industrial organization14Monday, November 18
November 18 & 20Semester Withdrawal Deadline: Undergraduate, Graduate
Labor markets15November 25
Wednesday, November 27
November 2829Public goods and the tragedy of the (unmanaged) commons
Non-Instructional Daycampus open
Thanksgiving Holidaycampus closed; Rescheduled Holidaycampus closed16December 2
December 4Economics of ideas and intellectual property
Public choice 17December 9
Monday, December 9
Tuesday, December 10
December 11-13, 16-17
Monday, December 16 Wednesday, December 18
December 19 & 20
Economics, ethics, and public policy
Last Day of Instruction
Last Day to Complete Coursework for Incomplete Grades
Study/Conference Day (no classes or exams)
Final exams
Final exam (30%) DMH 166 9:45 AM 12:00 PM
Final exams make-up day
Commencement
- PAGE 6 -
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