Excluding materials for purchase, syllabus information may be subject to change. The most up-to-date syllabus is located within the course in HuskyCT.

Course and Instructor Information

Course Title: Principles of Microeconomics

Credits: 3

Format: Online

Prerequisites: None. Not open to students who have passed ECON 1200.

Professor: Prof. Derek M. Johnson

Email: [email protected]

Availability: My goal is a 24-hour response time to youre-mailed questions. If you haven’theard from me within that time, please e-mail me a reminder. Virtual office hours are every Tuesday from 1:00 p.m. -2:00 p.m. and by

appointment.

Course Web page: https://lms.uconn.edu

Course Materials

If possible, the required course materials should be obtained on or before the first day of class.

The text is available through UConn’s bookstore or directly from the publisher. The UConn Co-op (https://uconn.bncollege.com) carries many materials that can be shipped via its online service.

Required Materials:

Students are required to subscribe to the Myeconlab online resource and homework system.  This online system includes an e-text version of Principles of Microeconomics by Glenn P. Hubbard and Anthony P. O’Brien ,    Pearson Publishing, 8th  Edition, 2021. HuskyCT will provide instructions for setting up and using myeconlab.

You can purchase an access card for Myeconlab and an e-version of the text from the UConn Co-op

(https://uconn.bncollege.com.)  You can also buy an access card bundled with a loose-leaf paperback version of  the textbook if you wish to have a printed book in addition to the e-text.  You can purchase myeconlab separately and then purchase a used book as well.  You can buy either version of the text at a discount directly from the

publisher.

Additional course readings and media are available within HuskyCT, through either an Internet link or Library Resources

Class announcements:

During the semester, I prepare additional course materials.  These materials are distributed to the class via the announcements page.  Once I have posted the materials to the announcements page, these materials are also sent to students' UConn e-mail address. Please check the announcements page or your UConn e-mail

consistently throughout the semester.   Given the accelerated time frame for the class, I recommend it daily.

Course Description

Economics 1201 is an introductory one semester course in microeconomics course.  The course will examine basic principles of choice (how we make decisions), trade and production.  At its core, the class examines markets: how

markets “work,” when they don’t “work as well” and the differences across markets.  The central tool of

microeconomics is supply-and-demand analysis, which we will investigate in detail and apply to a variety of social issues, including price controls, taxation, environmental policy and, time permitting, healthcare issues.  (This is as opposed to macroeconomics, which is taught under the course title Economics 1202 – which studies large-scale   economy-wide phenomena like economic growth, business cycles, and unemployment).  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.  We also look at the interaction between institutions (e.g., government) and legal rules, on the one hand, and markets, on the other. We will also try to have some fun; or at least as much fun as economics can be (which, just so you know, I think can be a lot.)

Course Objectives

By the end of the semester, students should be able to:

Explain scarcity, opportunity cost, comparative advantage, specialization, and the role of marginal cost and marginal benefit analysis in economic decision making.

Identify the determinants of market supply and demand, demonstrate the effect of shifts in supply and demand on equilibrium price and quantity, and discuss the implications of varying levels of price sensitivity on economic

outcomes.

Explain utility maximization and show how utility relates to the law of demand.  Understand the connection between traditional “neoclassical” models of human conduct and behavioral economics.

Explain profit maximization and how production costs determine the firm’s supply behavior. Distinguish between the firm’s short-run and its long-run.

Distinguish between the different market structures (and expected business conduct and pricing behavior within market structures) including monopoly, monopolistic competition and oligopoly.  Identify and explain differing   public policies, such as antitrust, with respect to the large “tech” companies, various market structures and

business conduct.

Explain the role and significance of game theory and behavioral economics in microeconomics.

Evaluate and consider the role of competition and barriers to entry – and the meaning of competition – across markets.

Distinguish between private and public goods. Define externalities and public goods and explain the inefficiencies that result. Analyze government policies designed to mitigate these problems.

Explain the Role of Imperfect Information in Market Outcomes in general and Healthcare Market in particular.

Please note that the above description is tentative and may change during the class.  Any changes will be communicated in an appropriate manner (typically, and at least through, class announcements).

Weekly (Monday to Sunday) Tentative Course Outline (I may extend/alter these topics/deadlines to give

everyone time to “catch their breath.” See below.)

Please note that the above description of topics is tentative and may change during the class.  Any changes will be communicated in an appropriate manner (typically, and at least through, class announcements).

Course Requirements and Grading

Summary of Course Grading:

Discussions

Students will participate in online discussions.  I have attached a summary outline in HuskyCT that has the due dates and more information regarding the discussions.  Exact dates and topics can be found in the detailed

course outline as well.

Myeconlab Homework

Students must subscribe to myeconlab, a graded, online homework system. Students will have one chance per question and will receive immediate grading and feedback. Note that myeconlab also can and should be used for unlimited practice questions through its “Study Plan” feature. All homework will be due at 11:59 p.m. on the homework’s due date.  Late homework assignments are subject to a twenty-five (25%) per day late submission penalty.  For the purpose of calculating final grades, the two lowest online homework scores will be dropped from the homework assignment category.

Quizzes

Each module will include a timed quiz administered via Myeconlab.  These will test your mastery of the week’s course content in a more “test like “condition.  All quizzes will be due at 11:59 p.m. on the quiz’s due date. Unlike homework, however, quizzes must be completed on or before the due dates (that is, there is no late submission

penalty).

Midterm

A timed midterm exam will be administered (through myeconlab as well) following the completion of module three of the course (closing June 18th).  The midterm will require the use of a traditional Internet Browser (e.g.

Explorer, Chrome, Firefox).

Final

A timed final exam (closing July 1st) will be administered (through myeconlab as well) following the completion of module five of the course (June 30th.)  The final will be comprehensive and include material from the entire

course.  It will also require the use of a traditional Internet Browser (e.g. Explorer, Chrome, Firefox).

Grading Scale:

Due Dates and Late Policy

All course due dates will be identified in the class.  Deadlines are based on Eastern Standard Time; if you are in a different time zone, please adjust your submittal times accordingly. Since this is an online course, and each

assessment is available in a window of several days with clearly stated due dates, there will be no make-ups of

missed assessments except under very unusual circumstances. Being away and having no Internet access is not a valid reason. Given that this class is accelerated (in time), I may change or extend dates accordingly as the semester progresses.  (I have done so in the past to give everyone

some time to “catch their breath.”) All changes will be communicated in an appropriate manner.

Feedback and Grades

I will make every effort to provide feedback within 24 hours and grades within 72 hours. Discussion grades should

be available within one week of the due date.  To keep track of your performance in the course, refer to My Grades in HuskyCT and Grades in myeconlab.

Using Office Hours for Online Meetings

I am available by appointment to meet with you via Blackboard Collaborate/WebEx which appears in the Course

Menu of HuskyCt.  If you have any difficulties using Blackboard Collaborate/WebEx, please contact me immediately at[email protected].

Student Responsibilities and Resources

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

section provides a brief overview to important standards, policies and resources.

Student Code

You are responsible for acting in accordance with theUniversity of Connecticut's Student Code Review and

become familiar with these expectations. In particular, make sure you have read the section that applies to you on Academic Integrity:

● Academic Integrity in Undergraduate Education and Research

● Academic Integrity in Graduate Education and Research

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

● University of Connecticut Libraries’ Student Instruction(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&n