Economics 103b Introduction to Microeconomics
4:20:20 PM
Economics 103 Fall 2014Introduction to Microeconomics
Mahar 108
Section 2: M 8:00-8:50
Sections 3, 4, 5, 6: W 8:00-8:50
You are always welcome to come to both.
On your nonclass day, study the online material and do online
quiz
You should always study the online material
Did you have a good summer?
I did some travelling and gave lots of talks. Rewrote the
textbook. Wrote some articles. Worked in my wifes garden. Some
fun.
Built a drip irrigation system for my wifes garden. More
fun.
Walked the dog. Fun!!
Spent time with my daughters! We watched Penny Dreadful and
Broad City. More fun!!!
I spoke at a senate hearing
Did I mention that I love winter? I like to ski
4:20:20 PM
Other guilty pleasures
4:20:22 PM
Did I mention my dog?
Why you dont want to be here
He needs to teach more basics more graphs. I felt like I learned
more about pot and animals than economics. Hes too opinionated.
ZING!
Teach with less of a bias. Ill try!
He didnt teach me anything. ZING!
I didnt learn anything other than everyone should smoke pot and
have sex . . . Well, yeah.
It is too early. True.
Be careful not to hit students with chocolate. Ill try!
Dont go through slides so fast. Ill try!
More reasons why YOU REALLY DO NOT WANT TO TAKE THIS CLASS
I have learned absolutely nothing. Surprisingly, you put me to
sleep. The class needs more structure.
I hated this class.
DONT TALK ABOUT SHIT LIKE BASEBALL FOR 20 MINUTES EVERY
CLASS.
When someone found something to like, it wasnt me
Hold more problem set help sessions & bring Beowulf.
Economics is scary. I need help.
Are you still here?
Did I mention that I am a Yankee fan?
Will you leave now?!?!
4:20:27 PM
Me
Professor Gerald Friedman
Office: 926 Thompson
W 10:30-12:30 by appt
[email protected]
You see me Monday (103-2) or Wednesday (103-3 4 5 6)
I plan the course, do the lecture, do the video lectures, write
quizzes and problem sets.
My textbook, sold cheap. Saves you a lot of money.
Oops!
More about me
I grew up on Long Island.
I went to school in NYC and then Cambridge (MA).
I grew up thinking that everyone was from New York.
My siblings still think that.
My brothers live in the upper left.
4:20:29 PM
My schools were pompous.I studied all the time. I was a boring
nerd.
My daughters think that I am still a boring nerd
4:20:30 PM
Did I mention that Barack Obama attended the same schools?
Much cooler than me.
Used more drugs.
Class rules
Its early. Be gentle to each other.
If you come in late, dont walk in front of me, or behind me.
Drink coffee but dont make a mess.
Its only a class. Its only Economics so who really cares?
Have fun.
You are not in High SchoolWe treat you like you are in Grad
School
My high school on Long Island
You are expected to learn from written and video material.
Watch the videos, do the readings, and read the online
powerpoints.
Even when I dont finish the powerpoint, you are responsible for
the whole thing!!
Blended class
Things we have learned
Connections with others make the class better
Do problem sets and home quizzes with others.
Students do best when they use the textbook and Real World
Micro
Get them, use them, do the readings.
Many came to both lectures when they need help
You are always welcome to come to both classes
We are here for you
Ask questions of your Teaching Assistants, or of me.
Secret: you can come to both lectures, if you want.
Keep it secret.
4:20:33 PM
My younger daughter likes sheep
4:20:33 PM
My older one likes dogs and cats
Beowulf
Violet is a Grand Champion
4:20:33 PM
Your Teaching Assistants
Meet them for section.
They give you grades. They are always right.
They are good people, know a lot of economics, and they want to
help you. Be nice to them. Or else.
4:20:34 PM
Sections start this week
Be there. Or else.
Except if you are celebrating religious holidays. In that case,
contact your TA.
4:20:34 PM
Ive been teaching Introduction to Microeconomics for 32
years
Is it time to retire?
My kids think that I jumped the shark a long time ago
I am a full professor with tenure. I dont need to be here. I am
here because I want to.
I LOVE this class.
You guys are fun.
Micro is important.
Most micro teaching is wrong.
4:20:35 PM
I teach Econ 103 every year
5-10% of U. Mass undergrads have me.
People know me all over the Commonwealth. I have to behave.
Former students have greeted me on the streets in LA, NYC,
London, Paris.
4:20:35 PM
Tell me about YOU
Something about yourself that you would like me to know. Maybe
something that makes you proud.
Something that worries you about this class.
Send me pictures of your pets!
4:20:35 PM
My epiphany
My course evaluations were good; my lectures were exciting. But,
no one was learning.
4:20:35 PM
When youve got nothing
You have nothing left to lose.
4:20:36 PM
No exams; group problem sets
You learn about Free Riding
Maybe you learn from each other?
Videos so you can learn outside of class
I wrote my own book
Sold at cost, it saves you about $100.
It has my economics.
Gerald Friedman, August 2014
Now in the official edition 1.0.
This edition is different from earlier editions; get it.
Can you identify the elephant!
The Books.Get them. Read Them.
You can get the books:
Textbook Annex has the new edition.
Amherst Books (downtown Amherst) has the previous edition not as
good but a little cheaper. And almost as good.
Amherst Books has Real World Micro, 21st edition. Get it there.
And go across the street to the Black Sheep Deli, best in town!
4:20:36 PM
To keep you awake, I call on you.
And give you chocolate.
Even if you dont say anything.
This is not an incentive program: it is an expression of
friendship, appreciation that you came to class.
4:20:37 PM
My daughters think this is unfair
Younger daughter likes big lecture classes where she can
concentrate without worrying about having to talk.
Also, I have to be careful not to call on pretty women all the
time. (I rotate male-female, left-right-center . . . )
4:20:37 PM
Calling on people lets me know when I have lost you.
You may have better things to do than to listen to me.
4:20:37 PM
To get you to class, I give quizzes.
Every class. Every online lecture!
30% of your final grade.
We drop 2 (one online, one inclass).
Not all count. I flip a coin.
Quizzes tell me what you have learned.
Quizzes make my students sad.
They also come to class.
Economics 103 Your
Name:__________________________________________
Professor Friedman Your
TA:____________________________________________
Fall 2008 Your Section Time and
ay:_____________________________
October 6, 2008Please write neatly!
Quiz
Online quizzes are on the course (moodle) site
For your home days, do the readings, watch the videos, review
the notes, and then do the quiz. Print out your answers and bring
to section.
In-class quizzes count more
Some are distributed at the beginning of class.
Some at the end.
They are all handed in at the end. Hand them into your TAs
pile.
If you miss quiz for a University-sanctioned reason (illness,
sports, religious observance), write me before the next class and I
will arrange a make-up.
4:20:38 PM
Quizzes are expensive
They take class time.
The T.A.s have to grade them.
Those who teach after me hates my quizzes because my classes go
overtime.
Again: If you miss a quiz . . .
If you have a University-sanctioned excuse (e.g. medical,
religious, family emergency): contact me before next class, and Ill
send you a make-up.
If you just screwed up (e.g. overslept), then remember that we
drop a quiz.
4:20:38 PM
What YOU Need to Know
Course web site :
Moodle.umass.edu
The whole course is there.
Syllabus, reading assignments, due dates, videos, problem sets,
notes.
What YOU Need to Know
Books: The following are required and available for purchase at
Amherst Books in downtown Amherst:
Gerald Friedman, Microeconomics: Individual Choice in
Communities (edition 1.0)
Dollars and Sense: Real World Micro (21st edition)
4:29:34 PM
Amherst Books is in downtown Amherst, across from town hall and
the Black Sheep
On your way, go to Henions Bakery and get a donut.
4:29:34 PM
You dont need to know this
4:29:35 PM
What YOU Need to Know
Powerpoints are on line before class
Videos
He took lousy notes
4:29:35 PM
What YOU Need to Know
STOP ME WHEN I AM NOT CLEAR!
Be a hero and ask a question.
If you do, everyone should pay you for public service!
4:29:35 PM
What YOU Need to Know
This is a lecture class.
But, I want to hear from you!
Quizzes.
Talk!
Send me mail!
73243103-03AALacey MowerInteg. Learning Center N155Fri10:10 am
- 11:00 am73174103-03ABRaphael GouveaMachmer Hall room E-10Fri11:15
am - 12:05 pm73175103-03ACRaphael GouveaMachmer Hall room
W-21Fri12:20 pm - 1:10 pm73176103-03ADLacey MowerHasbrouck Lab Add
room 109Fri1:25 pm - 2:15 pm73177103-03AEJunshang LiangInteg.
Learning Center N155Fri2:30 pm - 3:20 pm73178103-03AFLacey
MowerInteg. Learning Center N155Fri9:05 am - 9:55
am73179103-03AGRaphael GouveaMachmer Hall room W-27Fri10:10 am -
11:00 am73180103-03AJJingjing WuHasbrouck Lab Add room 109Fri11:15
am - 12:05 pm73181103-03AKLacey MowerHasbrouck Lab Add room
109Fri12:20 pm - 1:10 pm73182103-03BAEric HoytTBAFri1:25 pm - 2:15
pm79304103-03BBJingjing WuHasbrouck Lab Add room 109Fri10:10 am -
11:00 am79305103-03BCJingjing WuHasbrouck Lab Add room 107Fri9:05
am - 9:55 am79306103-03BDEric HoytDickinson room 114Fri2:30 pm -
3:20 pm79307103-03BEBen ChalmersMachmer Hall room W-11Mon4:00 pm -
4:50 pm73244103-04AAWeikai ChenMelville Room 130Fri11:15 am - 12:05
pm73270103-05AAWeikai ChenMelville Room 130Fri9:05 am - 9:55
am73187103-06AAWeikai ChenMelville Room 130Fri10:10 am - 11:00 am
Your discussion sections (Wednesday people)
Discussion sections for Monday people
73194103-02AAEric HoytSchool of Management Room G35Thurs4:00 pm -
4:50 pm73195103-02ABAlexander MozellSchool of Management rm
118Thurs1:00 pm - 1:50 pm73196103-02ACAlexander MozellSchool of
Management Room G31Thurs2:30 pm - 3:20 pm73197103-02ADRohini
KamalSchool of Management rm 126Fri11:15 am - 12:05
pm73198103-02AEJunshang LiangSchool of Management rm 129Fri12:20 pm
- 1:10 pm73199103-02AFBenjamin Alastair ChalmersSchool of
Management Rm G29Fri1:25 pm - 2:15 pm73200103-02AGRohini
KamalSchool of Management Rm G29Fri9:05 am - 9:55
am73240103-02AJDidier WayoroSchool of Management rm 133Thurs10:00
am - 10:50 am73241103-02AKAlexander MozellSchool of Management Room
G31Thurs4:00 pm - 4:50 pm73242103-02BATheresa BlanksonSchool of
Management Room G27Thurs11:30 am - 12:20 pm73330103-02BBJunshang
LiangSchool of Management Rm G26Fri9:05 am - 9:55
am79298103-02BCRohini KamalSchool of Management Rm G29Fri10:10 am -
11:00 am79299103-02BDMamunuru Sai MadhurikaMachmer Hall room
W-15Fri11:15 am - 12:05 pm79300103-02BEMamunuru Sai
MadhurikaMachmer Hall room E-10Fri12:20 pm - 1:10
pm79301103-02BFMyles DayMachmer Hall room E-35Fri1:25 pm - 2:15
pm79302103-02BGMyles DayMachmer Hall room E-10Fri2:30 pm - 3:20
pm79303103-02BJBen ChalmersTBAFri2:30 pm - 3:20 pm
4:29:36 PM
When I call on you, I will give you a chocolate
A secret: If you are having one-of-those days, Ill give you a
chocolate for free.
4:29:36 PM
Something Else You Dont Need to Know
4:29:37 PM
We wont be talking about this guy
4:29:37 PM
What is Economics 103 About?And why should I care?
Economics is the production and distribution of well-being.
In America, we organize our economy in a capitalist system where
a few people own the means of production and employ others.
Is capitalism efficient?
Is capitalism fair?
4:29:39 PM
But we will talk about these people
4:29:39 PM
Graph of the Day:Production Possibilities Frontiers
Production possibility frontier: maximum output given (physical)
constraints.
You could grow poppies or roses.
More poppies, fewer roses.
More roses, fewer poppies. More roses less heroin land is used
for poppies
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Roses
Poppies
Unattainable: Too little land
Inefficient: You can have more
Production Possibility Frontier
Afghan Farmers
4:29:39 PM
Moving along the line you get more poppies by shifting resources
away from producing roses.
The price of poppies is the roses you dont produce.
The opportunity cost of roses is the poppies you dont produce
and vice versa.
4:29:39 PM
Assumptions slip in here
All resources are used efficiently the only way to get resources
for poppies is to take some from roses.
Line is downward sloping -- producing roses doesnt help you
produce poppies. (Poppies and roses are production substitutes, not
complements.)
4:29:39 PM
Production Possibility Frontier is for Physical Constraints, not
Social
In social life, we may have more of both if we learn to play
together well.
Sex or Sleep?
Life can be better with both
sex
Sleep
More sex, better sleep, happier people
4:29:39 PM
A good economy moves the constraints
Rather than fight over crumbs, make life better for
everyone.
By working together.
4:29:39 PM
Take-away points:
Yes we can!
And
Yes you can!
