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UniversityofMassachusetts,AmherstDepartmentofResourceEconomics

RESECON102

INTRODUCTIONTORESOURCEECONOMICS

Fall2017TuTh10:00to11:15amThompsonHallRoom106

Professor:Dr.RongRongOffice:217BStockbridgeHallE-mail:rrong@umass.eduOfficehours:Anytimeonworkdays.Pleasemakeanappointmentbyemail.TeachingAssistant:MaxSchreck,mschreck@umass.eduTAOfficeHours:Wed2-4PM,locationTBDCourseDescriptionandObjective:In this class, you will examine a few important microeconomic models and learn how to apply them to understand the dynamics of the economy. We will start by exploring economic decisions made by consumers and producers. We will then combine their actions to form the perspective of economic markets. In certain situation, markets may fail to function properly, sacrificing economic efficiency. We will discuss reasons and solutions for market failures. At the end of the course, you will be able to reason in economics and use the tools you learned from the class to guide your decision in real life. Requiredmaterial:

1. Saplingonlinelearningsystemisrequired.Saplingisanonlineproductthatcontainsalllearningmaterialthatyouwillbeusingforthiscourse(lectureslides,homework,quiz,etc).You will be given an option to purchase your account without or with the ebook ($40/$90). If you opt to NOT purchase an ebook, you are required to buy a physical copy of the textbook (See textbook info below). Please follow the instruction at the last page of the syllabus to register your account. There is 2-week payment grace period in case you decide to drop the class.

2. iClicker2. This is a personal response system that you will use in class to respond to questions. The first generation iClicker is not compatible with this class. If you have purchased an iClicker2 for another class, you may use the same device for this class.

★★★ You cannot share any of the above items. ★ ★ ★

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Optionalmaterial:

1. If you signed up for a sapling system with ebook and prefer to own a physical copy as well, you may buy it either from campus bookstore or from other online sources. Here is the title of the book: Tyler Cowen and Alex Tabarrok, Modern Principles: Microeconomics, 3rd Edition, ISBN-13: 978-1429278416; ISBN-10: 1429278412 The book is on reserve at the library.

2. Basic calculator: Once in a while you will need a calculator in class. Only basic calculators (no graphing or text storing calculators) will be allowed during exams.

OtherResource:The Learning Resource Center located on the 10th floor of the W.E.B. Du Bois Library offers tutoring services for various courses. Find out more at http://www.umass.edu/lrc/ Grades:Gradeswillbecalculatedaccordingtothefollowingpercentages: Percentage When Online Pre-class Quizzes 10% (lowest one dropped) Assigned nearly every

Thursday, Due before the Tuesday lecture starts

Online Homework 30% (lowest one dropped) Assigned nearly every Thursday, Due in 7 days

iClicker 10% (lowest two dropped) Mostly every lecture Midterm 20% Oct 19th, 7-9PM Final 30% TBD Total 100%

★★★Grades are NOT curved in this class. You will receive a letter grade according the scale below. Letter Grade

A A- B+ B B- C+ C C- D+ D F

Course Grade

94 90 87 83 80 77 73 70 67 60 -

Grade Points

4 3.7 3.3 3 2.7 2.3 2 1.7 1.3 1 -

Notes on the Online Pre-class Quizzes

• For the best learning result, you are required to read the textbook material prior to the lecture. There is a pre-class quiz each week on Sapling to check that you have read the content and have acquired basic comprehension of the material.

• The quiz is Due BEFORE the Tuesday lecture starts (10AM). • Quizzes give feedback immediately. Quizzes have unlimited trial. If you have

read the assigned chapter beforehand, it should be possible to gain full credit as long as you try reasonably hard.

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• The lowest scores among your quizzes will be dropped to remedy a low score or a missing submission due to any personal reasons (sick, family, etc). Please use your drop wisely as I do not offer other make-up quizzes for any other reasons.

Notes on the Online Homework • There are 10 homework assignments. Homework is turned in using Saplings. • I will drop the lowest homework score. Similarly, please use your drop wisely.

There will be no make-up homework once you used your drop. • Technical problems with Sapling should be reported right away to Sapling’s

Custom Technical Support email (support@saplinglearning.com). The responses from them are usually very quick. For more urgent fixes, call the tech support number: 1-800-936-6899. You can find their hours of operation in the following link: https://community.macmillan.com/docs/DOC-6915-students-still-need-help

• An announcement will be made in class and in Moodle when a new homework is posted. It is your responsibility to find out when homework is due.

Notes on the iClicker Questions

• iClicker will be used in almost all lectures. It is your responsibility to bring yours to the class. You cannot share device with your classmates. iClicker responses start to count toward your grade from Sep 19th .

• For each response you enter, you earn half a point regardless of your answer. You earn another half point if you enter the correct answer.

• Students must bring their iClicker to each class session. Failure to do so will result in no credit for your attendance.

• The lowest two session grades will be dropped (Either forgetting iClicker or absence qualifies).

Notes on the Exams • Midterm will be held from 7 to 9 pm on October 19th. The day of the exam, the

lecture will be cancelled. • Final exam will be held on TBD. Final is comprehensive. • There will be no make-up tests given for the midterm and final, except under

extenuating circumstances as defined in section VIII of the Academic Regulations available at http://www.umass.edu/registrar/sites/default/files/academicregs.pdf .

• Academic Conflict with Exams I will provide a make-up exam only to eligible students according to the university rules. These rules apply to students for whom midterm exams conflict with another evening exam or class. Please have the Registrar’s Office verify the conflict and bring me this verification at least one week before the exam.

Exam Protocol

• Please wait outside the room until we open the doors. • Sit yourselves where there is an exam copy, usually a desk away from the next

neighbor. • Bring pencils, eraser, straight edge, basic calculator, and your student ID to all

exams.

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• Don’t bring backpacks or anything that may clutter the rows on exam days. It makes it difficult for people who want to leave early to do so. Leave your backpacks at home or in the front of the classroom.

• Go to the bathroom before the exam. If you need to go to the bathroom during the exam, please bring your exam and smartphone to the proctor.

• No talking is allowed during exams. • Anyone not in compliance with the exam protocol will be asked to leave.

CommunicationChannel:I make class announcement (assignment due date, exam time and location, class cancellation, etc) using Moodle throughout the semester. It is your responsibility to make sure that your account is activated and that you check it regularly. CivilityinsidetheClassroomStudents are expected to assist in maintaining a classroom environment that is conducive to learning. In order to assure that all students have the opportunity to gain from time spent in class, certain basic standards of classroom respect must be adhered to. Respect does not eliminate appropriate humor, enjoyment, or other indications of a comfortable and pleasant classroom community. However, there is an expectation that all participants in this course will:

• Display respect for all members of the classroom community: your instructor, TAs and fellow students.

• Attend and participate in lectures, discussions, and other classroom activities. • Avoid unnecessary disruptions during class such as private conversations,

checking facebook and other sites unrelated to the class content, arriving late or leaving early, eating, drinking, and sleeping during class.

• Laptops or tablets should only be used to take notes, and cell phones to do calculations.

• Please wait for the class to be formally dismissed before you start to pack up your things or get up to leave.

• Avoid negative language that is considered racist, sexist, or homophobic or in other ways may exclude members of our campus and classroom community.

CivilityoutsidetheClassroom

• Please be respectful and use appropriate language when communicating with me and TA over e-mail. E-mail is appropriate when used to schedule an appointment or for short questions to clarify class assignments or specific items from a lecture.

• E-mail is frequently not a good substitute for meeting with me. Sometimes, it becomes impossible to explain a particular problem by email, especially when it involves graphic or equation manipulation. Office visits are the best way to ask questions about general course material, and to discuss classroom issues or any other special concerns you may have about your class performance.

StudentswithSpecialNeeds:

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Students who need accommodation for a learning, physical, or psychological disability should contact campus Disability Service (located at 231 Whitmore, 413-545-0892) and they will provide documentation for your case. Proper accommodation will be made once I receive this document. AcademicHonesty:Academic dishonesty will not be tolerated. Any student charged with any form of academic dishonesty in any class assignment/exam will receive a grade of F for the course. The official University Policy will be followed to the fullest extent in such cases where academic dishonesty is suspected. Please read what constitutes academic dishonesty in section I. of the Academic Regulations available athttp://www.umass.edu/registrar/media/academicregs.pdf

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TentativeClassCalendarSun Mon Tue Wed Thu Fri Sat

Sep/3 Sep/4

Sep/5 Introduction

Sep/6

Sep/7 Lecture 1: What is Economics? HW 1 assigned Quiz 1 assigned

Sep/8

Sep/9

Sep/10

Sep/11

Sep/12 Lecture 2: Demand Quiz 1 Due

Sep/13

Sep/14 Lecture 3: Supply HW 2 assigned Quiz 2 assigned HW 1 Due

Sep/15

Sep/16

Sep/17

Sep/18 Last day to drop with no record

Sep/19 Lecture 4: Equilibrium (i>Clickersstartcountingtowardyourgrade) Quiz 2 Due

Sep/20

Sep/21 Lecture 5: Equilibrium HW 3 assigned Quiz 3 assigned HW 2 Due

Sep/22

Sep/23

Sep/24

Sep/25

Sep/26 Lecture 6: Elasticity of Demand Quiz 3 Due

Sep/27

Sep/28 Lecture 7: More Elasticity HW 4 assigned Quiz 4 assigned HW 3 Due

Sep/29

Sep/30

Oct/1

Oct/2

Oct/3 Lecture 8: Price Ceiling Quiz 4 Due

Oct/4 Oct/5 Lecture 9: Price Floor HW 5 assigned Quiz 5 assigned HW 4 Due

Oct/6

Oct/7

Oct/8

Oct/9 Holiday

Oct/10

No Class (Monday schedule will be followed)

Quiz 5 Due

Oct/11

Oct/12 Lecture 10: Tax HW 5 Due

Oct/13

Oct/14

Oct/15

Oct/16

Oct/17 Lecture 11: Subsidy

HW 6 assigned Quiz 6 assigned

Oct/18

Oct/19

Midterm (NO CLASS)

Oct/20

Oct/21

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Oct/22

Oct/23

Oct/24

Review Session

HW 6 Due

Oct/25

Oct/26 Lecture 12 Externality Quiz 7 assigned HW 7 assigned Quiz 6 Due

Oct/27

Oct/28

Oct/29

Oct/30

Oct/31 Lecture 13: Solution for Externality Issues Quiz 7 Due

Nov/1

Nov/2 Lecture 14: Public Goods Quiz 8 assigned HW 8 assigned HW 7 Due

Nov/3

Nov/4

Nov/5 Nov/6

Nov/7 Lecture 15: Competition I Quiz 8 Due

Nov/8

Nov/9 Lecture 16: Competition II Quiz 9 assigned HW 9 assigned HW 8 Due

Nov/10

Nov/11

Nov/12 Nov/13

Nov/14 Lecture 17: Monopoly Quiz 9 Due

Nov/15

Nov/16 Lecture 18: Price Discrimination Quiz 10 assigned HW 10 assigned HW9 Due

Nov/17

Nov/18

Nov/19-Nov/25 Thanksgiving Recess Nov/26

Nov/27

Nov/28 Lecture 19: Trade and Comparative Advantage I Quiz 10 Due

Nov/29

Nov/30 Lecture 20: Trade and Comparative Advantage II HW11 assigned HW 10 Due

Dec/1

Dec/2

Dec/3

Dec/4

Dec/5 Put Everything Together I

Dec/6

Dec/7 Put Everything Together II HW11 Due

Dec/8

Dec/9

Dec/10 Dec/11 Dec/12

Q&A Session

Dec/13 Dec/14

Dec/15

Dec/16

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FREQUENTLY ASKED QUESTIONS

I. What is Moodle? Moodle is Umass’ official online class management system used to deliver course content and host online learning activities. For details on using Moodle, see: http://www.oit.umass.edu/support/moodle/help-students

II. How Do I Access Moodle?

1. Go to the OIT website at: http://www.oit.umass.edu/ 2. Click on “Moodle” on the top bar. 3. Enter your NetID (OIT User Name and Password).

a. Note that to enter Moodle you must have an active OIT account and know your user name and password. b. If you do not have an active OIT account, to access the course materials on Moodle you will need to activate your account. (For information on how to activate your account see http://www.oit.umass.edu/accounts/.) c. The first time you use Moodle, check your browser. Select “Browser Recommendations for Moodle.”

4. Under “My Courses” click on: “RES-ECON 102-SEC 01 Intro Resource Econ Fall 2016.”

III. What is on Moodle?

1. General Course Materials: syllabus and announcements 2. Important Announcement (class cancellation, exam date and location, etc) 3. Reminder for weekly readings, quizzes, homework, etc. 4. Your grades 5. Use Quickmail to contact me

IV. What is NOT on Moodle? 1. Pre-Class quizzes, homework assignments. Only a placeholder exists in

Moodle so you can see the due dates of those assignments in your calendar along with your other classes. The real content of the assignments can be accessed through Sapling.

2. Book chapters and lecture slides. Access these content through Sapling. V. How Do I Register My i>Clicker?

1. Log in to Moodle and navigate to the RESEC 102 course page. 2. Go to the bottom of the right column, under “i>clicker,” click on “Remote Registration” 3. Enter your Remote ID (see the picture showing how to locate it). 4. Click “Register”

VI. How Do I Access Sapling?

See the Sapling “Student Registration and Payment Instructions” information sheet on the next page.

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Student Instructions

Go to http://saplinglearning.com and click “US Higher Ed” at the top right. 1 If you already have a Sapling Learning account, log in and skip to step 5. 2 If you have a Facebook account, you can use it to quickly create a Sapling Learning account. Click the blue button with the Facebook symbol on it (just to the left of the username field). The form will auto-fill with information from your Facebook account (you may need to log into Facebook in the popup window first). Choose a password and your time zone, accept the site policy agreement, and click "Create my new account". Go to step 5.

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Otherwise, click the "Create an Account" link. Supply the requested information and click "Create My Account". Check your email (and spam filter) for a message from Sapling Learning and click on the link provided in that email.

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Find your course in the list (you may need to expand the subject and term categories) and click the link.

5 If your course requires a key code, you will be prompted to enter it. 6 If your course requires payment, select a payment option and following the remaining instructions.

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Once you have registered and enrolled, you can log in at any time to complete or review your homework assignments. During sign up or throughout the term, if you have any technical problems or grading issues, send an email to support@saplinglearning.com explaining the issue. The Sapling Learning support team is almost always faster and better able to resolve issues than your instructor.

*** NOTE: Your course text is available as a low cost online eTextbook ***

You can search, highlight, take notes, and each homework question is linked back to the appropriate section in the eTextbook for immediate instructional help. You may purchase the eTextbook in step 7 on the homework payment screen.