class 1 fall 2014
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Economics 103b Introduction to Microeconomics
Milo, a TAs dog
Zoe and Hugo
Boots
Pucci
Mylo
Bella
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
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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
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Did I mention that I love winter? I like to ski
4:20:20 PM
Other guilty pleasures
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4:20:22 PM
Did I mention my dog?
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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!
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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
gfriedma@econs.umass.edu
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!
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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.
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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
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4:20:30 PM
Did I mention that Barack Obama attended the same schools?
Much cooler than me.
Used more drugs.
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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.
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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
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4:20:33 PM
My older one likes dogs and cats
Beowulf
Violet is a Grand Champion
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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.
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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.
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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
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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.
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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!
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4:20:35 PM
My epiphany
My course evaluations were good; my lectures were exciting. But, no one was learning.
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4:20:35 PM
When youve got nothing
You have nothing left to lose.
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4:20:36 PM
No exams; group problem sets
You learn about Free Riding
Maybe you learn from each other?
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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!
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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.
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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 . . . )
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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.
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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
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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.
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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.
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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.
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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)
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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.
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4:29:34 PM
You dont need to know this
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4:29:35 PM
What YOU Need to Know
Powerpoints are on line before class
Videos
He took lousy notes
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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!
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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!
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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 pm4:29:36 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.
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4:29:36 PM
Something Else You Dont Need to Know
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4:29:37 PM
We wont be talking about this guy
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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?
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4:29:39 PM
But we will talk about these people
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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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4:29:39 PM
Roses
Poppies
Unattainable: Too little land
Inefficient: You can have more
Production Possibility Frontier
Afghan Farmers
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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.
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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.)
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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
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4:29:39 PM
A good economy moves the constraints
Rather than fight over crumbs, make life better for everyone.
By working together.
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4:29:39 PM
Take-away points:
Yes we can!
And
Yes you can!
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