Economics 1

Principles of Microeconomics
Instructor:
Ted Bergstrom

No Crashes
I am sorry, but the class full. There is no
waiting list.
No more students will be admitted for this
term.
Econ 1 is offered every term. In fact, two
classes will be offered next term.

Textbooks
Experiments with Economic Principles:
Microeconomics 2d Edition by Bergstrom
and Miller
Introduction to Economic Analysis
by R. Preston McAfee. Available for free
online at http://www.introecon.com

Clickers
You must buy a clicker at the UCSB bookstore.
Must be an Interwrite PRS. Use the
instructions that come with it to enter your perm
number.
Questions will be posted on screen. You will use
your clicker to send in answers, which we
record.
We record answers and attendance.
Clicker scores count for extra credit toward your
course grade. See syllabus.

Course Syllabus is Online

All of the course rules, and a complete
schedule of acativities for the rest of the
term is available at the class website.
Go to Economics Home Page
Then click Class Pages, Then Econ 1
Read it carefully.

Class Web Page

You will need to check it regularly. It has
daily schedule of experiments, lectures,
quizzes.
Data needed for homework appears each
week.
Also practice questions for quizzes and
final.
Lecture slides will be posted on web.

Scientists and Lab Rats

In this class, you get to be both a scientist
and a lab rat.
Each week we do a market experiment.
You are the participants.
We record the data and you analyze the
results. You are the scientists.
In the texts and the lectures, we present
theories that explain results observed in
the lab.

Experiments and Theory

Experiments are conducted in your
section, every week (starting next week).
These give you experience with the
economic actions you are about to study.
We present a theory that predicts
outcomes in the experiments. We test the
theory by seeing how well it accords with
the data. We motivate the theory by
acting out the events that it deals with.

The Routine
Each week, before section, read
experiment rules and do warm up
exercises.
Participate in experiment.
Read text assignments. Attend Lecture
Data from your section will be posted.
Use this data to do your homework.
Turn in homework in section next week.

Grading

Performance in market experiments 15%

Homework 10%
Two scheduled quizzes 30%
Final Exam 45%
Extra credit for high clicker scores, up to
10%.
Missing more than half of lectures will
cost a letter grade.

Quiz Dates
Quiz 1, Weds, October 24
Quiz 2, Monday, November 19
There are no makeup quizzes. If you miss
one quiz, the weight placed on your final
exam will be increased accordingly.
If you miss two quizzes, you fail the course.

Final Exam
Regularly Scheduled time: Friday, Dec 14,
12-3 pm
No makeups.
No alternative times.
If this doesnt work for you, take Econ 1
next quarter.

Sections
You must attend the section that you are
registered for.
You will not be allowed to switch sections.

Your First Econ 1 Lesson

Caveat Emptor: What does it mean?
Let the buyer beware.
We try to make Econ 1 interesting,
informative, and fun
But we dont claim it is easy.

What to expect
You must come to class and to section.
You must turn in homework every week.
You must keep up with reading assignments
from two textbooks.
This is a 4 credit hour class and we expect
students to spend an average of 2-3 hours
studying for each hour of class. That is
8-12 hours a week.

Estimated Grade Distribution

based on previous quarters

A
B
C
D
F

12%
30%
30%
20%
8%

An alternative to Econ 1
If you dont intend to major in economics, you
are still very welcome.
But if you dont want to work quite so hard
and need the credits to fulfill requirements in
another major, you should consider
Econ 109, which will be offered next quarter.
For some dept, 109 is a substitute for Econ 1
AND Econ 2.
Check with your own department to see if this
works.

Dropping Econ 1
The last day for dropping courses is
October 24.
You may petition for a late drop after that
date,
But, except for documented medical
problems, I will not support your petition.

A gentle reminder
Be sure to go to the section that you registered
for. You will not be allowed to participate in any
other section.
Be sure to arrive on time. Late arrivals may not
be able to participate.

Campbell Hall Acoustics

We are about 500 people in a hall where
sound travels.
Be courteous to your neighbors.
Dont chatter during lecture.
If you must leave early, let me know in
advance. Sit near the back at the end of a
row.

Clicker Practice
A) I have a clicker and it is working.
B) I have a clicker and I hope it works.
C) I dont have a clicker, but when I pull my
left ear

What to do next
Get your textbooks and your clicker.
Read the syllabus at class website
Go to Economics Dept home page, click on
Class Pages link, then Econ 1
Read Chapter 1 of McAfee online text.
Come to class on Monday

See you later