Introduction to the Course

ECON 201: Principles of Microeconomics
Lecture 1

Div Bhagia

Today

  • Who am I and why am I here?
  • Who are you and why are you here?
  • What is this class about and will it be fun?
  • How to succeed in this class?
  • A short intro diagnostic (ungraded, obviously)

About me

A street in Delhi
Delhi
The Boston skyline
Boston
A Southern California neighbourhood
SoCal

About you

Go to menti.com

Code: 9617 8896

Or scan the code. Answers are anonymous.

QR code linking to the Mentimeter poll, menti.com code 9617 8896

What is this class about?

  • Economics is about choices when you cannot have everything
  • Microeconomics: the choices of people and firms, and the markets where they meet
  • Macroeconomics, for contrast: the whole economy at once
  • We build a small set of tools, then point them at real questions

Questions we will answer

  • Why do ten companies own most grocery brands?
  • Why does Cheerios cost more than the store brand next to it?
  • When egg prices spiked, was that greed or cost?
  • Who really pays a gas tax, the oil company or you?
  • Do rent caps make housing affordable?
  • Why is there more pollution than anyone wants?

Textbook

The Economy 2.0: Microeconomics, CORE Econ

  • Free to read online
  • Sections listed in the schedule

books.core-econ.org

Cover of The Economy 2.0: Microeconomics by CORE Econ

What your grade is made of

Writing assignment, Part 1 5
Writing assignment, Part 2 10
Quizzes (8 in class, lowest 2 dropped) 30
Midterm 1 15
Midterm 2 15
Final exam (cumulative) 25
Total 100

Three things I ask of you

  • Be here. Attend class.
  • Be present. Phones and laptops away; tablets flat for notes okay.
  • Take part. Participate by completing worksheets, answering questions, and asking questions.

How to succeed

  • Keep up with the reading as it is assigned
  • Do each week’s practice problems before looking at the solutions
  • Go over the slides and the worksheets we do in class each week (everything is on the course website)
  • When in doubt, ask questions in class or office hours
  • If feasible, work with other classmates

What’s next?

  • Today: a short diagnostic quiz
  • Before Wednesday: read the syllabus and the course website, and bring questions
  • Wednesday: How did we end up in a world more prosperous than any before it?