Economics: Principles of Microeconomics

Study of individual economic units with particular emphasis on market interactions among firms and households.

Open to Degree and PACE students

This course investigates the foundations of microeconomics. We will study demand and supply and market equilibrium before we proceed to examine decision making on the part of individuals and firms. We will examine how consumers make consumption relevant decisions and derive the demand curve. To derive the supply curve, we will study the behavior of firms and how they make production relevant decisions. We will discuss how various market structures operate and how efficient they are. Through- out the semester we will examine the efficiency of market outcomes, the effect of government intervention and how it relates to efficiency, and what happens when the market fails in achieving an efficient outcome. Upon completion of this course, students will be able to: 1. demonstrate an understanding of the methods and principles of microeconomic theory, including tradeoffs, opportunity costs, incentive effects, gains from exchange, and marginal decision making. 2. explain how markets work and how market prices are determined. 3. show mastery of the theories of demand, supply, consumption, production and cost, perfect competition, monopoly, and imperfect competition. 4. assess the impact of imperfect information, externalities, and public goods on efficiency and welfare, and evaluate possible public policy remedies. 5. use theory to analyze economic policy issues. 6. analyze social/human conditions by understanding how the interests of individuals both support and compete with the interests of groups such as firms, societies, and nations. 7. apply quantitative reasoning to understand and solve problems. 8. demonstrate ability to be critical consumers of information by explaining alternative perspectives and structuring hypotheses to evaluate evidence and distinguish between those alternatives.

The students will need to spend at least 5 hours each week on reading the course materials and weekly homework assignments. Assessment modes: Online homework, in-class quiz and i-clicker quiz, and 4in-class exams. Class Exercise and Attendance: Class exercises and attendance are essential components of this course. During each class period, students will either be given a simple exercise to complete, or attendance will be taken. Late arrival, early departure, non-submission of exercises, or absence will result in a loss of points. Active participation and punctuality are crucial for success in this course. On some days, you will be allowed to use textbooks and/or internet sources, while on other days, no sources will be permitted for class exercises. It is important to listen carefully to the instructor to understand what resources are allowed or not allowed on a given day. Makeup Policy UVM policy requires instructors to inform students of the policy for handling absences and tardiness, including any potential consequences. Makeup for Exam 1 and 2 will be offered only if verifiable documentation is provided. Missing Exam 3 may result in receiving an “incomplete” grade if the student requests it and provides verifiable documentation. Acceptable reasons for makeup exams include serious health issues, bereavement, religious holidays, or required legal appearances (e.g., jury duty, citizenship hearings). Makeup opportunities for other assessments, such as class quizzes and data analysis exercises, will not be offered. However, missed activity points may be waived for the same valid reasons mentioned above. Classroom Etiquette: To maintain a productive and respectful learning environment, it is important for all students to adhere to proper classroom etiquette. Please arrive on time and stay for the full duration of the class. Conversations unrelated to the course content should be avoided during class to minimize distractions for both the instructor and fellow students. Respectful engagement with peers and the instructor is expected at all times, especially during discussions and group activities. Any disruptive behavior that hinders the learning experience of others will not be acceptable, and a warning will be given. Repeated disruptions may result in penalties as outlined by university policy. Common instances of classroom disruption include arriving late, leaving early, eating loudly, or sleeping and snoring during class. Remember that our classroom is a space for open dialogue, so differing opinions should be expressed thoughtfully and respectfully. It is important to note that alcohol and cannabis have no place in an academic environment, as they can seriously impair your ability to learn and retain information, not only at the moment of use but for up to 48 hours or more afterward. These substances can cause issues with attention, memory, and concentration, negatively impact how information is processed and stored, and affect sleep patterns, which interferes with long-term memory formation. Therefore, it is my expectation that you will do everything you can to optimize your learning and fully participate in this course. Academic Integrity The University of Vermont (UVM) Code of Academic Integrity aims to foster an intellectual climate that upholds the academic integrity of the University. All members of the UVM community—faculty, staff, and students—are expected to conduct themselves ethically and adhere to the standards outlined in the University's principles, known as Our Common Ground. Violations of academic integrity, which include any actions that unfairly boost one’s academic standing, are considered serious offenses and will be reported to the Center for Student Conduct. UVM strives to maintain an environment where students can responsibly learn, create, and share knowledge. Upholding academic integrity is essential to the University's mission and its commitment to honorable studies and pursuits. Misrepresentation or dishonesty undermines the University’s credibility and the fair evaluation of student work. Classroom Environment I am committed to ensuring that this classroom is a space where every individual is treated with respect. I welcome students of all ages, backgrounds, beliefs, ethnicities, genders, gender identities, gender expressions, national origins, religious affiliations, sexual orientations, abilities, and other visible and non-visible differences. It is expected that all members of this class contribute to creating a respectful, welcoming, and inclusive environment for everyone. All students are expected to uphold UVM’s commitment to the Classroom Code of Conduct. I anticipate that each of you will work collaboratively to foster an inclusive and respectful learning community. As part of this community, we will strive to encourage and appreciate the expression of diverse ideas, opinions, and beliefs in alignment with Our Common Ground. Meaningful and constructive dialogue is encouraged, which necessitates mutual respect, a willingness to listen, and open-mindedness toward differing points of view. In this class, respect for individual differences and alternative perspectives will be always upheld. Required knowledge of mathematical analysis: Algebra Solving equations and inequalities Understanding functions, including linear, quadratic, and exponential functions Working with exponents and logarithms Coordinate Geometry Understanding the coordinate plane (x-axis, y-axis) Plotting points, lines, and curves Distance and midpoint formulas Slope and intercept concepts

Grading Scheme: A : 95-100%, A- : 90-95%, B+ : 85-90%, B : 80-85%, B- : 75%-80%, C+ : 70%-75%, C : 65%-70%, F : 0-64% Assessment modes: Online homework, in-class quiz and i-clicker quiz, exams. Students will complete 4 exams. Assessments and Credits Exam 1 10% Exam 2 15% Exam 3 15% Exam 4 (comprehensive) 30% Online homework assignments 20% Class Exercise and Attendance 10% Total 100%