Final Course Evaluation

I would very much appreciate if you could give me feedback on our course this semester.  Course evaluations are the primary way I can improve the course.  Could you please respond to the following questions using the “Send Greenlaw an Anonymous Message Link“?  Thanks very much!

  1. What most helped your learning in this course?
  2. What most hindered your learning?
  3. What did you think of the content in the text?  To what extent did it explain the material in a way you could understand?
  4. To what extent did you find the online version of the text useful?  Did you purchase a printed copy of the text?  Which did you use more and why?
  5. What did you think of the flyxx labs?  To what extent were the questions useful to you in learning the material and preparing for the exams?
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Mid-term Evaluation

This is a good time to think about your learning in this class.   Over the next few days, could you go to the anonymous comment form and answer the following questions:

  • How am I doing in this class?
  • What suggestions/concerns do you have for improving it?
  • What can I do to improve your learning in this class?

Your anonymous comment will be very much appreciated!

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Features of Good Scholarly Writing

This is a Writing Intensive course, which means that not only should you write but also you should receive some instruction in writing.  Here are the things I look for in good writing, whether a paper is 100 words or 100 pages:

1. Good Writing Should Be FOCUSED, not FUZZY;

i.e. It should have a point!
“Early” in the paper, the author should make clear to the reader exactly what the paper is about.

2. Good Writing Should Be ORGANIZED.

[ i.e. the paper should have a hierarchical structure in support of the thesis ]

By this, I mean more than just the formal structure of a paper:

i.e. Intro, Body, Conclusion

· What are the MAJOR POINTS that you want to make which lead logically to your conclusion (i.e. which prove your thesis)?

[ These are the principal pieces of evidence to support your argument ]

· What is the BEST ORDER of those points?

· Are there any WEAK or MISSING LINKS in the logic? (If so, FIX THEM!)

· Are there any SUPERFLUOUS POINTS (i.e. points which don’t lead to the conclusion?) (If so, OMIT THEM!)

Note: This organization becomes the outline for the “body” of the paper.

3. Good Writing Should Be SOLIDLY DEVELOPED

[ How? Use the same hierarchical structure at the paragraph level ]

Once the major points are determined, each of those points needs to be explained in detail, and supported by evidence!

4. Good Writing Should Be CLEAR, CONCISE, and PRECISE.

Clear writing indicates clear thinking. (Petr, 1998)

If a writer can’t say it clearly, they don’t fully understand the point.

5. Good Writing Should Be Free of GRAMMATICAL ERRORS.

IMHO, the three most egregious grammatical errors are:

(i) Subject ‑ Verb Agreement Problems

(ii) Sentence Fragments

(iii) Run‑On Sentences

 

What is the purpose of style and grammar (the mechanics of writing)? It’s not rules for rule’s sake, but simply to aid communication!

This is not “mere grammar”, but rhetoric and argumentation!

i.e. this is all about making your point in a convincing way.

I agree that “content” matters more than mechanics, but in practice, they are difficult to separate. Why? Because failure to write “well” inhibits communication of the content.

** The ultimate test of good writing is whether or not the reader is convinced of the thesis of the paper.

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Welcome!

Welcome to ECON 202, Principles of Microeconomics!

Please enable Javascript and Flash to view this Flash video.

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Exam Week Office Hours

I will be in most of the day tomorrow (except for lunch) until 5pm.

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Outline for Material since the Second Exam

Income Distribution and Labor Markets:

  • What is income?
  • What does your income depend on?
  • What is financial capital?
  • What is a capitalist?
  • How does an active owner differ from a passive owner?
  • First Rule of Labor Markets
  • Firms demand labor because of the revenues that the firm can obtain by selling labor’s output (i.e. the marginal revenue product)
  • Firms hire labor as long as MRP > w (in a competitive labor market)
  • What is a perfectly competitive labor market? How does one work? [ Show and be able to use the model ]
  • What is monopsony? How does one work? [ Show and be able to use the model ]
  • What is a union
  • What is a bilateral monopoly?
  • What causes poverty?

Environmental Economics:

  • What is an externality? What’s a positive/negative externality?
  • Why does pollution represent a market failure? [ Show and be able to use the model ]
  • What is the socially optimal level of pollution?
  • Why do we have externalities?
  • What is the difference between restricted and unrestricted, common and private property?
  • Explain how regulation (quantity restrictions) and economic incentives (effluent charges or taxes) can reduce the amount of pollution.
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Office Hours during Exam Week

I plan to be in the office Tuesday and Wednesday afternoon, and all day Friday.  If you want to meet with me, it’s always best to make an appointment, but if I’m free I happy to take ‘walk-in customers’.

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Outline for Material on the Second Exam:

Production and Costs

  • Output is produced by combining inputs: Q = f[ L, K, Entrepreneurship, etc..]
  • Fixed versus Variable Inputs
  • Every factor of production (i.e. input) has an associated factor price.
  • Explicit versus Implicit Costs
  • Accounting versus Economic Profits
  • Short Run Production…. Diminishing Marginal Productivity
  • Long Run Production
  • Marginal Average Rule
  • Total, Average and Marginal Product
  • Short Run Costs versus Long Run Costs
  • Total, Average and Marginal Costs, Fixed versus variable costs

Mechanics of Producer Equilibrium

  • Market Demand versus the Firm’s Demand
  • Profit Maximization using the Total Approach
  • Profit Maximization using the Marginal Approach
  • MR = MC !
  • Average Revenue (P) versus Average Cost
  • Breakeven Point versus Shutdown Point

Firms’ Behavior in the Real World

  • Value Creation vs. Exploiting Market Power
  • Net Value Creation = Consumer Surplus + Producer Surplus
  • Sources of Market/Monopoly Power
  • Zero Economic Profits means firms are earning a “normal” accounting profit.
  • Monopoly Profits = Positive Economic Profits
  • Economic Rent
  • Product Innovation
  • Price Discrimination
  • Product Differentiation and Advertising
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Homework Assignment for Tuesday

Please read Chapter 1 in Tim Harford’s The Undercover Economist. Harford provides a non-text book introduction to the principles of economics. (You can find a copy of Chapter 1 under the tab labeled Readings, above. The password is the name of the building where we hold class.)

The chapter provides an overview of the issues we will be discussing in the next topic: The theory of the firm. Once you’ve read it, please email me the answers to the following questions by Tuesday night.

Study Questions for Harford:

1. Who makes the most profit on coffee shops around the London subway? Please explain why that is the case

2. What two factors make coffee shops profitable?

3. How much profit does “the marginal firm” earn? Why? Your answer should explain clearly what a marginal firm is.

4. Why are British teachers paid so little?

5. Why are British nurses paid so little?

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Twitter is working

I set up our class twitter account as ‘econ202′.

Set up your own account on twitter, and then search for ‘econ202′ to add as a friend.

Once I confirm you, any message you type on twitter will go to the class twitter account.

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