Econ 101 - Intro to Microeconomic Theory Syllabus Overview

Welcome to Econ 101, an introduction to microeconomic theory.
The lecture will cover the syllabus, offering insights and addressing student considerations about taking the course.
The aim is to give a taste of the content and teaching style to aid in decision-making.

Historically, this course has been taught to students in specialized programs like GBDA and AFM.
Acknowledgement of the difference in dynamics with a less unified group of students.
Addressing the common phenomenon of grade drops between high school and university and managing expectations accordingly.

The instructor has a Master's degree, which is unique among economics faculty at the university.
Positive student reviews justify the instructor's position despite lacking a Ph.D.
Acknowledges potential for negative reviews, emphasizing the impossibility of pleasing everyone.
The reviews may be from Econ 201 class, not Econ 101.
AFM students may leave lower reviews due to inflated grade expectations.
The grade distribution is typically around a B/B+.

The instructor works as a lecturer and does research for organizations like the Centre for International Governance Innovation (CIGI).
Recent work includes a paper for the G7 on AI productivity.
Consulting work for banks in the U.S. on antifraud detection and fraud surveillance.
Specialty in microeconomic theory, with a professional focus on macroeconomics.
Research interest in luxury goods and firms, challenging traditional economic views on luxury purchases.
Examples of luxury firms whose performance suffered after appointing CEOs lacking luxury market expertise (e.g., Burberry).

Economics is not just about money; it encompasses a broader range of topics.
Monetary economics is a specific field within economics.
Examples of non-monetary economics topics include dating markets and the optimal qualifications for psychologists.
Economics can address questions about improving the world.
Economics also covers the study of markets.

The course focuses on understanding how markets work.
Markets are not limited to traditional commodities but include various interactions, such as university choices and friendships.
Economics provides a framework for understanding these broader markets.

Economics is positioned within the university's hierarchy of knowledge.
The hierarchy is based on the level of abstraction.
Philosophy is at the highest level of abstraction, followed by mathematics.
Physics applies mathematics to understand the physical world, with engineering as applied physics.
Economics applies mathematics to understand the social world.
Business is seen as applied economics.
This positioning explains why business-focused students may find the course too abstract, while math/physics students may find it not pure enough.

Economics is divided into microeconomics and macroeconomics.
Microeconomics deals with individual agents (firms, consumers) and their behavior.
Macroeconomics concerns GDP, housing, money, employment, and productivity.
The course is an introduction to microeconomic theory, focusing on models for understanding individual and business decisions.
The distinction between micro and macro is decreasing as economists work to bridge the gap.
Microeconomics is foundational for understanding macroeconomics.

The course starts with supply and demand as the foundation of every market.
The course then delves deeper into the origins and characteristics of demand and supply curves.
The consumer preference model is used to understand the demand side.
Competitive models are used to understand the supply side.
The entire class revolves around learning to interpret approximately five graphs.

Econ 101 provides foundational tools, but practical application comes in later economics courses.
Simple markets with undifferentiated products (commodities) limit pricing control.
Industrial organization, an area of microeconomic theory, deals with product differentiation and pricing strategies.
Advanced courses cover topics like optimal quality production, intertemporal price discrimination, and information design.
The current course primarily focuses on basic production decisions in simple markets.

Economics requires a unique way of thinking that is both proof-oriented and specific.
Answers to questions should be logical and based on economic models.
An example is given from a 201-level course about a firm facing quality standards, illustrating the expected type of answer (i.e., a chain of logic based on a model).
Effort levels will vary among students.
The expected time commitment aligns with university standards of approximately 8 hours per week per course.
The average grade in the class is expected to be between a B and a B+.
Exams are designed to have questions of varying difficulty levels to differentiate student performance.

The textbook is technically required but not strictly necessary if students attend lectures and understand the material.
The textbook is listed for legal reasons.
A non-graphing, non-programmable calculator is recommended for exams.

The instructor acknowledges the use of swearing in lectures.
References may be contemporary but potentially outdated.
The teaching style involves "chalk and talk," with no slide decks.
The instructor draws every graph and writes every important point to ensure students follow along.
Lectures may feel disorganized, but there is a logical flow.
The instructor includes anecdotes to make the material more flavorful but clearly marks when anecdotes begin and end.

AI can be a great study tool but is not a replacement for understanding the material.
The instructor is not responsible for what AI says.
AI can be used to generate practice problems.
The final project should not be produced with generative AI, but AI can be used for making the slide deck look pretty. You need to do the models yourself.

Marvel Rivals, Overwatch, League of Legends, Counterstrike, Valorant or other less common games.