NAME (please write BIG) What is an industry and/or issue that interests you? (e.g. finance, environment) What is your major? Please fold Please Fill Out a Name Card Please write a contact number (home or cell phone) or inside. What is something that makes you happy?

I.Introductions II.What is this class about? III.How do I get an A in this class? A. Performance Objectives B. Practice problems C. Persistence IV. Assignment for Next Class: Review Intro Micro Vocabulary for Econ Jeopardy Welcome to Intermediate Microeconomics Econ 301

Who are you? What is your MAJOR What is an industry and/or issue that interests you? (e.g. finance, environment) What is something that makes you happy?

New York City Dept. of Consumer Affairs Office of the Public Advocate

Who are you? What is your MAJOR What is an industry and/or issue that interests you? (e.g. finance, environment) What is something that makes you happy?

Economics is a way of thinking about the world

The Birds & The Bees of Micro Theory Where do supply curves come from? Where do demand curves come from? How do supply and demand get together to make markets?

“All models are wrong, but some models are useful.” -- George Box Box, G.E.P., Robustness in the strategy of scientific model building, in Robustness in Statistics, R.L. Launer and G.N. Wilkinson, Editors. 1979, Academic Press: New York.

“Dust has been kicked in the face of the old guard…Down with equations – this new generation proclaims – experimentation is the Economics’ new currency! Yet, for all of the joys of experimenting, poking holes in the old theory doth not a new one make.” -- Coco Krumme, Worldchanging Book Review. Pablo Picasso, Maya with doll, 1938 “In order to paint abstract, you have to first take a lot of anatomy.” -- Marilyn Kohn (my Mom)

“If two or more persons exchange goods with each other, then the result for each one will depend in general not merely upon his own action but on those of others as well” (p. 11).

Microeconomic Theory is HARD!

A Process of Problem Solving Step #1: Where do you need to go? What units should the answer be in? a number: produce X, consume Y a dollar: charge $Z, profit $P a rule: e.g. add labor to reduce marginal product equate marginal benefits per dollar Step #2: What do you know? Don’t forget about your own logic! Translate words into symbols, write it down Step #3: Use what you know to get where you need to go! Look at the different models Substitute to get to one equation and one unknown You may need more than one step!

Knowledge Remember definitions, facts, processes, theories Comprehension Translate (mathematical notation), interpret (graphs), infer, predict, provide examples Application Use a method or framework to solve a new problem Analysis Breakdown material into parts, separate fact from hypothesis Synthesis Create something new Evaluation Make a judgment Adapted from Bloom et. al. (1971) This is a SKILLS class Primarily QUANTITATIVE skills

“Market equilibrium is when marginal revenue equals marginal cost” PicturesWordsNotation MB=P=MR=MC What assumptions are we making? What assumptions about individual behavior? What assumptions about market behavior? Key Skill:

How do I get an A? 1. Use the Performance Objectives to know what you need to know. 2. Do practice problems until they are boring! 3. Be persistent! You might not get it the first time, keep trying. 4. Attend class and read, but this may not be enough. Come get help from me as soon as you start to get confused. Go to DEBS review sessions!

5. FOCUS! 1.Take out a piece of paper, write your name on it. 2.Write “I want to get an A in Intermediate Micro” 3.Write the numbers 1 – 32 under each letter in the statement above. 4.Record the time it takes you two do 2 and 3. 5.Write “I want to get an A in Intermediate Micro” again, but this time write one letter and one number at a time (I,1,w,2…) and record your time. Message: Multi-tasking doesn’t work! Put your gadgets away. Please.

6. Reflect: The One Minute Essay 1.What is the most important thing you learned this week? 2.What is the “muddiest” point remaining at the end of the week? Chizmar & Ostrosky (1998) on Moodle

Economics Rules: 1.You can work in teams and use the book, any notes, etc. 2.For terms, give both a definition (words) and an economics example, write notation or draw a graph. 3.For graphs, draw the graph with all key points labeled and explain it in words. 4.Each team with the correct answer gets the points, and the team with the most points at the end gets a bonus point towards their final grade.

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