Milo, a TAs

dog

Zoe and Hugo

Boots

Pucci

Bella

Mylo

Economics 103 Fall 2014

Introduction to Microeconomics

Mahar 108
Section 2: M 8:00-8:50
Sections 3, 4, 5, 6: W
8:00-8:50
You are always welcome to come
to both.
On your nonclass day, study the

10:10:43 PM

Did you have a good

summer?

I did some travelling

and gave lots of talks.
Rewrote the textbook.
Wrote some articles.
Worked in my wifes
garden. Some fun.
Built a drip irrigation
system for my wifes
garden. More fun.
Walked the dog. Fun!!
Spent time with my
daughters! We watched
Penny Dreadful and

I spoke at a
senate hearing

Did I mention that I love

winter? I like to ski

Other guilty pleasures

10:10:43 PM

Did I mention my dog?

10:10:43 PM

Why you dont want to be

here
He needs to teach more basics more
graphs. I felt like I learned more about
pot and animals than economics. Hes
too opinionated. ZING!
Teach with less of a bias. Ill try!
He didnt teach me anything. ZING!
I didnt learn anything other than
everyone should smoke pot and have
sex . . . Well, yeah.
It is too early. True.
Be careful not to hit students with
chocolate. Ill try!

More reasons why YOU

REALLY DO NOT WANT TO
TAKE THIS CLASS
I have learned absolutely nothing.
Surprisingly, you put me to sleep.
The class needs more structure.
I hated this class.
DONT TALK ABOUT SHIT LIKE
BASEBALL FOR 20 MINUTES EVERY
CLASS.

When someone found

something to like, it wasnt
me
Hold more problem
set help sessions &
bring Beowulf.

Economics is
scary. I need
help.

Are you still here?

Did I mention that I
am a Yankee fan?
Will you
leave
now?!?!

Me
Professor Gerald Friedman
Office: 926 Thompson
W 10:30-12:30 by appt

gfriedma@econs.umas
s.edu
You see me Monday (103-2)
or Wednesday (103-3 4 5 6)
I plan the course, do the
lecture, do the video
lectures, write quizzes and
problem sets.
MyPMtextbook, sold cheap.
10:10:44

Oop
s!

More about me

I grew up on Long Island.

I went to school in NYC and
then Cambridge (MA).
I grew up thinking that
everyone was from New York.
My siblings still think that.

My brothers
live in the
upper left.

My schools were pompous.

I studied all the time.
I was a boring nerd.
My daughters think
that I am still a
boring nerd

10:10:44 PM

Did I mention that Barack

Obama attended the same
schools?
Much cooler than me.
Used more drugs.

10:10:44 PM

Class rules
Its early. Be gentle to
each other.
If you come in late,
dont walk in front of
me, or behind me.
Drink coffee but dont
make a mess.
Its only a class. Its only
Economics so who
really cares?

Have fun.

You are not in High School

We treat you like you are in Grad
School

You are expected to learn from

written and video material.
Watch the videos, do the readings,
and read the online powerpoints.
Even when I dont finish the
powerpoint, you are responsible
for the whole thing!!
My high school on
Long Island

Blended class
Things we have learned
Connections with others make the class
better

Do problem sets and home quizzes with

others.

Students do best when they use the

textbook and Real World Micro

Get them, use them, do the readings.

Many came to both lectures when they

need help

You are always welcome to come to both

classes

We are here for you

Ask questions of your Teaching
Assistants, or of me.
Secret: you can come to both lectures,
if you want.
Keep it secret.

My younger daughter likes

sheep

10:10:44 PM

My older one likes dogs and

cats
Violet is a Grand
Champion

Beowulf
10:10:44 PM

Your Teaching Assistants

Meet them for section.

They give you grades. They are
always right.
They are good people, know a lot of
economics, and they want to help
you. Be nice to them. Or else.
10:10:44 PM

Sections start this week

Be there. Or else.

10:10:44 PM

Except if you are celebrating religious

holidays. In that case, contact your
TA.

Ive been teaching

Introduction to
Microeconomics for 32 years
Is it time to
retire?
My kids think that I
jumped the shark a
long time ago

10:10:44 PM

I am a full professor with tenure. I

dont need to be here. I am here
because I want to.

I LOVE this class.

You guys are fun.
Micro is important.
Most micro teaching is wrong.

I teach Econ 103 every year

5-10% of U. Mass
undergrads have
me.

10:10:44 PM

People know me all over the

Commonwealth. I have to
behave.
Former students have greeted
me on the streets in LA, NYC,
London, Paris.

Tell me about YOU

Something about yourself that you

would like me to know. Maybe
something that makes you proud.
Something that worries you about
this class.
Send me pictures of your pets!

10:10:44 PM

My epiphany
My course evaluations
were good; my
lectures were exciting.
But, no one was
learning.

10:10:44 PM

When youve got nothing

You have nothing left
to lose.

10:10:44 PM

No exams; group problem

sets
You learn about Free Riding
Maybe you learn from each
other?

10:10:44 PM

Videos so you can learn

outside of class

I wrote my own book

Sold at cost, it
saves you about
$100.
ItCanhas
my
you identify the elephant!
economics.
Gerald Friedman, August 2014
Now in the official edition 1.0.
This edition is different from earlier
editions; get it.

The Books.
Get them. Read Them.

You can get the books:

Textbook Annex has the new edition.
Amherst Books (downtown Amherst)
has the previous edition not as
good but a little cheaper. And almost
as good.
Amherst Books has Real World Micro,
21st edition. Get it there. And go
across the street to the Black Sheep
Deli, best in town!

To keep you awake, I call on

you.
And give you
chocolate.
Even if you dont say
anything.
This is not an incentive
program: it is an
expression of
friendship,
appreciation that you
came to class.
10:10:45 PM

My daughters think this is

unfair
Younger daughter likes big lecture
classes where she can concentrate
without worrying about having to talk.
Also, I have to be careful not to call on
pretty women all the time. (I rotate
male-female, left-right-center . . . )

10:10:45 PM

Calling on people lets me know

when I have lost you.
You may have
better things to do
than to listen to
me.

10:10:45 PM

quizzes.
Every class. Every online
lecture!
30% of your final grade.

Economics 103
Professor Friedman
Fall 2008
October 6, 2008
10:10:45 PM

We drop 2 (one online, one

inclass).
Not all count. I flip a coin.
Quizzes tell me what you
have learned.
Quizzes make my students
sad.
They also come to class.
Your Name:__________________________________________
Your TA:____________________________________________
Your Section Time and ay:_____________________________
Please write neatly!
Quiz

Online quizzes are on the

course (moodle) site
For your home days, do the
readings, watch the videos, review
the notes, and then do the quiz.
Print out your answers and bring to
section.

In-class quizzes count more

Some are distributed at the beginning
of class.
Some at the end.
They are all handed in at the end.
Hand them into your TAs pile.
If you miss quiz for a Universitysanctioned reason (illness, sports,
religious observance), write me
before the next class and I will
arrange a make-up.

Quizzes are expensive

They take class time.
The T.A.s have to
grade them.
Those who teach after
me hates my quizzes
because my classes go
overtime.

10:10:45 PM

Again: If you miss a quiz . . .

If you have a University-sanctioned
excuse (e.g. medical, religious, family
emergency): contact me before
next class, and Ill send you a makeup.
If you just screwed up (e.g.
overslept), then remember that we
drop a quiz.

What YOU Need to Know

Course web site :
Moodle.umass.edu
The whole course is there.
Syllabus, reading assignments,
due dates, videos, problem sets,
notes.

10:10:45 PM

What YOU Need to Know

Books: The following are
required and available for
purchase at Amherst Books in
downtown Amherst:
Gerald Friedman,
Microeconomics: Individual
Choice in Communities (edition
1.0)
Dollars and Sense: Real World
Micro (21st edition)

Amherst Books is in downtown

Amherst, across from town hall
and the Black Sheep

On your way, go to Henions Bakery and get a

donut.
10:10:45 PM

You dont need to know this

10:10:45 PM

What YOU Need to Know

Powerpoints are
on line before
class
Videos

He took lousy
notes
10:10:45 PM

What YOU Need to Know

STOP ME WHEN I AM
NOT CLEAR!

Be a hero and ask a

question.
If you do, everyone should pay
you for public service!
10:10:45 PM

What YOU Need to Know

This is a lecture
class.
But, I want to hear
from

you!

Quizzes.
Talk!
Send me mail!
10:10:45 PM

Your discussion sections (Wednesday

people)
73243 103-03AA Lacey Mower
Raphael
73174 103-03AB Gouvea
Raphael
73175 103-03AC Gouvea
73176 103-03AD Lacey Mower
Junshang
73177 103-03AE Liang
73178 103-03AF Lacey Mower
Raphael
73179 103-03AG Gouvea

Integ. Learning Center N155 Fri

73180 103-03AJ Jingjing Wu

Hasbrouck Lab Add room 109 Fri

Machmer Hall room E-10

Fri

Machmer Hall room W-21

Fri
Hasbrouck Lab Add room 109 Fri
Integ. Learning Center N155 Fri
Integ. Learning Center N155 Fri
Machmer Hall room W-27

Fri

73181 103-03AK Lacey Mower Hasbrouck Lab Add room 109 Fri
73182 103-03BA Eric Hoyt
Fri
TBA
79304 103-03BB Jingjing Wu
79305 103-03BC Jingjing Wu
79306 103-03BD Eric Hoyt
79307 103-03BE Ben Chalmers

Hasbrouck Lab Add room 109 Fri

Hasbrouck Lab Add room 107 Fri
Dickinson room 114
Fri
Machmer Hall room W-11
Mon

73244 103-04AA Weikai Chen

73270 103-05AA Weikai Chen

Melville Room 130

Melville Room 130

Fri
Fri

10:10 am - 11:00
am
11:15 am - 12:05
pm
12:20 pm - 1:10
pm
1:25 pm - 2:15 pm
2:30 pm - 3:20 pm
9:05 am - 9:55 am
10:10 am - 11:00
am
11:15 am - 12:05
pm
12:20 pm - 1:10
pm
1:25 pm - 2:15 pm
10:10 am - 11:00
am
9:05 am - 9:55 am
2:30 pm - 3:20 pm
4:00 pm - 4:50 pm
11:15 am - 12:05
pm
9:05 am - 9:55 am
10:10 am - 11:00

Discussion sections for Monday

people

73194

103-02AA

Eric Hoyt

73195

103-02AB

Alexander Mozell

73196

103-02AC

Alexander Mozell

73197

103-02AD

Rohini Kamal

73198

103-02AE

73199

103-02AF

Junshang Liang
Benjamin Alastair
Chalmers

73200

103-02AG

Rohini Kamal

73240
73241

103-02AJ
103-02AK

Didier Wayoro
Alexander Mozell

73242

103-02BA

Theresa Blankson

73330

103-02BB

Junshang Liang

79298

103-02BC

79299

103-02BD

79300
79301
79302
79303

103-02BE
103-02BF
103-02BG
103-02BJ

Rohini Kamal
Mamunuru Sai
Madhurika
Mamunuru Sai
Madhurika
Myles Day
Myles Day
Ben Chalmers

School
G35
School
118
School
G31
School
126
School
129
School
G29
School
G29
School
133
School
G31
School
G27
School
G26
School
G29

of Management Room

Thurs

4:00 pm - 4:50 pm

Thurs

1:00 pm - 1:50 pm

Thurs

2:30 pm - 3:20 pm

Fri

11:15 am - 12:05 pm

Fri

12:20 pm - 1:10 pm

Fri

1:25 pm - 2:15 pm

Fri

9:05 am - 9:55 am

Thurs

10:00 am - 10:50 am

Thurs

4:00 pm - 4:50 pm

Thurs

11:30 am - 12:20 pm

Fri

9:05 am - 9:55 am

Fri

10:10 am - 11:00 am

Machmer Hall room W-15

Fri

11:15 am - 12:05 pm

Machmer Hall room E-10

Machmer Hall room E-35
Machmer Hall room E-10
TBA

Fri
Fri
Fri
Fri

12:20 pm - 1:10 pm
1:25 pm - 2:15 pm
2:30 pm - 3:20 pm
2:30 pm - 3:20 pm

of Management rm
of Management Room
of Management rm
of Management rm
of Management Rm
of Management Rm
of Management rm
of Management Room
of Management Room
of Management Rm
of Management Rm

When I call on you, I will

give you a chocolate

A secret: If you are

having one-ofthose days, Ill give
you a chocolate for
free.

10:10:45 PM

Something Else You Dont Need to

Know

10:10:45 PM

We wont be talking about this guy

10:10:45 PM

What is Economics 103 About?

And why should I care?
Economics is the production
and distribution of wellbeing.
In America, we organize our
economy in a capitalist
system where a few people
own the means of production
and employ others.
Is capitalism efficient?
Is capitalism fair?
10:10:45 PM

But we will talk about these

people

10:10:45 PM

Graph of the Day:

Production Possibilities
Frontiers

Production possibility
frontier: maximum output
given (physical) constraints.

You could grow poppies or roses.

More poppies, fewer roses.
More roses, fewer poppies.
More roses less heroin land is
used for poppies
10:10:45 PM

Production Possibility Frontier

Afghan Farmers

Poppie
s

Unattainabl
e: Too little
land

Inefficie
nt: You
can have
more

Roses
10:10:45 PM

Moving along the line you

get more poppies by shifting
resources away from
producing roses.
The price of poppies is the roses you
dont produce.
The opportunity cost of roses is the
poppies you dont produce and vice
versa.
10:10:45 PM

Assumptions slip in here

All resources are used efficiently
the only way to get resources for
poppies is to take some from roses.
Line is downward sloping -producing roses doesnt help you
produce poppies. (Poppies and
roses are production substitutes, not
complements.)
10:10:45 PM

Production Possibility Frontier

is for Physical Constraints, not
Social

In social life, we may

have more of both if
we learn to play
together well.

Sex or Sleep?
Life can be better
with both

se
x

More sex, better

sleep, happier
people

Sleep
10:10:45 PM

A good economy moves the

constraints
Rather than fight
over crumbs,
make life better
for everyone.
By working
together.

10:10:46 PM

Take-away points:

Yes we can!
And

Yes you
10:10:46 PM