Equilibrium in Market Economies Spring 2023
ECON 391

Please note that our coverage of the textbook chapters is limited to the concepts covered in the lecture slides. We do not cover the entire chapter in some cases. It is your responsibility to check the coverage of lecture slides while doing the readings.

This course will be based on 'Intermediate Microeconomics: a Modern Approach' (9^th edition) by Hal Varian, Norton 2014 (previous editions should work too). 

However, the topics are covered by standard intermediate microeconomics textbooks (that use calculus). You may want to read through the relevant sections of other textbooks because (i) they can provide a different perspective on the material presented, (ii) they have more space devoted to discussions and examples, and (iii) they serve as a source of exercises and practice problems. Here is a list of such textbooks:

• Osborne, M.J., and Rubinstein A., Models in Microeconomic Theory (open source).
• Eaton, B.C., Eaton, D.F. and D.W. Allen, Microeconomics: Theory with Applications. 
• Perloff, J.M., Microeconomics: Theory and Applications with Calculus. 
• Mochrie, R., Intermediate Microeconomics.
• Serrano, R., and Feldman A.M., A Short Course in Intermediate Microeconomics with Calculus.

Lecture slides, exercises, and their solutions and answers will be posted on LEARN. It is your responsibility to download all materials uploaded on LEARN.

Two midterms are to be completed in class during lecture time. Details about the coverage of the midterms will be announced on LEARN.

The final exam is cumulative and will test all the material in the course. Note that the final will not be rescheduled if all midterms have been missed. You should by now be familiar with the deferred final exam policy of the department. 

There will be no make-up exam. No additional assignments or work will be assigned to improve the marks. The weight of a missed midterm for which a VIF is accepted will be shifted to the final exam. If you happen to be sick for all midterms, you should consider dropping the course. The UW verification of illness form must be obtained on the day of the exam and submitted within three days of the missed exam date. Any medical notes submitted after three days of a missed deadline or a missed exam will not be accepted. Medical notes brought up at the end of the term to cover missed deadlines will not be accepted. 

There are no new exam arrangements by the instructor if you miss the final exam. You will need to apply for consideration for a deferred exam through the office of the Department of Economics. If you have compelling and verifiable evidence that you cannot write the final exam at the scheduled time, you must follow this procedure to apply for a deferred exam. Please check the Deferred Final Exam Policy of the department.   

The University of Waterloo subscribes to the strictest interpretation of academic integrity. Faculty members and students bear joint responsibility in assuring that cheating on assignments or any examination is not tolerated. Students who engage in academic dishonesty will be subject to disciplinary action under Policy 71. Course assessments such as questions on assignments and exams are protected by copyright. Reproduction or dissemination of exams, quizzes, or any assessments' contents or format in any manner (for example, posting/e-mailing/texting/sharing the content and questions with other students) is strictly prohibited. Students who are enrolled in ECON 391 agree to the following academic honesty and integrity statement:  

By taking this course, every student affirms his/her agreement to the following statements:  

1. I confirm that I will keep the content of the examinations and other assessments confidential. I will not post questions, solutions, or content to third-party websites or transfer it to other individuals.
2. I understand that I am responsible for being honest and ethical as Policy 71.
3. I understand that there is no group work or cooperation involved in the assessments in this course. The assessments will be completed by my own efforts, and I will not collaborate with any other person for ideas or answers.

The instructor and the university reserve the right to modify elements of the course during the term. The instructor might need to make changes to course components due to the issues with the use of technology and uploading files to LEARN. The University may change the dates and deadlines for any courses in extreme circumstances. If either modification becomes necessary, reasonable notice and communication with the students will be given with an explanation and the opportunity to comment on changes. It is the responsibility of the student to check their University of Waterloo e-mail and course website on LEARN daily during the term and to note any changes.  

If the University of Waterloo or the Department of Economics decide to go remote during the Spring term:

For a short-term (e.g., one-week) cancellation of in-person classes,

• If there isn’t any midterm during that week, the asynchronous lecture video will be uploaded on LEARN.
• If there is a midterm, it will be postponed to the next in-person class.

For  a longer-term cancellation of in-person meetings,  

• Lecture videos will be uploaded on LEARN.
• Midterms and Final will be online through LEARN.

Office hours will be through Teams during the remote learning period. 

Economics Department Deferred Final Exam Policy

All deferred Final Exam requests for economics courses are administered by the Economics Undergraduate Office. Please consult the Deferred Exam Policy at 

https://uwaterloo.ca/economics/undergraduate/resources-and-policies/deferred-final-exam-policy.

Intellectual Property

Students should be aware that this course contains the intellectual property of their instructor, TA, and/or the University of Waterloo. 

Intellectual property includes items such as:

• Lecture content, spoken and written (and any audio/video recording thereof);
• Lecture handouts, presentations, and other materials prepared for the course (e.g., PowerPoint slides);
• Questions or solution sets from various types of assessments (e.g., assignments, quizzes, tests, final exams); and
• Work protected by copyright (e.g., any work authored by the instructor or TA or used by the instructor or TA with permission of the copyright owner).

Course materials and the intellectual property contained therein, are used to enhance a student’s educational experience. However, sharing this intellectual property without the intellectual property owner’s permission is a violation of intellectual property rights.  For this reason, it is necessary to ask the instructor, TA and/or the University of Waterloo for permission before uploading and sharing the intellectual property of others online (e.g., to an online repository).

Permission from an instructor, TA or the University is also necessary before sharing the intellectual property of others from completed courses with students taking the same/similar courses in subsequent terms/years.  In many cases, instructors might be happy to allow distribution of certain materials. However, doing so without expressed permission is considered a violation of intellectual property rights.

Please alert the instructor if you become aware of intellectual property belonging to others (past or present) circulating, either through the student body or online. The intellectual property rights owner deserves to know (and may have already given their consent).

Academic freedom at the University of Waterloo

Policy 33, Ethical Behaviour states, as one of its general principles (Section 1), “The University supports academic freedom for all members of the University community. Academic freedom carries with it the duty to use that freedom in a manner consistent with the scholarly obligation to base teaching and research on an honest and ethical quest for knowledge. In the context of this policy, 'academic freedom' refers to academic activities, including teaching and scholarship, as is articulated in the principles set out in the Memorandum of Agreement between the FAUW and the University of Waterloo, 1998 (Article 6). The academic environment which fosters free debate may from time to time include the presentation or discussion of unpopular opinions or controversial material. Such material shall be dealt with as openly, respectfully and sensitively as possible.” This definition is repeated in Policies 70 and 71, and in the Memorandum of Agreement, Section 6

Chosen/Preferred First Name

Do you want professors and interviewers to call you by a different first name? Take a minute now to verify or tell us your chosen/preferred first name by logging into WatIAM.

Why? Starting in winter 2020, your chosen/preferred first name listed in WatIAM will be used broadly across campus (e.g., LEARN, Quest, WaterlooWorks, WatCard, etc). Note: Your legal first name will always be used on certain official documents. For more details, visit Updating Personal Information.

Important notes

• If you included a preferred name on your OUAC application, it will be used as your chosen/preferred name unless you make a change now.
• If you don’t provide a chosen/preferred name, your legal first name will continue to be used.

Cross-listed courses

Please note that a cross-listed course will count in all respective averages no matter under which subject code it has been taken. For example, a PHIL/PSCI cross-list will count in a Philosophy major average, even if the course was taken under the Political Science subject code.

Chosen/Preferred First Name

Do you want professors and interviewers to call you by a different first name? Take a minute now to verify or tell us your chosen/preferred first name by logging into WatIAM.

Why? Starting in winter 2020, your chosen/preferred first name listed in WatIAM will be used broadly across campus (e.g., LEARN, Quest, WaterlooWorks, WatCard, etc). Note: Your legal first name will always be used on certain official documents. For more details, visit Updating Personal Information.

Important notes

• If you included a preferred name on your OUAC application, it will be used as your chosen/preferred name unless you make a change now.
• If you don’t provide a chosen/preferred name, your legal first name will continue to be used.

Territorial Acknowledgement

We acknowledge that we are living and working on the traditional territory of the Attawandaron (also known as Neutral), Anishinaabe and Haudenosaunee peoples. The University of Waterloo is situated on the Haldimand Tract, the land promised to the Six Nations that includes ten kilometres on each side of the Grand River.

For more information about the purpose of territorial acknowledgements, please see the CAUT Guide to Acknowledging Traditional Territory.

Academic integrity: In order to maintain a culture of academic integrity, members of the University of Waterloo community are expected to promote honesty, trust, fairness, respect and responsibility. [Check the Office of Academic Integrity for more information.]

Grievance: A student who believes that a decision affecting some aspect of their university life has been unfair or unreasonable may have grounds for initiating a grievance. Read Policy 70, Student Petitions and Grievances, Section 4. When in doubt, please be certain to contact the department’s administrative assistant who will provide further assistance.

Discipline: A student is expected to know what constitutes academic integrity to avoid committing an academic offence, and to take responsibility for their actions. [Check the Office of Academic Integrity for more information.] A student who is unsure whether an action constitutes an offence, or who needs help in learning how to avoid offences (e.g., plagiarism, cheating) or about “rules” for group work/collaboration should seek guidance from the course instructor, academic advisor, or the undergraduate associate dean. For information on categories of offences and types of penalties, students should refer to Policy 71, Student Discipline. For typical penalties, check Guidelines for the Assessment of Penalties.

Appeals: A decision made or penalty imposed under Policy 70, Student Petitions and Grievances (other than a petition) or Policy 71, Student Discipline may be appealed if there is a ground. A student who believes they have a ground for an appeal should refer to Policy 72, Student Appeals.

Note for students with disabilities: AccessAbility Services, located in Needles Hall, Room 1401, collaborates with all academic departments to arrange appropriate accommodations for students with disabilities without compromising the academic integrity of the curriculum. If you require academic accommodations to lessen the impact of your disability, please register with AccessAbility Services at the beginning of each academic term.

Turnitin.com: Text matching software (Turnitin®) may be used to screen assignments in this course. Turnitin® is used to verify that all materials and sources in assignments are documented. Students' submissions are stored on a U.S. server, therefore students must be given an alternative (e.g., scaffolded assignment or annotated bibliography), if they are concerned about their privacy and/or security. Students will be given due notice, in the first week of the term and/or at the time assignment details are provided, about arrangements and alternatives for the use of Turnitin in this course.

It is the responsibility of the student to notify the instructor if they, in the first week of term or at the time assignment details are provided, wish to submit alternate assignment.