ECO301 Intermediate Microeconomics
(3 credits)
COURSE SYLLABUS
COURSE DESCRIPTIONFROM CATALOG
Studies consumer and firm optimization. Emphasizes applications to different market structures, in addition to uncertainty and asymmetric information.
COURSE OBJECTIVES
Microeconomics is the study of how individuals and firms make decisions and how they interact in market economies. By offering a more rigorous and deeper analysis of topics covered in principles of microeconomics, the course addresses the ability of markets, under various market structures, to coordinate the activities of individuals and efficiently allocate society’s scarce resources. It also addresses the circumstances under which markets might fail to allocate resources efficiently, as well as the implications of regulation and public policy for the efficiency with which resources are used. Good understanding microeconomic theory is at the core of business decision making, furthermore critical to any economics or business student. Students who successfully complete this course will be prepared to take advanced microeconomics and managerial economics at the undergraduate level.
PRE/CO-REQUISITE(S)
ECO 201, ECO 202, MTH 102 or MTH 103 or MTH 111, and WRI 102
LEARNING OUTCOMES
Upon completion of the course, students will be able to:
Solve optimization problems related to consumer and firm behavior.
1.
Contrast the performance of markets under different market structures.
2.
Analyze the way in which uncertainty and asymmetric information affect individual optimizing behavior and the performance of markets.
3.
Analyze strategic decision-making through the use of basic game theory.
4.
Assess the impact of government interventions into market transactions.
5.
REQUIRED TEXTBOOK
Jeffrey M. Perloff (2008). Microeconomics: Theory and Applications with Calculus. 1st Edition. Pearson.
1.
A Faculty Name Michael Malcolm
B Term/ Year Spring 2012
C Sections
CRN Course Days Time Location
21168 ECO301-01 MW 2:00 – 3:15 SBM014
∗ Location subject to change
D Instructor
Information Instructor Office Telephone Email
Michael Malcolm SBM 2120 515-2592 [email protected]
Office Hours:
• Monday: 3:15-4:15, 5-6; Tuesday: 1-4; Wednesday: 3:15-4:15
• Or by appointment
∗ Office Hours will be posted on the office door as well as on iLearn.
E Other
Instructional Material and Resources
My lecture notes will comprise the main material for the course. An electronic copy is posted to
iLearn, and you can also purchase a hard copy at the copy center. Practice problems and old exams are also posted to iLearn. These will be useful as you study and review the material.
Email and iLearn are the main ways in which I will communicate with you, including to transmit course materials. You are responsible for checking your email at least daily.
F Teaching and
Learning Methodologies
The primary method of content delivery is lecture. Lectures are generally informal, and I invite your participation and questions. It is important to interject if something is unclear or if I am moving too quickly.
Overall, this is a skills-based course and not a content-based course. That is, the emphasis is not on memorizing a large body of facts, but on understanding and applying core principles to a variety of different settings. I am more interested in developing your critical thinking skills and analytical problem solving ability than I am in recall of facts.
G Grading Scale, Grading Distribution, and Due Dates
Grading Scale
[95 , 100] 4.0 A [77 , 80) 2.3 C+
[90 , 95) 3.7 A- [73 , 77) 2.0 C
[87 , 90) 3.3 B+ [70 , 73) 1.7 C-
[83 , 87) 3.0 B [60 , 70) 1.0 D
[80 , 83) 2.7 B- Less Than 60 0 F
Grading Distribution
Assessment Weight Date
Attendance 10% Every class
Problem Sets 10% Weekly on average
Midterm 1 25% March 19
Midterm 2 25% May 2
Final Exam 30% May 30
Total 100%
H Explanation of
Assessments
• Attendance is taken at the beginning of each class. Students who arrive on time receive
1 point. Students who arrive late receive 1/2 point and students who are absent receive 0 points. You have four “free” points to use across the semester, which is designed to account for emergencies. There are no excused absences for any reason whatsoever.
• Problem sets are assigned weekly on average. They are graded mostly based on
completion, but are important practice for the exams.
• The midterms and the final exam consist of problem-solving exercises related to the
material covered in class.
I Student
Academic Integrity Code Statement
Students are advised that violations of the Student Academic Integrity Code will be treated seriously and can lead to suspension or dismissal from the university. A notation of the academic integrity code violation can become part of the student’s permanent record.
Academic violations include but are not limited to:
• Plagiarism
• Inappropriate Collaboration
• Inappropriate Proxy
• Dishonesty in Examinations and Submitted Work
• Work Completed for One Course and Submitted to Another
• Deliberate Falsification of Data
• Interference with Other Students’ Work
Expectations illness or death in the family), the points will be shifted to other graded items. If you miss an exam without a valid excuse, you will receive a zero for the exam.
• You may not use your mobile phone or your laptop in class. This includes text
messaging.
• You may be withdrawn from the course if you are absent for more than 15% of the class
meetings. Regardless, it is highly unlikely that you will do well in the class if you do not attend regularly. Exams are based on material presented in class that may not be covered in any textbook.
K Student –
Instructor Interaction / Feedback
Students are encouraged to contact the instructor during office hours or via email. The instructor is willing and able to provide additional tutorials to a student who is struggling with the class material. In order to gather feedback for future course improvements, suggestions, comments and concerns regarding any aspect of this course will gladly be accepted, at any time during the
semester. In addition, a formal course evaluation will be administered at the end of the semester.
SCHEDULE
DATE Topic Lecture Notes Text
February 8 Supply and demand Unit 1.1 Chapter 2
February 13 Calculus review Unit 1.2 Appendix A3-A5
February 15 Elasticity Unit 1.3 Chapter 2
February 20 Consumer theory: model setup Unit 2.1 Chapter 3
February 22 Consumer optimization Unit 2.2 Chapter 3
February 27 Consumer demand Unit 2.3 Chapter 3
February 29 Calculating demand functions Unit 3.1 Chapter 4, Appendix A6
March 5 Slutsky equation and other relationships Unit 3.2 Chapter 4
March 7 Duality Unit 3.3 Chapter 4
March 12 Perfect complements and perfect substitutes Unit 3.4 Chapter 4
March 14 Revealed preference Unit 3.5 Chapter 4
March 19 Midterm 1 Units 1-3
March 26 Intertemporal choice Unit 4.2 Chapter 15.4
March 28 Uncertainty Unit 4.3 Chapter 16
April 9 Consumer welfare Unit 4.4 Chapter 5
April 11 Production Unit 5.1 Chapter 6
April 16 Costs Unit 5.2 Chapter 7
April 18 Perfect competition Unit 5.3 Chapters 8-9
April 23 Monopoly Unit 5.4 Chapter 11
April 25 General equilibrium Unit 6.1 Chapter 10
April 30 General equilibrium Unit 6.2 Chapter 10
May 2 Midterm 2 Units 4-6
May 7 Simultaneous games Unit 7.1 Chapter 13
May 9 Sequential games Unit 7.2 Chapter 13
May 14 Sequential games Unit 7.2 Chapter 13
May 16 Externalities Unit 8.1 Chapter 17
May 21 Public goods Unit 8.2 Chapters 17-18
May 23 Information Problems Units 8.3-8.4 Chapter 18
