Intermediate Micro syllabus

0782 ECON 3113 Intermediate Microeconomic Theory
Spring 2013
9:05-10:05 MWF
Troutt 303

Jennifer Long, Ph.D.
Office: Troutt 317
Phone: 574-1217
Email: jlong@usao.edu
Office Hours: MWF 11-12 and 1-2:30; TTh 8:30-9:30; and by appointment and/or luck

Course Description

Microeconomics is the analytical study of individual behavior and markets; it is often called “choice theory” because most of its tools concern how individuals make choices as consumers, workers, and business managers. This course will be an intermediate level survey of the core theories used by microeconomists. Many of these topics—utility, profit maximization, supply and demand, elasticity, forms of business enterprise—will be familiar to you from your Principles class, but we will explore them in greater mathematical and theoretical detail. The neoclassical microeconomic theory we will learn is the most accepted model used by economists today. That does not mean, however, that it is the only model used to understand economic behavior, or that it is without its faults and critics. We will also be exploring the many points of contention in microeconomic theory and alternative ideas.

Textbook

Intermediate Microeconomics and Its Application. Nicholson. Ninth Edition. ISBN: 0-324-17163-3

Assignments and Exams

Three exams will be spaced evenly through the semester (see end of syllabus for dates). Only the final will be cumulative. Be aware, however, that since microeconomic theory builds on itself, the other two exams will be comprehensive in that understanding previous material may be necessary to understanding current material.

In addition, students will complete homework assignments  for each chapter in the textbook. You may rework problems throughout the semester for a better grade. All homework must be turned in before the exam which tests that specific topic. Obviously, waiting until those deadlines might not be the most efficient way to utilize your time or maximize your grade. For complete credit, you must show all of your work on the problems. You may work together on the assignments, but each person must turn in their own completed assignment. A list of the assigned problems (at the end of each chapter) follows. Not all of the problems and questions are assigned for each chapter, but I do recommend that you complete the ones not assigned on your own. This will be of great help in deepening your understanding of the material and in preparing for exams. Partial solutions for the odd numbered problems are included at the back of the textbook.

Ch. 1: review questions 1, 5, 7; problems 1.3, 1.4, 1.5, 1.7, 1.8
Ch. 2: review questions 2, 3, 6; problems 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.10
Ch. 3: review questions 1, 2, 4, 10; problems 3.1, 3.2, 3.3, 3.6, 3.8, 3.10
Ch. 4: review questions 2, 4, 9; problems 4.1, 4.2, 4.4, 4.5, 4.6, 4.7, 4.8
Ch. 5: review questions 2, 3, 4, 5; problems 5.1, 5.2, 5.4, 5.5, 5.7, 5.8, 5.9, 5.10
Ch. 6: review questions 2, 9; problems 6.1, 6.3, 6.4, 6.5, 6.6, 6.8, 6.9, 6.10
Ch. 7: review questions 1, 3, 5, 7, 10; questions 7.1, 7.2, 7.3, 7.5, 7.6
Ch. 8: review questions  4, 5, 6, 7; problems 8.1, 8.2, 8.3, 8.4, 8.6, 8.8, 8.10
Ch. 9: review questions 4, 6, 10; problems 9.1, 9.2, 9.4, 9.5, 9.6, 9.7
Ch. 10: review questions 1, 3, 5, 7, 8, 9; problems 10.1, 10.2, 10.3, 10.5, 10.6, 10.7, 10.8
Ch. 11: review questions 1, 2, 3, 9, 10; problems 11.1, 11.2, 11.3, 11.4, 11.5, 11.7, 11.8
Ch. 12 review questions: 2, 3, 4, 5, 6, 8, 9; problems 12.1, 12.2, 12.4, 12.6, 12.8
 

Grading

Exam 1: 100 points

Exam 2: 100 points

Exam 3: 100 points

Homework: 100 points

Grades will be assigned as a percentage of 400 total points.

Tentative Schedule/Course Outline

We will proceed through the following chapters as quickly as we can, but as slowly as we need to. 

Part I: Introduction

Economic Models: Chapter 1 and Appendix to Chapter 1

Part II: Demand

Utility and Choice: Chapter 2
Individual Demand Curves: Chapter 3
Market Demand and Elasticity: Chapter 4

Part III: Production, Costs, and Supply

Production: Chapter 5
Costs: Chapter 6
Profit Maximization and Supply: Chapter 7

Part IV: Models of Market Equilibrium

Perfect Competition: Chapter 8
Applying the Competitive Model: Chapter 9
Monopoly: Chapter 10
Imperfect Competition: Chapter 11
Strategy and Game Theory: Chapter 12

Part V: Further Topics
Labor Markets: Chapter 13
Externalities and Public Goods: Chapter 16

Important Dates

Exam 1 February 6th

Exam 2 March 15th

Final Exam April 19th, 8-9:30