Intermediate Microeconomics
(Eco 301)
Fall 2004
Syllabus
Course Objective:
The purpose of this course is to provide
students with a good understanding of the analytical tools economists use
to analyze economic issues dealing with the behavior of economic units
such as consumers and firms. Students will learn that even seemingly non-economic
(social) problems often have economic dimensions that can be usefully examined
with economic tools of analysis. The course will build upon the foundation
laid in the two introductory economics
courses. It is required that students taking this
course have successfully completed both
introductory micro and introductory macroeconomics.
AN IMPORTANT NOTE: Economics is principally a quantitative discipline. Most economic analyses make use of mathematical tools such as algebraic equations and graphs as well as calculus. The use of calculus in this course is, however, very limited and we primarily rely on algebra and graphical demonstrations. Nevertheless, students who have taken calculus can (and are encouraged to ) utilize their knowledge of calculus in conceptualizing certain economic concepts such as marginal utility, marginal product, etc.
Course Description:
We will start the course with a brief
review of the "basic" economic problem and the theoretical framework within
which economic models are developed. Within this context economic concepts
such as scarcity, self-interest, opportunity cost, diminishing returns,
price, and market equilibrium are revisited. A review of the supply and
demand model will help us understand how economic models can be used to
explain market interactions. Then we shall closely study the consumer theory,
production and the theory of the firm and the conditions for market equilibrium
under different market structures. Next we shall examine resource markets
and income distribution under different market conditions. We shall also
investigate market failures and study the issues related to public goods
and externalities. The usefulness of an economic theory is measured by
its application. That is why our discussions of economic models will always
be accompanied by references to specific applications.
Required Text:
Microeconomics by
Robert
S. Pindyck and Daniel L. Rubinfeld, 6th Edition, Pearson Prentice
Hall: 2005
(Optional) Study Guide (for Microeconomics by Pindyck and Rubinfeld,
6th Edition) by Jonathan Hamilton and Valerie Suslow, Pearson
Prentice Hall: 2005
Evaluation Methods:
There will be three examinations as follows:
__________Date________
Weight
Test One...... W. October 6 ...................................25%
Test Two...... W. November10 ..............................30%
Final Exam .....F. December 17 (10:30am) ............ 35%
In addition to the exams students will be given regular homework assignments including (but not limited to) two or three essays. Through these essays students will be given an opportunity to reflect on some of the issues discussed in the course. The assignments will carry a maximum of 20 points that will be added to the points obtained from the exams. The course grades will be determined based on the distribution of the accumulated points.
Attendance:
Students are strongly urged to attend
classes regularly and keep up with the reading and other assignments. Excessive
absences could have an adverse effect on the student's performance evaluation.
Make-up tests are given only when a student misses a test as a result a
professionally
diagnosed and treated illness and other documented extenuating
circumstances. The make-up tests may or may not have the same format as
scheduled tests.
The Course Outline:
Introduction