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380 Asylw2010-section 2

# 380 Asylw2010-section 2 - ECONOMICS 380-Section 2...

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ECONOMICS 380-Section 2 INTERMEDIATE PRICE THEORY 1 11:00 am-12:15 pm MW, 274 MARB, W2011 Rulon Pope (best way to reach me) 154 FOB, 422-3178 Teaching Assistant: Bryan Hardy Office Hours: 2:30-3:00 p.m. and 4:45-5:15 MW Prerequisites : Econ. 110 and Math 112 or equivalent. Course Content and Intent : This course is the first course in intermediate theory. It builds on the unconstrained optimization that you saw in calculus to cover constrained optimization. The course considers consumer preferences, budget constraints, and consumer choice. Next it considers technology, cost minimization, and the profit motive to examine firm choices. From these market demands and supplies in competitive market equilibrium is examined. This is considered foundational material in economics since at least Alfred Marshall wrote Principles of Economics in 1890. It is exposes you to the core of economic thinking and methods in microeconomic theory. Exposition in this class uses, graphs, more verbal and intuitive explanations, and mathematics which is generally multivariate calculus. I attempt to use all three of these methods to talk about each concept. Unlike Econ. 110, we use mathematics extensively in our discourse but I think nearly all of you will find it comfortable (perhaps only eventually). Indeed there are many problems you will work which have a combination of economic thinking to set up the problem and calculus and algebra to find a solution. Hopefully, the combinations of all of these various ways of thinking will provide strength of knowledge. General Learning Objectives: For each of these topics, the student should be able to: 1. Understand the underlying principles and be able to explain them clearly to your mother (or angelic like person willing to listen to economic reasoning whether they are facile in such reasoning). 2. To demonstrate your understanding of each principle through verbal, graphical and algebraic and numerical argument. 3. To apply the principles discussed to new but similar problems than those discussed in the text or class.

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Text : Nicholson, W. and C. Snyder, Microeconomic Theory: Basic Principles and Extensions , Tenth Edition, Fort Worth: Thomson South-Western, 2008. A word about the text, we are told that students hate it. At times, I can see why. It is filled with calculus and covers a broad range of topics. It clearly is oriented to help students prepare to examine empirical research in the various fields of applied microeconomics. Because most of our field classes do examine the literature, we the faculty, feel that it is an excellent text (in fact the number of schools which approach field classes this way is not all that large and are usually
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380 Asylw2010-section 2 - ECONOMICS 380-Section 2...

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