ECONOMICS 380Section 2
INTERMEDIATE PRICE THEORY 1
11:00 am12:15 pm MW, 274 MARB, W2011
Rulon Pope
[email protected]
(best way to reach me)
154 FOB, 4223178
Teaching Assistant:
Bryan Hardy
Office Hours:
2:303:00 p.m. and 4:455:15 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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:
Nicholson, W. and C. Snyder, Microeconomic Theory: Basic Principles and Extensions
,
Tenth Edition, Fort Worth: Thomson SouthWestern, 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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 Winter '08
 Showalter,M
 Economics, 1975, 1983

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