Syllabus - Econ 306 Intermediate Microeconomic Theory...

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Unformatted text preview: Econ 306 Intermediate Microeconomic Theory Spring 2012 PRELIMINARY COURSE SYLLABUS Textbook: Charles R. Hulten University of Maryland Morrill Hall, Room 1106C Robert S. Pindyck and Daniel L. Rubenfeld, Microeconomics, Seventh Edition Course Content: This course is designed to familiarize students with the main body of microeconomic theory at the intermediate undergraduate level. Topics covered include supply and demand analysis, the Invisible Hand principle of Adam Smith, utility maximization, the theory of the profit maximizing firm, competitive and non-competitive industry models, general equilibrium and welfare economics. The material presented is highly abstract and analytical in nature. It is designed as an exposition of the theoretical structure of economics, and formulae, symbols, and graphical analysis will be used, as will calculus. The course will meet twice a week for lectures, with review sessions at the end of some lectures Prerequisites: (ECON200 or AREC250), ECON201, and (MATH220 or MATH140). Exams and Grades: Your course grade will be based on problem sets, two midterm exams and a final exam. The exams will be "objective", i.e., have a multiple choice format. The two midterms will each account for 25 percent of the grade, and the final exam for 40 percent. The final exam will be cumulative. The chapters covered on each exam will be announced in advance of the exam. In addition to the material in the textbook, you may be examined on the material on any topics covered in class that are not covered in the text. There will be six problem sets, each worth up to two points. The highest five scores will be counted, so the maximum number of course points that can be earned is 10. They will be due in class on the dates posted on the course Blackboard page. Your final course grade will be based on the sum of the scores you earn on the exams and problem sets, scaled to reflect the relative weights given to each (i.e., 25-25-40-10). Please note: I do not give special papers or other assignments for "extra credit", so your course grade will be computed entirely from the scores you receive on the exams and problems. Proposed dates for the various exams are shown on the accompanying class schedule. Legal Excuses for Missing an Exam: Under University regulations, a make-up exam is only allowed in the following situations: religious holidays, illness or a major family issue, and participation in University activities at the request of University authorities. The week before or after Spring break is not a legal holiday, so make your travel plans accordingly. If you anticipate missing an exam, contact your T.A. or me immediately. If you miss an exam without advanced anticipation, contact us as soon as possible after the exam. We will give a make-up midterm exam during the semester to those without a legal excuse presented by the time the make-up exam is given, but 25 percent of the maximum points attainable on the regular midterm exam will be automatically deducted from your score. This offer does not apply to the final exam. If no make-up midterm is taken before the end of the semester, a score of zero will be assigned. PLEASE NOTE: Because of the large class size, you MUST take the final exam at the scheduled time on May 15, unless you have a valid university excuse. Conflicts with other final exams are not a valid excuse, nor are travel plans that conflict with the exam. Also, those students taking their exams at the DSS center must start the exam at the same time (and on the same day) as those students taking the exam in the class room. Please check your schedules NOW for possible time conflicts with other courses. Office Hours: Please feel free to discuss course related problems with me or the teaching assistant as frequently as necessary. You are strongly encouraged to ask questions or discuss your difficulties before they become serious. My office hours are: Mondays 1:15-1:50, and Wednesday 1:15-1:50 or by appointment. My telephone number is 405-3549 (on campus, extension 5-3549) and my e-mail is [email protected] Class materials and announcements will be posted on the course Blackboard page. Your T.A.s are Hector Lopez Carbajal ([email protected]) and Ken Ueda ([email protected]). Their office hours will be posted on the course Blackboard page. Planned Class Schedule (Subject to Changes) January January February February February February February February February February February March 25 30 1 6 8 13 15 20 22 27 29 5 Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter 1 2 2,4.4 3 3 3 4 4 4 4,3.6 5 6 Introduction to Course, The Market Economy Supply and Demand Analysis Elasticity (2.4,2.5), Consumer Surplus (4.4) Choice: Utility Function Choice: Budget Constraint Marginal Utility and Optimal Choice Price and Income Changes, Demand Curve Comparative Statics, Engel Curves Income and Substitution Effects Compensating Variation, Price Indexes (3.6) Choice Under Uncertainty, Risk, Insurance The Firm and its Goals March 7 MIDTERM EXAM (Chapters 1 through 5) March March March March April April April April April April April 12 14 26 28 2 4 9 11 16 18 23 Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter April 25 MIDTERM EXAM (Chapters 6 through 12) April May May May 30 2 4 9 Chapter Chapter Chapter Chapter May 15 6 7 7 8 8 9 9 10 10,11 12 14 15 16 16 18 Production Cost in Short Run Cost in Long Run The Price-Taking Firm in the Short Run The Price-Taking Firm in the Long Run Equilibrium in Competitive Markets Competitive Markets with Rising Costs Monopoly and Monopsony Monopoly: Decreasing Cost, pricing strategies Monopolistic Competition, product competition Household as Supplier of Labor Investment, Time, and Capital Markets The Price System, GDP, and Pareto Optimality Equity versus Efficiency, Social Welfare Externalities and Public Goods FINAL EXAM (Chapters 1-18, x13,17) 8:00-10:00 AM in class room ...
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This note was uploaded on 01/25/2012 for the course ECON 306 taught by Professor Cramton during the Spring '06 term at Maryland.

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