Microeconomic Theory Economics 172

Microeconomic Theory Economics 172
Professor Woolf
Contact Info:
Office Hours:
Class Meeting:
Spring 2010
656-0190 339 Old Mill
[email protected]
T, Th 8:00-9:30
172A T, Th, 11:30 - 12:45 308 Terrill
172B T, Th, 2:30 - 3:45 10 Morrill
Resources
Text: Jeffrey Perloff, Microeconomics: (5th edition) Pearson Addison Wesley, 2009
MyEconLab (required)
Course Description and Requirements
Intermediate Microeconomic Theory is a detailed analysis of how individual decision makers work in a
market economy. It offers a more in-depth analysis of the forces that affect supply and demand than was
offered in Economics 12. The course emphasizes theory, but practical applications of the theory will be
used in class and throughout the text.
The class is not reading intensive, but it is highly work and thought intensive. If you do not spend at
least 2 hours outside of class for every hour you spend in class, you will have a difficult time with this
course. The requirements for the course include weekly homework problem sets via myeconlab and three
exams. The class will involve extensive use of graphs and algebra, with some calculus. Prerequisites for
the class are Economics 12 and Math 19 and I will assume you have a good working knowledge of the
material covered in both of those courses.
There will be three exams. If you have a conflict or special needs, let me know at least one week before
the exam. The two midterms will not be cumulative, but the final will cover all the material in the
course. It will, however, focus on the last third of the course.
How to do well in this class:
1. Read the chapter carefully before class. As you do this:
a. Look over the introductory section in each chapter that describes the main topics covered.
b. Be sure you understand all the graphs and tables. Reproduce the graphs on paper as you are
reading.
c. Read the applications. They are fun, interesting, and show you how the material can be
applied.
d. Read the solved problems and try to figure out the answer on your own before you read the
answer. Work out the problems on your own, graphically or algebraically. Don’t just read the
problems, or the text. Economics is not a spectator sport.
e. Read the chapter summary. If there is anything you are unclear about, re-read that part of the
chapter.
f. If you do not read the chapter until after the class you won’t understand the material as well as
if you do. If you do not read the chapter until a few days before the exam I can just about
guarantee you won’t do well in this course.
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2. Note that some of the questions at the end of each chapter have answers at the back of the book. They
are a good way for you to test your knowledge of the material.
3. Ask questions in class about the reading or about material presented in class.
4. After class, re-read your notes and skim over the chapter again. You should have a better
understanding of it and should be able to explain the graphs and concepts to another student in the class.
Forming study groups is a good idea.
5. Take advantage of the resources available on myeconlab.
Grading
Course Component
Weighting 1
(MT1 is lowest score)
MyEconLab Assignments 25
Midterm 1 (MT1)
5
Midterm 2 (MT2)
30
Final
40
Total
100%
Weighting 2
Weighting 3
(MT2 is lowest score)
25
30
5
40
100%
(Final is lowest score)
25
25
25
25
100%
The grade you earn will be based on your knowledge of the material, not based on how hard you work or
how many hours you spend studying before each exam. The probability of earning a good grade is
positively correlated with the amount of time you spend studying each chapter through the semester. The
probability of earning a high grade without spending a good deal of time studying for the course is very
low.
The grading standard is as follows:
A
Understands the material in a comprehensive manner; understands subtle distinctions and clearly
comprehends the concepts and applications we have discussed. Can apply the concepts and materials to
new situations.
B
Has a good grasp of the material covered; generally understands most of the concepts discussed
and covered in class and readings.
C
Shows an average comprehension of the material but cannot explain basic concepts well or apply
concepts to slightly different cases.
D
Understands some of the material, but does not have a grasp of basic concepts or issues we have
discussed.
F
Does not show an understanding of the basic material in the course.
Ancillary Material
1. To apply the economic concepts you are learning, I recommend you read The New York Times
(www.nytimes.com) including the business section, as well as other economics articles in the Times. The
Wall Street Journal (www.wsj.com), not free but well worth the $35 semester subscription price for the
paper copy. If you are serious about economics, you should read the WSJ for good discussion of micro,
as well as macro, issues.
2. If you are serious about learning and truly understanding economics, read some economics blogs.
Some of my favorites are
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--www.cafehayek.com Economics from a libertarian perspective.
--http://gregmankiw.blogspot.com Harvard economist Greg Mankiw’s website for his principles of
economics students, but it is a good blog for anyone interested in economics.
--www.vermonttiger.com A blog I contribute to that looks at Vermont policy issues from an
economic perspective.
3. For an overview of some of the major economics blogs, go to
http://www.oswego.edu/~economic/blogs.htm
Timetable
Jan 19
Jan 21, 26
Jan 28, Feb 2
Feb 4, 9
Feb 11, 16, 18
Feb 23
Feb 25, Mar 2
Mar 4, 16, 18
Mar 23, 25, 30
April 1
Apr 6, 8
Apr 13, 15
Apr 20, 22
Apr 27, 29, May 4
Final Exam:
Ec 172A : May 7
Ec 172B: May 11
Introduction
Chapter 1
Supply and Demand
Chapter 2
Elasticity and Taxes
Chapter 3
Consumer Optimization
Chapter 4
Applications
Chapter 5
Exam 1
Production
Chapter 6
Costs
Chapter 7
Competitive Markets
Chapter 8
Exam 2
Applications of Competitive Markets Chapter 9
Monopoly Markets
Chapter 11
Monopolistic Pricing
Chapter 12
Externalities and Public Goods
Chapter 18
11:45-2:45
3:30-6:30
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Textbook: Perloff: Microeconomics, 5e
Course Name: Economics 172
Course ID: XL0G-D1LY-201Y-9GE2
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