ECON 3070-001 Intermediate Microeconomic Theory

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ECON 3070-001 Intermediate Microeconomic Theory
Department of Economics
Economics 3070
Intermediate Microeconomic Theory
Spring 2015
Tania Barham
Economics 114
[email protected]
Office Hours:
Course Website:
Tuesday/Thursday 9:30am – 10:45am, MCOL W100
Tuesday/Thursday 1:45-2:45pm in ECON 114
Course Description
This course introduces the theoretical framework for analyzing the economic behavior of
individual decision-makers, such as consumers, workers, firms, and managers. The course is
divided into six sections. We begin with a basic review of supply and demand in Section 1. We
then proceed to Section 2, which covers consumer behavior and market demand. In this section,
we build a model of consumer choice and use this model to derive individual demand and market
demand. In Section 3, we turn our attention to the other side of the market and analyze the
behavior of firms and market supply. We build a model to show how each firm decides what
technology it should use to make its product and what quantity of this product to bring to market.
This model is then used to derive the firm’s supply curve and the market supply curve. Section 4
brings the two sides of the market together to show how price and output are determined by the
market. In Section 5 we will examine a variety of market structures are examined including
perfect competition and monopoly. If time permits, we will close the semester by examining
some issues such as behavioral economics or public policy.
Available to students who have completed ECON 100 Introduction to Economics or ECON 2010
Principles of Microeconomics, and either ECON 1078 Math Tools for Economists I and ECON
1088 Math Tools for Economists II, or MATH 1300.
The required textbook is Microeconomics: An Integrated Approach, 5nd edition, by David
Besanko and Ronald R. Braeutigam, 2005, John Wiley & Sons, New York, ISBN 978-111857227-6. There is a study guide available to accompany the textbook. You may wish to
purchase the study guide if you would like extra practice solving problems, but doing so is not
required. You can also purchase the 4th edition of the text as they are very similar.
Course Requirements
Attendance for the first three classes in mandatory or you may be dropped from the class.
Your participation and attendance grades will be based on random attendance checks throughout
the semester and your participation during the class. If you miss a class it is the students
responsibility to catch-up on any missed material.
Required assignments will take the form of 9 problem sets. There will be one midterm and a final
There will be 9 homework assignments, one mid-term examination and one final exam. The
weighting for these assessments are:
Midterm Exam
Final Exam
The schedule of when problem sets are due and exams given is below. The problem sets must
be handed in class the day they are due. Late problem sets will receive a score of zero.
Homework solutions will be posted soon after the due date. Students can work on the problem
sets in small groups (5 people or less). However, each person must submit their own write-ups
of their problem sets and you must put the names of your group members on your assignment
(make sure your name is distinct from the group members so I know who to give the grade to).
Handing in identical homeworks is not permitted.
Each assignment will be graded on a scale from 0 to 3: 0 points for not handing it in, 1 point for
poor performance, 2 points for average performance, and 3 points for outstanding performance.
Missed Assignments & Exams
Late assignments will not be accepted since solutions will be posted online soon after the
assignment is due. You may, however, miss two assignments without penalty since your lowest
2 assignment scores are dropped. You do not need to let me know you are not handing it in for
whatever the reason. However, I do not recommend this, as the exams are structured more
similarly to homework questions so homework is essential to your success in this class. You
may not miss an exam. No makeup exams will be given. If there is a proven emergency or other
unusual circumstance, your grades will be reweighed.
Tentative Course Schedule
Jan. 13
Jan. 15
Jan. 20
Jan 22
Jan 27
Jan 29
Feb 3
Feb 5
Feb 10
Feb 12
Feb 17
Feb 19
Feb 24
Feb 26
Mar 3
Mar 5
Mar 10
Mar 12
Mar 17
Mar 19
Analyzing Economic Problems
Math Review
Supply and Demand Analysis
Preferences and Utility
Preferences and Utility
Consumer Choice
Consumer Choice
The Theory of Demand
The Theory of Demand
Inputs and Production Functions
Inputs and Production Functions
Inputs and Production Functions
Midterm Exam (Ch 1-5)
Inputs and Production Functions
Costs and Cost Minimization
Costs and Cost Minimization
Cost Curves
Cost Curves
Perfectly Competitive Markets
Perfectly Competitive Markets
Ch 1
Ch 2
Ch 3
Ch 3
Ch 4
Ch 4
Ch 5
Ch 5
Ch 6
Ch 6
Ch 6
Ch 6
Ch 6
Ch 7
Ch 7
Ch 8
Ch 8
Ch 9
Ch 9
Mar 24
Mar 26
Mar 31
Apr 2
Apr 7
Apr 9
Perfectly Competitive Markets
Perfectly Competitive Markets
Competitive Markets:
Efficiency of Competitive Mrk
Monopoly and Monopsony
Monopoly and Monopsony
Market Structure
Give in class exercise to figure
out monopoly question
Behavioral Economics
Apr 14
Apr 16
Apr 21
Apr 23
Apr 28
Apr 30
Ch 9
Ch 9
Ch 10
Ch 16.4
Ch 11
Ch 11,
Tentative Final Exam (Cumulative): May
3rd 4:30pm-7pm. Please check this your self.
PS 0 Math Review
PS 1 - Ch 1
PS 2 - Ch 2
PS 3 - Ch 3 & 4
PS 4 - Ch 5
PS 5 Ch 6
PS 6 - Ch 7/8
PS 7 - Ch 9
PS 8 - Ch 10
PS 9 - Ch 11 - 16
University Policies
Students with Disabilities
If you qualify for accommodations because of a disability, please submit to me a letter from
Disability Services by January 22nd so that your needs may be addressed. Disability Services
determines accommodations based on documented disabilities. Contact: 303-492-8671 or in
person at the Center for Community. University policies regarding disabilities are
available at http://www.colorado.edu/disabilityservices.
Religious Observances
Campus policy regarding religious observances requires that faculty make every effort to
reasonably and fairly deal with all students who, because of religious obligations, have conflicts
with scheduled exams, assignments, or required attendance. If you have a conflict due to a
religious obligation, please see me by January 22nd so that alternate arrangements can be made.
Policies regarding religious practice are available at www.colorado.edu/policies/fac_relig.html.
Academic Misconduct
All students of the University of Colorado at Boulder are responsible for knowing and adhering
to the academic integrity policy of this institution. Violations of this policy may include:
cheating, plagiarism, aid of academic dishonesty, fabrication, lying, bribery, and threatening
behavior. All incidents of academic misconduct shall be reported to the Honor Code Council
([email protected]; 303-735-2273). Students who are found to be in violation of the academic
integrity policy will be subject to both academic sanctions from the faculty member and nonacademic sanctions (including but not limited to university probation, suspension, or expulsion).
Other information on the Honor Code can be found at
Discrimination and Harassment
The Office of Discrimination and Harassment can be reach by phone at 303-492-2127.
University policies regarding Sexual Harassment and Amorous Relationships are available at
Learning Environment
University policies regarding classroom behavior are available at
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