ECON 3070-007 Intermediate Microeconomic Theory

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ECON 3070-007 Intermediate Microeconomic Theory
ECON 3070-007 – Intermediate Microeconomics – Fall 2010
Instructor: Jieun Chang
Office: Econ 307
E-mail: [email protected]
Office hours: Tuesday 4:55-5:55pm and Wednesday 1:00-2:00pm
Course website: CULearn
Lecture: TR 3:30 - 4:45 in ECON 119
Required Text
David Besanko and Ronald R. Braeutigam, (2007), Microeconomics, John Wiley & Sons Publishers
I would suggest looking for used/new copies online before buying at the bookstore to compare prices.
Also, the best strategy for doing well in class and understanding the material is to read the corresponding
textbook chapters before class. I follow the book topics fairly closely but will add a few additional things
as I see fit.
Course Description
Microeconomics is a branch of economics that studies how individuals, households, and firms make
decisions to allocate limited resources, typically in markets where goods or services are being bought and
sold. We will examine how these decisions and behaviors affect the supply and demand for goods and
services, which determines prices and how prices, in turn, determine the supply and demand of goods and
Principles of Microeconomics (Econ 2010) or Introduction to Economics (ECON 1000) and Mathematics
for Economists I and II (Econ 1078/1088 or equivalent). Students should be familiar with the concepts of
supply and demand, the basics of fiscal and monetary policy, and have some experience using equations,
graphs, and tables to analyze economic situations.
Class Requirements
The class meets Tuesday and Thursday from 3:30 to 4:45 pm. Try to select a regular seat in class so it is
easier for me to get to know you. Although there is no grade for attendance, attendance and class
participation will be duly noted. To receive a passing grade, you are required to attend a minimum of 80
percent of the lectures. A sign-in sheet will be circulated during each class, and it is your responsibility to
make sure that you have signed in by the end of class. Please be aware that the critical thinking required
for successful completion of this course may not come naturally for many students. Class exposure to
model building, applied problems and solutions is the best way to become proficient in the application of
microeconomic theory. Feel free to form study groups to review and discuss lecture/reading material,
homework questions, etc., but you must submit individual work for grading.
Students should:
(a) attend two classes per week;
(b) read the assigned chapters prior to lectures;
(c) review notes after lectures;
(d) complete homework assignments;
(e) complete at least one mid-term examination; and one final examination
The exams will take place during regular class time in the regular class room on the dates listed below.
They will be a combination of multiple-choice questions and short answer questions. You’ll probably also
want to bring a calculator (no cell phone calculators or any calculators capable of storing information
i.e. graphing calculators). Exam questions will be based on material covered in lecture and the problem
sets. I’ll talk more about each exam as the exam date approaches.
Make-ups for any exam are allowed only under compelling circumstances. Under such a compelling
circumstance, you are almost always required to make prior arrangements before the exam. A make-up
exam will be administered prior to the actual exam date. And no late exam will be provided past the exam
Note: If you have 3 or more final exams on the same day and econ 3070-007 is your last final exam
scheduled on that day, you are entitled to arrange an alternative exam time. To reschedule your final exam
time, you must make arrangements no later than Friday, October 1, 2010.
Grades will be based upon five homework assignments, two mid-semester exams and a final exam.
Assignments and exams will include short answer questions and problems be solved on both lecture
material and assigned readings.
The midterm and final exams will each be graded on a 100 point scale. Each assignment will be graded on
a scale from 0 to 4: 0 points for not handing it in, 1 point for very poor performance, 2 points for poor
performance, 3 points for average performance, and 4 points for outstanding performance. Your lowest
assignment will be dropped before determining score grades at the end of the semester.
I will calculate your course grade as the largest number arising from the following alternative calculated
Score 1: 25% (Midterm 1) + 25% (Midterm 2) + 30% (Final) + 20% (Assignments)
Score 2: 30% (Midterm 1) + 50% (Final) + 20% (Assignments)
Score 3: 30% (Midterm 2) + 50% (Final) + 20% (Assignments)
Grading Scale
Your Score
Your Score
63 - 66%
60 - 62%
≤ 59%
Tentative Course Schedule
Week 1
Aug 24
Aug 26
Week 2
Aug 31
Sep 2
Week 3
Sep 7
Sep 9
Week 4
Sep 14
Sep 16
Week 5
Sep 21
Sep 23
Week 6
Sep 28
Sep 30
Week 7
Oct 5
Oct 7
Week 8
Oct 12
Oct 14
Week 9
Oct 19
Oct 21
Week 10
Oct 26
Oct 28
Week 11
Nov 2
Nov 4
Week 12
Nov 9
Nov 11
Week 13
Nov 16
Nov 18
Week 14
Week 15
Nov 30
Dec 2
Week 16
Dec 7
Dec 9
Analyzing Economic Problems
Math Review, Pretest
Ch 1
Ch 2
Supply and Demand Analysis
Preferences and Utility
Ch 2
Ch 3
Preferences and Utility
Consumer Choice
Ch 3
Ch 4
Consumer Choice
The Theory of Demand
Ch 4
Ch 5
The Theory of Demand
The Theory of Demand
Ch 5
Ch 5
Dec 16
Final Exam (THU 7:30AM – 10:00AM)
PS 1 Due (Chs 1-3)
PSet 2 Due (Chs 4-5)
Midterm 1 (Chs 1-5)
Inputs and Production Functions
Inputs and Production Functions
Ch 6
Ch 6
Costs and Cost Minimization
Costs and Cost Minimization
Ch 7
Ch 7
Cost Curves
Cost Curves
Ch 8
Ch 8
Perfectly Competitive Markets
Perfectly Competitive Markets
Ch 9
Ch 9
Midterm 2 (Chs 6-8)
Perfectly Competitive Markets
General Equilibrium Theory
Ch 9
Ch 16
Monopoly and Monopsony
Monopoly and Monopsony
Fall Break (Nov 22- Nov 26)
Ch 11
Ch 11
Market Structure and Competition
Market Structure and Competition
Ch 13
Ch 13
PSet 3 Due (Ch 6)
PSet 4 Due (Chs 7-8)
PSet 5 Due (Chs 9-16)
University Policies
Students with Disabilities
If you qualify for accommodations because of a disability, please submit to me a letter from Disability
Services in a timely manner so that your needs may be addressed. Disability Services determines
accommodations based on documented disabilities. Contact: 303-492-8671, Willard 322, and
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 at
least one full week in advance so that alternate arrangements can be made. Policies regarding religious
practice are available at www.colorado.edu/policies/fac_relig.html.
Classroom Behavior
Students and faculty each have responsibility for maintaining an appropriate learning environment.
Students who fail to adhere to such behavioral standards may be subject to discipline. Faculty has the
professional responsibility to treat all students with understanding, dignity and respect, to guide classroom
discussion and to set reasonable limits on the manner in which they and their students express opinions.
Professional courtesy and sensitivity are especially important with respect to individuals and topics
dealing with differences of race, culture, religion, politics, sexual orientation, gender variance, and
nationalities. Class rosters are provided to the instructor with the student's legal name. I will gladly honor
your request to address you by an alternate name or gender pronoun. Please advise me of this preference
early in the semester so that I may make appropriate changes to my records. Polices regarding classroom
Discrimination and Harassment
The University of Colorado Policy on Sexual Harassment and the University of Colorado Policy on
Amorous Relationships applies to all students, staff, and faculty. Any student, staff or faculty member
who believes s/he has been the subject of discrimination or harassment based upon race, color, national
origin, sex, age, disability, religion, sexual orientation, or veteran status should contact the Office of
Discrimination and Harassment (ODH) at (303) 492 2127 or the Office of Judicial Affairs at (303) 492
5550. Information about the ODH and the campus resources available to assist individuals regarding
discrimination or harassment can be obtained at http://www.colorado.edu/odh.
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) 725
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 non-academic sanctions (including but not limited to
university probation, suspension, or expulsion). Other information on the Honor Code can be found at
www.colorado.edu/policies/honor.html and at www.colorado.edu/academics/honorcode.
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