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ECON 3070-006 Intermediate Microeconomic Theory

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ECON 3070-006 Intermediate Microeconomic Theory
Department of Economics
University of Colorado, Boulder
Economics 3070
Intermediate Microeconomic Theory
Syllabus
Professor: Martin Byford
Office: Economics 4B
Email: [email protected]
Lectures: MWF 10.00–10.50 ECON 117
Office Hours: 11.00–12.00 MW
Course Website: CULearn
Course Description
All economies are made up of individual decision makers: consumers, firms and regulators whose choices interact to determine all aspects of the societies in which we live.
This course introduces a theoretical framework that allows us to model the behavior
of individual decision makers. A solid understanding of microeconomics is essential
for anyone intending to pursue further studies in economics as many fields — including industrial organization, trade, labor and environmental economics — are built on
microeconomic foundations.
The course begins by introducing the concept of consumer preferences. Preferences
drive the choices of every consumer; and taken together, these choices determine
market demand. On the supply side of the market it is production technology that
drives the behavior of firms; and determines both firm and market supply.
The way in which demand and supply interact to determine price and output
depends upon the nature of competition in the market. In this course we will consider
the cases of perfect competition, monopoly and oligopoly.
Prerequisites
1. Econ 1000 or Econ 2010
2. Econ 1078 & Econ 1088, or Math 1300, or equivalent
This is a technical subject. Mathematical techniques such as calculus and constrained optimization will be used extensively throughout the course. It will be assumed that all students are familiar with these techniques. Moreover, students should
be familiar with the basic concepts and lexicon of microeconomics.
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Prescribed Text
The prescribed textbook is Microeconomics, 3rd edition by David Besanko and Ronald
Braeutigam. The course will follow the prescribed text closely. Additional reading
may be assigned during the semester. Any additional reading will be listed on the
course website.
Tentative Schedule
The following list of topics is tentative and subject to change.
Table 1: Tentative Schedule
Topics
Introduction, Demand & Supply
Mathematical Revision
Preferences & Utility
Consumer Choice
Theory of Demand
Inputs & Production Functions
Costs & Cost Minimization
Cost Curves
Perfectly Competitive Markets
Monopoly & Monopsony
Capturing Surplus
Game Theory & Strategic Behavior
Oligopoly Theory
Auctions & Bargaining
Readings
Ch. 1 & 2
Ch. 3
Ch. 4
Ch. 5
Ch. 6
Ch. 7
Ch. 8
Ch. 9
Ch. 11
Ch. 12
Ch. 14
Ch. 13
Lecture Notes
Assessment
The assessment of this subject consists of three components:
Five problem sets will be assigned throughout the semester. Each problem set will
be made available on the course website two weeks prior to the due date. Problem
sets must be handed in at the start of class on the due date. Late problem sets will
not be accepted.
A math revision exam, contributing 10% of your grade. Two midterm exams,
each contributing 25% of your final grade. A final take home exam, contributing 25%
of your final grade. Exams will be announced in class and via email two weeks prior
to the exam date. Students may not miss exams. No makeup exams will be given.
There is no mark for attendance, however class participation will be noted. All
material that is covered, either in class or in the readings, is examinable.
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Procedures
1. 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,
http://www.colorado.edu/disabilityservices
Disability Services letters for students with disabilities indicate legally mandated reasonable accommodations. The syllabus statements and answers to
Frequently Asked Questions can be found at,
http://www.colorado.edu/disabilityservices
2. 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. You must inform me at least seven days in advance of any conflict
due to a religious observance in order for alternative arrangements to be made.
See full details at,
http://www.colorado.edu/policies/fac relig.html
3. 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.
See polices at:
http://www.colorado.edu/policies/classbehavior.html
http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student code
4. 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:
http://www.colorado.edu/policies/honor.html
http://www.colorado.edu/academics/honorcode/
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5. The University of Colorado Policy on Sexual Harassment applies to all students,
staff and faculty. Sexual harassment is unwelcome sexual attention. It can
involve intimidation, threats, coercion, or promises or create an environment
that is hostile or offensive. Harassment may occur between members of the same
or opposite gender and between any combinations of members in the campus
community: students, faculty, staff, and administrators. Harassment can occur
anywhere on campus, including the classroom, the workplace, or a residence
hall. Any student, staff or faculty member who believes s/he has been sexually
harassed 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 who
believe they have been sexually harassed can be obtained at:
http://www.colorado.edu/odh/
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