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
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.
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.
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
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
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
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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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,
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http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student code
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