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ECON 3070-007 Intermediate Microeconomic Theory

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ECON 3070-007 Intermediate Microeconomic Theory
UNIVERSITY OF COLORADO AT BOULDER
Department of Economics
Syllabus
Econ 3070-007
Intermediate Microeconomic Theory
Spring 2009
Instructor
Joyce C. Loh
Office
Economics Building, Room 306
Email
[email protected] This is the best way to get in touch with me. During the week, I will do my
best to respond within 24 hours to any queries regarding the course. If I don’t, it is fair to assume
that I didn’t receive the message and it should be resent.
Office Hours
Wednesday, 3:00PM ~ 5:00PM. Office hours are held for your benefit. It is an opportunity to
come in and ask questions in a one-on-one or small group setting. Everyone is highly encouraged
to attend office hours as often as they feel necessary to help master the materials of the course. If
there is any reason that you cannot make these office hours, I am willing to meet you by
appointment.
Class Meeting Time
Monday, Wednesday and Friday, 2:00PM ~ 2:50PM, ECON 119
Course Website
I have constructed a CULearn link as the course website. All relevant materials will be posted on
it. It is your responsibility to regularly check the information posted online.
Course Description
This course introduces the theoretical framework for analyzing the economic behavior of
individual decision-makers, such as consumers and firms. The techniques presented in this
course are used by almost every economist and can be applied to many applied fields including
international economics, environmental economics, labor economics, and industrial organization.
The course will be divided into five sections. We will begin with a review of calculus. We will
then proceed to Section 2, which covers the consumer behavior and the market demand. In this
section, we will build a model of consumer choice and use this model to derive the individual
demand and the market demand. In Section 3, we will turn our attention to the other side of the
market and analyze the behavior of firms and the market supply. We will build a model to show
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how each firm decides what technology it should use to produce its product and what quantity of
this product to bring to the market. This model will be then used to derive the supply curves of
the firm and the market. Section 4 will bring the two sides of the market together to show how
the price and the output are determined by the market. The perfect competition of market
structure will be examined. If time permits, we will close the semester with an introduction to the
general equilibrium and/or other important microeconomic topics.
Course Structure
The course will consist of lectures, readings, assignments, and exams. The lectures will follow
the readings in terms of topics covered. However, there may be some materials covered in lecture
that will not be covered by the readings, and there will most certainly be some materials in the
readings not covered in lecture. Therefore, attending lectures and taking good notes are very
important to succeed in this course.
Readings will be primarily from the required textbook. However, I may elect to assign additional
readings from other books to supplement the materials in the textbook. The additional readings
will be made available on CULearn as needed.
Assignments will take the form of problem sets. In general, assignments will be made available
by Friday on CULearn and due in lecture one week later. Solutions will be posted on the course
website shortly thereafter.
There will be two in-class midterm exams on Friday, February 27 and Friday, April 10
respectively. A cumulative final exam will be on Tuesday, May 5.
Prerequisites
To take this course, you should have taken either Econ 1078 (Math Tools for Economists I) and
Econ 1088 (Math Tools for Economists II) or Math 1300 or equivalent for the math preparation,
and either Econ 1000 (Introduction to Economics) or Econ 2010 (Principles of Microeconomics)
for the economics part.
This course will be taught with mathematical emphasis. You are supposed to be familiar with
microeconomic principles, graphs, algebra, calculus and optimization techniques covered in the
prerequisite classes, and feel comfortable expressing these concepts in short-answer questions in
assignments and exams.
Textbook
The required textbook is “Microeconomics,” the 3rd edition, by David Besanko and Ronald R.
Braeutigam.
The best reference books will be the textbooks you studied for the past economics and calculus
courses.
Grading
The various components of the course will be weighted as follows to determine your final grade:
Assignments
20%
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Midterm Exam 1
Midterm Exam 2
Final Exam (mandatory and cumulative)
25%
25%
30%
Each assignment will be graded on a scale from 0 to 10: zero point for not handing it in, 2 point
for poor performance, 5 points for average performance, and 10 points for outstanding
performance. The lowest two assignment scores will be dropped before the course grades are
determined at the end of the semester. You are encouraged to work on the problem sets in small
groups. However, you have to turn in your own problem set.
The midterm exam will be graded on a 50-point scale, and the final exam will be graded on a
120-point scale. They will be based on the lectures and the assignments.
I will not curve any single exam or assignment, but the whole class grade will be curved at the
end of semester if the average is lower than 70. Throughout the semester, I will distribute some
handouts or worksheets in class without advance notice. Some of them will be collected before
the class is dismissed and counted as attendance or extra credit.
Exam Rules
You are only allowed to bring the (colored) pens, pencils, erasers, white-out, rulers, and basic
calculators (see the attached picture). If the calculators you bring to the exams are not the basic
ones, I’ll take possession of them until you finish the exams. Scratch paper will be provided. If a
decimal answer is necessary to complete the question, calculation hints will be provided at the
end of each part. You may not need to use all but only some of them to finish one question. If
you feel competent at algebra, you may not need a basic calculator at all for the exams.
Missed Assignments & Exams
Late assignments will not be accepted since the solutions will be posted on the course website
shortly after the assignments are due. You may, however, miss two assignments without penalty
since your lowest two assignment scores will be dropped.
No make-up exams will be given. If there is a proven emergency or other unusual circumstances
that have been discussed with me prior to an exam, no make-up exam will be given but your
grades will be reweighed.
Tutoring Resources
Department of Economics provides a free drop-in tutorial lab for undergraduates enrolled in
introductory and intermediate Economics courses at CU-Boulder. The details can be found at
http://www.colorado.edu/Economics/undergraduate/index.html, and then click Drop-IN Tutorial
Lab (to be updated soon). If you prefer one-on-one tutorial, Department of Economics also keeps
a list of graduate students who are willing to tutor the undergrad students in different topics. The
list can be found at the same webpage, and then click Tutor List (to be updated soon).
Tentative Course Schedule
Date Jan Day 12 Mon Topic Reading Assignment Syllabus, Analyzing Economic Problem Syllabus, Ch1 3
14 Wed Math Review Extra Readings 16 19 21 23 26 28 30 Fri Mon Wed Fri Mon Wed Fri Math Review No class Supply and Demand Analysis Supply and Demand Analysis Supply and Demand Analysis Consumer Preferences Consumer Preferences Extra Readings Ch2 Ch2 Ch2 Ch3 Ch3 Pset 1 Due Pset 2 Due Feb 2 4 6 Mon Wed Fri Consumer Preferences Consumer Preferences Consumer Choice Ch3 Ch3 Ch4 Pset 3 Due 9 11 13 16 18 20 23 25 Mon Wed Fri Mon Wed Fri Mon Wed Consumer Choice Consumer Choice Consumer Choice Consumer Choice Demand Theory Demand Theory Demand Theory Q&A for Midterm Exam 1 27 Fri Midterm Exam 1 March 2 Mon Demand Theory Ch5 4 6 9 11 13 16 18 20 Wed Fri Mon Wed Fri Mon Wed Fri Demand Theory Demand Theory Inputs and Production Functions Inputs and Production Functions Inputs and Production Functions Costs and Cost Minimization Costs and Cost Minimization Costs and Cost Minimization Ch5 Ch5 Ch6 Ch6 Ch6 Ch7 Ch7 Ch7 Pset 6 Due Pset 7 Due 23 Mon 25 Wed 27 Fri 30 Mon No class No class No class Costs and Cost Minimization Ch7 1 3 6 8 10 13 Costs and Cost Minimization Cost Curves Cost Curves Q&A for Midterm Exam 2 Midterm Exam 2 Cost Curves April Wed Fri Mon Wed Fri Mon 15 Wed 17 Fri 20 Mon 22 Wed Perfectly Competitive Markets Perfectly Competitive Markets Perfectly Competitive Markets Perfectly Competitive Markets 4
Ch4 Ch4 Ch4 Pset 4 Due Ch4 Ch5 Ch5 Pset 5 Due Ch5 Extra Exercises for Midterm Exam 1 Ch7 Ch8 Pset 8 Due Ch8 Extra Exercises for Midterm Exam 2 Ch8 Ch9 Ch9 Ch9 Ch9 24 Fri 27 Mon 29 Wed Perfectly Competitive Markets Ch9 Pset 9 Due General Equilibrium Theory General Equilibrium Theory Ch16 Ch16 May 1 Fri Q&A for Cumulative Final Exam 5 Tue Cumulative Final Exam: 1:30 PM ~ 4:00 PM at Econ 119 Extra Exercises for Cumulative Final Exam Honor Code
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 nonacademic 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 and at
http://www.colorado.edu/academics/honorcode/.
Expectations of Classroom Behavior
Students and faculty each have responsibility for maintaining an appropriate learning
environment. Students who fail to adhere to behavioral standards may be subject to discipline.
Faculty has the professional responsibility to treat students with understanding, dignity and
respect, to guide classroom discussion and to set reasonable limits on the manner in which
students express opinions. See polices at http://www.colorado.edu/policies/classbehavior.html
and at http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student_code.
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. Please notify me as soon as possible
so that the proper arrangements can be made. Students can see full details at
http://www.colorado.edu/policies/fac_relig.html.
Students with Disabilities
If you qualify for accommodations because of a disability, please submit to me a letter from
Disability Services by January 21 so that your needs may be addressed. Disability Services
determines accommodations based on documented disabilities. Contact: 303-492-8671, Willard
322, or http://www.Colorado.EDU/disabilityservices. Besides, time extensions for exams must
be approved by me prior to the exam. If you have not talked to me personally prior to the exam
you will not be granted an extension.
Disability Services' letters for students with disabilities indicate legally mandated reasonable
accommodations. Other letters/requests you may receive from agencies such as the Wardenburg
Student Health Center, or other health providers, such as physicians or counselors, are
recommendations you may choose to follow to assist students but are not necessarily legal
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mandates. The syllabus statements and answers to Frequently Asked Questions can be found at
http://www.colorado.edu/disabilityservices.
Sexual Harassment
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 Sexual
Harassment (OSH) at 303-492-2127 or the Office of Judicial Affairs at 303-492-5550.
Information about the OSH and the campus resources available to assist individuals who believe
they have been sexually harassed can be obtained at http://www.colorado.edu/odh/.
A Basic Calculator
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