Sumell, Microeconomic Theory Syllabus
Sumell, Intermediate Microeconomics Syllabus, Spring 2015
ECON 3710, CRN 22237
Intermediate Microeconomic Theory
Moser 2335
T Th 12:30-1:45 p.m.
Instructor:Albert J. Sumell
Office:314 DeBartolo
Phone:(330) 941-1678
e-mail:
website:
Office Hours: 1:30 - 3:30 p.m. Mondays; 2:30 - 3:00 p.m. and 5:20 – 5:50 pm Tuesdays; 1:30 – 3:30 pm Thursdays; or anytime by appointment.
Prerequisites: ECON 2610: Principles of Microeconomics and either MATH 1549, 1552, 1570 or 1571
Course Description and Objectives:
This course provides comprehensive coverage of microeconomic issues by analyzing applications of the theory. The primary objectives are to think analytically about the forces at work in the choices of individuals and firms and to study the allocation of our limited resources in the economy to determine whether it is optimal for society. You will learn both a specific set of analytical tools and important economic theories – many of which were already discussed at a basic level in Principles. In order effectively study microeconomic issues you will need mathematical techniques including (basic) calculus. A graphical and intuitive approach is stressed in addition to the technical tools.
All economic course material is based either on the knowing of economics or the doing of economics. Your grade in this (or any theory course) will be based primarily on the knowing of economics. However, knowing economics is a necessary condition to doing economics. I will try to make the linkage between the two as apparent as possible throughout this course.
After completing the course you should:
- possess a thorough understanding of Microeconomic concepts like opportunity costs, how markets function, how consumers maximize utility, how firms maximize profits, etc.
- be able to explain the underlying theory and apply them to public policy.
- be better equipped to conduct and understand research on Microeconomic topics.
- be excited about taking additional classes in Economics.
Required Materials:
1. Robert H. Frank, Microeconomics and Behavior, 7th or 8th edition, McGraw-Hill.
- Selected articles will be handed out and/or posted online.
COURSE PHILOSOPHY: The course philosophy is best stated as follows:
"I wrote Microeconomics and Behavior in the conviction that the teaching of intuition and the teaching of technical tools are complements, not substitutes. Students who learn only technical tools rarely seem to develop any real affection for our discipline, and even more rarely do they acquire that distinctive mindset we call 'thinking like an economist.' By contrast, students who develop economic intuition are stimulated to think more deeply about the technical tools they learn and to find more interesting ways to apply them. Most important, they usually end up liking economics."
Robert Frank (Cornell Univ), from the Preface of the text University Economics.
Course Expectations and Requirements:
Exams: The exams will be in-class. I will spend some portion of the class before the exam establishing expectations for the exam, but I will not spend a significant amount of time in class reviewing the material. Study guides with practice problems that will not be graded will be posted on the class website before each exam. The exams will consist of multiple choice, short-answer, and explain questions. The final is comprehensive, but will focus on material given after the second midterm. The exams will emphasize complex problem solving skills.
If you miss an exam you will have to notify me either prior to the exam or within 24 hours of the exam. Make-ups will only be given if circumstances outside of your control prevent you from taking the exam.
Homework Assignments: There will beapproximately four homework assignments that will you will have at least five days to complete. I expect these assignments to take a good deal of time and to be completed neatly. I would recommend beginning these assignments as soon as you receive them. Late homework assignments will be penalized.
Attendance Policy:Attendance is not mandatory, in that I will not directly subtract points from your grade if you miss class. However, consistent attendance is the single most important requirement to doing well in the class. You are responsible for all work missed during class regardless of the reason. If possible, it is best to make a copy of another student’s lecture notes from any class you miss. You should also check the class website to see if anything has been posted. If you must leave class early please let me know before class begins.I will keep track of the number of classes you miss as well as your participation to determine your attendance/participation grade.
Basis for Grading:
-Participation/Attendance: 5%
-Assignments (3 or 4): 25% total
-Midterms (2): 40% total
-Final Exam: 30%
Final grades for the course will be based on the following scale:
100-90%A
89-80%B
79-70%C
69-60%D
Below 60%F
Final Grades may be curved up as deemed appropriate at the end of the semester. However, if you earn a 90% or above for the class you are guaranteed an ‘A’, 80% or above you are guaranteed at least a ‘B’, etc.
Statement Regarding Disabilities:
Anyone requiring special adaptations or accommodations should inform the instructor as soon as possible. In accordance with University procedures, if you have a documented disability and require accommodations to obtain equal access in this course, please contact the Office of Disability Services (phone: 330-941-1372) in the Center for Student Progress at the beginning of the semester or when given an assignment for which an accommodation is required. Students with disabilities must verify their eligibility through the Office of Disability Services.CSP Disability Services is located at 275 Fifth Ave.
Preliminary Schedule (Subject to Changes):
1/13 – 1/15: Chapter 1: Intro / Review / Fundamentals
1/20 – 1/22:Chapter 2: Supply and Demand
1/27 – 1/29:Chapter 3: Consumer Choice Theory
2/3 – 2/5:Chapter 4: Income and Substitution Effects/Elasticity
2/10 – 2/12: Wrap up/Midterm 1
2/17 - 2/19: Chapter 5: Further Applications of Choice and Demand
2/24 – 2/26: Chapter 6: Choice Under Uncertainty
3/3 – 3/5:Chapter 7: Explaining Tastes/Cognitive Limitations
3/10 – 3/12: No class: SPRING BREAK!
3/17 – 3/19:Chapter 9: Production
3/24 – 3/26: Wrap up/review/Midterm 2
3/31 – 4/2:Chapter 10: Costs
4/7 – 4/9:Chapter 11: Perfect Competition
4/14 – 4/16: Chapter 12: Monopoly
4/21 – 4/23:Chapter 13:Imperfect Competition/Game Theory
4/28 – 4/30: Chapter 15: Public Goods and Externalities
FINAL EXAM: Tuesday, May 5, 3:15 – 5:15 pm
Note: 3/26 is the last day to withdraw and receive a “W”
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