Course Syllabus
Course Number:
ECO 641
Course Title:
Microeconomics I
Credits:
(3:3)
Prerequisites/Corequisites:
301,619 or permission of Instructor
For Whom Planned:
For entering Economics MA students
Instructor Information:
Stephen K. Layson, PhD
Office hours: 10-12
457 Bryan Building
334-4868, (phone), 334-4089 (fax),
layson@uncg.edu
Catalog Description:
Theory of consumer and firm
behavior under certainty including
exchange, production, income
distribution, market structure and
welfare economics.
Student Learning Outcomes:
At the end of the course you should be able to:
1. Solve utility maximization problems subject to a budget constraint.
(Homework 1 and the midterm will cover this SLO.)
2. Derive individual demand functions from utility functions. (Homework 1
and 2 and the midterm will cover this SLO.)
3. Interpret the meaning of income and price elasticities. (Homework 2 and
the midterm will cover this SLO.)
4. Solve cost minimization problems subject to an output constraint.
(Homework 3 and the final will cover this SLO.)
5. Derive a firm’s long run cost function from the firm’s production
function. (Homework 4 and the final will cover this SLO.)
6. Solve firm profit maximization problems for both price-taking firms and
monopolies. (Homework 5 and the final will cover this SLO.)
7. Explain the short run and long run response of a competitive industry to
changes in market demand and changes in input prices. (Homework 6 and
the final will cover this SLO.)
8. Explain the difference between partial equilibrium and general
equilibrium economic models.
9. Explain the two fundamental theorems of welfare economics.
TEACHING METHODS AND ASSIGNMENTS FOR ACHIEVING
LEARNING OUTCOMES:
Students should first read the assigned chapters in the textbook before the
class lectures. The lectures will reinforce and extend the textbook
discussion. The students are also strongly encouraged to do the textbook
exercises at the end of each chapter to help prepare for the midterm and final
exams. Additionally, there will be weekly short quizzes to provide continual
feedback on how well the students are learning the material.
1) Weekly homework assignments will cumulatively count for 25% of
your final grade.
2) Weekly quizzes count for 10% of your final grade.
3) There will be a midterm exam counting for 25% of your final grade.
4) The final exam given on Oct. 8, will count for 40% of your final
grade.
EVALUATION AND GRADING
The following grading scale will be used for all homework assignments,
quizzes, the midterm exam and the final exam.
A
A-
93-100%
90-93%
BC+
80-83%
77-80%
B+
B
87-90%
83-87%
C
F
70-77%
0-70%
REQUIRED TEXT:
Microeconomic Theory: Basic Principles and Extensions, eleventh edition,
2012, by Walter Nicholson and Christopher Snyder. The tenth edition is also
acceptable.
TOPICAL OUTLINE/CALENDAR:
August 19
Introduction.
August 21
Preferences and Utility: Chapter 3.
August 26
Utility Maximization and Choice: Chapter 4.
August 28
Marshallian Demands, Indirect Utility, Expenditure
Functions and Compensated Demand Functions: Chapter
4
September 2
Income and Substitution Effects: Chapter 5.
September 4
Demand Relationships among Goods: Chapters 6.
September 16
Midterm
September 18
Production Functions: Chapter 9.
September 23
Cost Functions: Chapter 10.
September 25
Profit Maximization: Chapter 11.
September 30
Partial Equilibrium Competitive Model: Chapter 12.
October 2
Partial Equilibrium Competitive Model Continued:
Chapter 12.
October 11
Final Exam 9-12 Room 456
ACADEMIC HONOR CODE:
Students are responsible for familiarizing themselves with the UNCG
Academic Honor Code. Procedures and penalties related to these and other
violations of the Academic Honor Policy are found at the following web
site: http://academicintegrity.uncg.edu/ as well as the Undergraduate
Bulletin 2009-20010. Any violation of the Honor Policy may result failure
of the assignment and subsequently the entire course.
FACULTY STUDENT GUIDELINES
Can be found at http://www.uncg.edu/bae/faculty_student_guidelines.pdf
ATTENDANCE POLICY:
Students are expected to attend and be an active participant in all classes
ADDITIONAL REQUIREMENTS:
None.