ECON 251: INTERMEDIATE MICROECONOMIC THEORY
ST. LAWRENCE UNIVERSITY
Fall 2015
Instructor:
Email:
Dr. Nicholas Janusch
njanusch@stlawu.edu
Office:
Phone:
Hepburn 17
(315) 229-5264
Class website:
Sakai
Office hours:
Tues 4:00-5:00 pm
Wed 3:00-5:00 pm
Lectures:
Section 3: TR 12:40-2:10 pm, Hepburn 19
Section 4: TR 2:20-3:50 pm, Hepburn 19
TEXTBOOK
REQUIRED: Nechyba, T. (2010). Microeconomics: An Intuitive
Approach. Cengage Learning.
Optional: Friedman, David D. "Price Theory: an intermediate text."
(1990). Free online version:
http://www.daviddfriedman.com/Academic/Price_Theory/PThy_ToC.html
COURSE
DESCRIPTION
(FROM CATALOG)
Expands upon basic models of supply and demand, consumer theory, the
theory of the firm and production, and theories of market behavior learned
in Introduction to Economics. Examines the role of prices in the allocation
of resources and examines the effects of changes in policy on economic
choices.
LEARNING
OBJECTIVES
Students will become familiar with the major static models that have been
developed in the field of microeconomics, and will be able to interpret,
extend, and adapt these models to a variety of situations.
PREREQUISITES
Economics 100 (Introduction to Economics)
EXAMS
Exams are comprised of multiple choice, essay, and problems. Everybody
has to take each exam during class time. No exceptions!
MIDTERM 1: Thursday, October 1 (in class)
MIDTERM 2: Thursday, November 5 (in class)
FINAL: 6:00-9:00 pm Monday, December 14 (Room TBD)
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HOMEWORK
You will be given 12 weekly homework assignments, excluding exam
weeks. Your 10 best scores will count towards your final weighted grade.
The homework accounts for 35% of your grade and is meant to be
CHALLENGING! You will not be able to begin them the evening before
they are due and complete the assignments for class.
Homework assignments will have components that require you to address
some question using the graphical tools developed in class and the text as
a way to understand and present economic theory. Additionally, you will
be asked to analyze the model you have been presented to address some
questions verbally. These answers must be presented in complete
sentences or paragraphs. “Yes,” even if the correct answer, will not be
evaluated as an acceptable answer.
Each homework question (and sub-question within a problem) will be
graded on a scale of 2 (all correct), 1 (partially correct), and 0 (incorrect).
Your homework grade will be based on the percentage of available points
that can be earned on an assignment. For example, if there are 10 problems
then there are 20 available points, if your earn 15 of these, your homework
grade is 7.5 out of 10.
Working in groups is encouraged but the final product must be your own
work. Homework assignments and solutions will be posted on Sakai.
Graded homework may not have thorough feedback, so students are
encouraged to compare their scored homework to the homework answer
keys.
Assignments must be stapled. One point will be deducted for the first
offense if assignment is turned in un-stapled, two points for the second
offense, etc. No late homework will be accepted.
ATTENDANCE
We are all adults here. Attendance is not evaluated but is expected and
strongly recommended. Missing class may result in losing the opportunity
to make (small amounts of) extra credit points. Please silence your cell
phones and similar devices before class! Please avoid texting or checking
and updating your social network during class. It is rude to me and others
if I see you do it, so let us try to act professionally.
GRADES*
The final grade is based on your weighted average of homework and three
exams. The weights are as follows:
Homework
Midterms (2)
Final Exam
35%
40%
25%
2
GRADES*
(CONTINUED)
The grading scale will be no stricter than
Grade
4.0
3.75
3.5
3.25
3.0
2.75
2.5
2.25
2.0
1.75
1.5
1.25
1.0
0
Percent
95-100
91-94
88-90
85-87
82-84
79-81
76-78
73-75
70-72
67-69
64-66
61-63
55-60
0-54
Your final grade will be calculated from the grades posted on Sakai. It is
your responsibility to check the grades posted on Sakai to make sure they
are correct. Your grade will be determined as stated in this syllabus, not as
Sakai calculates for you.
*Grading scale is subject to change.
CHEATING AND
ACADEMIC
DISHONESTY
Don’t do it! All students are expected to adhere to the academic honor
policy outlined in the Constitution of the Academic Honor Council. An
online copy of the constitution can be found at
http://www.stlawu.edu/sites/default/files/resource/AcademicHonorPolicy.pdf
ACCOMMODATIONS
FOR STUDENTS
WITH DISABILITIES
If you have a disability and need accommodations please be sure to
contact the Disability and Accessibility Services Office (x5537) right away
so they can help you get the accommodations you require. If you will need
to use any accommodations in this class, please talk with me within the
first two weeks of the semester so you can have the best possible
experience this semester. Although not required, I would like to know of
any accommodations that are needed at least 10 days before a quiz (focus
question) or exam, so please see me soon. For more specific information
visit the DASO website http://www.stlawu.edu/disability-andaccessibility-services
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COURSE OUTLINE**
(TENTATIVE)
Section 1–THEORY OF THE CONSUMER
• Introduction (In-class Review, Chapter 1)
• A Consumer’s Economic Circumstances (Chapter 2)
• Tastes and Indifference Curves (Chapter 4)
• Different Types of Tastes (Chapter 5)
• Doing the “Best" We Can (Chapter 6)
• Income and Substitution Effects in Consumer Goods Markets (Chapter 7)
• Consumer Surplus and Deadweight Loss (Chapter 10)
Section 2–THEORY OF THE FIRM
• One Input and One Output: A Short-Run Producer Model (Chapter 11)
• Production with Multiple Inputs (Chapter 12)
• Production Decisions in the Short and Long Run (Chapter 13)
Section 3 – PERFECT COMPETITION & SPECIAL TOPICS
Selected sections in the following chapters (As time permits)
• Competitive Market Equilibrium (Chapter 14 & In-Class Market Experiment)
• Asymmetric Information in Competitive Markets (Chapter 22 & In-Class Market
Experiment)
• Monopoly (Chapter 23)
• Strategic Thinking and Game Theory (Chapter 24)
• Public Goods (Chapter 27)
• Externalities in Competitive Markets (Chapter 21)
**The schedule of topics is subject to change
4
Course Schedule*
Tues.
Thurs.
Book Chapters
Nechyba
(Tentative)
Notes
8/28 Math Refresher
(Hepburn 218 from 1pm-2pm)
Optional, but attendance will be taken
Week 1 (8/27)
First Day
1
Week 2 (9/1 and 9/3)
HW 1
1, 2
Week 3 (9/8 and 9/10)
HW 2
4, 5
Week 4 (9/15 and 9/17)
HW 3
5, 6
Week 5 (9/22 and 9/24)
HW 4
6, 7
Week 6 (9/29 and 10/1)
Midterm 1
7
Week 7 (10/6 and 10/8)
HW 5
10, 11
No Class
11
Mid-semester Break
Week 9 (10/20 and 10/22)
HW 7
12
Optional:
Chapter 9 (Friedman)
Week 10 (10/27 and 10/28)
HW 8
12, 13
Optional:
Chapter 9 (Friedman)
Week 11 (11/3 and 11/5)
Midterm 2
13
Week 12 (11/10 and 11/12)
HW 9,
ICE 1
14
Week 13 (11/17 and 11/19)
HW 10,
ICE 2
14, 22
--
--
Week 14 (12/1 and 12/3)
HW 11
23, 24
Week 15 (12/8 and 12/10)
HW 12
27, 21
Week 8 (10/13 and 10/15)
Thanksgiving Break
(11/24 and 11/26)
Finals Week
HW 6
--
We are skipping Chapter 3
We are skipping
Chapters 8 & 9
--
Final Exam: Monday, December 14, 6:00 pm - 9:00 pm (Room TBD)
HW = Homework Assignment; ICE = In-class Experiment
*Subject to change based on the needs of the class
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