University of Minnesota
Economics 3101: Intermediate Microeconomics
Spring 2015
8:15-9:30am Tuesday and Thursday, Anderson Hall 210
Instructor: Ethan Singer
Email: singe119@ umn.edu
Office: Hanson Hall 3-163
Office Hours: Tuesday 2:15-4:15 and by appointment
Moodle Website: https://ay14.moodle.umn.edu/
Teaching Assistants (Friday Recitations)
Marcos Dinerstein
Weiwen Leung
diner004@umn.edu
leung085@umn.edu
Sec 004 10:10-11:00
Sec 002 9:05-9:55
Sec 007 11:15-12:05
Sec 006 8:00-8:50
Office/Office Hours:
Hanson 3-157
Hanson 3-137
Wed 10:00am-noon
Fri 10:00am-noon
Jaroslaw Strzalkowski
strza002@umn.edu
Sec 003 9:05-9:55
Sec 005 10:10-11:00
Hanson 3-153
Thurs 2:00-4:00pm
Course Description
This course builds on the fundamental concepts and techniques learned in Principles of
Microeconomics – ECON 1101. At the intermediate level, however, we will engage in a more
mathematically rigorous treatment of microeconomics in order to sharpen our theoretical
predictions about economies. By the end of the course, you should be in a position to analyze
economic policy, business practices and beyond, using the language and methods of modern
economic theory. Constrained optimization is an essential tool for much of economic analysis
and you will learn to solve these types of problems using Lagrangian multipliers. The material
that we cover is essential for tackling upper level economics such as financial economics, labor
economics, and industrial organization. Furthermore, the material learned here forms the basis of
modern macroeconomics.
Permission Numbers
If you need a permission number, credits approved, or need your econ major status approved,
you may email Undergraduate Economics Advisor Madhu Bhat at econadv@umn.edu.
Prerequisites
Econ 1101, 1102, and Math 1271 are prerequisites. You should have completed these courses
successfully prior to taking this class. Knowledge of differential calculus is a critical prerequisite
for this course. I will briefly review calculus at the beginning of the class, as well as other
mathematical tools used.
Text
11th edition (chapter references are to Edition 11), Nicholson, Walter, Microeconomic Theory –
Basic Principles and Extensions.
Course Requirements
There will be five homework assignments, two midterm exams, and a final exam. You are
responsible for the material covered in lecture as well as assigned readings.
Recitation
Recitations will be held every Friday. The purpose is to give you a more detailed description of
some of the topics from lecture. Teaching assistants will review topics, go through some of the
more challenging math/computational problems students face, and take questions from students
during this time. You will also receive your graded homework assignments and exams at this
time, so this is the best time for you to get feedback and ask questions about those.
Homework Assignments
There will be five required homework assignments. All assignments will be available online at
the class webpage or emailed to your university account, no hard copies will be provided. I will
drop your lowest homework score to allow for some flexibility. Thus, you will have four
homework
assignments
that
count
towards
your
final
grade.
I do not require that your assignments be typed (although learning to use something like LaTex
wouldn't be a bad skill to learn), but all assignments must be neatly done. Assignments are to be
turned in on the assignment sheet itself. If you need more space than is provided, provide your
work on a separate sheet of paper (do not staple your scratch paper). Graphs and numerical
calculations may be handwritten, but must be neat and legible. Homework will be collected at
the beginning of lecture on the due date. No late assignments will be accepted. Only
documented special circumstances (e.g. severe illness with doctor’s note and TA notified prior to
time homework due - TA’s discretion whether to accept) are possible exceptions to this. If you
cannot attend class on the due date, you must arrange with your TA to turn it in early. You
will lose 15 points if you do not staple your homework and 25 points if it is nearly illegible.
Exams
There will be two midterm exams and one final exam, with weights for your overall grade
explained below. You are allowed to write the exam in pen or pencil, but if there is anything
you need to dispute in terms of a grading error, you must write the exam in pen, not pencil.
Students must complete their exam within the time given. You will be asked to stand up
and turn in your exam at the completion. Anyone continuing to work will lose points. Being
asked to stop multiple times could invalidate your exam. You will not be allowed to have a
programmable calculator during an exam and I may request that students not have bags
during the exam.
Scholastic Dishonesty
For the purpose of this class, students are allowed (and in fact encouraged) to work together on
homework provided the following rules are followed: any collaboration must be noted at the end
of your homework and each student must individually type up or write up each homework
assignment. Identical assignments will receive a zero score. Anyone committing scholastic
dishonesty on an exam will receive an F for the assignment or exam and the incident will be
referred to the Office for Student Conduct and Academic Integrity. Among other things, this
includes looking at the exam of another student, communicating with another student via
any means during the exam, and continuing to work on the exam when the exam is
complete. There is zero tolerance for cheating on exams.
The weights for your final score will be as follows:
Homework Assignments (Average of best four out of five)
Your Higher Midterm Score (either Midterm I or Midterm II)
Your Lower Midterm Score (either Midterm I or Midterm II)
Final Exam
25%
25%
15%
35%
Below is the grading scale for the course. I reserve the right to lower these cut-offs points (i.e.,
increase the letter grades for percentages), but I will not raise the cut-offs (i.e., make it harder to
get good grades).
Grading Scale
% points 0-59
Grade
F
60-67
D
68-69
D+
70-71
C-
72-77
C
78-79
C+
80-81
B-
82-87
B
88-89
B+
90-91
A-
92+
A
Course Announcements
Important and urgent information on the class will be posted on the moodle site for the course.
Be sure to check your University email at least once a week for announcements.
Disabilities
Students with disabilities
http://ds.umn.edu.
must
be
registered
with
Disability
Services.
Contact
The Department of Economics, in conjunction with Disability Services, will make appropriate
accommodations for students with disabilities. Specifically, exams will be administered by
Disability Services to meet student needs. Please contact the instructor as soon as possible if you
need accommodation.
Resources outside of the classroom
Office Hours
Instructor/Teaching Assistants: We are available during office hours and right after
class/recitation to answer general questions about the course material. If the set times do not
work for you please email your TA to try to arrange a meeting.
Your Classmates
Working with your fellow classmates is strongly encouraged. Remember, however, that each
student must submit his or her own assignments.
**The following three resources do not have access to any class materials (i.e. lecture notes or
homework) and are not affiliated with this course in any way. While some students find these
resources to be of assistance, their use is an agreement between the student and the service, and
does not reflect the endorsement of the instructor or the economics department.
SMART Learning Commons
This is a service of the University that offers FREE academic support. Go to
http://smart.umn.edu/ for more information.
ESO Tutors
This is a service of the Economic Student Organization that offers FREE tutoring for economics
1101 and 1102. Go to http://www.tc.umn.edu/~eso/index.php/Tutoring/ for more information.
Hire a Tutor
The resources above are included with your tuition. They should be sufficient for most students
and every student should start with these. A student needing help beyond this may consider
hiring an economics Ph.D. student as a tutor. You can find a list of tutors at the Economics
Department Office, Hanson Hall, 4-101. You would have to negotiate the price with the TA, but
generally it is around $25-30 per hour. Depending on the tutor, you may be able to share this cost
by going to the tutor with another student.
STUDY ABROAD IN ECONOMICS
The Department encourages you to undertake Study Abroad. There are many courses in foreign
countries that can satisfy some economics major, minor, or Liberal Education requirements. For
more information, please contact our Undergraduate Advisor, Ms. Madhu Bhat, or the
University’s Learning Abroad Center at http://www.umabroad.umn.edu/
Tentative Course Outline: (subject to change, see moodle site for current schedule)
Week
Topic
Chapters in Nicholson
Jan 20-22
Introduction/Math Review
2
Jan 27-29
Consumer Theory
3-4
Mon Feb 2
Last day to drop classes without a “W” (withdrawn) on transcript.
Feb 3-5
Consumer Theory
4-5
Assignment 1 Due 2/5
Feb 10-12
Demand Theory
Feb 17-19
Demand Theory/Review
5-6
Assignment 2 Due 2/19
Feb 24-26
Firm Theory
9
Midterm 1 scheduled for 2/24
Mar 3-5
Firm Theory
10-11
Mar 10-12
Partial Equilibrium
12
Assignment 3 Due 3/12
Mar 24-26
---------------------------------- Mar 16-20 Spring Break ---------------------------------Game Theory/ Monopoly
8, 14
Mar 31-Apr 2
Monopoly/Imperfect
14, 15
Apr 7-9
Imperfect competition/Review
15
Assignment 4 Due 4/9
Apr 14-16
Imperfect competition
Midterm 2 Scheduled for 4/14
Apr 21-23
General Equilibrium
13
Apr 28-30
General Equilibrium / Uncertainty
7
Assignment 5 Due 4/30
May 5-7
Uncertainty / Review
May 12 (Tues)
Final Exam 8:00-10:00am
[Location TBA]