Syllabus
Intermediate Microeconomics
Karl Storchmann, Spring 2011
Course Description
This course covers the following six topics: (A) Supply and Demand Analysis,
(B) Theory of the Consumer, (C) Theory of the Firm, (D) Welfare Economics, (E)
Market Structure, and (F) Competitive Strategy.
We meet twice a week for lecture and discussion. There will be weekly problem
sets and there is one midterm and a final exam. Students are encouraged to form study
groups of 3 to 5 students to review problem sets and prepare for exams. Solving the
problem sets is crucial for understanding the material and for exam performance. Late
problem sets will not be accepted.
The problem sets account for 25 percent, the midterm exam for 35 percent and the
final exam for 35 percent of your final grade. Attendance and participation in the class
discussion account for the remaining 5 percent
You are expected to be aware of current economic events by regularly browsing
periodicals such as The New York Times, The Wall Street Journal and The Economist.
The syllabus will be updated from time to time.
Contact
Karl Storchmann, Economics Dept, 19 W. 4th Street, Room 704,
email: karl.storchmann@nyu.edu
Office Hours, Tue and Thu, 4:30-5:30pm and by appointment
Syllabus
A. A. Supply and Demand
(1) Markets and Prices (Text, Chapter 1)
(2) Basics of Supply and Demand (Text, Chapter 2)
(3) Supply, Demand and Government Policies (Mankiw, Chapter 6)
B. The Consumer
(1)
Consumer Behavior (Text, Chapter 3)
(2)
Individual and Market Demand (Text, Chapter 4)
C. The Firm
(1) Production (Text, Chapter 6)
(2) Cost of Production (Text, Chapter 7)
(3) Profit Maximization and Competitive Supply (Text, Chapter 8)
Midterm Exam: TBA
D. Welfare Economics
(1) Consumer and Producer Surplus (Mankiw, Chapter 7)
(2) Market Efficiency (Mankiw, Chapter 7)
(3) Applications of Consumer and Producer Surplus (Text, Chapter 9)
(4) Costs of Taxation (Mankiw, Chapter 8)
(5) Externalities and Public Goods (Mankiw, Chapters 9 and 10)
E. Market Structure
(1) Market Power: Monopoly (Text, Chapter 10)
(2) Pricing with Market Power (Text, Chapter 11)
(3) Monopolistic Competition and Oligopoly (Text, Chapter 12)
Final Exam: TBA