Course Syllabus (Fall 2005) Available on line at: courses.wcupa.edu/tandrews/
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Economics 340 Intermediate Microeconomics Office hours: (the following hours are open on a first come first serve
basis. No appointment is necessary. Contact me to make an
appointment to meet at a time not listed) |
Dr. Tom Andrews |
Required Text: Introduction to Economic Analysis Version
1.00
By R. Preston McAfee
and J. Stanley Johnson Professor of
Business, Economics & Management at the California Institute of Technology
This Draft:
This book presents introductory economics (“principles”) material
using standard mathematical tools, including calculus. It is designed for a
relatively sophisticated undergraduate who has not taken a basic university
course in economics. It also contains the standard intermediate microeconomics
material and some material that ought to be standard but is not. The focus of
this book is on the conceptual tools and not on fluff. Most microeconomics
texts are mostly fluff and the fluff
market is exceedingly over-served by $100+ texts. In contrast, this book
reflects the approach actually adopted by the majority of economists for
understanding economic activity. There are lots of models and equations and no
pictures of economists.
Objective: This course is designed to provide an introduction to intermediate economic principles. Students successfully completing this course should have a basic understanding of intermediate microeconomic theory. This course is designed to enhance many of the learning objectives of the economics program including: critical thinking, problem solving and quantitative skills, communication, research and technology skills. Students will be exposed to intermediate theory including the construction of mathematical models, followed by applications.
Course Requirements:
1. Construct a Demand tutorial using Microsoft Excel. The tutorial should demonstrate the changes in quantity demanded and changes in demand for a market demand curve estimated from actual data. Download data from the Economic Research Service Division of the United States Department of Agriculture. Use this data to estimate the national demand for a commodity of your choice. Use the data and the resulting model to construct a tutorial for demand using excel. The assignment should give you the opportunity to review and understand the theoretical relationships underlying the demand curves. In addition, the exercise will require a review of statistics particularly regression, and develop facility with Excel. This exercise stresses critical thinking skills, problem solving and quantitative skills, Research skills: hypothesis development, accessing and manipulating data, technology skills: proficiency with spreadsheets (Excel), Word processing (Word) and statistical packages (SPSS, MINITAB, and Excel) (25 percent)
2. Construct a short-run cost diagram using Microsoft excel 10 percent. In addition, the exercise will develop facility with Excel. This exercise stresses critical thinking skills, problem solving and quantitative skills.
3. Read and provide a written critique of an article from an economic journal. (25 percent) This exercise is designed to develop fundamental research skills: reading and summarizing literature.
4. Exams: There will be two exams (Midterm and Final). Exams will test the students understanding of theoretical concepts. 40 percent (20 percent each)
Attendance: Attendance is strongly suggested.
Students are responsible for all material covered during class. If a class is
missed, the material should be obtained from another student. Students with
poor attendance rarely succeed. In the event that a class is canceled by the
instructor, you will be notified by a note posted on the classroom door and
signed by the department chair. If there is any uncertainty, check with the
department secretary in room 309. For every class missed beginning with
the fourth a student's final grade will fall two percentage points.
Class
Cancellation Policy:
If the university is not officially closed, assume your class will meet
unless there is a notice on departmental stationary, signed by the chairperson,
posted on the classroom door. If there is any doubt, check with the department
secretary on the third floor.
Accommodations: We at
Academic Dishonesty: The business faculty is committed to vigorously enforcing the University’s academic dishonesty policy. At a minimum, students will receive a 0 in an assignment; at the maximum, students may be dismissed from the University. Academic dishonesty and plagiarism are defined in the Undergraduate Catalog. With respect to term papers, projects, and other written work, students must use quotation marks and reference when using another author’s exact words. Students must also reference when paraphrasing an idea or the words of an author.
Nondiscrimination/Affirmative
Action Policy:
Miscellaneous: Office hours are open to all students, for discussion of any topic. No appointment is necessary. If you're not clear on something, or not sure if you’re not sure - COME SEE ME!
Course Outline: (exam schedule is subject to change)
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Topic |
Theory |
Applications |
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Introduction: scientific method and economics and basic market analysis (Supply and Demand) |
1 WHAT IS
ECONOMICS? ...........................1-1 1.1.1
Normative and Positive Theories ...........1-2 1.1.2
1.1.3
Economic Reasoning and Analysis........1-5 2
SUPPLY AND DEMAND............................2-9 2.1
Supply and Demand ............................2-9 2.1.1
Demand and Consumer Surplus............2-9 2.1.2
Supply..................................................2-15 2.2
The Market..........................................2-20 2.2.1
Market Demand and Supply ................2-20 2.2.2
Equilibrium...........................................2-22 2.2.3
Efficiency of Equilibrium.......................2-24 2.3
Changes in Supply and Demand ......2-25 2.3.1
Changes in Demand ............................2-25 2.3.2
Changes in Supply...............................2-25 2.4
Elasticities..........................................2-29 2.4.1
Elasticity of Demand ............................2-29 2.4.2
Elasticity of Supply...............................2-32 2.5
Comparative Statics ..........................2-33 2.5.1 Supply and Demand Changes .............2-33 PDF file pages 7-41 |
Demand Tutorial assignment |
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Consumer behavior: Utility Maximization, Demand and Consumer Surplus |
5
CONSUMER THEORY .......................... 5-142 5.1
Utility Maximization......................... 5-142 5.1.1
Budget or Feasible Set...................... 5-144 5.1.2
Isoquants........................................... 5-147 5.1.3
Examples .......................................... 5-152 5.1.4
Substitution Effects............................ 5-155 5.1.5
Income Effects .................................. 5-159 pdf file pages : 148-168 |
utility maximization tutorials:
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Mid -term exam |
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Production and Cost and perfect competition |
4
PRODUCER THEORY.............................4-86 4.1
The Competitive Firm ........................4-86 4.1.1
Types of Firms .....................................4-86 4.1.2
Production Functions ...........................4-88 4.1.3
Profit Maximization ..............................4-93 4.1.4
The Shadow Value ..............................4-99 4.1.5
Input Demand ....................................4-100 4.1.6
Myriad Costs......................................4-103 4.1.7
Dynamic Firm Behavior......................4-106 4.1.8
Economies of Scale and Scope .........4-109 4.2
Perfect Competition Dynamics.......4-113 4.2.1
Long-run Equilibrium..........................4-113 4.2.2
Dynamics with Constant Costs ..........4-114 4.2.3
General Long-run Dynamics ..............4-119 pdf file pages 92-130 |
Long-run production (isoquants, scale) digital economist Cost homeword Example |
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Monopoly |
6.5
Monopoly ......................................... 6-244 6.5.1
Sources of Monopoly......................... 6-245 6.5.2
Basic Analysis ................................... 6-246 6.5.3
Effect of Taxes .................................. 6-249 6.5.4
Price Discrimination........................... 6-250 6.5.5
Welfare Effects.................................. 6-253 6.5.6
Two-Part Pricing................................ 6-254 6.5.7
Natural Monopoly .............................. 6-255 6.5.8
Peak Load Pricing ............................. 6-256 pdf file pages 250-264 |
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Final Exam Review questions |
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The
Grammar Rules Link
Research paper guide