ECON 3010 INTERMEDIATE MICROECONOMICS. Fall 2014 MR. MILLS THE RULES

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1 ECON 3010 INTERMEDIATE MICROECONOMICS Fall 2014 MR. MILLS THE RULES Intermediate microeconomics is a core course for the economics major. It is about how economic agents make decisions and how markets work. The prerequisite for this course is microeconomic principles (ECON 201) and calculus I (MATH 1210 or 1310). Calculus II (MATH 1220 or 1320) is not a prerequisite, but it is useful preparation for the course. The text for this course is Microeconomics, 8 th ed., by R. S. Pindyck and D. L. Rubinfeld. It is available at the University Bookstore. Your grade is based on two midterm exams (20% each) during the semester, a cumulative final exam (40%), and homework and participation (10%). The last 10% is based on either your average grade on the two midterms, or your grade on the final exam, whichever is higher. Exam dates are indicated in the schedule below.* You must work alone without notes, electronic gadgets, etc. on each of the three exams; the exams must be pledged. You will be assigned to a group of about four students for the purpose of completing homework assignments. The assignments are due on the dates shown below and must be handed in at the beginning of class. Each group will hand in one paper (please use a bluebook). You may collaborate freely with other students (i.e., not just those in your group) in working these assignments; this work is not pledged. Your homework and participation grade will be based on your group's cumulative score on homework assignments and your own participation, in part determined by other members of your group. I will post slides from the lectures on the course web page. My office is 218 Monroe Hall. I hold regular office hours (first-come-first-seen) on Wednesdays from 2:00 until 5:00 PM. You can catch me after class or make an appointment to see me at other times if you have a conflict during regular office hours. Send to mills@virginia.edu. * If you are unable to take either midterm exam at the scheduled time because of intercollegiate competition, illness, or an emergency, and if you notify me of your situation in advance (unless it is an extreme emergency), I will excuse you from the exam and, in its place, allow you to take a cumulative make-up exam at a time to be arranged at the end of the semester.

2 SCHEDULE AND ASSIGNMENTS Aug 26 Introduction Read Pindyck & Rubinfeld, Microeconomics, , 2.1, 2.2 I. DEMAND Aug 28 Consumer Choice I Read Pindyck & Rubinfeld, Microeconomics, 3.1, 3.2 Sep 2 Consumer Choice II Read Pindyck & Rubinfeld, Microeconomics, Sep 4 Consumer Choice III Sep 9 Demand I Read Pindyck & Rubinfeld, Microeconomics, Sep 11 Demand II Read Pindyck & Rubinfeld, Microeconomics, 2.3, 2.4, Turn in Assignment No. 1 Sep 16 Demand III Sep 18 Choice with Uncertainty I Read Pindyck & Rubinfeld, Microeconomics, 5.1, 5.2 Turn in Assignment No. 2 Sep 23 Choice with Uncertainty II Read Pindyck & Rubinfeld, Microeconomics, 5.3, 5.6 Sep 25 Midterm Exam No. 1 (covers all material to date)

3 II. SUPPLY Sep 30 Firms and Production Read Pindyck & Rubinfeld, Microeconomics, Oct 2 Costs Read Pindyck & Rubinfeld, Microeconomics, III. MARKETS Oct 7 Competition I Read Pindyck & Rubinfeld, Microeconomics, Oct 9 Competition II Read Pindyck & Rubinfeld, Microeconomics, Turn in Assignment No. 3 Fall Break Oct 16 Competition III Read Pindyck & Rubinfeld, Microeconomics, Oct 21 Competition IV Read Pindyck & Rubinfeld, Microeconomics, 9.6 Oct 23 Efficiency of Competitive Markets Read Pindyck & Rubinfeld, Microeconomics, 16.1, (16.2, 16.3 optional) Oct 28 Monopoly Read Pindyck & Rubinfeld, Microeconomics, Oct 30 Pricing with Market Power Read Pindyck & Rubinfeld, Microeconomics, Turn in Assignment No. 4 Nov 4 Monopsony and Monopolistic Competition

4 Read Pindyck & Rubinfeld, Microeconomics, and 12.1 Nov 6 Midterm Exam No. 2 (covers all material since first exam) Nov 11 Game Theory Read Pindyck & Rubinfeld, Microeconomics, Nov 13 Oligopoly I Read Pindyck & Rubinfeld, Microeconomics, 12.2 Nov 18 Oligopoly II Read Pindyck & Rubinfeld, Microeconomics, 12.3, 12.4 IV. MARKET FAILURE Nov 20 Asymmetric Information Read Pindyck & Rubinfeld, Microeconomics, Turn in Assignment No. 5 Nov 25 Externalities Read Pindyck & Rubinfeld, Microeconomics, Dec 2 Public Goods and Common Property Read Pindyck & Rubinfeld, Microeconomics, Turn in Assignment No.6 Dec 4 Review Dec 9 or 10 Final Exam

5 Discussion Section Schedule Aug Organize homework groups Sep Optional meeting (use it if necessary to complete organizing homework groups) Sep Review homework assignment no. 1 Sep Review homework assignment no. 2 Sep No meeting Oct Review Exam no. 1 Oct Review homework assignment no. 3 Oct No meeting Oct No meeting Oct Review homework assignment no. 4 Nov No meeting Nov Review Exam no. 2 Nov Review homework assignment no. 5 Nov No meeting Dec Review homework assignment no. 6

ECO 3101: Intermediate Microeconomics

ECO 3101: Intermediate Microeconomics Spring Semester 2016 Syllabus Instructor: Alberto Ortega Time: T&Th 4:05pm-6:00pm Email: aorte013@ufl.edu Place: MAT 112 Course Pages: 1. http://elearning.ufl.edu/