Econ 3301: Price Theory Fall 2013 T TH 2:00 3:20 p.m. ULee 0303

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1 CONTACT INFORMATION Instructor: Prof. Serra Office: ULee 301C Office Hours: T TH 3:30 4:30 p.m. or by appointment. dserra@smu.edu TA: Hao Li TA s Office Hours: M 2:00 4:00 p.m. TA s hhli@mail.smu.edu COURSE DESCRIPTION This is an intermediate course in microeconomics. The main objective of the course is to introduce students to economic analyses of the behavior of consumers and producers as well as their interaction in markets. We will start by studying how consumer preferences and budget constraints determine consumption decisions. We will then examine the cost structures and production decisions of firms. Analyses of different market structures and implications on consumer and producer welfare will follow. Other important topics include exchange economies, strategic decision making, externalities and public goods, and behavior under uncertainty. LEARNING OUTCOMES By the end of the course, students will be able to: 1. Discuss and explain economic concepts using graphical representations like demand and supply curves, indifference curves and budget lines, and cost curves. 2. Apply consumer choice theory to explain consumer behavior. 3. Apply firm production theory to determine firm behavior in the short and long run. 4. Use analytical tools to predict pricing and production outcomes under different market structures. 5. Apply game theory to the study of individual and firm decision making. 6. Discuss the role that uncertainty plays in economic decision making. 7. Analyze different theoretical or interpretive perspectives in the study of economic experiences. 8. Evaluate critically the research outcomes and theoretical applications in economic experiences. REQUIRED TEXTBOOK Microeconomics by R. S. Pindyck and D. L. Rubinfeld. H. Perkins, S. Radelet and D.L. Lindauer, Eight edition, Pranctice-Hall, Other books that are not required but you may find useful are: Microeconomics: A modern Approach by Hal R. Varian, 8 th edition, Norton Microeconomics and Behvior by R. H. Frank, 8 th edition, McGraw Hill, PREREQUISITES C- or better in ECO 1311 and ECO 1312, and either MATH 1309 or 1337 are prerequisites. 1

2 COURSE WEB PAGE The course webpage can be accessed through Blackboard. Please check it regularly. Grades, announcements, homework assignments and other course-related materials will be posted there. EXPECTATIONS AND GRADING There will be three homework assignments and three in-class exams. There will also be an optional comprehensive final exam, and ten in-class short quizzes. The distribution of points for the course will be as follows: Homework Assignments (2 out of 3)* 24% In-class Quizzes (16 out of 20)** 16% Midterm Exam 1 20% Midterm Exam 2 20% Midterm Exam 3 20% (Optional) Final Comprehensive Exam 60% Extra-credit: Core Exam 2% Note: *drop the lowest assignment grade; ** drop the four lowest quiz grades; *** If you take the final exam, the grade you obtain could substitute the combined grade from the midterms. In determining your final grade, I will use the following grading scale: A 90 or above C A C B D B D B D C F below 58 Attending class and taking notes is essential. I will post the lecture slides on the Bb website in advance; however, the slides will have blanks that you can only fill in by taking notes in class. Examples provided by your textbook will be discussed and explained in class, together with additional examples and problems that you will not be able to find on the textbook. Things that I find difficult to tolerate are: texting in class, using laptops for reasons that are not course-related, as well as arriving late to class or leaving early. Note that phones are expected to be in silent mode or switched off, and that you do not need to use a laptop for this course. On a general note, participation in class is important and encouraged. If you text during class or if you use a laptop, be ready to be chosen (more frequently than other students) to answer questions about the content of current and past lectures. 2

3 Please do not be more than 5 minute late to class, and please cause as little disruption as possible when you enter the room. If you need to leave the class early, please inform me at the beginning of the class and sit near the door. HOMEWORK ASSIGNMENTS There will be three homework assignments. I will drop your lowest assignment score. The homework assignments will comprise a mix of problems and short-answer questions. You will have to submit your assignment at the beginning of the class the day they are due. You can discuss the assignments with other students, but you must write your answers using your own words. If you don t, that will be considered as cheating. Late assignments will be accepted only up to 1 day after the due date, and the grade will be penalized by 10%. If the assignment is due at the beginning of a Tuesday class, you cannot turn in the assignment later than Wednesday at 2:00 p.m. If the assignment is due at the beginning of a Thursday class, you cannot turn in the assignment later than Friday at 2:00 p.m. QUIZZES There will be 20 short (5-7 minutes) quizzes during the semester which will account for 16% of your grade. This means that we will have a quiz at the beginning of every class, with the exception of the days in which you will take midterm exams. I will drop your four lowest quiz scores. There will be no makeup quizzes so any missed quizzes will automatically be counted as one of your dropped quizzes. You will receive zero for any quizzes you miss beyond three. These quizzes serve the role of both taking attendance and letting you know the kinds of problems you should study for the exams. Just showing up and signing your name will earn you half of the points on the quiz. If you come to class while the quiz is in progress than you simply have less time to work the quiz. If you come to class after the quiz is completed than you have simply missed the quiz. EXAMS There will be three midterm non-comprehensive exams, each worth 20% of your final grade (i.e. 20 points). I will NOT drop any of the three midterm exams. If you are unsatisfied with the grade you obtained in one or more midterm exams you will have the chance to take the comprehensive final exam. Note that this exam is optional; if you decide to take it and you obtain a score that is higher than the combined score from the three midterms, the score in the final will annul the grades in the midterms and therefore will count as 60% of your final grade (i.e. 60 points). If instead you decide to take the final but you obtain a score that is lower than the combined score from the midterms, the scores in the midterms will annul the score in the final. The dates for the mid-term and the final exams, as well as the homework assignments, have been provisionally set (to be confirmed), as shown in the following table. Midterm Exam 1 Midterm Exam 2 Midterm Exam 3 Core Exam (extra-credit) Final Exam (optional) October 3 rd : ULee 303, 2:00-3:30 p.m. November 7 th : ULee 303, 2:00-3:30 p.m. December 5 th : ULee 303, 2:00-3:30 p.m. November 14 th : ULee 303, 2:00-3:30 p.m. December 18 th : 8:00 11:00 a.m. 3

4 The exams will follow the format used in the assignments and the quizzes. The exams will cover potentially all material from lectures, assigned readings and class discussions. Make-up exam will be scheduled only in extraordinary circumstances (i.e., serious illness and tragedies). Appropriate documentation will be required. If you are not able to take an exam you will have to inform me BEFORE the day of the exam. EXTRA CREDIT: CORE EXAM You can get extra credit (2% of your grade) by taking the Core Exam that is given by the economics department to all microeconomics students. EXCUSED ABSENCES FOR UNIVERSITY EXTRACURRICULAR ACTIVITIES Students participating in an officially sanctioned, scheduled University extracurricular activity should be given the opportunity to make up class assignments or other graded assignments missed as a result of their participation. It is the responsibility of the student to make arrangements with the instructor prior to any missed scheduled examination or other missed assignment for making up the work. (University Undergraduate Catalogue) RELIGIOUS OBSERVANCE Religiously observant students wishing to be absent on holidays that require missing class should notify their professors in writing at the beginning of the semester, and should discuss with them, in advance, acceptable ways of making up any work missed because of the absence. (See University Policy No. 1.9.) HONOR CODE All work undertaken and submitted in this course is governed by the University s honor code. If any student is unclear about the University s honor policy either in general or its particular application in this course please contact your instructor immediately. DISABILITY ACCOMMODATIONS Students needing academic accommodations for a disability must first contact Disability Accommodations & Success Strategies (DASS) at or to verify the disability and to establish eligibility for accommodations. They should then schedule an appointment with the professor to make appropriate arrangements. (See University Policy No. 2.4; an attachment describes the DASS procedures and relocated office.) SYLLABUS CHANGE POLICY Except for changes that substantially affect the implementation of the evaluation (grading) statement, this syllabus is a guide for the course and is subject to change with advance notice. The dates of the exams are subject to change based on the material covered and unexpected circumstances that require changing the schedule. 4

5 COURSE OUTLINE 1) Introduction: The themes of Microeconomic Analysis, Markets and Prices (Week 1) Chapter 1 2) The Basics of Supply and Demand (Weeks 1-2) Chapter 2 (intro, sections , 2.7) Lecture notes on differentiation 3) Consumer Behavior (Weeks 3-4) Chapter 3 (intro, sections ) 4) Individual and Market Demand (Weeks 4-5) Chapter 4 (intro, ), lecture notes 5) Production (Week 7) Chapter 7 (intro, sections ) Midterm 1 will cover topics 1 to 4 6) Profit Maximization and Competitive Supply (Week 8) Chapter 8 7) The Analysis of Competitive Markets (Week 9) Chapter 9 8) Monopoly and Pricing with Market Power (Week 10) Chapter 10 (intro, sections ) and Chapter 11 (intro, section ) 9) Introduction to Game Theory (Week 1) Chapter 13 (intro, sections ) 10) Oligopoly (Week 12) Chapter 12 (sections ) Midterm 2 will cover topics 4 to 8 11) Economic Efficiency, Externalities and Public Goods (Week 13) Chapter 16 (sections , 16.7) and Chapter 18 12) Choice Under Uncertainty and Behavioral Economics (Week 14) Chapter 5 (intro, sections , 5.6) Midterm 3 will cover topics 9 to 12 5

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/