Economics 3411
Microeconomic Theory
Spring Semester, 2012
RCOB 1315, TTh 2:00 3:20
Dr. Adrian Austin
044 Business Building
Phone: (678) 839-4773
E-mail:
Use the CourseDen mail utility found on the course
toolbar for all course
related questions. All email will be answered within 1
business day.
E-mail (Emergency Only): aaustin@westga.edu
Office Hours (Carrollton):
|
Tuesday |
11:30 12:30 & 15:30 17:00 |
|
Thursday |
11:30 12:30 & 15:30 17:00 |
|
Friday |
11:00 14:00 |
Course Website: on CourseDen
Course objective:
This
course seeks to help you develop the tools necessary to analyze and investigate
various economic problems. To do this we will expand the concepts that you learned
in Principles of Microeconomics to develop richer, more flexible (and more
complex) economic models.
The
course is (necessarily) more quantitatively oriented than the introductory
class (i.e. more mathematics). Graphs and pictures can provide insight, but the
real power of economic analysis comes in calculating quantitative answers to
economic problems.
For
every economic problem, we shall look initially at the simplest case containing
the fundamental issues. Second we will construct a model (using graphical and
algebraic tools) that represents the fundamental issues. Then we shall solve
the model to see what economic intuition we can derive from it. Finally we will
expand the model to make it look more like the "real world." The goal
is for the models to provide us with an intuitive explanation (and predictions)
of the choices made by economic agents (consumers, producers, governments etc).
Texts (Required):
Price Theory and Applications, 8e. Steven E. Landsburg (The 7th edition will work just as
well, and costs a whole lot less.)
Website: http://landsburg.swlearning.com
Texts (on reserve):
Microeconomics and Behavior. Robert H. Frank.
For the ambitious:
Microeconomic Theory, Basic Principles and Extensions.
Walter Nicholson.
Structure:
I. Introduction and review of "Principles of Economics."
Chapters 1 & 2
II. Consumer
Theory (in which we study how consumers choose to spend their incomes)
Chapters 3 & 4
III.
Producer Theory (in which we study how firms make input and production
decisions)
Chapters 5 & 6
IV.
Perfect competition and the gains from trade (in which we study the
interactions of consumers and producers under certain "ideal"
conditions)
Chapters 7 & 8
V.
Not-so-perfect competition (in which we study the interactions of consumers and
producers without the "ideal" conditions)
Chapters 9, 10, 11, 12, 13, & 14
VI.
Further topics in consumer theory
Chapter 17 - Allocating goods over time
Chapter 18 - Risk and Uncertainty
Schedule:
|
Introduction
and Math Review |
Chapters 1, 2, and
Class Notes |
|
Indifference
curves |
Chapter 3, Web
notes |
|
Budget
Constraints |
Chapter 3, Web
Notes |
|
Examining the
consumer's choice |
Chapter 3, Web
notes |
|
Comparative
Statics |
Chapter 3, Web
notes |
|
Demand curves
and Engel curves |
Chapter 4, Web
notes |
|
Income and
substitution effects |
Chapter 4, Web
notes |
|
Applications of
consumer theory |
|
|
Exam 1 |
|
|
The equimarginal principle |
Chapter 5 |
|
Production and
costs in the short run |
Chapter 6.1 |
|
The competitive
firm and industry in the short run |
Chapter 7 |
|
The competitive
firm and industry in the long run |
Chapter 7 |
|
Using the
competitive model |
Chapter 7 |
|
Social Welfare |
Chapter 8 |
|
Information |
Chapter 9 |
|
Exam 2 |
|
|
Monopoly power |
Chapter 10 |
|
Price
discrimination |
Chapter 10 |
|
Between
Monopoly and Competition |
Chapter 11 |
|
Oligopoly and
strategy |
Chapter 11 |
|
Game Theory 1
(simultaneous games) |
Chapter 12 |
Game
theory 2 (sequential games)
|
Chapter 12 |
|
Exam 3 |
|
|
Externalities |
Chapter 13 |
Public goods
|
Chapter 14 |
|
Allocating
goods over time |
Chapter
17&18 |
|
|
|
|
|
|
|
Final Exam
TBA |
Covers
Everything |
This schedule may change as
the class progresses. Any changes will be announced in class and on the class
website.
Exams:
There
will be three midterms and a final exam. Each exam (including the final) is
worth 25%. The lowest score of the three midterms will be dropped. The final
exam is cumulative and will not be dropped.
There
will be NO makeup exams.
Homework:
Homework/quizzes/participation
will account for 25% of your grade.
There
will be group assignments as well as individual assignments.
Each
group must have 2 to 4 people. Groups cannot change during the semester.
Late
homework assignments will not be accepted.
There is a penalty for not stapling your homework.
If
you turn in all the homework assignments, the lowest score will be dropped.
There
will be NO makeup homework.
Attendance:
Attendance
is mandatory. You are allowed 3 absences without penalty. For each absence
(after 3) your course grade will be reduced by half a grade. If you arrive to
class late, you will be marked absent.
To get the most out of
this class:
Pre
and post read all assigned readings.
Turn
in all assignments.
Spend
about 5 hours a week studying the material.
Come
to class and ask questions.
If
you are having difficulty with the material, come to my office hours. PLEASE
DON'T WAIT UNTIL YOU ARE COMPLETELY LOST.
PLEASE TURN OFF YOUR CELL
PHONES DURING CLASS.
Please dont walk in and
out of class.
Please ask questions if you
are confused (in class or during my office hours).