Sumell, Microeconomic Theory Syllabus



Sumell, Microeconomic Theory Syllabus

Fall 2014

ECON 6912

Microeconomic Theory

M W 6:35 – 7:50 p.m.

347 DeBartolo Hall

Instructor: Albert J. Sumell

Office: 314 DeBartolo Hall

Phone: (330) 941-1678

e-mail: ajsumell@ysu.edu

website:

Office Hours: 2:00 – 3:00 p.m. Mondays and Wednesdays; 1:30 – 3:30 p.m. Tuesdays and Thursdays, or anytime by appointment.

Course Description and Objectives: This course provides comprehensive coverage of microeconomic issues by analyzing applications of the theory. In order to effectively study microeconomic issues we will use differing mathematical techniques including calculus. Most topics will involve a formal economic model. A graphical and intuitive approach is stressed in addition to the technical tools.

All economic course material is based either on the knowing of economics or the doing of economics. Your grade in this (or any theory course) will be based primarily on the knowing of economics. However, knowing economics is a necessary condition to doing economics. I will try to make the linkage between the two as apparent as possible throughout this course.

After completing the course you should:

- possess a comfortable and deep understanding of selected topics in modern Microeconomic theory at the introductory graduate-level of difficulty.

- be able to explain the underlying theory and apply them to public policy.

- understand how mathematical models are used to for.malize economic problems

- be better equipped to conduct and understand research on Microeconomic topics.

Required Materials:

1. Walter Nicholson and Christopher Snyder, Microeconomic Theory: Basic Principles and Extensions, 11th edition, Southwestern, 2012. Available at the bookstore. Note that the 10th edition is not substantially different in terms of explanation of the theory, but does differ in terms of ordering of the chapters.

2. Selected articles may be handed out and/or posted online.

COURSE PHILOSOPHY: The course philosophy is best stated as follows:

"I wrote Microeconomics and Behavior in the conviction that the teaching of intuition and the teaching of technical tools are complements, not substitutes. Students who learn only technical tools rarely seem to develop any real affection for our discipline, and even more rarely do they acquire that distinctive mindset we call 'thinking like an economist.' By contrast, students who develop economic intuition are stimulated to think more deeply about the technical tools they learn and to find more interesting ways to apply them. Most important, they usually end up liking economics."

Robert Frank (Cornell Univ.), from the Preface of the text University Economics.

Note on mathematical expectations: Those of you without a strong background in calculus may find certain aspects of this class more difficult than others. For those of you registered in ECON 6904 (Quantitative Methods), I have spoken to Dr. Uppal, and he has agreed to cover some basic calculus early on in his class which you should find helpful. If you feel you are struggling to keep up with the mathematical requirements (or the class material in general) please come and see me and/or Dr. Uppal outside of class to discuss potential methods to improve.

Course Expectations and Requirements:

Exams: There will be two midterms and one final exam. The midterm exams will be given during class time. A make-up exam can be given under extreme circumstances if I am notified of the circumstances before the exam or within 24 hours of the exam.

Homework Assignments: You will have at least three homework assignments throughout the semester. The assignments are intended to help further your understanding of the material and prepare for the exams. These assignments will take a good deal of time and I expect them to be completed neatly (at least legible). No late homework assignments will be accepted, so I would recommend beginning these assignments as soon as you receive them.

You may discuss and work on homework problems with other class members and work together, provided the work is in a collaborative manner. You will be required to turn in your own solutions to each assignment.

Attendance Policy: You are not required to attend class. You are responsible, however, for any material covered during the missed lectures including handouts passed out during class. I do not distribute my personal class notes to students. Given the pace of the class, I would recommend attending every class. I will post assignments and study guides with practice problems and answers on the course webpage throughout the semester.

Basis for Grading:

3 or 4 assignments – 30% total (10% each if we have 3, 7.5% each if we have 4)

2 midterms – 40% total - 20 % each

Final exam – 30%

Grading Scale: Your final grades will be based on the standard 10 point percentage scale (90% above is an ‘A’, 80 – 89% is a ‘B’, 70 – 79% is a ‘C’, 60 – 69% is a ‘D’, and 60% or below is an ‘F’). Final grades will be curved at the end of the semester as deemed appropriate.

Statement Regarding Disabilities: In accordance with University procedures, if you have a documented disability and require accommodations to obtain equal access in this course, please contact me privately to discuss your specific needs. You must be registered with the Center for Student Progress Disability Services, located at 275 Fifth Avenue, and provide a letter of accommodation to verify your eligibility. You can reach CSP Disability Services at 330-941-1372.

Tentative Course Outline (Subject to Changes):

8/20 – 8/27: Introduction/the core concepts/initial applications

Ch. 1 and 3 (students should review Ch. 2 on their own)

9/1: Labor Day

9/3– 9/15: Constrained optimization and choice theory/ income v. substitution effects

Ch. 4 - 5

9/17 – 9/24: Assignment 1 due. Further applications of choice theory/Hicks v. Marshall v. Slutsky

Ch. 5-6,

9/29 – 10/1: Choice Under Uncertainty and Risk Attitudes.

Ch. 7, 18

10/6 – 10/8: Assignment 2 due. Finish Uncertainty, Review, First Exam.

10/13-10/15: Production and Cost Functions

Ch. 9-10

10/20 – 10/22: Profit Maximization.

Ch. 10-11

10/23 – 10/25: Competitive Markets

Ch. 12

10/27 – 10/29: Assignment 3 due. Finish Competitive Markets, Review, Second Exam.

11/3 – 11/5: Monopoly/Market Power

Ch. 14

11/10 – 11/19: Imperfect Competition

Ch. 15

11/24- 12/3: Game Theory (Note, 11/27 is Thanksgiving, University closed 11/26)

Ch. 8

Final Exam: Wednesday, 12/10, 6:00 p.m. – 8:00 p.m.

Note: 10/25 is the last day to withdraw with a grade of “W”

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