ࡱ> #` )bjbj 7!FFFFlFahH:HHH6IJJJGaIaIaIaIaIaIa$0chema`KJJ`K`KmaH6IaVMVMVM`K.H6IGaVM`KGaVMVMVU@VHTH EXFK"?V 3\a0aKVx$fKl$fVV$fV\J0AJ"VMcJJJJJmamaM:JJJa`K`K`K`KD&$&a Intermediate Microeconomics, Spring 2008 Economics 310 Lecturer: Thomas Bishop Office: Sage Hall 2128 Phone: 805.437.2772 E-mail:  HYPERLINK "mailto:thomas.bishop@csuci.edu" thomas.bishop@csuci.edu Office hours: Monday, Wednesday 9:30-12:00, or by appointment Class time: Class location: MW 13:30-14:45 Bell Tower 2598 In-class exam 1: Wednesday, 20 February (in class) In-class exam 2: Wednesday, 2 April (in class) Final exam: Wednesday, 14 May, 13:00-15:00 Course website:  HYPERLINK "http://blackboard.csuci.edu" http://blackboard.csuci.edu (This site has lecture notes, answer keys to homework assignments and a Digital Drop Box for sending me documents.) Required texts: Price Theory and Applications by Steven Landsburg (7th edition, South-Western, 2008) Against the Gods: The Remarkable Story of Risk by Peter L. Bernstein (John Wiley and Sons, Inc., 1998) Text website:  HYPERLINK "http://websites.swlearning.com/cgi-wadsworth/course_products_wp.pl?fid=M20b&flag=student&product_isbn_issn=9780324421613&discipline_number=413" http://websites.swlearning.com/cgi-wadsworth/course_products_wp.pl?fid=M20b&flag=student&product_isbn_issn=9780324421613&discipline_number=413 Grading system Your grade for the course is based on homework and exams in the following way: TaskPercent of gradeHomework assignments20Exam 1 25Exam 2 25Final exam 30 Grades for total points from the homework and exams will be assigned according to the following distribution: 90%-100%: A+, A, A- 80%-89%: B+, B, B- 70%-79%: C+, C, C- 60%-69%: D+, D, D- I may also adjust the scores to account for the difficulty of the exams. For example, if few people get a final score above 90% because of difficult exams, then I will give out more As to account for difficultly of the exams. In this case, I typically assign a median (midpoint) grade of a B-/C+. Exams There will be no make-up exams, so if you can not attend class on the day of the in-class exams or you can not attend the final exam, please do not enroll in this course for a grade. You are welcome to take the course for a pass-fail grade. Exams will include multiple choice questions focused on the lecture notes, textbook and homework (also taken from the textbook). The final exam will concentrate on material after the second in-class exam, but will also include some earlier material. Homework assignments Late homework will not be accepted. If you can not finish in time, hand in what you have completed for partial credit. I do this out of fairness for your fellow students. If you know that you will be out of town or otherwise unavailable when the assignment is due, you must submit it early. Please turn in your assignments at class time or at my office or in the Digital Drop Box by the end of class time. Homework is completed in teams. I will initially assign homework teams, but you are free to switch teams before the first homework assignment is due. Each team should have 3-5 students, and each problem set has about 4 problems, so each person should be responsible for about 1 problem per assignment if work is allocated equally. You may try the Collaboration function under the Communication folder on Blackboard to communicate with your team members. A team submits only one copy of answers, and all team members receive the same grade for the assignment. When you turn in your homework assignment, write the names of each team member in the upper right corner of the first page, so that credit can be given to each member. For true/false questions in assignments, you must explain why the answer is true or false. No credit will be given for a one-word answer. Answers to the homework problems will be posted on the website after the due date under the Course Documents folder. You are expected to read the answers to the homework assignments by yourself, since I will not generally cover homework assignments in lecture. I will call on homework groups to explain their answers from time to time. Class participation Regular class participation can help your grade if you are on the borderline between two grades. For example, if you are at the cutoff between a B+/A-, regular class participation would boost your grade to an A-. Course overview This course will study several topics in microeconomics, alternatively called price theory, and models that are sometimes useful in making predictions about these topics. In particular, we will look at the how prices measure value that society places on resources, how trade makes people better off, and how to analyze consumer behavior and producer behavior in formal ways. We will also analyze the importance of knowledge and information, costs and benefits that are external to market transactions, and risk in decision making. Our class time will include lecture and in-class discussion. Lecture material will be based on the material from the textbook, so it is good to read the text before or shortly after class. Learning objectives: At the end of this course, good students will be able to explain the meaning of market equilibrium to explain how prices measure value that people place on resources to explain how trade benefits people to predict consumer behavior with formal tools to predict producer behavior when faced with competition to predict producer behavior when not faced with competition to explain when producers tend to collude and to analyze this collusion formally to explain the importance of information and uncertainty in decision making to explain how external costs and benefits in economic decisions affect society as a whole Cheating Don't cheat. If I catch you looking at someone else's exam or at notes during an exam, you will receive an F for the exam. Any case of cheating will be referred to Judicial Affairs. Working with fellow students on homework assignments, however, is not cheating and is encouraged. Advice on studying You will get more value out of your tuition dollars if you read the assigned material before it is covered in class. Treat academics as you might athletics: pace yourself throughout the semester, rather than cram before exams. Try to stay healthy and maintain a healthy sleep regimen: the course will be much more enjoyable and you will probably learn more. The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, which helps its possessor to draw correct conclusions. --John Maynard Keynes The whole of science is nothing more than a refinement of everyday thinking. --Albert Einstein DateLecture topicTextbook readingExercises and Problems at the end of chapters 23 Jan.Supply, demand and equilibriumChapter 128 Jan. Supply, demand and equilibriumChapter 1 30 Jan.Prices and the gains from tradeChapter 24 Feb.Consumer tastesAgainst the Gods pp. 99-115Chapter 2 problems due: 1, 6, 7, 126 Feb.Analysis of consumer choiceChapter 311 Feb.The effect of changes in income and prices on consumer choiceChapter 4Chapter 3 problems due: 4, 5, 6, 1113 Feb.The effect of changes in income and prices on consumer choiceChapter 418 Feb.ElasticitiesChapter 4Recommended Chapter 4 problems: 6, 7, 24, 2520 Feb.Exam 1: Chapters 1-425 Feb.Firm costs and benefitsChapter 527 Feb.Production and costs in the short runChapter 6Chapter 5 problems due: 1, 8, 9, 123 Mar.Production and costs in the long runChapter 65 Mar.Analysis of market competitionChapter 7Chapter 6 problems due: 4, 8, 10, 1110 Mar.Analysis of market competitionChapter 712 Mar.The gains from trade revisitedChapter 8Chapter 7 problems due: 3, 4, 7, 1524 Mar.(In)efficiency and social welfareChapter 826 Mar.General equilibrium and social welfareChapter 8Recommended Chapter 8 problems: 2, 11, 14, 252 Apr.Exam 2: Chapters 5-87 Apr.Knowledge and informationChapter 99 Apr.Signaling, adverse selection and moral hazardChapter 914 Apr.MonopolyChapter 10Chapter 9 problems due: 2, 4, 17, 1816 Apr.Price discriminationChapter 1021 Apr.Collusion and oligopolyChapter 11Chapter 10 problems due: 2, 10, 21, 2523 Apr.Collusion and oligopolyChapter 1128 Apr.External costs and benefitsChapter 13Chapter 11 problems due: N2 a-c, 5, 11, 1330 Apr.External costs and benefitsChapter 135 MayRisk and uncertaintyChapter 18Chapter 13 problems due: 1, 8, 9, 217 MayRisk and uncertaintyAgainst the Gods pp. 247-26614 MayFinal exam, 13:00-15:00 ()3567?OPQ[defijswzźvnfZjhbuCJUaJh\>CJaJh$CJaJhYh\>CJaJhbuh\>CJaJh#YCJaJhbuhbuCJaJhbuCJaJhdpCJaJh-Edh\>CJaJhwhwCJaJh-EdCJaJh*xCJaJhCcCJaJhnCJaJh-Edh-EdCJaJhmjCJaJhgCJaJ)7PQj  1 P Q   p]^p`gdzap7$]^p`gdgdXd gdTgd\> gdgd-Ed)           ( 0 1 5 ? @ K ̹̓̓̓{ph]Uhk_CJaJh ahwCJaJhIeCJaJh ahCcCJaJh-EdCJaJhCJaJhx\CJaJh-Edh-EdCJaJh-EdhHCJaJh/vCJaJhd6CJaJhzBCJaJh-Edh\>CJaJh\>CJaJhSchbu0JCJaJjhbuCJUaJ#jhSchbuCJUaJK O P Q ` c y z } ºҜync[Sh1CJaJh{CJaJh-Edhj9~CJaJhzah-EdCJaJhr"CJaJh'CJaJh}RCJaJh ah-EdCJaJh ah{CJaJhhbCJaJh&hXd CJaJhtCJaJh#YCJaJhInCJaJh ahXd CJaJhXd CJaJh\>CJaJh8xhTCJaJhnCJaJ      : ; < X Z i } ͼͤۗۋ{sk{c[SKS?h*xhza>*CJaJh-=CJaJhzaCJaJhCJaJh>CJaJhHCJaJhIeCJaJhJCJaJh(CJaJh(B*CJaJphhZ;h*x0JCJaJ/jhZ;h*x>*B*CJUaJph h>h*x>*B*CJaJphh*x>*B*CJaJph#jh*x>*B*CJUaJphh\>CJaJh-Edh-EdCJaJ         , . 0 1 2 ʿʿʷʘygZyQh[vC>*CJaJh0:h c0JCJaJ#jh0:h cCJUaJh ch cCJaJh cCJaJjh cCJUaJhCJaJh-=h-=CJaJh-=h-=>*CJaJh-=CJaJh7hzaCJaJhzaCJaJhInhInCJH*aJhInCJaJhrCJaJh#YCJaJhza>*CJaJ " # ( 9 $$Ifa$gdK@&gdIegd[vC@&gd[vCp7$]^p`gd 7$]gdza ! 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