ECO 401-001
Intermediate Microeconomic Theory
Instructor: Professor John Garen
Spring 2004
Office: 335C Business & Economics
11:00-12:15 T, Th
Hours: Tu., 12:15 – 1:15 and Th. 2:30 – 3:30
BE 306
Phone: 257-3581
e-mail: jgaren@uky.edu
Website: http://gatton.uky.edu/Faculty/garen/index.html
Preliminaries
This course is the core course in microeconomic theory
in the undergraduate economics program. Its purpose is to develop a
deeper understanding of microeconomics and its applications. This is
to enable students: (1) to do well in future economics courses and,
(2) to better understand economic issues.
Course Materials
Required: Browning, Edgar and Zupan, Mark, Microeconomics:
Theory and Applications, John Wiley & Sons, 2004, 8th edition.
Exams and Grades
Exams: Two midterms and one final exam will be given. Each exam
covers approximately one-third of the course and covers material from the
lecture and the assigned readings. Exams consist of essay and problem solving
questions. Each exam counts for 28.3% of your grade.
Homework: Several homework assignments will be given throughout
the term. Collectively, these count for 15% of your grade.
In summary:
Task
Pct. of Grade
First midterm
28.3%
Second midterm 28.3%
Final exam
28.3%
Homework
15.0%
Additionally, at the end of the term, I award bonuses
for class participation. The maximum bonus is small, but can matter
for your grade in borderline cases.
Absences and Make-up Work
Absences and Attendance
There is no explicit attendance policy for the course,
but good attendance is important for doing well in the course. If you
miss a regular class meeting, it is your responsibility to obtain notes and
other material from that class period. Additionally, good attendance
can enhance any bonus you receive for class participation.
Make-up Exams
Students who have a University-excused absence for missing
an exam may take a make-up. Arrangements for a make-up must be made
with the instructor as soon as possible. Make-ups will be scheduled
at a time mutually convenient for the student and the instructor. The
instructor reserves the option to schedule make-up exams for the hour following
the final.
Make-up Homework
Make-up for missed homework is allowed only in extraordinary
circumstances. Because homework is assigned well in advance of its
due date, a University-excused absence on the due date it not sufficient
to merit make-up work for the homework. One must have a University-excused
absence that prevented work on the homework from the period of its assignment
to its due date. Additionally, I release answers keys for homework
as soon as feasible after the due date, making it problematic to accept late
assignments.
General Course Outline and Readings
Week
Topics
Readings
1/14 - 1/17 Introduction
Ch. 1
1/18 - 1/24 Review of basic concepts;
Chs. 1, 2
Supply & Demand
1/25 - 1/31 Consumer Theory
Ch. 3
2/1 - 2/7 Consumer Theory;
Demand Chs. 3, 4
2/8 - 2/14 Demand; Applications
of Ch. 4, Ch. 5.1,
5.2
Consumer Theory
2/15 - 2/18 Applications (cont'd.)
--
2/19, Thurs. FIRST MIDTERM
--
2/22 - 2/28 Production and Costs
Chs. 7, 8
2/29 - 3/6 The
Competitive Firm and Ch. 9
Industry
3/7 - 3/13 Applications
of The Competitive Ch. 10.1, 10.2, 10.4,
Firm and Industry
Ch. 15.4
3/14 - 3/20 Spring
break
--
3/21 - 3/27 Applications
(cont’d.); monopoly Ch. 11
3/28 - 3/31 Monopoly
(cont'd.)
Ch. 11
4/1, Thurs. SECOND
MIDTERM
--
4/4 - 4/10
Collusion and Cartels;
Ch. 13.4, 14.2, 14.3,
Natural Monopoly
15.3
4/11 - 4/17 Input
Demand; Applications Ch.
16.1, 16.5, 18.1,
18.2
4/18 - 4/24 Exchange
and Efficiency
Ch. 6, 19.6, 19.7
4/25 - 5/1
Externalities and Public Goods Ch.
20
5/4, Tues.
FINAL EXAM, 10:30 am
--