ECON 301 – Intermediate Microeconomic Theory Fall Term 2011 Professor: Kamran Bilir Office: Sewell Social Science Building, Room 7432 Office Hours: Thursday 3:45 – 5:15 pm Email: [email protected] Lectures: Tuesdays and Thursdays, 2:30 – 3:45 pm Sewell Social Science Building, Room 5206 Webpage (check this frequently): Learn@UW Teaching Assistants: Michael Choi, email: [email protected] ! ! ! !Gultekin Gollu, email: [email protected] Sections: TBA Course Description This course will build on your knowledge of microeconomics from Econ 101, and will emphasize development of basic mathematical tools required for economic analysis. We will cover topics including (1) consumer theory, (2) producer theory, (3) equilibrium involving the interaction of firms and consumers in markets or similar institutions, and (4) the role of government policy in improving economic outcomes. Each of these topics will be examined at greater depth than in Econ 101, and our analytical approach will be based on the mathematics of constrained optimization. In addition, we will consider some new concepts and techniques that are helpful in studying behavior under uncertainty, as well as game theory and strategic interactions. The theory surrounding each topic will be accompanied by evidence, illustrations, and applications. Note: This course is a less math-intensive version of intermediate microeconomics. If you know multivariable calculus and linear algebra to the level of Math 222 or better, you should take the math-intensive course, Econ 311. Econ 311 is offered this fall and meets T/Th, 11am-12:15pm. Required Textbook Robert S. Pindyck and Daniel L. Rubinfeld, Microeconomics, seventh edition, 2009 Prerequisites You must have taken two introductory economics courses for credit and passed (received a C- or better, or P if Pass/Fail).You must also have taken one semester of calculus (Math 221 or 211; 221 recommended) and passed, or placed out of it. Although we will not use heavy mathematics, concepts in the course will often be presented using mathematical notation and some simple calculus. This is the less-math version of intermediate micro, but it is a problem-based course, so familiarity and comfort with mathematics is essential. These prerequisites are enforced without exceptions. Problem Sets, Exams, and Grading Problem sets There will be 8 problem sets. Each will be posted on the course web site about a week before its due date. All problem sets will be due in class by the end of class (3:45pm) on the due date; alternatively, you may submit your problem set to my mailbox in the economics department by 2:30pm on the due date. We will not accept late problem sets for any reason, but only the best six will count toward your grade for the course. You can thus miss two problem sets without cost. The approximate schedule of problem sets is: Date Available Date Due (in class) Problem set 1: 9/15/2011 9/22/2011 Problem set 2: 9/22/2011 9/29/2011 Problem set 3: 10/6/2011 10/13/2011 Problem set 4: 10/13/2011 10/20/2011 Problem set 5: 10/20/2011 10/27/2011 Problem set 6: 10/27/2011 11/3/2011 Problem set 7: 11/10/2011 11/22/2011 Problem set 8: 11/29/2011 12/8/2011 Exams There will be two midterm exams and one final exam: 1) Midterm 1: In class on Thursday, October 6, 2:30 – 3:45pm 2) Midterm 2: In class on Thursday, November 10, 2:30 – 3:45pm 3) Final exam: Wednesday, December 21, 2011, 7:45am – 9:45am Note: If you cannot make this time, do NOT take this class. Attendance at both midterms and final exam is mandatory; no make-up exams will be offered.Sections and Quizzes There will be weekly sections devoted to developing the analytical concepts and techniques discussed in class. Throughout the semester, there will be 3 short quizzes in section. Your performance on these quizzes will contribute toward extra credit for the course. Quizzes will not be pre-announced, so it is strongly recommended that you attend and prepare for all sections. As with exams, make-up quizzes will not be offered. Grading Grading weights: Problem sets: 20% Midterm 1: 20% Midterm 2: 20% Final: 40% Section quizzes: extra credit Frequently asked questions When will lecture notes be posted? In general, lecture notes will be posted online the night before class. You are welcome to bring print-outs to class and take notes on them. Note that class attendance is mandatory, as I will generally supplement lecture slides with additional material (including mathematical derivations and examples) during lecture. Reading the lecture notes is of course recommended, however is not a substitute for attending class. Can my friends and I work together on the problem sets? Yes. The problem sets are intended to be learning experiences and you are encouraged to work with your classmates. However, you must submit your own problem set solutions. You may find it useful to attempt the problems on your own before working with others. Doing the problem sets is the best way to prepare for the exams. If you copy another student's answers without understanding the material, your exam performance will suffer. How are the problem sets graded? The problem sets are graded on a scale of check plus, check, check minus and zero (if no problem set is handed in or it is submitted late). Problem set solutions will be posted on the course web page after they are collected and evaluated. What material will be covered on the midterms and final exam? The first midterm will cover Chapters 1—4. The second midterm will cover Chapters 1—8, with an emphasis on material in chapters 5—8. The final will cover material from the entire semester (Chapters 1—18). Exams will cover all lecture material (including any extensions covered in section) and all material in Chapters 1—18 of the Pindyck-Rubinfeld textbook.What do I do if a mistake was made in grading my exam? After the exam is returned, you will have one week to submit a written account of your problem or concern to one of the TAs. Beyond this deadline, no complaints will be entertained. Note that regrades will not be confined to the disputed part of the exam. Course