Course Professor Term Meetings

ECO 3310 Intermediate Microeconomic Theory Todd Sandler Fall 2011 Tues, Thurs, 11:30am-12:45pm SOM 2.901

Professors Contact Information Office Phone 972-883-6725 Other Phone Administrative Assistant, phone 6724 Office Location GR 2.539 (enter GR 2.828) The two rooms are next to one another Email Address tsandler@utdallas.edu Office Hours Tues 1:00 pm-2:00 pm, Thurs 10:00 am-11:00 am Other Information Do not send me e-mail attachments unless I indicate otherwise to you. General Course Information
Pre-requisites, Corequisites, & other restrictions

Basic Algebra skills, Microeconomic principles, and Calculus 1.

This class covers intermediate microeconomic theory, which forms the theoretical foundation to economics. If you want to really understand economics and to master the application of the economic way of reasoning then you must have a mastery of microeconomic theory. The course covers demand and supply analysis (theory of competitive markets), consumer utility analysis, consumer choice and the theory of demand, inputs and production functions, cost minimization, cost curves, competitive markets, monopoly, price discrimination, imperfect competition, and externalities and public goods. If you get a good foundation in this class, then courses in economics will be easy. I will use some basic techniques from calculus taking first derivatives, integration, Course Description and optimization methods. These methods will actually make derivations and exercises much easier and much less lengthy. I will spend some time at the start of the semester reviewing some of these methods. The course is rich in applications to economics, business, political economy, and other situations. Your learning will be greatly enhanced if you study the learning-by-doing problems in the text and if you work on some of the problems given in the book. The secret to doing well in this class is to keep up with the readings before each class, work problems, pay attention in class, ask questions, and not to study just before an exam. You should study the material each week. The material is subtle and can overwhelm you if dont stay current with the material. Provide students with a basic knowledge of microeconomics and its applications. I do want students to be able to look at economic situations and understand how to apply the tools that you will be learning to realworld cases. I want you to be able to work out problems and to Learning Outcomes understand the logic of the answers. My goal is to make any other class that you take in economics to be easy because you have a firm foundation of microeconomic theory. Ideally, I would want you to gain an admiration of the beauty and internal consistency of microeconomic theory. It is truly a work of art.

Textbook: Besanko, David A. and Ronald R. Braeutigam, Microeconomics, Fourth Ed. NY: John Wiley & Sons, 2011. (Henceforth, B&B) Readings on Reserve:
Required Text & Materials

None. There is plenty of material to learn in this textbook. Check elearning for assignments, teaching notes, and any hand-outs. Class notes will be posted on eLearning along with other material. Please check eLearning often for new notes, answers to select problems in the book, posted assignments etc. I will have two graduate students helping me. Charlinda (Charili) Santifort csantifort@gmail.com My other student is Minwook (Min) Ha, only Min will hold office hours that will be announced. His office is GR 2.816 and his e-mail address is minwook.ha@utdallas.edu

Assignments & Academic Calendar]

Week 1 Topic Assignment

Introduction : Analyzing economic problems Demand and Supply

Analysis (Markets)

B&B Chapter 1

B&B Chapter 2 B&B Chapters 3-4

3-4

Consumer preferences and utility analysis (cardinal and ordinal) Theory of demand Exam 1: Tuesday September 27, 2011

B&B Chapter 5

6 7-8

Inputs and production functions Cost minimization and cost curves (short- and long-run) Perfectly competitive markets
and profit maximization

B&B Chapter 6 B&B Chapters 7-8

B&B Chapter 9

Exam 2: Tuesday November 1, 2011

10-11

Monopoly and discriminating monopoly; regulated monopoly; monopsony Imperfect competition and

B&B Chapters 11-12

12-13

B&B Chapters 13-14

Duopoly

14

Externalities and public goods Exam 3: Tuesday November 29, 2011

B&B Chapter 17

Exam 1 Tuesday September 27, 2011 Exam 2 Tuesday November 1, 2011 Exam 3 Tuesday November 29, 2011 Final Exam December 6, 2011 on the last day of classes Please note that I will assign homework for each chapter along with the answers on e-Learning under Homework. These will not be collected or graded. Some problems assigned may appear on exams. I may also post some sample questions and answers prior to each of the three regular exams, but not prior to the final. You should also do some questions in the book and pay special attention to questions worked out in your textbook. I will hold one review session outside of class hours (to be announced) to help prepare you for the exam. Often 5-6 pm on Monday works. The Final Exam is cumulative.

Course Policies
The class grade is determined as follows: Exam 1 Exam 2 Exam 3 Final Exam 25% 25% 25% 25%

I do not give make-up exams, no matter what. If you miss Exam 1 or 2 or 3 because of sickness, circumstances (e.g., death in family), or choice, then your grade will be determined as follows: Two In-class Exams taken 50% in total (25% each)

Grading Final Exam 50% (credit) Criteria If you miss two in-class exams, then the Final Exam will count 75% and
the one in-class exam will be worth 25%. If you miss all three in-class exam, then the Final Exam will count 100%. Missing the final, when you havent taken all three regular exams will result in failure. Be forewarned: past experience (42 years of teaching) indicates that students who take more exams tend to do better in my classes. I cannot emphasize this enough. Grades are not like hostage-taking events, there will be no bargaining over grades or arguing over answers. If you need a good grade, then work hard, come to class, do sample problems, and you will be fine. I cannot and will not make up extra credit assignments so that you get the grade that you desire.

If you take ALL THREE of the regular exams prior to the Final and you like your grade (each exam would then count one third of your average), then you can sign a piece of paper agreeing to this grade and you will not have to take the final. You will have to exercise this option if available to you on Thursday December 1st during the regularly scheduled class. Once the option is exercised, you cannot change your mind and decide to take the final exam. I hope that this gives you even more inducement to take all of the exams. If you miss any of the first three exams for whatever reason choice or circumstances outside your control you must take the final which allows me to test over material that you were not tested over.

Make-up No make-up exams, no matter what. Exams

Students missing no more than one class within the weeks prior to each exam will have five points added to their exam score. This is not the case for the final exam. (Remember, no excuses are accepted for missing a class. You Extra Credit are given one free miss per test period.) Also, you must be in your seat within 5 minutes of the start of class coming in 6 minutes late, or leaving early will not qualify as an attendance for extra credit. If you start the semester late, then the classes missed will be counted as absences for attendance. Special None Assignments Class Strongly recommended Attendance Classroom No talking in class. Citizenship For material on Religious Holy Days, Disability Services, Student Conduct Ancillary etc. see material http://go.utdallas.edu/syllabus-policies