Course objectives
The course is aimed at familiarizing the students with the basic tools of economic analysis, including the theory of consumer behavior, the theory of seller behavior, partial and general equilibrium theory, and game theory. The focus will be on the application of these tools to the analysis of human behavior in all its forms.
Prerequisites
Principles of Microeconomics (ECON 103), Principles of Macroeconomics (ECON 104), and one semester of calculus (MATH 108 or 133). I expect you to be familiar with the use of algebra to solve simple sets of simultaneous equations, graphing, and to understand the concept of a derivative.
Readings
Required textbooks
Hirshleifer, J., Glaezer, D., and Hirshleifer, D. 2005. Price theory and applications: Decisions, markets, and information (7th edition). Cambridge University Press.
Piano, E. E. 2017. Notes on microeconomics. (to be distributed to the class at the beginning of the semester)
Recommended readings
Alchian, A. A., and Allen, W. R. 1969. Exchange and production: Theory in use. Wadsworth.
Scheduled outline
August 28th-30th: Lecture 1
September 4th-6th: Lecture 2
September 6th-11th: Lecture 3
September 13th: Lecture 4
September 18th: Lecture 5
September 20th-25th: Lecture 6
September 27th-October 2nd: Lecture 7
October 4th-9th: Lecture 8
October 11th: Midterm review
October 16th: Midterm
October 18th-23rd: Lecture 9
November 25th-30th: Lecture 10
November 6th: Lecture 11
November 8th: Lecture 12
November 13th: Lecture 13
November 15th: Lecture 14
November 20th: Lecture 15
November 27th: Lecture 16
November 29th: Lecture 17
December 4th-6th: Final review
Grading
Your grade in this course consists of weekly quizzes (40%), a midterm exam (30%), and a final exam (30%).
Quizzes: Quiz questions are based on the assigned readings and lectures. This means you cannot and will not do well in this class unless you do the assigned readings and attend the lectures. I will drop the lowest quiz grade to allow for unexpected events. No make-up quizzes are available. No exceptions.
Midterm: The midterm date is October 16th. You cannot make-up the midterm under any circumstance. If you know ahead of time of some extenuating circumstance that will prevent you from taking the midterm, you must contact me ahead of time (i.e. at least 48 hours prior to the exam). In the event that you are excused from taking the midterm upon contacting me, I will shift your midterm grade towards your final (so your midterm will be worth 0% and your final 60%). If you do not contact me ahead of time and do not take the midterm, you will receive a zero. No exceptions.
Final: The final exam date is to be announced. The final exam is comprehensive and you must take it on this date. If you know ahead of time of some extenuating circumstance that will prevent you from taking the final on the scheduled date, you must contact me ahead of time (i.e. at least one week prior to the exam). In the event that you are excused from taking the final on the scheduled date upon contacting me, we will arrange an alternate date. If you do not contact me ahead of time and do not take the final on the scheduled date, you will receive a zero. No exceptions.
No additional credit is available. No exceptions.
The grading scale is as follows.