# Econ 301 Intermediate Microeconomics

# Summer 2014

**General Information**

Syllabus (pdf; Updated to reflect the grading weights selected in class)

Brief Schedule (pdf)

Textbook website – Useful study aids and practice problems, especially for calculus.

Calculus Review (pdf; Updated periodically as we need more ideas from calculus – last update June 23 for integrals)

Schedule for the last two weeks (pdf)

**Current Assignments and Announcements**

Problem Set 6 assigned, Due Wednesday, August 6 by 5pm.

The final exam will be on Friday, August 8 and will be over the last half of the course (from economics of risk and time to the end).

## Weekly Schedule

### **Week 1, June 16 – 20: Supply, demand, equilibrium, elasticities, and the idea of modeling**

- Monday:
- Syllabus & calculus quiz (pdf); Solution (pdf; Note: This one doesn’t actually count toward your grade)
- Reading assignment (due next day): Chapter 2 in the textbook, pages 13-55.

- Tuesday:
- Chapter 2 reading quiz (pdf); Solution (pdf)
- Chapter 2 lecture (pdf)
- Problem Set 1 (pdf) assigned (due on Monday, June 23) Solution (pdf)

- Wednesday:
- Chapter 2 team assignment 1 (pdf); Solution (pdf)

- Thursday:
- Chapter 2 team assignment 2 (pdf);

- Friday:
- Market Experiment. Extra credit for participating: earnings (in experiment dollars) / 4, rounded to the nearest dollar.

**Week 2, June 23 – 27: Analyzing markets using supply and demand**

- Monday:
- Chapter 3 reading quiz (pdf); Solution (pdf)

Note: I gave you the wrong equilibrium quantity and supply choke price in questions 5 and 6. The solution assumes those numbers were correct, but just in case anything looks weird, that might be why. - Problem set 2 (pdf; due Monday, June 30) Solution (pdf)
- Chapter 3 lecture (pdf) (Update June 26 to include notes on taxes)

- Chapter 3 reading quiz (pdf); Solution (pdf)
- Tuesday:
- Chapter 3 in-class exercise 1 (pdf); Partial solution (pdf)

- Wednesday:
- Chapter 3 in-class exercise 1 continued (pdf); Solution (pdf)

- Thursday:
- Chapter 3 in-class exercise 2 (pdf); Solution (pdf)

- Friday:
- Chapter 3 team exercise 1 (pdf); Solution (pdf)

**Week 3, June 30 – July 4: Chapter 16, Externalities and Public Goods**

- Monday
- Chapter 16 reading quiz (pdf); Solution (pdf)

- Tuesday
- Chapter 16 team assignment 1 (pdf); Solution (pdf)

- Wednesday
- Reading assignment: Chapter 4 – pages 111 – 151 due Monday, July 7
- Problem Set 3 (pdf) Due Wednesday, July 9. Solution (pdf)
- Chapter 16 in class exercise 1 (pdf); Solution (pdf)

- Thursday
- Chapter 16 in-class exercise 2 (pdf); Solution (pdf)

**Week 4, July 7 – July 12: Chapters 4 and 5, The Consumer’s Problem**

- Monday:
- Tuesday:
- Wednesday:
- Ch5 reading quiz (pdf); Solution (pdf)
- Lecture on calculus of expenditure minimization (from appendix of Chapter 4, page 162) and on calculus of substitution and income effects (from appendix of Chapter 5, page 209).
- Reading assignment for Monday: Chapter 13, pages 527 – 557.
- Problem set 4 (pdf);

- Thursday:
- Practice exam 1 posted.
- Ch5 exercise 1

- Friday:
- Ch5 exercise 2

**Week 5, July 14 – July 18: Chapters 13, Economics of investment, time and insurance**

- Monday:
- Reading assignment: Chapter 6, pages 215-247 and Chapter 7 parts 1 and 2, pages 261-270, all due Monday July 21.
- Ch13 Reading Quiz (with solution) (pdf)
- Short lecture on present discounted value based on the chapter.

- Tuesday:
- Short lecture on choice under uncertainty based on the chapter.
- Ch 13 Exercise 1 (with solution) (pdf)

- Wednesday:
- Thursday:
- In-class experiment

- Friday:
- Exam 1

**Week 6, July 21 – July 25: Chapter 6 and Chapter 7, sections 1 & 2: Producer behavior and introduction to costs**

- Monday:
- New reading assignment due next monday: The rest of Chapter 7 and Chapter 8.
- Chapter 7 & 8 quiz w/ solutions (pdf)
- Short lecture on the producer’s cost minimization problem based on the appendix of chapter 7.

- Tuesday:
- Wednesday:
- Ch 6 & 7 in class exercise 2 (pdf); Solution (pdf)
- Problem Set 5 (pdf) Due Wednesday, July 30 Solution (pdf)

- Thursday:
- Friday:

**Week 7, July 28 – August 1: Chapter 7 and Chapter 8: Perfect Competition and Monopoly**

- Monday:
- Next reading assignment: Chapter 9, pages 347 – 382, and Sections 1 and 2 of Chapter 12, pages 483 – 497.
- Ch 7 and 8 reading quiz w/ solution (pdf)
- Short lecture over economies of scale based on chapter 7.

- Tuesday:
- Lecture on profit maximization and the long run supply curve based on the online calculus appendix to chapter 8, available on the Textbook website, and on the calculus appendix to chapter 9 (in the textbook).
- Ch 8 in class exercise 1 w/ solution (pdf)

- Wednesday:
- Short lecture on profit maximization and producer surplus based on chapter 8 and the calculus appendix to chapter 9.
- Chapter 8 in class exercise 2 w/ solutions (pdf)
- Problem Set 6 (pdf) assigned, due Wednesday, August 6 by 5pm. Solution

- Thursday:
- Short lecture on profit maximization for the monopolist based on calculus appendix to chapter 9.
- Ch 9 In class exercise 1 w/ solution (pdf)

- Friday:
- Short lecture recapping profit maximization for monopolist and perfect competition and finding consumer and producer surplus under both market structures (based on the calculus appendix to chapter 9, chapter 9, previous material on consumer and producer surplus)
- Ch 9 in class exercise 2 w/ solutions (pdf)

**Week 7, August 4 – August 8: Chapter 9 and Chapter 12: Monopoly and Game Theory**

- Monday:
- Ch 9 and 12 in class quiz w/ solution (pdf)
- Short lecture on the causes of monopoly (common barriers to entry).

- Tuesday:
- Short lecture finishing up causes of monopoly.
- Short lecture on game theory.
- Ch12 in class exercise 1 w/ solution (pdf)

- Wednesday:
- Ch 12 in class exercise 2 w/ solution (pdf)
- Short lecture on the prisoner’s dilemma

- Thursday:
- Pre-final grades posted. These grades 1) assume you’ll get the same grade on the final as you got on the first exam and 2) don’t take into account the extra credit earned today.
- Prisoner’s dilemma experiment for extra credit.
- Peer evaluations – counted as extra credit.

- Friday:
- Final exam. Good luck!