EC201.04 - Boston College

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Microeconomics and Behavior by Robert H. Frank, 8th ed. ... unlike most textbooks that are meant to serve as references, Frank's book is actually quite readable ...
BOSTON COLLEGE DEPARTMENT OF ECONOMICS Microeconomic Theory EC201.04 TTh 3pm

Matthew S. Rutledge Spring 2013 Campion 200

Email: [email protected] Phone: (617) 552-1874 Office Hours: Tuesdays and Thursday 4:30-5:30pm and by appointment Office: Carney TBD Required Text: Microeconomics and Behavior by Robert H. Frank, 8th ed. I sincerely hope you read the text – unlike most textbooks that are meant to serve as references, Frank’s book is actually quite readable and interesting, with many helpful examples that help illustrate some of the more dry theory. Supplemental Reading: If you are looking for additional insight or extra problems, O’Neill Library has several other intermediate micro textbooks, usually on reserve: Perloff’s Microeconomics, Katz and Rosen’s Microeconomics, Varian’s Intermediate Microeconomics: A Modern Approach, Pindyck and Rubinfeld’s Microeconomics, and a number of older volumes. These other texts tend to be more rigorous than Frank’s text, so they are a good resource if you want to see topics presented in a more formal, technical way. You are strongly encouraged to pay attention to, and bring to the class’s attention, policy debates and discussion in the popular press, including both mainstream news sites and economics/policy blogs (recommended: Marginal Revolution, Freakonomics, Paul Krugman’s blog on NY Times, Matthew Yglesias’ blog on Slate, Ezra Klein’s blog on the Washington Post, and many others). Real-world applications of theoretical principles make excellent exam questions. I will highlight particularly relevant material in class and on the course website. Course Website: I’ll upload all Powerpoint slides, problem sets and solutions, and other material to the course’s Blackboard Vista site (https://cms.bc.edu); please let me know if you have access issues once you are enrolled. Course Requirements and Grading: Midterm #1 (February 19): 25% Midterm #2 (April 2): 25% Final (May 2 during class): 32% Problem Sets, 6 x 3 points: 18% The first midterm will cover consumer theory. The second midterm mostly will cover the theory of the firm, with some elements from the consumer side. The final exam (given during the final 1   

class time) is cumulative; though the focus will be on topics covered after the last midterm, these topics inherently require understanding from both the consumer and producer theories. All exams will be closed-book. There are six problem sets, each graded on a scale of 0 to 3. Submissions with serious flaws but showing sincere effort will earn one point. Submissions with some mistakes but showing basic understanding will earn two points. Submissions that are near perfect will earn three points. You may work in groups of up to four people; please submit only one set of answers per group, and write all names on the top. In-class discussion is integral to making this course interesting, informative, and enjoyable. Please come prepared to contribute your thoughts on how the theory we are outlining relates to the real world. I also hope that you feel comfortable asking questions; if something is uncertain in your mind, it likely is uncertain in other minds as well. Though class participation is not included in the above percentages, regular involvement in the discussion helps determine whether a borderline grade gets the higher or lower of the two options (e.g., an A- versus a B+). Academic Integrity Statement1 The academic enterprise at Boston College assumes and requires academic integrity, which in this course means that all your work on exams is your own, and that you were a substantial contributor to any problem sets on which your name appears. Violations of academic integrity will be reported to your class Dean and then reviewed by the College of Arts and Sciences Academic Integrity Committee. Consequences can be very serious. I urge you to review university policy and procedures, available under at http://www.bc.edu/integrity. If you have any questions, please consult with me. Schedule: Date 1/15 1/17 1/22 1/24 1/29 1/31 2/5 2/7 2/12 2/14 2/19

Topics and Requirements Introduction and Math Review NO CLASS (Sorry!) Utility and Preferences Consumer’s Optimum Comparative Statics Problem Set #1 due Individual and Market Demand Elasticity Uncertainty Problem Set #2 due Insurance Markets Exceptions to the Rational Consumer Model; Midterm Review MIDTERM #1

Textbook Readings Ch 1-2 Ch 3 Ch 3 Ch 4 Ch 4-5 Ch 4 Ch 6 Ch 6 Ch 7-8

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 In the spirit of the enterprise, I should note that this section is copied word‐for‐word from Prof. Quinn’s Fall 2009  syllabus. 

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2/21 2/26 2/28 3/12 3/14 3/19 3/21 3/26 4/2 4/4 4/9 4/11 4/16 4/18 4/23 4/25 4/30 5/2

Production Cost Curves Profit Maximization Supply Curves Competitive Equilibrium Problem Set #3 due Monopoly Welfare Analysis and Taxes Problem Set #4 due General Equilibrium; Midterm Review MIDTERM #2 Labor Supply Labor Demand Intertemporal Optimization Externalities Problem Set #5 due Public Goods Game Theory Imperfect Competition Problem Set #6 due Review FINAL EXAM

Ch 9 Ch 10 Ch 11 Ch 11 Ch 11 Ch 12 Ch 2 appendix, Ch 5, 18W Ch 18W

Ch 14 Ch 14 Ch 5 Ch 16 Ch 17 Ch 13 Ch 13

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