EconS 301 - Intermediate Microeconomic Theory

COURSE SYLLABUS
EconS 301

INTERMEDIATE MICROECONOMIC THEORY

WASHINGTON STATE UNIVERSITY
Spring 2008

Class Schedule: TuTh 9:10-10:25am Room: Hulbert 27

Prerequisites: EconS 101, Math 171 or 202, or equivalent

Class Website: http://classes.ses.wsu.edu/EconS301/Sp2008-Shumway/index.htm

Textbook Website: http://wps.aw.com/aw_perloff_microcalc_1/76/19536/5001253.cw/index.html
Instructor: Dr. Richard Shumway
Office: Hulbert Hall, Room 203F
Phone: (509) 335-1007
E-mail: shumway@wsu.edu
Office hours: TuTh 10:25-11:15, or by appointment

Teaching Assistants: Erin Ackers and Holi Weaver
Office: Hulbert Hall, Room 205a
E-mail: erin_ackers@wsu.edu and hweaver@wsu.edu
Office hours: Erin: TuTh 1-2pm or by appointment; Holi: MW 3-4pm or by appointment (email at least a day in advance for appointment)

COURSE DESCRIPTION
EconS 301 is a calculus-based intermediate microeconomic theory course for majors in economics, agricultural economics and management, agribusiness economics and management, and environmental and resource economics and management. It is also for other students interested in the mathematical foundations of economics and/or who want to use economics to address real-world problems.

LEARNING OBJECTIVES
Students successfully completing this course will demonstrate:

An understanding of the fundamentals of microeconomic theory.
Mastery of a core set of microeconomic concepts useful in analyzing supply, demand, market, and policy issues.
Mastery of algebraic and calculus tools needed to analyze microeconomic issues when many relevant variables change concurrently.
Ability to apply microeconomic concepts and related tools to unfamiliar real-world situations and to critically analyze the effects of alternative policy tools on market outcomes.
Capacity to communicate the results of economic analysis in a clear and professional way.
Prerequisite knowledge of microeconomic theory sufficient for all 300-400 level EconS courses.

COURSE TOPICS
Topics will include the theory of choice and demand, production and supply, perfectly and imperfectly competitive markets. Special cases such as pricing in input markets, uncertainty, and externalities will also be covered.

TEXTBOOK AND OTHER MATERIALS
Textbook: Perloff, Jeffrey M. Microeconomics: Theory & Applications with Calculus. Pearson – Addison Wesley, 2008 (ISBN 0-321-27794-5).

Textbook Website: http://www.aw-bc.com/perloff

Supplements and Handouts: Will be made available periodically on the course website.

TENTATIVE COURSE OUTLINE AND READING ASSIGNMENTS
Jan 8-10                      Introduction to Microeconomics (Chapter 1 and Calculus Appendix)
Jan 15-17                    Supply and Demand (Chapter 2)
Jan 22 - Feb 12           Theory of Choice and Demand (Chapters 3-5)
Feb 14                        Midterm 1 Exam
Feb 19-28                   Production and Costs (Chapters 6-7)
Mar 4-25                     Competitive Firms and Markets (Chapter 8-9)
Mar 27                        Midterm 2 Exam
Apr 1-15                      Models of Imperfect Competition (Chapters 11-13)
Apr 17                          Externalities (Chapter 17)
Apr 22                          Uncertainty (Chapter 16)
Apr 24                          Review
Apr 29                          Final (10:10am-12:10PM)

The instructor reserves the right to change the course content, number of problems assigned, and quizzes given as the class proceeds through the semester.

GRADING
Two Midterm Examinations: 100 points each
Final: 150 points
Homework: 60 points
In-class contribution to learning: 50 points
Unannounced quizzes: 20 points maximum (for extra credit)
Guaranteed grades:
A: 95 - 100%                     A-: 90 - 94.9%
B+: 87 - 89.9%                  B: 83 - 86.9% B-: 80 - 82.9%
C+: 77 - 79.9%                  C: 73 - 76.9% C-: 70 - 72.9%
D+: 67 - 69.9%                  D: 63 - 66.9% D-: 60 - 62.9%
F: less than 60%
Curve (in your favor) may be applied at discretion of instructor

ASSESSMENT METHODS
Examinations will include short answer, problem, and application questions.
Frequent homework and class assignments will require application of course principles to real world problems. Late assignments will not be accepted.

CRITICAL THINKING AND COMMUNICATION SKILLS ASSESSMENT

Skill:

Method Assessed:

Critical and integrative thinking: Students reason with and integrate economic and quantitative tools into logical decision-making constructs.

Many exam questions and homework assignments require students to use mathematical tools and economic theory to solve problems and/or provide recommendations for decision making.

Evaluative thinking: Students apply economic concepts, quantitative methods and technical information in evaluating economic tradeoffs of policies and/or alternative decisions, and for making rational economic decisions

Some exam questions and homework assignments require students to use economic theory and quantitative analysis to assess the merits of alternative decisions.

Oral Communication: Students orally communicate the results of economic reasoning in a clear, compelling, and informative manner.

Students are graded on their contribution to the class learning environment. Effective oral communication helps with this aspect of student performance.

Written Communication: Students communicate in writing the results of economic reasoning in a clear, compelling, and informative manner.

Some exam questions and homework assignments require students to provide answers in orderly sentences.

DISABILITY ACCOMMODATIONS

Reasonable accommodations are available for students who have a documented disability. Please notify the instructor during the first week of class of any accommodations needed for the course. Late notification may mean that requested accommodations might not be available. All accommodations must be approved through the Disability Resource Center located in the Administration Annex Room 205, 335-3417.

ACADEMIC INTEGRITY

Academic integrity is an expectation of all members of the University community and will be strongly enforced in this course. Any violations of academic integrity will be dealt with to the maximum extent authorized by Washington State University policy. Any student caught cheating an any assignment will be given an F for the course and will be referred to the Office of Student Conduct. In addition to the penalty assigned by the instructor, students found with a first offense are required by WSU to attend an Academic Integrity Workshop. A second offense will ordinarily be referred by the Office of Student Conduct to the University Conduct Board with a recommendation that he or she be dismissed from the University. For additional information on WSU’s Academic Integrity policy, go to http://www.conduct.wsu.edu/

CLASS PROCEDURES

E-Mail Contact:
E-mail communications (for example, to notify you about a cancelled class or a change in assignment) will be through the e-mail system maintained by the Registrar’s Office. Be sure your current e-mail address is on file with the Registrar.

Learning Environment:
Both instructors and students have a responsibility to contribute to the learning environment.

The instructors commit to:

Identify important course learning objectives
Assign readings and problems relevant to the learning objectives of the course
Come to each class prepared to discuss, amplify, and clarify issues related to the assigned reading and problems
Provide regular times for out-of-class consultation and learning support
Prepare and grade examinations to fairly assess performance relative to the learning objectives

Students are expected to commit to:

Complete all readings and problems when assigned
Come to each class prepared to discuss and question issues related to the assigned readings and problems
Actively contribute to the class learning environment
Turn off cell phones before class starts, refrain from conversations and other distractions to the learning environment, and don’t bring food or drink to class (unless of course you plan to feed everyone)
Complete all graded assignments and examinations yourself (unless collaboration is expressly permitted by the instructor)

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