Survey Microeconomic Theory
Survey Microeconomic Theory ECN 601
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This 7 page Class Notes was uploaded by Hannah Hahn on Wednesday October 21, 2015. The Class Notes belongs to ECN 601 at Syracuse University taught by Staff in Fall. Since its upload, it has received 60 views. For similar materials see /class/225652/ecn-601-syracuse-university in Economcs at Syracuse University.
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Date Created: 10/21/15
Syracuse University J David Richardson Department of Economics Fall 200203 60102desdoc Economics 601 Section 003 Survey 0fMicroec0n0mic Theory Intermediate Microeconomics for Master s and Professional Degree Students Course Description Brief Description This is a course in intermediate microeconomics It is meant to follow an introductory course in microeconomics often a course called quotPrinciples of Micro Economicsquot Microeconomics is the study of decisionmaking by various types of agents under various constraints and in various environments Agents include individuals of course But more often agents represent social groups rms both profitseeking and notforprof1ts households and governments Decisionmaking by agents representing social groups is essentially managerial economics the name given to the Public Administration counterpart to this course PPA 723 Constraints include time energy money resources regulation and information Environments include uncertainty time horizon the short run medium runs and the long run pits and peaks of the business cycle and decisionmaking as a small agent and as a large agent Participant Pro le This section 003 of 601 is aimed at Master39slevel students in International Relations It is also open to Master39slevel students in Social Sciences and students in professional programs such as Law Information Studies and Technology IST and Public Administration PPA Section 002 is also open to such students but that section will not have the distinctive international avor of section 003 MA students in Economics should be enrolled in section 002 PhD students in Economics should not take section 003 or 002 they should take section 001 of 601 taught by Professor John Moran Two more sections of ECN 601 for MA students in International Relations will be offered again in the WinterSpring semester 200203 by Economics Professor Vitor Trindade Public Administration faculty teach PPA 723 Managerial Economics for Public Administration regularly both semesters Professors Arthur Brooks John McPeak and David Popp are teaching four sections of that course in the Fall and at least one section will be offered in the Winter Spring PPA 723 is however not an automatically available course to those outside Public Administration please make your appeal with reasons to Christine Omolino the PA Graduate Director Students pursuing joint Masters degrees in International Relations and Public Administration do not need to take both ECN 601 and PPA 723 Which to take depends on your objectives and background Please consult with me or others above about your particular case Some Master39s Degree students in International Relations for which this is a required course may have taken intermediate microeconomics as an undergraduate Whether you can be excused from this course is something I would like to discuss personally with each of you in this situation Among other things I will want to know where you took the course when you took it from whom instructor s name what grade you received and using what textbook For many of you Economics 601 will Lill be worth taking because of its unique tailoring to International Relations students Various veterans of this class should be contacted as references to testify in this regard Official auditors are welcome but must do all assignments and exams The university tries to discourage unofficial auditors and if you choose to sit in anyway and unofficially I hope you will understand that I do not want you to take up class time with questions nor to ask me subsequently to testify that you sat in on the course Longer Description Content Style Philosophy Purpose This is a course in intermediate microeconomics and more It is aimed at applying applied intermediate microeconomics in cross national settings By applying I mean that I will be working to make you feel capable of using intermediate microeconomic methods to make real decisions or to evaluate those of others By applied I mean that the economics we will study will have as best I can accomplish it realworld correspondence By intermediate I mean presupposing one course in economics principles By cross national settings I mean that I will bend over backwards to translate our text s illustrations into worldwide counterparts and will try to develop supplementary case studies of microeconomic decisionmaking in global affairs that allow you to apply the microeconomic methods that you are learning Because of these specific objectives the course content will have some distinctive emphases We will focus less on the microeconomics of household decisionmaking than the normal intermediate microeconomics course and more on firms 7 with equal attention to both forprofit firms and notforpro t firms including governments We will describe the managers off1rms as suppliers and demanders in markets for goods services labor capital and resources We will brie y discuss the microeconomics of the way managers represent the owners of forprofit firms and the official backerssupporters of notforprofit firms We will also emphasize some of the distinctive supplementary chapters of the textbook on information and uncertainty on altruism and nonegoism and on extemalities and property rights The course will also have a different style than the normal intermediate economics course It will be more casedependent and more conscious ofthe need to persuade But it will not be purposely less rigorous Our text claims to have succeeded in its rst ve editions at being simultaneously rigorous and userfriendly I hope that you nd me and the course the same way It is important to say therefore in a musical metaphor that this is not an quoteconomics appreciationquot course it is a course in performing and composing doing economics and in adjudicating the daytoday tryouts among economists The principal instruments to master will be logic and analysis often but by no means exclusively channeled through graphs and simple algebra Statistics will be rarely used calculus never The tone of these instruments is technical but I will not argue that they should take over the orchestra I do not believe that everything in creation is orchestrated by economics nor that the world would harmonize better if it were I do believe that economics instruments are underrepresented in the world s orchestra and often played poorly so that their popularity among critical audiences is low We will be trying to change that Finally economics is more than music I am convinced that it is an important framework for describing and interpreting a real and pervasive set of phenomena in every culture and time That is why I will always be trying hard to illustrate how this music really matters Foundations Prerequisites and Remedial Opportunities The prerequisite for this course is an introductory course in microeconomics principles of microeconomics ideally Most onesemester and twosemester undergraduate courses will satisfy this prerequisite But those who have had courses at the highschool level only or devoted to macroeconomics primarily or entitled quotSurvey of Economicsquot or quotGeneral Economicsquot may nd these inadequate as prerequisites In these cases I recommend that you consider purchasing a principleslevel textbook for background and reference for example one of those being used here at Syracuse University for Economics 101 At Syracuse University Economics 101 lls the prerequisite ideally Economics 203 somewhat less well and F 39 102 I J y 39 even less well I expect students to be able to read and interpret graphs and tables and to solve simple algebraic problems Please do not continue with the course if you are feel yourself unable to master the assignments in the second week or if you nd the assigned material on intertemporal choice from our textbook s Ch 5 pp 168181 completely incomprehensible Remedial Note During the rst four weeks of the class starting August 27 I will be holding special group of ce hours as a foundationbuilding time for those who feel unprepared These special of ce hours will take place Tuesday evening from 600 to 800 pm in 112 Eggers Hall I will meet as a group those who show up and we will review relevant background material including algebra and graphics that you may have forgotten or never mastered We will also review and answer questions about current material There will be a group of ce hour session the fth week on Monday September 23 from 730 to 930 pm in 112 Eggers This one and all that follow are open to all students not just those who feel unprepared Otherwise for those who have satis ed the prerequisites for this course and are in principle prepared please do not count on using these special evening office hours during the first four weeks so that others can catch up consider coming for example during my other office hours After the first four weeks I will continue biweekly to make myself available for group office hours ensemble remedial and review work on Tuesday evenings from 600 to 800 pm in 112 Eggers Hall These are open to all students after the first four weeks Grading System Assignments Exams Participation Grades will be based on 116 points worth of regular assignments casestudy assignments exams and participation for all students as follows Regular Assignments 32 points 4 points each of the 8 regular assignments that will be graded 8 out of 10 regular assignments are to be handed in 2 can be skipped I will select your top 8 grades when more than 8 are handed in CaseStudy Assignments 16 points 8 points each the 2 casestudy assignments must be handed in Exams 7 56 points First Midterm Exam Wednesday September 25 16 percent Second Midterm Exam Wednesday October 23 16 percent Third Midterm Exam Wednesday November 20 16 percent Final Exam date to be determined 8 percent with chances to increase grades from earlier exams Participation 12 points Everyone has a bad day scaling At the end of the course I will ignore the lowest 16 points of your various grades This is of course to your benefit but understand also how that motivates the very strict policies on late assignments and makeups described below Assignments both regular and casestudy will be weekly except during the week of the midterm exams and will contain questions of several types written assignments based on intext exercises and endofchapter problems from the textbook assignments devised from other readings including The Economist and supplementary exercises from time to time Casestudy assignments differ from regular assignments by being more realistic more complex more applied and more inviting to you to actually use your microeconomics Assignments will typically be distributed via email the Wednesday before they are due and or made available in class Exams will be very much like assignments involving decisionmaking and problem solving of the kind represented in the textbook and lectures A week before each required exam a large set of questions will be distributed to you from which most of the exam will be drawn You are free to work together on answering these before the exam itself see below Independent and Joint Work During the exam period you will be asked to redraft answers to a subset of the larger set All but at most one questionproblem out of 3 or 4 on each exam will come from the larger set The one question you have not seen may be a brief battery of multiple choice questions Participation grades will have roughly the same mean across the class as grades on assignments and exams Participation involves a variety of activities Taking initiative to advance your own knowledge is the most imp01tant thing It might involve asking questions in and after class or over email and in office visits It might involve discussions of supplementary material that you see on any of our themes say newspaper clips or brief written reactions that you have to course content It might involve following up with me on my own reactions to your written assignments telling me why you may disagree with my assessments and then hearing my response It might involve interacting in remedial sessions or seeking extra help from me It might involve tutoring for other students in the class possibly even grading some of their work these ideas are to be refined further Late Assignments Assignments are always due at the very beginning of Wednesday39s class Those handed in after the class begins will lose 10 percent of the grade and continue to lose 10 percent for every subsequent 24 hour period that they are late Makeups There will be no makeup exam for any of the three midterms Unavoidable circumstances including sickness are covered adequately by the quoteveryonehasabadday scalingquot above and by the chance to be quotreexaminedquot to some degree ifyou desire on the final exam There will be a makeup for the final exam if necessary at a time to be arranged during the Winter Spring semester Approval of makeup privileges for the final exam is not automatic you must contact me in this regard as early and directly as possible Independent and Joint Work On assignments both regular and casestudy unless I tell you explicitly otherwise I expect independent work and will probe and penalize work that has been done on behalf of someone else On exam questions you are welcome to work jointly on answers to the large set of questions handed out before each exam but of course you will re draft your answers independently to the smaller set during the exam period Beware that for many reasons joint study groups that are too large or too diverse tend to become satisfied with an answer that represents only the average performance of the members of the group not the best Note please under no circumstances will term papers be a supplement to or substitute for the arrangements above Richardson Of ce Of ce Hours Other Modes of Contact 347 Eggers Hall Tel 4434339 please leave a message on voice mail ifnecessary FAX to Global Affairs 4439085 Monday 130245 pm Tuesday 230345 pm Wednesday 230345 pm Other times by special arrangement Email address jdricharmaxwellsyredu Most Thursdays and Fridays I m in Washington at the Institute for International Economics Tel 202 3289000 Extension 304 please leave a message on voice mail if necessary FAX to 202 3285432 Email address jdrichariiecom butI can also read my Maxwell email in Washington Grading Assistant Of ce and Of ce Hours The grading assistant for this course is Cong Phamsi Cong is a thirdyear doctoral student in economics and a former colleague in the IR Master s Program Cong will be grading most assignments and a large portion of every exam and will be available to assist you in mastering the core material But Cong will not usually be attending lectures and will not be able to help you as easily to master the less conventional material e g on the microeconomics of notforprofrts nor to apply your microeconomics in the case studies and other practical situations Cong s office hours and other information will be provided later Text and Readings The textbook for this course is Robert H Frank Microeconomics and Behavior fth edition McGrawHill 2003 It is available from Follett s Orange Bookstore in the Marshall Square Mall and only from there Frank relies on his web site for important applications and supplements we will rely on it too See wwwmhhecomeconomicsfrank5 Please do not try to use the fourth or earlier editions instead of the fth 7 they are signi cantly different and I do not have the time help you to make everything correspond Handouts of newsclips and articles will be frequent in this course and are considered part of assigned reading unless otherwise stated in class If you miss a class make sure to ask me for the handouts you missed not all can be labeled sequentially In addition The Economist magazine will provide a large number of illustrations of the microeconomics that we are trying to master and I encourage you to subscribe The illustrations will be assigned reading and will be recorded cumulatively through the course on a supplementary reading list and also sent to you weekly in an attachment to an email I will be providing reducedprice 14week subscriptions to for 25 per student Further details are on a related handout Compliance with Section 504 of the Rehabilitation Act of 1973 Students who may need special consideration because of any sort of disability should make an appointment to see me