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Course Syllabus for

Econ 302, Section 002:

Intermediate Microeconomics

Spring 2024

Course Description:

The goal of this course is to give you the fundamentals of microeconomics that will be applied widely to 400 level courses in economics. We begin the course by developing a model of consumer behavior.  From this model we will be able to derive a consumer’s demand for a good, and then we will investigate numerous applications of this model, including income and substitution effects of a price change, and the determination of relative prices in a general equilibrium framework.  We then switch to the supply side of the market.  We will study the theory of the firm and explore firm behavior and welfare analysis in various market settings including perfectly competitive markets, monopoly, oligopoly and strategic interaction between firms.  Other topics will be included as time permits.  A general course outline can be found at the end of this syllabus. 

Economics is an analytical subject.  You will learn to use inductive reasoning and other scientific methodology necessary to understand this and other (social) sciences.  In short, you will learn to think like an economist.

Grading

There will be two midterm exams. These will each count for 25% of your final grade.  The two midterm exams will be held from 8:00-10:00 pm on Wednesday, February 21^st, and Wednesday, March 27^th.  Exam dates are listed at the end of this syllabus.  Exams will be held in 100 Thomas.  Some problem-solving skills will be required.  The exams will cover material from all reading assignments, all lectures, material covered during recitation sections, and all Homework assignments.  Important points will be emphasized in class!

In addition, there will be 6 Homework sets.  Homework will be submitted on Canvas.  Homework will be uploaded to Canvas one week prior to the due date.  Homework due dates are listed at the end of this syllabus.  I will drop your lowest Homework score.  Each of the 5 highest Homework grades will each count 5% of the final grade, for a total of 25% of the final grade.  The Homework sets are designed to help you understand the material and prepare for the exams.  You may work together on Homework, but you must write up your own Homework and submit it on Canvas.  LATE HOMEWORK WILL NOT BE ACCEPTED.

For all assignments, there is a two-week window beginning at the time grades are released in which I will consider grade changes.  After the two-week window has passed, you may still pick up your assignments, but I will no longer change any grades.

Grading Summary:

· 2 Midterms: 25% each (50% total)

· 5 Highest Homework sets: 5% each (25% total)

· Comprehensive Final Exam: 25%

Grade Distribution:

93 and up = A

90-93 = A-

87-90 = B+

83-87 = B

80-83 = B-

77-80 = C+

70-77 = C

60-70 = D

Below 60 = F

Attendance  

Although class attendance is not a criterion upon which your grade will be based, regular attendance is strongly encouraged.  You will find that consistent class attendance and participation will greatly increase your chances for success, as well as lightening your outside of class workload.  In short, if you come to class, I will tell you what you need to know.

BE RESPECTFUL OF OTHERS 

While attending class, be aware that many other people are in the room.  As such, please be quiet and attentive.  It is problematic if your behavior negatively impacts another student’s classroom experience. 

Importantly, if you are sick or not feeling well, do NOT attend class, go to tutoring, or come to my office.  In the current environment, this is perhaps the best way you can be courteous and respectful of your classmates.  If you miss class, you can get notes later from a classmate or by attending a future tutoring session.  This is much better than potentially spreading illness to others.

DO NOT MISS TESTS!  Exam dates are listed at the end of this syllabus.  Please be sure to check them now to ensure that there is no conflict with your schedule!  In certain cases, you may receive an excused absence for an exam.  This is discussed in the next section.  It is your responsibility to provide timely notification to the instructor of a university-approved excused absence prior to missing an evaluative event.  After providing such notification, the usual policy is to re-weight other similar evaluative events.  If the event is an exam, the weight of the missed exam will be transferred evenly among the remaining exams. However, if you wish to take a make-up of the evaluative event then it must be scheduled and completed prior to the date of your absence, unless you are medically unable to do so.  If you have questions, please contact me.

VALID REASONS FOR MISSING AN EXAM

Found at http://econ.la.psu.edu/undergraduate/valid-excuses

Illness or injury, family emergencies, certain University-approved curricular and extra-curricular activities, and religious holidays can be legitimate reasons to be excused from a scheduled examination.

In the case of your own illness or injury, confirmation from a physician, physician's assistant, a nurse-practitioner, or a nurse is required.  Further, barring extraordinary circumstances, the confirmation must be available to the instructor prior to the missed exam.

With regard to family emergencies, you must provide verifiable documentation of the emergency.  Unless the emergency is critical you should notify the instructor in advance of your absence from the scheduled course event. In cases of critical emergencies, you must notify the instructor within one week of your absence.  For University-approved curricular and extra-curricular activities, verifiable documentation is also required. The letter must be presented to the instructor at least one week prior to the first absence.  In the case of religious holidays, notify the instructor by the third week of the course of any potential conflicts.

Course Outline with Readings from Perloff.

Section 1:  Consumer Theory

Consumer Theory Perloff Chapter 4; Workbook Sections 5, 6 and 6-A

Applying Consumer Theory Perloff Chapter 5, Sections 5.1, 5.2, 5.3; Workbook Sections 7, 8, and 9  

General Equilibrium and Pareto Efficiency Perloff Chapter 10.1, 10.2, 10.3; Workbook Sections 10 and 11  

Exam 1: Wednesday, February 21^st from 8:00-10:00 pm in 100 Thomas

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Section 2: Theory of the Firm, Perfect Competition, Market Power and Market Structure

Firms and Production Perloff Chapter 6; Workbook Section 12

Costs Perloff Chapter 7; Workbook Section 13

Competitive Firms and Markets Perloff Chapter 8; Workbook Section 14

Consumer and Producer Surplus Perloff Chapter 9.1, 9.2

Monopoly Perloff Chapter 11; Workbook Sections 15 and 16

Exam 2: Wednesday, March 27^th from 8:00-10:00 pm in 100 Thomas

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Section 3:  Other topics:

Risk, Uncertainty and the Market for Insurance: Lecture Notes

Excise Taxes Lecture Notes

TBA

Comprehensive Final Exam: Time TBA

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Homework Due Dates:

· HW 1: Sunday, February 4^th 

· HW 2: Sunday, February 18^th 

· HW 3: Monday, March 18^th  

· HW 4: Sunday, March 24^th 

· HW 5: Sunday, April 14^th 

· HW 6: Wednesday, April 24^th  

Exam Dates:

· Exam 1: Wednesday, February 21^st from 8:00-10:00 pm in 100 Thomas

· Exam 2: Wednesday, March 27^th from 8:00-10:00 pm in 100 Thomas

· Final Exam: The University will determine the time and location.

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Please note that the period for filing for a conflict exam is February 12^th-March 3^rd.  If you do not file for a conflict exam during this time, you are required to take the final exam at the time and place designated by the university.

This outline represents a basic course plan that is subject to change.  You are responsible for any changes announced in class and/or posted on the course web page.   

Please see me if you have concerns or comments about the course.  If you would like to provide feedback about this course you may also contact the Director of Undergraduate Studies in Economics.