Download ECON 211 - Intermediate Microeconomics-I

LAHORE UNIVERSITY OF MANAGEMENT SCIENCES
Department of Economics
(Course Outline)
Economics 211: Intermediate Microeconomics I
Instructor: Atif Ikram
Office Hours: To be announced
Course Objectives:
The basic objective of this course is to develop students’ ability to use analytic reasoning to
understand and apply the basic models of microeconomic theory. This course deals with the
economic behavior of individual units, such as consumers, firms, and markets. It then turns to a
study of price determination and resource allocation associated with equilibrium outcomes in
different market settings. Particular attention will be given to perfectly competitive markets and
imperfectly competitive markets in this regard. The course also lays emphasis on problem
solving and application of basic microeconomic theory on selected public policy issues.
Required Texts:
1. Varian, Hal R., Intermediate Microeconomics: A Modern Approach, 5th ed., W.W.
Norton, 1999.
2. Varian, Hal R., Microeconomic Analysis, 3rd ed. W.W. Norton, 1993.
Additional Readings:
1. Nicholson, Walter, Microeconomic Theory: Basic Principles and Extension, 7th ed.,
Dryden Press, 1998.
2. Bergstrom, Theodore C., Hal R. Varian, Workouts in Intermediate Microeconomics, 3rd
ed., W.W. Norton, 1993.
Grading:
Four Assignments (10%)
Four Announced Quizzes (20%)
Midterm Exam (30%)
Final Exam (40%)
Outline:
The following is an approximate schedule of what we will cover and when.
Week
Topics
Chapters (Intermediate
Microeconomics by
Varian)
1
Budget Constraints, Preferences
Ch. 2. 3
2
Preferences, Utility
Ch. 3, 4.
Microeconomic Analysis
by Varian (MAV) Ch. 7.
3
Utility Maximization, Deriving the Demand Curve
Ch. 5, 6.
MAV Ch. 7.
4
Deriving the Demand Curve, The Slutsky Equation
Ch. 6, 8.
MAV Ch. 8
5
Consumer Surplus, Market Demand
Ch. 14, 15.
6
Midterm
6
Market Demand, Equilibrium
Ch. 15, 16
7
Technology, Profit Maximization
Ch. 18, 19.
MAV Ch. 1, 2.
8
Cost Minimization, Cost Curves
Ch. 20, 21.
MAV Ch. 4.
9
Firm Supply, Industry Supply
Ch. 22, 23.
10
Imperfect Competition: Monopoly, Price Discrimination,
Product Differentiation
Ch. 24, 25.
Final Exam
Tentative Schedule of Quizzes
Quiz 1
Week 2, Friday
Quiz 2
Week 4, Friday
Quiz 3
Week 7, Friday
Quiz 4
Week 9, Friday