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Principles of Microeconomics, Econ 2010 http://spot.colorado.edu/-sharmav/micro/syllabus.html Principles of Microeconomics, Econ 2010 \- Io University of Colorado, Summer 2000 0 A Instructor: Vijaya R. Sharma, Ph.D. Class: MTWRF 9:15-10:50 a.m.@ Rmly C250 Office Hours: WF 11 :00-12:00 @ Econ 4A Phone: 492-3021 (office), E-mail: [email protected] Website: http://spot.colorado.edu/-sharmav/ Course Description The course discusses behaviors of households and firms, how do they make choices to maximize their objectives from limited amount of resources available to them. The course has three major parts: consumer theory, producer theory, and market's successes and failures in efficient allocation of resources. The consumer theory analyzes buying behavior of consumers, whereas the producer theory analyzes selling behavior of producers. The third part of the course evaluates market's performance in allocation of resources and examines roles of government whenever market fails to efficiently allocate resources . Textbook Exploring Microeconomics: Pathways to Problem Solving, by Robert L. Sexton, Dryden Press, 1999, ISBN 0-03-022923-5. I will also provide web notes on many topics discussed in the class. Recitations Every student is encouraged to attend recitations. Exercises, old tests, and your questions would be discussed. Examination and Grading There shall be 5 short exams (one on each Monday, June 12,19, 26, and July 3 and the last one on Friday, July 7), each of equal weight and together counting for 90% of class grade. The rest 10% of class grade would come from T As, who would explain their grading policy in recitations. No makeup exam shall be given; if you miss an exam, the weight of that exam would be equally distributed to the remaining (yet-to-be taken) exams. Course Outline (and corresponding textbook modules) 1st Week: Introductory Concepts (Module 1) What is economics? Scarcity of resources, opportunity cost, economizing behavior I of 4 617100 2:38 PM . Principles of Microeconomics, Econ 20 10 http://spot.colorad o.edu/-sharmav/micro/syllabus.html Production Possibilities Curve (Module 3) Definition, shapes and type of opportunity cost, opportunity cost of economic growth Market Price Determination (Modules 4 and 5) Demand, supply, market equilibrium, and consequences of government intervention Factors shifting demand and supply and comparative statics Elasticities (Module 7) Price elasticity of demand, income elasticity , and cross price elasticity of demand Factors affecting price elasticity of demand Price elasticity of supply 2nd Week: Utility Theory (Module 7) Budget Constraint, Utility maximization rule, and Derivation of demand curve Revenues, Costs, and Profits (Module 8) Law of diminishing marginal product and Law of increasing marginal costs Short-run and long-run costs, and Economic vs. accounting profits Perfect Competition (Module 9) Characteristics Supply decision of a firm Competitive Market and Economic Efficiency (Module 7) Definition of economic efficiency Competitive market outcomes Consumer and Producer surpluses 2 of 4 6/7/00 2:38 PM http://spot.colorado.edu/-sharmav/micro/syllabus.html Principles of Microeconomics, Econ 2010 Three problems facing economy-market or centrally planned Introduction to market failure cases 3rd Week: Imperfect Competition (Modules 10, 11 , and 12) Monopoly Supply Decision, Price discrimination, Loss of Efficiency, and Role of Government Monopolistic Competition Behavior, Oligopoly Behavior, and Contestable Markets Game Theory, Loss of Efficiency and Role of Government 4th and 5th Weeks: Externality (Module 6 and 15) Divergence between private and social valuations Performance of market under externality and role of government Public Goods (Module 6) Characteristics, Loss of Efficiency in Market Provision, and Role of Government Public Choice Theory (Module 6) Characteristics of Public Decision Making and Possibility of Government Failure Input Markets (Module 13) Types of Inputs and Rule for Optimization of Input Quantities Land and Concept of Economic Rent Loanable Funds Market, Market Interest Rate, and Nominal vs. Real Interest Rate Labor Market, Market Wage, Factors affecting wages, and Role of Unions 3 of4 617/00 2:38 PM http://spot.colorado.edu/- sharmav/micro/syllabus.html Principles of Microeconomics, Econ 20 IO International Trade (Module 16) Comparative Advantage, Gains from free trade, and Impact of Trade barriers 4 of4 6/7/00 2:38 PM