Economics 212

                                                                           Microeconomic Theory

                                                                                      Spring 2002

 

Michael Robinson

Office:  Skinner 128  538-2215

Email:  mirobins@mtholyoke.edu

Office Hours:  MW 9-11 and by appointment.

 

                This course provides an in depth coverage of microeconomics.  Topics include:  consumer demand, uncertainty, the theory of the firm, goods markets, resource markets, general equilibrium, and market failures.  Students are assumed to have a basic grasp of microeconomics from a principles course and adequate calculus ability.  Note: Calculus is a prerequisite for this course.

 

                The text for this course is:

               

                                                Intermediate Microeconomics, 5th Ed. Hal Varian

 

                Grades for the course will be assigned on the basis of two mid-semester exams, a comprehensive final, and some short quizzes.

                The  exams count for 80 percent of your grade and the quizzes count 20 percent.  Each chapter has several problems with answers in the back of the book and students should work these problems. Fourth hour periods will be available for discussing these problems and for taking the midsemester examinations.  I have noticed over time a very high correlation between problem completed and final course grades (not to mention attendance).  During the Friday 4th hour we will have quizzes, do review problems and discuss issues in microeconomics.  A fourth hour schedule will be forthcoming.  There will be a number of materials on the web http:www.mtholyoke.edu/~mirobins/econ212.html.

 

 

 

 

                                                                                   Course Outline

                Topic                      Readings                                                                     Date

I.  Introduction                                                                                                     Jan. 28

 

                Varian Chapters 1 and Mathematical Appendix 

                                               

II.  Consumer Demand        

 

                1.  Budget Constraint and Preferences                                             Jan. 30

                Varian Chapter 2-3

 

                2.  Utility                                                                                                Feb. 4

                Varian  Chapter 4

 

                3.  Choice and Individual Demand                                                    Feb. 6

                Varian Chapter 5-6

               

                4.  Topics in Consumer Demand                                                        Feb. 11

                Varian Chapter 7-9

               

                5.  Intertemporal Choice                                                                      Feb. 13

                Varian Chapter 10

 

                6.  Uncertainty                                                                                      Feb. 18

                Varian Chapter 12-13

 

                7.  Consumer Surplus                                                                          Feb. 20

                Varian Chapter 14

 

                8.  Market Demand                                                                               Feb. 25

                Varian Chapter 15 - 16

               

 

Exam 1                                                                                                                    Feb. 28-30

 

III. Producer Behavior

 

                1. Technology                                                                                      Feb. 27

                Varian Chapter 18

 

                2.  Profit Maximization                                                                         March 4

                Varian 19

 

                3.  Cost Minimization                                                                           March 6

                Varian 20

 

                4.  Cost Curves                                                                                     March 11

                Varian 21

 

                5.  Firm Supply and Industry Supply                                                March  13

                Varian 22-23

 

                6.  Markets and Auctions                                                                   March 25

                Varian 16 and 17

 

IV.  Market Structure and Strategy                                                                  

 

                1.  Monopoly                                                                                        March 27

                Varian Chapter 24

 

                2.  Monopoly Pricing                                                                           April 1

                Varian  Chapter 25

 

                3.  Oligopoly                                                                                         April 3

                Varian  Chapter 27

 

                4.  Game Theory                                                                                   April 8

                Varian Chapter 28

               

               

V.  General Equilibrium

 

                1.  Exchange                                                                                          April 10

                Varian Chapter 29

 

Exam 2                                                                                                                    April 12-14            

 

                2.   Production                                                                                      April 15

                Varian Chapter 30

               

                3.  Welfare                                                                                             April 17 

                Varian Chapter 31 

               

                2.  Externalities                                                                                      April 22

                Varian Chapter 32

 

                3. Public Goods                                                                                    April 24

                Varian Chapter 35

 

                4. Information                                                                                       April 29

                Varian Chapter 36

 

                5. Information Technology                                                                 May 1

                Varian Chapter 34

 

Review                                                                                                                   May  6

 

Comprehensive Final Exam                                         Self-Scheduled

 

Powerpoint examples (IBM format)

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Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Chapter 9

Chapter10

Chapter 11

Chapter 12

Chapter 13

Chapter 14

Chapter 15

Chapter 16

Chapter 17

Chapter 18

Chapter 19

Chapter 20

Chapter 21

Chapter 22

Chapter 23

Chapter 24

Chapter 25

Chapter 26

Chapter 27

Chapter 28

Chapter 29

Chapter 30

Chapter 31

Chapter 32

Chapter 33

Chapter 34

Chapter 35

Chapter 36