COURSE CONTENT:

This course is an in-depth study of the theories of the consumer, of the firm and how they interact in markets.  The topics to be studied can be found in the reading list at the end of this document.  Each topic will be developed by introducing the relevant vocabulary and concepts followed by a graphical analysis and will conclude with algebraic applications.  The level of mathematics necessary for this course is consistent with the course’s prerequisites, namely college level algebra.  Limited topics in differential calculus will be presented and used where appropriate, but it is not necessary for the student to have had a calculus course.   The intuition and rules of differentiation will be taught in the course.  

The student, at the end of the course, should be able to:

            Define economic terminology

            Explain economic concepts

            Demonstrate graphically economic behaviors

            Solve algebraic economic models

            Analyze the effects of an exogenous change in those behaviors, and

            Be able to apply course concepts in subsequent economics courses. 

TEXT:                       

required:  Price Theory and Applications:  Decisions, Markets, and Information, 7^th edition, Hirshleifer et al, Cambridge University Press, 2005

PREREQUISITES:

Principles of Micro and Macro Economics (ECON 208 and ECON 209), College Algebra (MATH111 or its equivalent)

GRADING: Student performance is calculated using the following instruments.  Each instrument is given a percentage weight towards the final grade in the course

HOMEWORK ASSIGNMENTS: 

Homework will be assigned on a weekly basis consisting of questions at the end of the chapters in the text and/or by handouts.

EXAMS:                                                                              

There will be three midterms and a final exam.  The exams are scheduled for weeks four, nine and thirteen on Wednesday.  The exams’ format will consist of some combination of problems, short answer and/or essay questions.  Make-up exams are discouraged but possible under extraordinary circumstances outside the student’s control.

QUIZZES: 

The instructor retains the right to give unannounced quizzes.  They are to be implemented when the instructor determines that students are not fulfilling their reading responsibilities and are not prepared for lecture.         

ATTENDANCE POLICY:  

While attendance is not mandatory, it is highly recommended since students will be evaluated on both lecture and reading materials.  Class participation is strongly encouraged.

ACADEMIC HONESTY:

 I expect each student to do their own work.  I am reminding you of this especially with respect to the homework assignments.  Blatant copying will be regarded as cheating and both or more parties will be considered culpable.  However, working together in study groups is highly encouraged.  This may mean that all members of the group work together in solving problems, but each student is to write up the solutions independently.

DISABILITY SERVICES:

Students with disabilities can receive services through the University Counseling Center.  More information is available from the Counseling Center, OC 1051 or phone 464-1867.

READING ASSIGNMENTS:

We will attempt to sequentially follow the following reading list.  The semester is divided into 15 weeks and readings are assigned on that basis.   By coming to class regularly students will be able to determine exactly which readings are to be covered in the next class.   Any deviation in reading assignments will be announced at the appropriate time in class.  The student is required to read the appropriate chapters and any other assigned readings PRIOR to it being covered in class.

COURSE OUTLINE:   Homework assignments will be updated periodically.