Econ 30010 - Section 1
Intermediate Microeconomics
Professor Thomas A. Gresik
Fall 2010
On this page, I will post a variety of information and materials related to the course.
I will include schedule updates so be sure to check this page for any last minute schedule questions!
| Schedule Announcements | |
| Class Date | Announcement |
| Wednesday, August 25 | First Day of Class This class meets M W in 245 DBRT from 11:45 am to 1:00 pm |
| Monday, August 30 | Math Review Worksheet due This worksheet will be treated as a quiz and graded for completion. Read chapters 1 and 2 |
| Monday. September 6 | Read chapters 3 and 4 |
| Monday, September 20 | Quiz #1 will cover Consumer Behavior material up through and including Market Demand Read chapter 5 |
| Monday, September 27 | Quiz #2 will cover Income and Substitution Effects Read chapter 15 |
| Wednesday, September 29 | Read chapters 6 and 7 |
| Monday, October 4 | Quiz #3 on Risk |
| Wednesday, October 6 | No Class and no office hours this week |
| Wednesday, October 13 | Read chapter 8 |
| Monday, October 25 | Quiz #4 on Production and Costs |
| Tuesday, October 26 | Midterm Exam, 6:30 pm to 8:30 pm, 245 DBRT |
| Monday, November 1 | Read chapter 11 |
| Wednesday, November 3 | Read chapter 12 "Bidding to be a monopolist" assignment due |
| Monday, November 8 | Quiz #5 on Monopoly |
| Monday, November 15 | Read chapters 9 and 10 |
| Monday, November 22 | Quiz #6 on Perfect Competition (not including material related to problems 29 and 32) Read Borenstein paper |
| Monday, December 6 | Read chapter 13 |
| Wednesday, December 8 | Quiz #7 on Duopoly Review |
| Thursday, December 16 | Final Exam, 4:15 pm to 6:15 pm, 245 DBRT |
How to contact Professor Gresik
Office: 720 Flanner Hall
Telephone: 631-9341
Click here to email Professor Gresik
Office Hours: Tuesdays, Noon - 1:30 pm and Thursdays, 1:00 pm - 3:30 pm
You are always welcome to come to my office outside of regular office hours without an appointment. Please stop by when you have questions.
| Course Schedule | ||
| Topic | Important Concepts and Terms | Materials and Assignments |
| Part I. Preliminary Information | ||
| 1. Course Overview | Syllabus | |
| 2. Math Review | Chapter 1 Math Review Worksheet | |
| 3. Basic Concepts | Positive and Normative Questions Economic Models Optimization Equilibrium Analysis Comparative Statics Elasticities | Chapter 2 Chapter 1 Problems: 2, 9, 10, and 12 Chapter 2 Problems: 1, 8, 12, 16, and 25 |
| Part II. Individual Economic Behavior (Cost-Benefit Analysis) | ||
| 4. Consumer Behavior | Utility Theory Marginal Utility Marginal Rate of Substitution Budget Sets Consumer Choice Demand Non-linear prices Consumer Surplus Compensating Variation Equivalent Variation |
Consumer Behavior Summary and Outline Chapter 3 Chapter 4 Chapter 5 Chapter 3 Problems: 7a, 15a-d, 16a-d, 17a-d Answers to Chapter 3 Problems Chapter 4 Problems: 3, 5, 10 and 22 Answers to Chapter 4 Problems Chapter 5 Problems: 8, 10, 14, 15, 19, 22, and 24 Answers to Chapter 5 Problems Additional Consumer Choice Problems Answers to Additional Consumer Choice Problems |
| 5. Risk | Lotteries Expected Value Variance Expected Utility Certainty Equivalent Risk Premium |
Risk Summary and Outline Chapter 15, pp. 568 - 583 Chapter 15 Problems 4, 5b-d, 6, 13, 14 (for part c only, assume the utility function is U=√ 3I ), 18 Answers to Chapter 15 Problems |
| 6. Production and Cost Theory | Production Functions Marginal Product Marginal Rate of Technical Substitution Isoquant Curves Isocost curves Cost Minimization Conditional Factor Demands Substitution Effect Cost Curves Economies of Scale | Production and Cost Summary and Outline Chapter 6 Chapter 7 Chapter 8 Chapter 6 Problems: 24 Answers to Chapter 6 Problems Chapter 7 Problems: 3, 7, 15, 16, 17, 24, 26, and 28 Answers to Chapter 7 Problems Chapter 8 Problems: 3, 7, 12a,b,c,d,f, and 15 Answers to Chapter 8 Problems Additional Cost Problems Answers to Additional Cost Problems |
| Midterm | Tuesday, October 26, 6:30 pm to 8:30 pm, 245 DBRT | |
| Part III. Market Analysis | ||
| 7. Monopoly Markets | Profit Maximization Multiplant Monopolies Price Discrimination Economic Rent Natural Monopoly Marginal Cost Pricing Average Cost Pricing Demsetz Competition |
Monopoly Summary and Outline Chapter 11 Chapter 12 Chapter 11 Problems 6, 7,19, and 24 Answers to Chapter 11 Problems Chapter 12 Problem 11 Answers to Chapter 12 Problems Additional Monopoly Problems Answers to Additional Monopoly Problems Second-degree price discrimination example |
| 8. Perfectly Competitive Markets | Profit Maximization Short-run and Long-run Equilibria |
Perfect Competition Summary and Outline Chapters 9 and 10 "Understanding competitive pricing and market power in wholesale electricity markets" by Severin Borenstein in Electricity Journal, Volume 13, No. 6 Chapter 9 Problems: 11, 13, 15, 29a-h, and 32 Answers to Chapter 9 Problems Additional Perfect Competition Problems Answers to Additional Perfect Competition Problems |
| 9. Imperfectly Competitive Markets | Monopolistic Competition Cournot Model Bertrand Model Stackelberg Model Entry Deterrence | Oligopoly Summary and Outline Chapter 13 Chapter 13 Problems: 12 and 26 Answers to Chapter 13 Problems Additional Oligopoly Problems Answers to Oligopoly Problems Entry Deterrence Worksheet Answers to Entry Deterrence Worksheet |
| Final Exam | Thursday, December 16, 4:15 pm to 6:15 pm, 245 DBRT |