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NEW YORK CITY COLLEGE OF TECHNOLOGY
The City University of New York School of Arts & Sciences Department of Social Science Course Outline
Course code: ECON 2401 Course title: Intermediate Microeconomics Class hours/credits: 3 class hours, 3 credits Prerequisite: ECON 1401; MAT 1575 or higher
CATALOG DESCRIPTION: Introduces fundamental conceptual and methodological founda- tions of microeconomic theory at a greater depth and more rigorous manner than introductory principles courses. Topics include theory of the consumer, theory of the firm, theory of the mar- ket and the market failures.
RECOMMENDED TEXTBOOK and MATERIALS* Varian, H. R. (2010). Intermediate microeconomics: A modern approach (any edition). New York: W.W.Norton & Co. Free pdf version of the textbook can be accessed online: http://fac.k- su.edu.sa/sites/default/files/microeco-_varian.pdf
Additional Reading: Browning, E. K., Zupan, M. A., & Lunn, J. (2004). Microeconomics: Theory and applications (8th ed.).Hoboken, NJ: Wiley. * The textbook used in a particular section will be chosen by the instructor.
ONLINE DATA SOURCES: Bureau of Economic Analysis: http://www.bea.gov/ Centers for Disease Control and Prevention: https://www.cdc.gov/ Federal Reserve Economic Data (FRED), https://fred.stlouisfed.org/ The Equality of Opportunity Project: http://www.equality-of-opportunity.org/data/The National Bureau of Economic Research: http://www.nber.org/ U.S. Bureau of Labor Statistics: https://www.bls.gov/ U.S. Census Bureau: https://www.census.gov/en.html U.S. Social Security Administration: https://www.ssa.gov/
COURSE INTENDED LEARNING OUTCOMES/ASSESSMENT METHODS LEARNING OUTCOMES ASSESSMENT METHODS* Learn the fundamentals of microeconomic theory such as con- sumption, production, market structures and market failures.
Review of material in short exercis- es; multiple choice question and/or short answer question on graded exam.
Learn microeconomic concepts used in analyzing supply, de- Review of material in short exercis- mand, market and policy issues. es; multiple choice question and/or short- answer question on graded exam. Solve economic problems that involve strategic interaction be- Review of material in short exercis- tween economic agents. es; multiple choice question and/or short answer question on graded exam. In addition to graphical analysis used in introductory microeco- Review of material in short exercis- nomics courses, students will learn to use algebra and calculus es; multiple choice question and/or when studying key microeconomic models. short- answer question on graded exam. Apply microeconomic to real-world situations and analyze the effects of alternative policies on market outcomes, consumer and producer welfare.
In-class discussions of readings, re- view of material in short exercises and homework assignments. Multi- ple choice question and/or short-an- swer question on graded exam.
GENERAL EDUCATION LEARNING OUTCOMES/ASSESSMENT METHODS
LEARNING OUTCOMES ASSESSMENT METHODS*
1. KNOWLEDGE: To develop a solid background on microeconomic concepts. 1. Review of material in short exercises; multiple choice question and/or short answer question on graded exams and assignments. 2. SKILLS: Develop the ability to apply microeconomic theo- ry to unfamiliar real-world situations. 2. Short-answer questions in homework assign- ments and exams where students apply the tools they have learned. 3. INTEGRATION: Move beyond graphical analysis and use algebra and calculus to provide quantitative answers to various economic problems. 3. Numerical questions in homework assignments and exams. 4. VALUES, ETHICS, AND RELATION- SHIPS: Develop an ability to apply diverse per- spectives to the understanding of microeconomic issues and other related issues across disciplines. 4. Short-answer questions in homework assign- ments and exams where students apply the tools they have learned.
- may vary slightly per instructor to suit their own needs
SCOPE OF ASSIGNMENTS and other course requirements* Students will complete three exams, homework assignments, in-class assignments and readings. In these assignments, they will be required to demonstrate a clear understanding of key concepts covered in the lectures and the readings. They will also have the chance to conduct various ap- plications of theories learnedthroughout the semester.
tion services and/or academic adjustments, please email the Student Accessibility Center.
COMMITMENT TO STUDENT DIVERSITY The Department of Social Science complies with the college wide nondiscrimination policy and seek to foster a safe and inclusive learning environment that celebrates diversity in its many forms and enhancesour students ’ability to be informed, global citizens. Through our example, we demonstrate an appreciation of the rich diversity of world cultures and the unique forms of expression that make us human.
SAMPLE SEQUENCE OF TOPICS*
Part I: Consumer Theory
Week 1 The Market and an Introduction to Modeling (Chapter 1) Budget Constraint (Chapter 2) Math Review for general concepts (Appendix A1-A9)
Week 2 Preferences (Chapter 3) Math Review-Calculus (Appendix A10-A14). Utility (Chapter 4).
Week 3: Revealed Preference (Chapter 7, skip 7.6-7.9) Slutsky Equation (Chapter 8, skip 8.5, 8.8, 8.9)
Week 4 Two Applications of Choice Theory: Labor Supply and Intertem- poral Choice (Sections 9.8, 9.9, 10.1-10.4)
EXAM I
Week 5 Review for Exam I. Exam I
Part II: Theory of the Firm
Week 6 Review of Exam I questions Technology (Chapter 18)
Week 7 Costs (Chapter 20, skip 20.2, Appendix for Chapter 20, Chapter
Week 8 Profit Maximization (Chapter 19, skip 19.3-4, 19.9, 19.11 and 19.12) Firm Supply under Perfect Competition (Chapter 22)
Part III: Theory of the Market, Partial Equilib- rium
Week 9 Industry Supply under Perfect Competition (Chapter 23, skip 23.6-10)
EXAM II Week 10 Review for the Exam II Exam II
Week 11 Review of Exam II questions Monopoly (Chapter 24)
Part III: Theory of the Market, Partial Equilib- rium
Week 12 Monopoly Behavior (Chapter 25, skip 25.7-10) Oligopoly (Chapter 27, skip 27.3, 27.8, 27.11)
Week 13 Game Theory (Chapter 28)
Part IV: Market Failures Week 14 Externalities (Chapter 34) Public goods (Chapter 36)
EXAM III Week 15 Review for the Final Exam Final Exam
*guidelines from which instructors may select or adapt
SELECT BIBLIOGRAPHY
CORE Team (2017). The Economy, Economics for a Changing World. Oxford: Oxford Universi- ty Press.
Gibbons, Robert, 1958-. (1992). Game theory for applied economists. Princeton, N.J.:Princeton University Press. Gul, Faruk. "A Nobel Prize for Game Theorists: The Contributions of Harsanyi, Nash and Selten." Journal of Economic Perspectives (American Economic Association) 11, no. 3 (1997): 159-74.
Jehle, Geoffrey A., and Philip J. Reny. Advanced Microeconomic Theory. Reading, MA: Addi- son-Wesley, 1997. ISBN: 9780321014368.
Kahneman, Daniel, and Amos Tversky. "Prospect Theory: An Analysis of Decision UnderRisk." Econometrica 47 (1979): 263-291.
Osborne, Martin J. An Introduction to Game Theory. New York, NY: Oxford University Press,
