Master Microeconomic Theory: Key Concepts and Applications
School
Queens University**We aren't endorsed by this school
Course
ECON 212
Subject
Economics
Date
Dec 11, 2024
Pages
4
Uploaded by MasterMorningViper18
Econ 212: Microeconomic Theory ILong BuiLectures - Mondays 2:30-4 pm, Thursdays 4-5:30 pmInstructor:Long Bui, Office: DUN 337, Email: lb148 at queensu.caOffice Hours:TBA.Academic Calendar Description:Theory of markets and prices: decision-making by individuals andfirms, equilibrium conditions under various market structures, and issues of individual and social welfare.Course Description/Goals:The goal of this course it to provide students with a foundation in thecore concepts and methods of microeconomics. Many of the advanced courses in economics build off thecontent in this course, and Econ 212 provides the theoretical foundation to explore topics such as laboureconomics, competition theory, crime, and the economics of education.Course content includes an examination of both consumer and producer theory. Time permitting, we willexamine decision making by firms in different market structures, as well as examining market failures dueto externalities and public goods. Students should be prepared for mathematical analysis, including theuse of calculus, as well as diagrams and intuition to understand the concepts.Learning Outcomes:1. Analyze how consumers’ decisions affect the determination of equilibrium market prices and quanti-ties in various microeconomic contexts.2. Analyze how producers’ decisions affect the determination of equilibrium market prices and quantitiesin various microeconomic contexts.3. Explain how constrained optimization affects consumers’ and producers’ decision making.4. Explain how the structure of markets affects equilibrium market prices and quantities.5. Apply the basic tools of game theory in a variety of microeconomic contexts and information envi-ronments.Emails:Emails concerning course content or assignments should be sent to the course email:[TBA]. This emailwill be monitored by instructors, as well as TAs.1
Questions concerning personal matters (ex. academic accommodations, health) should be send to my emailabove to ensure privacy.Textbook:The textbook is Intermediate Microeconomics: A Modern Approach (Media Update), 9thedition, by Hal Varian.Feel free to use an older version of the textbook - many older versions closelyresembles the 9th version - but students are responsible for sorting out the correspondence between classnotes/topics and chapters.There are other many intermediate microeconomics textbooks cover similar material. You are welcome touse an alternative text, but I will be following the structure and notation in Varian. Again, you would beresponsible for figuring out the correspondence between the material we are covering and the text you areusing.Course Requirements and Grading:Your course grade will be determined by the following deliver-ables: module assignments, a lab creation assignment, and tests. All components of this course will receivenumerical percentage marks. The final grade you receive for the course will be derived by converting yournumerical course average to a letter grade according to Queen’s Official Grade Conversion Scale.Assignments (30%)There will be an assignment attached to a number of chapters we cover (5 or 6 intotal). Assignments can be completed in groups of up to 4, and will be distributed and submitted throughCrowdmark. No late assignments will be accepted, and the lowest assignment will be dropped.Assignments in this course have been designed with flexibility for academic consideration for all stu-dents.This means that “Short term Requests for Academic Consideration” (submitted through theFaculty of Arts and Science portal without documentation) are not needed and long-term requests willbe handled on a case-by-case basis if needed.See Reg.7.2.1 linked here:https://www.queensu.ca/academic-calendar/arts-science/academic-regulations/#text.Notes:Assignments not handed in by the due date, but accompanied by a submission of a temporary absence (upto 3 days) form will still count as the dropped assignment.If you know you will miss an assignment deadline due to accommodations, please let me know as soon aspossible so we can arrange an alternative assignment or due date.If you require a prolonged absence that may cause you to miss multiple assessments, please let me know assoon as you are able.Tests (70%)There will be a midterm (30%) and final exam (40%) this semester. Format and date will beannounced at a later date. No make-up midterms will be offered - if a student has a legitimate absencefor the scheduled midterm, the weight of the midterm will be added to the final.Equity Statement:Below is a statement on equity and inclusiveness (official Queen’s policy):Queen’s University recognizes that the values of equity and diversity are vital to and in harmony withits educational mission and standards of excellence.It acknowledges that direct, indirect and systemicdiscrimination exists within our institutional structures, policies and practices and in our community. Thesetake many forms and work to differentially advantage and disadvantage persons across social identities suchas race, ethnicity, disability, gender identity, sexual orientation, faith and socioeconomic status, amongother examples.Land Acknowledgement:Let us acknowledge that Queen’s is situated on traditional Anishinaabe and
Haudenosaunee territory.We are grateful to be able to be live, learn and play on these lands.– FourDirections Indigenous Student Centre, Queen’s UniversityPrivacy Statement:This course makes use of Crowdmark for assignments, midterms and finals.Beaware that by logging into the site, you will be leaving OnQ and accessing Crowdmark’s website. Yourindependent use of that site, beyond what is required for the course is subject to their terms of use andprivacy policy. You are encouraged to review these documents using the linkhttps://crowdmark.com/privacy/queens/.Course Outline:Below is an outline for the course. Chapters may be added or removed as the termprogresses.1. Consumer Theory(a) Chapter 2 - Budget Constraint(b) Chapter 3 - Preferences(c) Chapter 4 - Utility(d) Chapter 5 - Choice(e) Chapter 6 - Demand(f) Chapter 8 - Slutsky Equation2. Markets & Equilibrium(a) Chapter 14 - Consumer’s Surplus(b) Chapter 15 - Market Demand(c) Chapter 16 - Equilibrium3. Producer Theory(a) Chapter 19 - Technology(b) Chapter 20 - Profit Maximization(c) Chapter 21 - Cost Minimization(d) Chapter 22 - Cost Curves4. Market Types(time permitting)(a) Chapter 23 - Firm Supply(b) Chapter 24 - Industry Supply(c) Chapter 25 - Monopoly5. Market Failures (time permitting)(a) Chapter 35 - Externalities(b) Chapter 37 - Public Goods
Academic Honesty:Academic Integrity is constituted by the five core fundamental values of honesty,trust, fairness, respect and responsibility (see www.academicintegrity.org). These values are central to thebuilding, nurturing and sustaining of an academic community in which all members of the communitywill thrive.Adherence to the values expressed through academic integrity forms a foundation for the”freedom of inquiry and exchange of ideas” essential to the intellectual life of the University (see theSenate Report on Principles and Prioritieshttp://www.queensu.ca/secretariat/policies/senate/report-principles-and-priorities).Students are responsible for familiarizing themselves with the regulations concerning academic integrityand for ensuring that their assignments conform to the principles of academic integrity. Information onacademic integrity is available in the Arts and Science Calendar (see Academic Regulation 1http://www.queensu.ca/artsci/academic-calendars/regulations/academic-regulations/regulation-1), on theArts and Science website (seehttp://www.queensu.ca/artsci/academics/undergraduate/academic-integritand from the instructor of this course.Departures from academic integrity include plagiarism, use ofunauthorized materials, facilitation, forgery and falsification, and are antithetical to the development ofan academic community at Queen’s. Given the seriousness of these matters, actions which contravene theregulation on academic integrity carry sanctions that can range from a warning or the loss of grades on anassignment to the failure of a course to a requirement to withdraw from the university.Accessibility Statement:Queens is committed to an inclusive campus community with accessible goods,services, and facilities that respect the dignity and independence of persons with disabilities.Coursematerials are available in an accessible format or with appropriate communication supports upon request.Accommodation Statement:Queens University is committed to achieving full accessibility for personswith disabilities. Part of this commitment includes arranging academic accommodations for students withdisabilities to ensure they have an equitable opportunity to participate in all of their academic activities. Ifyou are a student with a disability and think you may need accommodations, you are strongly encouragedto contact Queen’s Student Accessibility Services (QSAS) and register as early as possible.For moreinformation, including important deadlines, please visit the QSAS website.