Portland State University Microeconomic Theory (Economics 311) Spring 2013 Rajiv L. Sharma

Transcription

1 Portland State University Microeconomic Theory (Economics 311) Spring 2013 Rajiv L. Sharma Office: 241 Cramer Hall. Phone: Office Hours: Monday, Wednesday, Friday 10:20 to 11:20 a.m. Text: Microeconomics by Pindyck and Rubinfeld (7 th Ed.). Course (1) Learning fundamental economic principles and techniques. Objectives (2) Learning to apply economic techniques to aid rational thinking, problemsolving and decision-making. Homework assignments and related class discussions are an important part of this class. Reading the assigned material in advance is essential so you are familiar with the conceptual frameworks to be discussed that day. You are welcome to discuss economic ideas, careers, or other topics during office hours, or by appointment. Please note that the attached attendance policy is important in determining your grade. Grade Determination: A mid-term will account for 20% of your grade, the final for 30%, and a term paper for 25% of your grade. The remaining 25% of your grade in this class will be based on class participation that is related to your homework assignments; please see tentative class schedule for details. Note that excessive absences may have a serious impact on your grade; please see the student attendance record for details. HAZARDOUS PRODUCT WARNING!!! Economics is potentially hazardous to your social acceptability. Extensive exposure to economic analysis is dangerous for immature persons or any whose resistance to new understanding is not yet fully calcified. It may dispel illusions, reduce myth retention, deaden one to political oratory, alienate friends, disrupt social conversations, allay or enhance fears of market systems, curb selfserving speech, and create possibly unknown dismal side effects. Initial dosage should be by prescription and careful surveillance of an expert. The producers disclaim liability from damages from misapplication or uses not in strict accordance with principles herein stated. (Rating: X). (Submitted to conform with consumer protection, product liability, and occupational hazard laws.) (from Alchian and Allen).

2 Academic Honesty Policy: Academic honesty is expected and required of all students in this course. Suspected academic dishonesty will be investigated and referred to the Economics Department Undergraduate Committee for corrective action. Disability resources at PSU: Students with accommodations approved through the Disability Resource Center (DRC) are responsible for contacting the faculty member prior to, or during, the first week of classes to discuss accommodations. Students who believe they are eligible for accommodations but who have not yet obtained approval should contact the DRC immediately. Please note that our classroom may contain special equipment designated for the use of students with DRC approved accommodations. Please do not use this equipment if it is not specifically for your use. Affirmative action: Portland State University supports equal opportunity for all, regardless of age, color, disability, marital status, national origin, race, religion or creed, sex or gender, sexual or gender identity, sexual orientation, veteran status, or any other basis in law. About Professor Rajiv Sharma (Ph.D. University of Florida, 1998): I am Associate Professor of Economics at Portland State University and specialize in microeconomics and health economics. Some journals where my research has been published include the RAND Journal of Economics, Journal of Health Economics, Medical Care and the American Journal of Public Health. I have collaborated extensively with physicians, and have advised public agencies on health and economic issues.

3 Student Attendance Record EC 311 Winter 2013 Professor Rajiv Sharma This record must be turned in with your final exam. If you do not submit this record with your final exam, your final grade will be reduced by 10 percentage points (one letter grade). You are allowed up to three unexcused absences in this class. If you are absent from more than three class meetings, your final grade will be reduced by 3 percentage points for each unexcused absence exceeding your three allowed absences. Absences for which you have an excuse must be documented in writing (example: an excuse from a doctor). Attach documentation for excused absences to this sheet and submit it with your final exam. Please check whether you were present or absent in class on each of the following days. Monday April 1 Not counted. Wednesday, April 3 Present Absent. Friday, April 5 Present Absent. Monday, April 8 Present Absent. Wednesday, April 10 Present Absent. Friday, April 12 Present Absent. Monday, April 15 Present Absent. Wednesday, April 17 Present Absent. Friday, April 19 Present Absent. Monday, April 22 Present Absent. Wednesday, April 24 Present Absent. Friday, April 26 Present Absent. Monday, April 29 Present Absent. Wednesday, May 1 Present Absent. Friday, May 3 Present Absent. Monday, May 6 Mid-term Exam. Wednesday, May 8 Present Absent. Friday, May 10 Present Absent. Monday, May 13 Present Absent. Wednesday, May 15 Present Absent. Friday, May 17 Present Absent. Monday, May 20 Present Absent. Wednesday, May 22 Present Absent. Friday, May 24 Present Absent. Monday, May 27 Memorial Day- University closed. Wednesday, May 29 Present Absent. Friday, May 31 Present Absent. Monday, June 3 Present Absent. Wednesday, June 5 Present Absent. Friday, June 7 Present Absent. Tuesday, June 11 Final Exam 8:00-9:50 a.m.

4 Tentative Class Schedule (Group responsible for leading class discussion is listed in parentheses). Your group assignment is based on the first letter of your first name: Group 1 A through Fa; Group 2 Fb through L; Group 3 M through Pa; Group 4 Pb through Z. Date HW/Class discussion assignment Monday, April 1 1, 2 (Sharma) Wednesday, April 3 3 (Group 1) 4, 5 (Group 4) Friday, April 5 6 (Group 2) 7, 8 (Group 3) Monday, April 8 9, 10 (Group 1) 11 (Group 4) Wednesday, April 10 12, 13 (Group 2) 14 (Group 3) Friday, April (Group 1) 16, 17 (Group 4) Monday, April (Group 2) 19, 20 (Group 3) Wednesday, April 17 21, 22 (Group 1) 23 (Group 4) Friday, April 19 24, 25 (Group 2) 26 (Group 3) Monday, April (Group 1) 28, 29 (Group 4) Wednesday, April (Group 2) 31, 32 (Group 3) Friday, April 26 33, 34 (Group 1) 35 (Group 4) Monday, April 29 36, 37 (Group 2) 38 (Group 3) Wednesday May 1 39 (Group 1) 40, 41 (Group 4) Friday, May 3 42 (Group 2) 43, 44 (Group 3) Monday, May 6 Mid-term Wednesday, May 8 45, 46 (Group 1) 47 (Group 4) Friday, May 10 48, 49 (Group 2) 50 (Group 3) Monday, May (Group 1) 52, 53 (Group 4) Wednesday, May (Group 2) 55, 56 (Group 3) Friday, May (Group 1) 58 (Group 4) Monday, May (Group 2) 60 (Group 3) Wednesday, May (Group 1) 62 (Group 4) Friday, May (Group 2) 64 (Group 3) Monday, May 27 MEMORIAL DAY Wednesday, May (Group 1) 66 (Group 4) Friday, May (Group 2) 68, 69 (Group 3) Monday, June 3 70 (Group 1) 71 (Group 4) Wednesday, June 5 72, 73 (Group 2) 74 (Group 3) Friday, June 7 75 (Group 1) 76 (Group 4)

5 HW/class discussion list for the EC 311 (Spring 2013) from Pindyck and Rubinfeld. 1. The market for sweeteners 2. The minimum wage 3. The price of eggs and the price of a college education revisited 4. Wage inequality in the United States 5. The long run behavior of natural resources prices 6. The effects of 9/11 on the supply and demand for New York city office space 7. The market for wheat 8. The demand for gasoline and automobiles 9. The weather in Brazil and the price of coffee New York 10. The behavior of copper prices 11. Price controls and natural gas shortages 12. Designing new automobiles Can money buy happiness 14. Designing new automobiles A college trust fund 16. Revealed preference for recreation 17. Marginal utility and happiness 18. Consumer expenditures in the United States 19. The effects of a gasoline tax 20. The aggregate demand for wheat 21. The demand for housing 22. The value of clean air 23. Malthus and the food crisis 24. Labor productivity and the standard of living 25. A production function for wheat 26. Returns to scale in the carpet industry 27. Choosing the location for a new law school building 28. Sunk, fixed, and variable costs: Computers, software, and pizzas 29. The short-run cost of aluminum smelting 30. The effect of effluent fees on input choices 31. Economies of scope in the trucking industry 32. The learning curve in practice 33. Cost functions for electric power 34. Condominiums versus cooperatives in New York City 35. The short-run output decision of an aluminum smelting plant 36. Some cost considerations for managers 37. The short run production of petroleum products 38. The short run world supply of copper 39. Constant-, increasing-, and decreasing-cost industries: Coffee, oil, and automobiles. 40. The long run supply of housing

6 41. Price controls and natural gas shortages 42. The market for human kidneys 43. Airline regulation 44. Supporting the price of wheat 45. The sugar quota 46. A tax on gasoline 47. Astra-Merck prices Prilosec 48. Markup pricing: Supermarkets to designer jeans 49. The pricing of videos 50. Monopsony power in U.S. manufacturing 51. A phone call about prices 52. The economics of coupons and rebates 53. Airline fares 54. How to price a best-selling novel 55. Pricing cellular phone service 56. The complete dinner versus a la carte: A restaurant s pricing problem 57. Advertising in practice 58. Monopolistic competition in the markets for colas and coffee 59. A pricing problem for Procter & Gamble 60. Procter & Gamble in a prisoner s dilemma 61. Price leadership and price rigidity in commercial banking 62. The cartelization of intercollegiate athletics 63. The milk cartel 64. Acquiring a company 65. Oligopolistic cooperation in the water meter industry 66. Competition and collusion in the airline industry 67. Wal-mart Store s preemptive to investment strategy 68. DuPont deters entry in the titanium dioxide industry 69. Diaper wars 70. Auctioning legal services. 71. Internet auctions 72. The demand for jet fuel 73. Labor supply for one- and two-earner households 74. Pay in the military 75. Monopsony power in the market for baseball players 76. Teenage labor markets and the minimum wage 77. The decline of private sector unionism