Price Theory (ECON 310)

Spring 2008, Ticket number 11773

Th 7:00-9:45, JH 1240

Office Hours: T 3:30-4:30; T 5:45-6:45; Th 5:45-6:45; or by appointment

Professor Glen Whitman

Office: JH 4236

dgwecon.html

Syllabus

Grading:

RequirementPercentage of final grade

Writing Assignments (2)10% each

Midterm Exam30%

Final Exam50%

Each writing assignment will be a short (3 pages maximum) paper in which you apply economic principles to solve a puzzle or explain an interesting phenomenon that you have observed in the real world. You will have to find your own puzzle or phenomenon to write about, and it may not be one that is specifically discussed in either textbook. You must give me your topic (typed) at least two weeks before the due date.

I do not plan to make any changes to the exam dates and due date below. But if changes become necessary, they will be announced in advance. The final exam will be cumulative.

Paper #1: topic due 2/21, paper due 3/6

Paper #2: topic due 4/10, paper due 4/24

Midterm date: 3/13

Final exam date: 5/15, 8:00-10:00 p.m.

Textbooks and Materials:

This class has two required texts, both authored by Robert H. Frank: Microeconomics and Behavior (McGraw-Hill Irwin, 7th edition, 2007); and The Economic Naturalist (Basic Books, 2007).

The class website (listed above) includes various materials for the class, including (1) the academic honesty policy, (2) the drop policy, and (3) the make-up exam policy. Please familiarize yourself with these, especially the academic honesty policy.

You will also find practice problems and answers on the website. These problems are optional but strongly recommended.

Finally, you will find lecture notes on the website. I provide these notes because students often request them. I write the notes primarily for myself (not students). They are not completely free of errors, nor do they cover everything discussed in class. These notes are not a substitute for attending class and reading the textbooks.

Topics and Reading Schedule:

All topics/readings dates are approximate. See previous page for exam and due dates.

MB readings are chapters from Microeconomics and Behavior. The readings correspond to the topics in class. You may read them after the material has been covered in class.

EN readings are from the Economic Naturalist. The readings do not exactly correspond to the topics in class. The schedule is designed so you will finish the chapters before (often much before) the relevant topics are covered in class.

DatesTopicMB ReadingENReading

1/24-1/31Basic Notions & ConceptsCh. 1Intro, Ch. 1

2/7-2/14Supply and DemandCh. 2, 2A, + p. 111-120Ch. 2, 3

2/14-2/28Theory of the ConsumerCh. 3, 4, 5Ch. 4, 5

2/28-3/6Theory of UncertaintyCh. 6Ch. 6, 7

3/6-3/13Production & CostCh. 9, 10Ch. 8, 9

3/20SPRING BREAK

3/27-4/3Theory of the FirmCh. 10, 11

4/3-4/10Competition & MonopolyCh. 11, 12

4/17-4/24Oligopoly & Game TheoryCh. 13

4/24-5/1Theories of Market FailureCh. 16, 17 (to p. 574)

5/1-5/8Political EconomyCh. 17 (p. 576 on)

How to Pass My Class:

If you follow these guidelines, you will be very likely to pass my class.

  1. Attend every class. The online notes and readings are not sufficient.
  2. Take copious notes. Write as if you’re talking to your future, forgetful self.
  3. Ask questions in class. If you don’t get it, other people probably don’t, either.
  4. Come talk to me early. Don’t wait until after you’ve failed the midterm!
  5. Don't cheat. That means don’t plagiarize, either. If you have any doubt about what constitutes cheating or plagiarism, read the academic honesty policy.