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Nature of course request C01419 :

New course

Undergraduate

First term offered : Winter 2012
Course Prefix&Number	Descriptive Title	Credits/Hours
EC 312	Intermediate Microeconomics II	4 - 0

Abbreviation for Class Schedule(20 spaces) INTERMED MICRO II

Catalog Description: Provides the student with a rigorous grounding in the methods and techniques of microeconomics, with a focus on producer theory. The course develops the standard neoclassical theories of exchange and production under the assumption of perfect competition and full information. Situations in which information and markets are imperfect, including price discrimination, monopolistic competition, oligopoly, monopoly and cartels are also covered. Prerequisites: EC 202, MTH 111 and sophomore standing

Course Goal and Objectives: To develop an understanding of the structure of firms, including organization and scope of production. To differentiate between the short run and long run and the impact on production decisions. To describe how the cost of production is determined and how it varies with the level of production in the short run and long run. To differentiate between the market structures of perfect competition, monopolistic competition, oligopoly, and monopoly and the effect of structure on firm behavior. To understand the practice of price discrimination and the effect on total production, society, and consumers. To understand how game theory can be applied to strategic behavior by firms, using both static and dynamic games. To understand how the equilibrium price and quantity of factors of production are determined and the effect of market structure.

Justification for adding the course (e.g. alignment with other institutions, program revision, etc.): An examination of the material covered in EC 311 for the past five years indicates that the current four credit course does not allow sufficient time to adequately cover the theory and applications of both consumer theory and producer theory. The two options are to eliminate all applications and focus entirely on theory, or to devote additional course time to these topics. We are proposing the latter, dividing the material into two courses, with EC 311 focusing on consumer theory and its applications. A new course, EC 312 (Intermediate Microeconomics II), will focus on producer theory and its applications.

Faculty and facilities needed: Reassignment of existing economics faculty.

Brief Course outline: Topics and readings from Jeffrey Perloff, Microeconomics, 5th edition (2009) 1 6.1 Ownership and Management of Firms 2 6.2¿6.3 Short-Run Production 3 6.4 Long-Run Production 4 6.5¿6.6 Returns to Scale & Changes in Productivity 5 7.1 Measuring Costs 6 7.2 Short-Run Costs 7 7.3 Long-Run Costs 8 No Class 9 No Class MLK Holiday 10 7.4 Lower Costs in the Long Run 11 8.1¿8.2 Competition & Profit Maximization 12 8.3 Competition in the Short Run 13 8.4¿8.5 Competition in the Long Run 14 Review 15 Exam #1 16 9.1¿9.2 Consumer and Producer Welfare 17 9.3 Competition and Efficiency 18 9.5 Welfare effects of a sales tax 19 10.1 General Equilibrium 20 Benefits of Trading 21 10.4 Production and Trading 22 10.5 Efficiency and Equity 23 11.1 Monopoly Profit Maximization 24 11.3¿11.4 Measuring Market Power & Welfare Effects 25 11.5¿11.6 Creation of Monopoly 26 12.1¿12.2 Price Discrimination 27 Review 28 Exam #2 29 12.3¿12.4 Quantity & Multimarket Price Discrimination 30 12.7 Advertising 31 13.1¿13.2 Market Structures and Cartels 32 13.4¿13.7 Conjectural Variation 33 13.8 Monopolistic Competition 34 14.1¿14.2 Static Games 35 Prisoners¿ Dilemma 36 14.3 Dynamic Games 37 15.1 Competitive Factor Market 38 15.2 Effect of Monopolies 39 15.3 Monopony 40 Review

Approval Queue C01419

Attached Files: