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ECO 3303 Microeconomic Theory
Professor: Péter Csóka
Contact information peter.csoka@uni-corvinus.hu
Availability After class, or by appointment
Course description
The course is intended as introduction to the economic theories of consumer and producer choice in market economies. The main goal is to equip students with a solid background in microeconomic theory and the analytical tools needed in more advanced courses. We will also discuss the limitations of current economic models and the newest directions in economic research and thinking. The course should encourage students to question and investigate economic issues and models, rather than simply learning about them.
Required texts and materials
The main textbook for the course is: Hal R. Varian. Intermediate Microeconomics - A Modern Approach. Additional articles and readings may be handed out during the classes, and it is your responsibility to get them if you miss a class!
Further recommended online text can be found: www.daviddfriedman.com/Academic/Price_Theory/PThy_ToC.html
Assignments & grading
Your grade will be based on the homeworks, quizzes, the midterm test, an essay assignment, your participation, and the final exam.
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Homework (10%): Homework assignments will be handed out in class throughout the semester, both problems and short essay questions. You must complete them by the due date to get credit!
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Quizzes (10%): There will be 2 Quizzes during the course accounting for 10% of the final grade. Only the quiz with the higher score will count towards the final grade.
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Midterm (20%): There will be a midterm test during Week 7, accounting for 20% of the final grade.
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Essay (20%): Students will submit an essay on the topic of behavioral economics, 3-5 pages in length. The essay will be reviewed by the instructor, and students will resubmit a final version based on the requested revisions. The assignment will be handed out in class following the lecture on the topic after the midterm test.
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Participation (10%): Based on attendance, effort, and your involvement in class discussion.
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Final Exam (30%): at the end of the semester there will be a final exam accounting for 30% of the grade.
Honor code
Students should be familiar with the McDaniel College Honor Code, and they are expected to adhere to it in all respects.
Course policies
Class attendance is compulsory, unexcused absence from more than three classes will lower your final grade, so please inform me of any absences via email as soon as possible. The standard McDaniel College policy imposes a penalty of a drop of one letter grade per absence following three unexcused absences.
Preliminary semester schedule/Topics covered
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Week 1
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Introduction, The Market (Varian Ch1)
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Week 2
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Budget constraint (Varian Ch2)
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Week 3
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Preferences (Varian C3)
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Week 4
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Quiz 1
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Rational
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Consumer Choice (Varian Ch 4-5)
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Week 5
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Individual Demand (Varian Ch6)
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Week 6
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Market Demand (Varian Ch 15)
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Week 7
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MIDTERM
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Week 8
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Equilibrium (Varian Ch 14, Ch 16)
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Week 9
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Behavioral Economics
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Week 10
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Production (Varian Ch 18, Ch 19)
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Week 11
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Costs of Production I. (Varian Ch 20, Ch 21)
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Week 12
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Costs of Production II. (Varian Ch 20, Ch 21)
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Week 13
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Quiz 2 Perfect Competition I. (Varian Ch 22, Ch 23)
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Week 14
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Perfect Competition II. (Varian Ch 22, Ch 23)
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Week 15
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Monopoly (Varian Ch 24, Ch 25) & REVIEW!
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Finals Week
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FINAL EXAM
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