ECON231-08W (C) Whole Year 2008

Microeconomic Theory and Applications

22 points

Details:
Start Date: Monday, 25 February 2008
End Date: Sunday, 16 November 2008
Withdrawal Dates
Last Day to withdraw from this course:
  • Without financial penalty (full fee refund): Sunday, 9 March 2008
  • Without academic penalty (including no fee refund): Sunday, 7 September 2008

Description

Introduction to price theory: The neo-classical model of consumer and producer choice and general equilibrium, and deviations from that model including externalities and public goods. The course covers the same material as ECON 230 but with an emphasis on applications of the theory rather than formal mathematical modelling.

Introduction to price theory: The neo-classical model of consumer and producer choice and general equilibrium, and deviations from that model including externalities and public goods. The course covers the same material as ECON230 but with an emphasis on applications of the theory rather than formal mathematical modelling.

Economics 231 is intended to help you "think like an economist."  It will provide you with a solid grounding in the analytic methods of microeconomics, both in theory and in application.  The course will emphasize three main ideas.  First, that individuals practice optimal choice, doing the best they can to meet their objectives subject to constraints such as time, income, and information.  Second, that prices can act to coordinate the optimal choices of individuals, bringing their behaviour into equilibrium.  And third, that we can evaluate equilibrium arrangements using the criteria of economic efficiency and equity.  We will make repeated use of these ideas as we study the various actors in the modern economy, and the market environments under which they interact.  Economics 231 should equip those of you who intend to pursue higher-level studies in economics.  It should also help you gain insight into the economic forces active in consumer and producer behaviour, and in public policy issues.

Prerequisites

ECON101 or ECON104

Restrictions

ECON230, ECON204, ECON550 (prior to 2006)

Timetable Note

There will also be one tutorial per week in addition to lectures.

Tutorial times for 2008 will be:

Thursdays:  1.10-2.00 p.m.
                 2.10-3.00 p.m.

Fridays:       10.00-10.50 a.m.
                   1.10-2.00 p.m.

Precise rooms and number of tutorials not finalised yet.

Note:  not all tutorial slots will necessarily be offered.  Students who are fully enrolled in the course will get access to the online self enrolment system that the Department of Economics uses.  Students will then be able to select from the offered time slots.

Course Coordinator

Jeremy Clark

Assessment

Assessment Due Date Percentage 
1st Semester Problem Sets 5%
2nd Semester Problem Sets 5%
Final Exam 45%
Mid-year Test 45%


Short problem sets will be assigned every other week, and due in tutorials one week later.  These problem sets will be graded and are collectively worth 5% of your grade.  Each problem set will be graded out of 5 marks if handed in at your tutorial.  It will be graded out of 4 marks if handed in late to your tutor or Economics Department secretary by 5 p.m. of the Friday that the problem set is due.  It will not be accepted after that.

Textbooks / Resources

Required Texts

Perloff, Jeffrey M; Microeconomics ; 4th ed; Pearson Addison-Wesley, 2007.

Recommended Reading

Mason, Charles F. , Whaples, Robert., Perloff, Jeffrey M; Study guide to accompany Microeconomic fourth edition ; Pearson Addison Wesley, 2007.

Course links

Library portal

Notes

ECON231 should equip those of you who intend to major in economics.  It should also help you gain insight into the economic forces active in consumer and producer behaviour, and in public policy issues.

Please note that students who receive a B+ or better in ECON231 will be eligible to enrol subsequently in ECON321 and preserve the option of doing an Honours degree in economics.  However, students who already know they want to preserve the option of doing an Honours degree would be well advised to enrol in ECON230, as this will provide an easier transition to ECON321 and other math-intensive 300-level economics courses.

Indicative Fees

Domestic fee $788.00

International fee $3,281.00

* All fees are inclusive of NZ GST or any equivalent overseas tax, and do not include any programme level discount or additional course-related expenses.

For further information see Department of Economics and Finance .

All ECON231 Occurrences

  • ECON231-08W (C) Whole Year 2008