• This course focuses on the following topics: basic theory of consumer behavior; production and costs; partial equilibrium analysis of pricing in competitive and monopolistic markets; general equilibrium; welfare; and externalities.
• The class material is heavily theoretical requiring an ability to prove various economic theorems. It is recommended for undergraduate students planning to apply to graduate school in economics, accounting, or finance.
• Assignment problems are provided as are their step-by-step solutions.
• Undergraduate students will acquire an ability to logically and systematically prove, and therefore understand, the theorems underlying intermediate price theory.
• Each assignment is linked to a reading assignment.
• Additional course materials such as definitions, readings, the syllabus, a diagrammatic overview of course topics, test reviews, and midterm exams are also provided.
Type of Material:
• This can help the instructor to get ideas about instructional approach, use some or all of the teaching materials (course content questions, lecture notes, etc.) as an introductory or summary note when introducing and/or completing the concepts in class. • This is useful to the students as a supplementary resource prior to the commencement of classes to get a feel for the content on Intermediate Microeconomic Theory and/or as cliff notes when reviewing the key concepts of Intermediate Microeconomic Theory.
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Identify Major Learning Goals:
• The student will be able to solidify his/her understanding of Intermediate Microeconomic Theory concepts.
• Potential future students will be able to get a feel for the subject prior to registering for economic classes.
• The student will understand the basic theory of consumer behavior; production and costs; partial equilibrium analysis of pricing in competitive and monopolistic markets; general equilibrium; welfare; and externalities.
Target Student Population:
• Advanced Microeconomic Theory for economics majors
• Non-economics or Non-business students taking an Intermediate Microeconomic Theory course as a minor
Prerequisite Knowledge or Skills:
• A strong mastery of multivariate calculus, and an ability to approach economic problems with the rigorous, logical and analytical tools that mathematics provides.
• Students will need to be able to mathematically prove theorems internally consistent or inconsistent using mathematics.
• Mathematically thorough and rigorous
• Provides step-by-step instruction to lead the student through each step of the mathematical proof
• Clear and clean display of the content for each module
• There were a few editing corrections that need to be made, including making sure that numbering of problems matches the numbering of the solutions.
• There are no lecture notes or summary of concepts covered in the course. Perhaps, there could be more types of content like online videos or audio clips that could meet the learning styles of visual, auditory and kinesthetic learners.
Potential Effectiveness as a Teaching Tool
• Students who are familiar with the course content, and are comfortable with the skills and knowledge required, should find these assignment problems a useful complement to class lectures.
• Instructors can get a quick overview of the different instructional delivery and have access to a new set of teaching materials.
• Potential students thinking of taking a similar course could use this site to check out the content, time-intensiveness, and layout of the chapters before enrolling in an actual course.
• In addition, the instructor could provide the link to this site as supplementary reading prior to the commencement of classes so that students can get a feel for the content on Intermediate Microeconomic Theory or before starting on a new chapter or the course.
• It also provides supplementary readings including journal articles and selections from other related economic books.
• Since the intent of these exams, problem sets, and their solutions is to complement class readings and class lectures to existing students of Intermediate Microeconomics, there is no effort to introduce learning objectives or to identify prerequisite knowledge or to make the content engaging. Therefore, this material is not for the casual student in economics, but best used for a student with similar academic preparation and goals of the students for which this material was designed.
• The textbook used is dated 2005 and thus may not contain the impact of the recent Great Recession on the modern microeconomic theories nor up-to-date case studies that users can relate to.
Ease of Use for Both Students and Faculty
• The material accomplishes the objectives for which it was designed.
• The assignment problems and exams are mathematical exercises and will be appreciated for the accuracy of its content and thoroughness of its presentation.
• The assignments have both questions and solution sets in pdf format.
• These exercises are useful for drill and practice but provide little intuition or applicability of the exercises. Nevertheless, the mathematical solutions allow the user a logical basis for economic argument.
• It is neither engaging nor interactive which could make it difficult for students to retain the concepts learned.
• There also no contact information or an online discussion forum that could facilitate an area for clarification or comments.
• The exams only have question sets with no solutions that make it harder for self-learners to know if they are attempting the mathematical questions correctly.
Other Issues and Comments:
• The user of these assignments needs to use caution when following the numbering of the problems sets and their solutions.
• Useful diagrammatic and topic overviews of Intermediate Microeconomic theory are included, as well as definition sheets, readings, midterms, the syllabus, and course readings.
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