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Advanced Academic Programs

Course and Instructor Information

AS.440.601 (83): Microeconomic Theory

Fall 2021

Course Information

Credit Hours: 3.00

Course Structure: Online, with weekly assignments

Course Description:

Corequisite: AS.440.304, Math Methods for Economists This course offers a systematic presentation of consumer theory, theory of the firm, and market equilibrium. Topics covered include constrained optimization, preferences and utility, exchange, production, pricing, market structures, and welfare economics.

What to Expect in this Course

This course is 15 weeks in length and includes individual weekly activities. Weekly cycles begin each Monday morning and assignments and exams are due by the following Monday night at 11:59pm. Please review the course syllabus thoroughly to learn about specific course outcomes and requirements. Be sure to know when assignments and exams are due each week.

Program Learning Objectives

By the end of this program, you will be able to:

P1   Analyze advanced economic theory

P2   Apply advanced economic theory to different economic sectors and disciplines, such as health care, law, politics, the environment, labor, trade, finance, and development

P3   Apply standard statistical and econometric techniques to data of various types

P4   Construct advanced econometric and other quantitative models to estimate, test, and forecast economic relationships

Course Learning Objectives

By the end of this course, you will be able to:

C1   Use mathematical tools to develop and derive results from economic models. (P1)

C2   Describe economists’ approach to the study of the allocation of scarce resources. (P1)

C3   Draw parallels and highlight differences between consumer and firm theory. (P1)

C4   Determine the welfare consequences of various market structures and policies. (P1)

C5   Apply consumer and firm theory to labor markets. (P1)

C6   Derive general equilibrium & welfare results from individual market interactions. (P1)

C7   Assess the effects of market power, uncertainty, and time in resource allocation problems. (P1)

C8   Evaluate the causes and consequences of asymmetric information, externalities & public goods. (P1)

Required Text and Other Materials

Textbook

The following text is required for this course:

● Microeconomic Theory: Basic Principles and Extensions, 12th Ed., Walter Nicholson & Christopher Snyder

Specific Technology Requirements & Skills for this Course

Learning online requires some basic knowledge of computer technology. At a minimum, you need to be able to:

● Navigate in and use Blackboard; the Blackboard Student Orientation course on your “My Institution” page

● Send, receive, and manage email

Evaluation and Grading Policy

In the table below, you will find a brief description of the various course requirements including assignment weights, and frequency. Please see Appendix A for the full course outline and schedule.

Course Requirements	Assignment Value
Problem Sets : Weekly problems sets (equally weighted)   There will be 12 assigned problem sets—due each week on   Monday at 11:59pm. There will be no problem sets due the   weeks an exam is assigned.	1/3
Midterm Exam : Due October 18   Open-book/open-notes/timed. Your midterm exam must reflect   solely your own efforts. That is, no collaborating with anyone on   your midterm exam.	1/3
Final Exam : Due December 20   Open-book/open-notes/timed. Your final exam must reflect   solely your our efforts. That is, no collaborating with anyone on   your final exam.	1/3
Total	100%

Grading Scale

A                94 to 100

A-               90 to 93

B+              88 to 89

B                 84 to 87

B-                80 to 83

C                 70 to 79

F                  0 to 69

This course will follow the Advanced Academic Programs Grading Policies and Probation and Dismissal Policy.

Assignment and Exam Information

Students are required to complete assignments through Blackboard. Exams have a 3-hour time limit.

Assignment Feedback

Feedback on assignments is available via Blackboard.

Late Policy

You are expected to contact your instructor in advance if you think you cannot meet an assignment deadline. Late assignments will receive half credit. Late exams will not be scored.

Directions for Students

Next Steps: Carefully review the course materials. In the Assignments and Exams Content area you will find the weekly assignments. The relevant textbook chapters for each week are listed below in Appendix A. Additional materials are available to supplement your studies in the following content areas: Lessons, Chapter Summaries, and Chapter Q&P.

Course Policies

Course Participation

Time Management Expectations

Some assignments may require multiple days to complete. You are encouraged to study with other classmates. Please seek help before becoming frustrated and spending a significant amount of time to resolve an issue.

Participation Requirements

Active participation within our online course requires you to log into Blackboard multiple times throughout the week. You are expected to have an active presence, including: reading all announcements and complete course activities. To maximize your learning, your participation in activities should of high quality and reflect a high level of academic thinking.

Group Study

Group study is not required, but is encouraged and can be very beneficial. For example, being able to communicate ideas and economic principles can allow you to more fully understand topics and issues.

Online Etiquette

In this course, online discussion can take place in our online discussion board or email. In all textual online communication, it is important to follow proper rules of online etiquette - communicating with others in a proper and respectful way.

Course Protocols and Getting Help

Amendments to the Course

Changes to the course will be posted in the Announcements section of your course. Please check announcements every time that you log into your online course.

Course Communication

Communication between classmates is encouraged, via Discussion forums, emails, etc. There should be no communication regarding the midterm or final exams. That is, your exams must reflect solely your own work.

Communicate with your instructor via email. Feel free to contact your instructor with comments, questions, and concerns. All email messages will be responded to within 24-48 hours and sent to you via your JHU email account. So, check your JHU email account or ensure your JHU email account forwards messages to the email account of your choice. 

University Policies

General

This course adheres to all University policies described in the academic catalog. Please pay close attention to the following policies:

Academic Conduct

All JHU students assume an obligation to conduct themselves in a manner appropriate to the Johns Hopkins University’s mission as an institution of higher education and with accepted standards of ethical and professional conduct. Students must demonstrate personal integrity and honesty at all times in completing classroom assignments and examinations, in carrying out their fieldwork or other applied learning activities, and in their interactions with others. Students are obligated to refrain from acts they know or, under the circumstances, have reason to know will impair their integrity or the integrity of the University. Students and faculty in Advanced Academic Programs are required to adhere to the academic integrity guidelines and process laid out in the Graduate Academic Misconduct Policy. Refer to the website for more information regarding the academic misconduct policy.

Ethics & Plagiarism

JHU Ethics Statement: The strength of the university depends on academic and personal integrity. In this course, you must be honest and truthful. Ethical violations include cheating on exams, plagiarism, reuse of assignments, improper use of the Internet and electronic devices, unauthorized collaboration, alteration of graded assignments, forgery and falsification, lying, facilitating academic dishonesty, and unfair competition. Report any violations you witness to the instructor.

Read and adhere to JHU’s Notice on Plagiarism.

Copyright Policy

All course materials are the property of JHU and are to be used for the student's individual academic purpose only. Any dissemination, copying, reproducing, modification, displaying, or transmitting of any course material content for any other purpose is prohibited, will be considered misconduct under the JHU Copyright Compliance Policy, and may be cause for disciplinary action. In addition, encouraging academic dishonesty or cheating by distributing information about course materials or assignments which would give an unfair advantage to others may violate AAP’s Code of Conduct and the University’s Student Conduct Code. Specifically, recordings, course materials, and lecture notes may not be exchanged or distributed for commercial purposes, for compensation, or for any purpose other than use by students enrolled in the class. Other distributions of such materials by students may be deemed to violate the above University policies and be subject to disciplinary action.

Student Conduct Code

The fundamental purpose of the Johns Hopkins University's (the "University" or "JHU") regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically.

For a full description of the code please visit the Student Conduct Code Web Page.

Accommodations for Students with Disabilities

If you are a student with a documented disability who requires an academic adjustment, auxiliary aid or other similar accommodations, please contact Talia Varone at [email protected].

For more information please visit the Disabilities Services website.

Dropping the Course

You are responsible for understanding the university’s policies and procedures regarding withdrawing from courses found in the current catalog. You should be aware of the current deadlines according to the Academic Calendar.

Getting Help

You have a variety of methods to get help on Blackboard. Please consult the resource listed in the "Blackboard Help" link for important information. If you encounter technical difficulty in completing or submitting any online assessment, please immediately contact the designated help desk listed on the AAP online support page. Also, contact your instructor at the email address listed in the syllabus.

Title IX Confidentiality and Mandatory Reporting

As an instructor, one of my responsibilities is to help create a safe and inclusive learning environment on our campus. I also have mandatory reporting responsibilities related to my role as a Responsible Employee under the Sexual Misconduct Policy & Procedures (which prohibits sexual harassment, sexual assault, relationship violence and stalking), as well as the General Anti-Harassment Policy (which prohibits all types of protected status based discrimination and harassment). It is my goal that you feel able to share information related to your life experiences in classroom discussions, in your written work, and in our one-on-one meetings. I will seek to keep information you share private to the greatest extent possible. However, I am required to share information that I learn of regarding sexual misconduct, as well as protected status based harassment and discrimination, with the Office of Institutional Equity (OIE). For a list of individuals/offices who can speak with you confidentially, please see Appendix B of the JHU Sexual Misconduct Policies and Laws.

For more information on both policies mentioned above, please see: JHU Relevant Policies, Codes, Statements and Principles. Please also note that certain faculty and other University community members also have a duty as a designated Campus Safety Authority under the Clery Act to notify campus security of certain crimes, as well as a duty under State law and University policy to report suspected child abuse and/or neglect.

Diversity

Johns Hopkins is a community committed to sharing values of diversity and inclusion in order to achieve and sustain excellence. We firmly believe that we can best promote excellence by recruiting and retaining a diverse group of students, faculty, and staff and by creating a climate of respect that is supportive of their success. This climate for diversity, inclusion, and excellence is critical to attaining the best research, scholarship, teaching, health care, and other strategic goals of the Health System and the University. Taken together these values are recognized and supported fully by the Johns Hopkins Institutions leadership at all levels. Further, we recognize that the responsibility for excellence, diversity, and inclusion lies with all of us at the Institutions: leadership, administration, faculty, staff, and students.

For more information on JHU’s commitment to diversity, please visit the Diversity at JHU website.

Course Evaluation

Please remember to complete an online course evaluation survey for this course. These evaluations are an important tool in the ongoing efforts to improve instructional quality and strengthen programs. The results of the course evaluations are kept anonymous - your instructor will only receive aggregated data and comments for the entire class. An email with a link to the online course evaluation form will be sent to your JHU email address close to the end of the semester.

Appendix A

For Indicating dates, topics, assignments, and objectives for each class session within Appendix A. Follow the standard JHU credit hour class length model (JHU Credit Hour Policy).

Tentative Course Schedule

Activity and assignment details will be explained in detail within each week's corresponding materials in Blackboard. If you have any questions, please contact your instructor.

This schedule is subject to change with fair notice. Any changes will be posted via Announcements in Blackboard.

Week	Topics	Textbook Chapters	Program/ Course Objectives	Activities	Due Dates
1 (08/30-09/05)	Economics models and math tools	1, 2	P1, C1	Assignment	09/06
2 (09/06-09/12)	Preference, utility maximization, and choice	3, 4	P1, C2	Assignment	09/13
3 (09/13-09/19)	Demand, income, and substitution effects	5, 6	P1, C2	Assignment	09/20
4 (09/20-09/26)	Production and cost functions, profit maximation	9, 10, 11	P1, C3, C4	Assignment	09/27
5 (09/27-10/03)	Partial equilibrium	12	P1, C4	Assignment	10/04
6 (10/04-10/10)	General equilibrium	13	P1, C6	Assignment	10/11
7 (10/11-10/17)				Midterm Exam	10/18
8 (10/18-10/24)	Monopoly	14	P1, C4, C7	Assignment	10/25
9 (10/25-10/31)	Imperfect competition and game theory (strategy)	15, 8	P1, C4, C7	Assignment	11/01
10 (11/01-11/07)	Uncertainty and asymmetric information	7, 18	P1, C7, C8	Assignment	11/08
11 (11/08-11/14)	Labor markets	16	P1, C5	Assignment	11/15
12 (11/15-11/21)	Capital and time	17	P1, C7	Assignment	11/29
TB (11/22-11/28)				Thanksgiving Break
13 (11/29-12/05)	Externalities and public goods	19	P1, C8	Assignment	12/06
14 (12/06-12/12)				Reading/Study
15 (12/13-12/19)				Final Exam	12/20