Economics 102
Microeconomic Theory
Pomona College
Spring 2011
Professor James D. Likens

Student Assistants: Teryn Mattox and Jocelyn Robson

This course examines modern theories of consumers and firms. It considers how firms interact in markets with their customers and with their suppliers. It also analyzes production, costs, and the way the firm competes in various types of markets. Finally, it looks at the relationships of firms with government.

Textbook: Robert H. Frank, Microeconomics and Behavior (Boston: Irwin McGraw-Hill: 2003)
Other readings will be assigned.

Prerequisite: Economics 51 and 52. Mathematics 30 or equivalent.

Course Grade (approximate weights)

4 midterms 60

Final 25

Homework 10

Other 5

Total 100

Midterm 1, Chapters 1, 3-5: Friday, February 14, 2003

Midterm 2, Chapters 9-12: Wednesday, March 12, 2003

Midterm 3, Chapters 13-15: Monday, April 14, 2003

Midterm 4, Chapters 16-18: Wednesday, May 7, 2003

Final Examination:  10 a.m. section, Tuesday, May 13, 2003, 9:00 a.m.;  11 a.m. section, Wednesday, May 14, 2003, 9:00 a.m.

Note: Attendance at all classes is required. All work must be turned in on time and all exams must be taken at their scheduled time. Exceptions must be negotiated in advance with the professor and will be granted only for serious problems such as illness and family emergencies. Poor time management is not an acceptable reason. The professor reserves the right to lower grades at his discretion for failure to comply with this policy.

OUTLINE

INTRODUCTION

Chapter 1: Thinking Like An Economics

THEORY OF CONSUMER BEHAVIOR 

Chapter 3: Rational Consumer Choice, Appendix 3

Chapter 4: Individual and Market Demand

Chapter 5: Applications of Rational Choice and Demand Theories

THEORY OF THE FIRM AND MARKET STRUCTURE

Chapter 9: Production , Appendix 9

Chapter 10: Costs, Appendix 10

Chapter 11: Perfect Competition

Chapter 12: Monopoly

Chapter 13: Imperfect Competition , Appendix 13

FACTOR MARKETS

Chapter 14: Labor

Chapter 15: Capital

GENERAL EQUILIBRIUM AND WELFARE

Chapter 16: General Equilibrium and Market Efficiency

Chapter 17: Externalities, Property Rights and the Coase Theorem

Chapter 18: Government

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