Economics 310: Price Theory

(Fall 1999)

Updated 8/24/99

Textbook: Steven Landsburg, Price Theory and Applications, 4th Edition.

Course Outline.

1. Supply, Demand, and Equilibrium

Alternative Presentation of material in Chapter 1 from David Friedman, Price Theory an Intermediate Text.
Recreational Reading (related to class but not required): Milton Friedman, Capitalism and Freedom

2. Prices, Costs, and the Gains from Trade

Alternative Presentation of material in Chapter 2 from David Friedman, Price Theory an Intermediate Text.

3. Behavior of Consumers

Alternative Presentation of matieral in Chapter 3 and 4 from David Friedman.

4. Consumers in the Marketplace.

FIRST EXAM: Date to be announced.

The exam will cover Chapters 1-4 in Landsburg. The exam will consist of short answer and essay questions and will count for 25% of your grade. The exam is closed book and closed note. Students must bring a blank bluebook and pen to the exam. The exam will last 75 minutes. The remaining class time will be used to go over the answers.

5. The Behavior of Firms

6. Production and Costs

7. Competition

Recreational Reading Assignment: Milton Friedman, Capitalism and Freedom
Recreational Reading Assignment: Hedrick Smith, The Russians.

SECOND EXAM: Date to be announced

The exam will cover Chapters 5-7 in Landsburg. The exam is closed book and closed note. The exam will count for 25% of your grade.

8. Welfare Economics and the Gains from Trade

The student is responsible for reading Chapter 8 on their own.

Alternative presentation of Chapter 8 from David Friedman.
RECREATIONAL READING:Milton Friedman, Capitalism and Freedom

9. Knowledge and Information

The student is responsible for reading Chapter 9 on their own.

10. Monopoly

11. Market Power, Collusion, and Oligopoly (Optional)

FINAL EXAM:

The final exam is comprehensive. All topics will be given equal weight. Students should bring a bluebook, calculator, and pen to the exam.