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Microeconomic Theory I

ECON 212/3.0

Theory of markets and prices: decision‐making by individuals and firms, equilibrium conditions under various market structures, and issues of individual and social welfare. This course presumes a knowledge of calculus at the first‐year university level.

Learning Outcomes

Upon successful completion of the course, students will be able to:

  1. Explain what market demand and market supply represent, and derive both mathematical functions by formulating and solving constrained optimization problems.
  2. Explain what market equilibrium represents in the case of many price-taking consumers and suppliers, and calculate market equilibrium with taxes, subsidies, and quotas, or without any such policies.
  3. Express and analyze strategic decision making in decision trees and payoff matrices using game theory.  Explain, model, and solve the strategic decisions of monopolists and oligopolists.
  4. Model real-life consumption and supply decisions using consumer and producer theory, and constructively peer-review such models.

Description

This fundamental course equips the student to intuit and mathematically model the decisions facing consumers and producers. Students will solve constrained optimization problems and derive demand and supply functions including the demand for insurance and the supply of savings and labour. They will predict equilibrium prices and quantities under various market conditions. An introduction to game theory will assist students in explaining the strategies used by competing firms. Students will have several opportunities to apply theory to real-world markets and to share their ideas with their fellow learners.

Terms

Summer 17: May - July
Course Dates: 
May 1 - July 21, 2017
Exam Dates: 
July 25 - 28, 2017

Evaluation

Quizzes (10)20%
Project Submissions (3)24%
Project Peer Review (3)6%
Proctored Final Exam50%

**Evaluation subject to change**

Final Examination

Students must write their exam on the day and time scheduled by the University. The start time may vary slightly depending on the off-campus exam centre. Do not schedule vacations, appointments, etc., during the exam period

Instructor

Professor Anya Hageman (hagemana@queensu.ca)

Time Commitment

A course such as this on campus would have three lecture hours per week, usually with an assignment to follow. Students can expect to spend, on average, about 10 - 12 hours per week (120 hours per term) on the course.

Course Resources

About SOLUS

SOLUS is Queen’s Student On-Line University System. You’ll have access to a SOLUS account once you become a Queen’s student. You’ll use SOLUS to register for courses, add and drop courses, update your contact information, view financial and academic information, and pay your tuition.

About OnQ

onQ is Queen's online learning platform. You'll log into onQ to access your course. All materials related to your course—notes, readings, videos, recordings, discussion forums, assignments, quizzes, groupwork, tutorials, and help—will be on the onQ site.

About Credit Units

Queen’s courses are weighted in credit units. A typical one-term course is worth 3.0 units, and a typical two-term course is worth 6.0 units. You combine these units to create your degree. A general (three-year) BA or BSc requires a total of 90 credit units.

Computer Requirements

To take an online course, you’ll need a high speed internet connection as well as a microphone and speakers to be able to watch videos, hear sounds, and participate in interactive online activities. A webcam is recommended but not necessary.

System Requirements:

  • Laptop or Desktop computer purchased within the last 5 years. (mobile devices are not supported)
  • Windows Vista SP2/Mac OSX 10.9 or higher
  • Up to date versions of Firefox, Internet Explorer or Safari. Please note that Google Chrome is not recommended for use in our courses.
  • Most recent version of Adobe Reader and Adobe Flash

 See also Getting Started.

Dates/Deadlines

The deadlines for new applications to Queen’s Arts and Science Online courses are in our Upcoming Application Dates section.

Tuition Fees

Tuition fees vary depending when you start, your year, faculty, and program. Fees for Summer Term 2017, Fall Term 2017 and Winter Term 2018 first-year Distance Career Arts & Science Domestic students are as follows: for a 3.0-unit course, $666.91; for a 6.0-unit course, $1333.82. See also Tuition and Fees.

Grading Scheme

The information below is intended for undergraduate students in the Faculty of Arts and Science. Academic Regulations in other Faculties may differ.

Letter Grade Grade Point
A+4.30
A4.00
A-3.70
B+3.30
B3.00
B-2.70
C+2.30
C2.00
C-1.70
D+1.30
D1.00
D-0.70
F0.00

GPA Calculators
Have your SOLUS grade report handy and then follow the link to the Arts and Science GPA calculators.

How does this affect my academics?
See the GPA and Academic Standing page.

Follow the link above for an explanation of how the GPA system affects such things as the Dean’s Honour List, requirements to graduate, and academic progression.

Frequently Asked Questions on the Grading Scheme
Please follow this link to the FAQ's

Campus Bookstore

All textbooks can be purchased at Queen’s Campus Bookstore.

Non-Queen’s Students

All Queen’s Arts and Science Online courses are open to students at other universities. Before applying as a visiting student, request a Letter of Permission from your home university that states that you have permission to take the course and apply it to your degree. See also Apply.

Academic Integrity

Please see Queen’s policy statement on academic integrity for information on how to complete an online course honestly.