Robert Gazzale

Dept. of Economics
University of Toronto

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ECO200Y1Y: Section L0101: Fall 2012 – Winter 2013

This is the public "front end" for the more detailed course website that will be accessible through the University of Toronto Portal (a.k.a. Blackboard).

Contact Information

Robert Gazzale, PhD
Office 150 St. George Street, #330
Office hours:
Mondays, 2:30 PM to 4:00 PM: drop in;
Thursdays, 10:00 AM to 11:00 PM: by appointment only. (Appointments available through:

Course Description

From the calendar: Theory of markets and prices. Determination of prices through the interaction of the basic economic units, the household as consumer and as supplier of inputs and the business firm as producer and as employer of inputs. The pricing system as the mechanism by which social decisions and allocation of goods are made in a market economy.


Please note that the course prerequisites are enforced rigorously, and without exception:

  1. 100-Level economics: ECO100Y1(67%)/ECO105Y1(80%);
  2. Sufficient calculus: MAT133Y1/(MAT123H1, MAT124H1)/(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1

It is redundant, but I will note that "prerequisite" means that the course must be successfully completed before enrolment is permitted.

Course Goals

I have three goals for this course.

  1. Building on the microeconomic foundations learned in Introduction to Economics, developing canonical models of microeconomics to analyze the decisions of consumers, the behavior of firms, and the functioning of markets.
    These models form the core of neoclassical economic theory, and are the basis for economic analyses of market equilibrium, efficiency, and individual and social welfare. Thus understanding them is important for more advanced work in economics.
  2. Assist in your further development in "thinking like an economist." Throughout the semester, we will build on three important concepts in economics: (1) optimization; (2) equilibrium; and (3) efficiency (or, more broadly, the desirability (or not) of equilibrium outcomes).
  3. Gain sufficient proficiency with these models to analyze a variety of issues of current economic and policy interest.
Student Evaluation

The grading scheme has three elements:

  1. Class participation as measured through iClicker responses (5%).
  2. Three two-hour term tests (15% each). Dates:
    1. Wednesday, October 24, 2012
    2. Winter exam period (exact date TBA)
    3. Friday, February 13, 2013
  3. Final exam (50%), Date and time to be announced

There will also be problem sets that form the basis of the regularly scheduled tutorials. The problems sets will not be graded, but serve to prepare students for the graded components of the course (in particular, the term tests and the final exam).


Lectures take place Wednesdays in SS (Sidney Smith Hall) 2117 from 10:00 AM to Noon. Tutorials take place most Fridays from Noon to 1:00 PM in the same room.

Texts and Materials

Required: Besanko and Braeutigam, Microeconomics, Fourth Edition, 2011.
Required: iClicker.
Required: Any handouts posted on the Portal.


The course syllabus will soon be posted.