Brown University ECON 1130, Intermediate Microeconomics (Mathematical) Spring 2017 Class meets Tuesdays and Thursdays, 1:00-2:30 p.m.
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1 Brown University ECON 1130, Intermediate Microeconomics (Mathematical) Spring 2017 Class meets Tuesdays and Thursdays, 1:00-2:30 p.m. Professor: Roberto Serrano Office hours: Monday, 9:00 a.m. - 12:00 p.m. in Robinson Hall 201B Teaching Assistant: Oleg Semenov 1. Description of the course: this course will explore the decision making of economic agents (consumers and firms). It will also examine how different market mechanisms operate to allocate resources. We will begin by studying the theories of the consumer and the producer. Next we will combine both in the study of individual markets, including perfect competition, monopoly, oligopoly, etc. Following this study of individual markets, we will discuss how all markets interact in the economy and emphasize the good efficiency properties of the competitive system. The course will end with the analysis of some of the circumstances in which competitive markets fail to produce efficient allocations. The topics are identical to those in ECON 1110, but their treatment is slightly more mathematical. 2. Prerequisites: ECON 0110 or equivalent, MATH 0100 or equivalent (univariate and ideally, multivariate calculus). Your willingness to work hard is by far the most important prerequisite. 3. Textbook: the textbook is A Short Course in Intermediate Microeconomics with Calculus, by R. Serrano and A. M. Feldman, Cambridge University Press, Grading policy: the grade of the course will be divided into 20% for problem sets assigned each Tuesday of weeks with no midterm and due in the TA section the week after (ten assignments at 2% each), 20% for each of the two midterm exams in class (On Thursday February 23 and Thursday March 23), and 40% for the final exam (on Thursday May 11, 2-5 p.m.). 5. Other administrative matters: no late problem sets will be allowed for credit. Compensating for this hard-line policy, I will drop your worst problem set from the final average. No make-up midterm exams: if you have to miss one of the midterms due to an emergency, I will require an excused absence from a Dean and will reweigh your grade in the other exams appropriately. The final exam is cumulative and must be passed in order to pass the course. 6. Academic integrity: I expect you to uphold the highest standards in terms of academic integrity. I take cheating on assignments or exams very seriously. 7. Special accomodations: if, due to a certified disability, you require special accomodations, please contact me as soon as possible. I want to make sure that every student is included and given full access and opportunity in the course. 1
2 I hope you enjoy working hard in the course and learn a lot of microeconomics. Don t forget: learning as much as you can should be your goal here, and I will make sure this happens if you help me by contributing your hard work. 2
3 Introduction Lecture 1. The economic problem. The economic science. Microeconomics and Macroeconomics. Partial and general equilibrium analyses. (Recommended reading: From Chapter 1). Part I. The Theory of the Consumer Lecture 2. Preferences. Assumptions on preferences. Utility: cardinal and ordinal utility. Marginal utility and the marginal rate of substitution. (From Chapter 2). Lecture 3. The budget set and the budget constraint. The consumer s optimal choice: graphic, analytical, and Lagrange function methods. (From Chapter 3). Lecture 4. The individual demand function. The income demand curve or Engel curve. Normal and inferior goods. The demand curve. Ordinary and Giffen goods. The inverse demand curve. The cross demand curve. Substitutes and complements. (From Chapter 4). Lecture 5. Further topics on the demand function. Substitution and income effects. Compensated demand. The Slutsky equation. Elasticity. Market demand. (From Chapter 4). Lecture 6. Choice between consumption and leisure. The labor supply. Substitution and income effects in the labor supply. Working overtime. Non-labor income and unemployment benefits. (From Chapter 5). Lecture 7. Intertemporal choice of consumption. The supply of savings. Interest rates. The inflation rate. Substitution and income effects. Present value. Taxes. Lump-sum tax and specific tax. Rebating a tax. Consumer s surplus. (From Chapters 5, 6, and 7). First midterm exam: February 23 Part II. The Theory of the Firm Lecture 8. The technological constraints of the firm. The long run production function. Assumptions on technology. The technical rate of substitution. Returns to scale. The short run production function. Marginal product and average product. (From Chapters 9 and 10). Lecture 9. Cost curves. Cost minimization. The long run cost function. Relation between returns to scale and the long run production function. The short run cost function. Relation between marginal product and the short run cost function. Relation between the long run and the short run cost functions. (From Chapters 9 and 10). Lecture 10. Profit maximization. Profit maximization in the short run. The supply of a competitive firm in the short run. Long run profit maximization. The long run supply of a competitive firm. Producer s surplus. (From Chapters 9 and 10). 3
4 Part III. Market Structures: Partial Equilibrium Lecture 11. Factor markets: the behavior of a competitive firm focusing on inputs. The features of perfect competition. Industry supply. The industry supply in the short run. The industry supply in the long run in a competitive market with free entry and exit. Competitive market equilibrium. Social surplus maximization. Effects of taxes in the short run. Effects of taxes in the long run. The deadweight loss of a tax. (From Chapter 11). Lecture 12. Monopoly. Profit maximization by a monopolist. The mark-up pricing of a monopoly. The loss of efficiency in a monopoly and the monopoly deadweight loss. Comparison with a competitive market. Perfect or first-degree price discrimination. (From Chapter 12). Lecture 13. Second- and third-degree price discrimination. Monopolistic competition. (From Chapter 12). Lecture 14. Strategic interaction and game theory. Dominant strategies. Nash equilibrium. Threats. (From Chapter 14). Second midterm exam: March 23 Lecture 15. Oligopoly. Simultaneous choice of output (Cournot). Collusion. Comparison of the different models. (From Chapter 13). Lecture 16. Sequential choice of output (Stackelberg). Simultaneous choice of price (Bertrand). (From Chapter 13). Part IV. General Equilibrium Lecture 17. An exchange economy. A pure exchange economy and the Edgeworth box. Paretoefficient allocations. Competitive or Walrasian equilibrium. (From Chapter 15). Lecture 18. The two fundamental theorems of welfare economics. Implications of the fundamental theorems of welfare economics. (From Chapter 15). Lecture 19. General equilibrium model of an economy with exchange and production. One consumer, several consumers. Pareto-efficiency. Competitive equilibrium. The fundamental theorems of welfare economics revisited. (From Chapter 16). Part V. Failures of the Competitive Market Lecture 20. Externalities. Solutions to the problem of externalities. (From Chapter 17). Lecture 21. Public goods. The free rider problem. Solutions to the sub-optimality problem. (From Chapter 18). 4
5 Lecture 22. Information. Asymmetric information. Adverse selection. Moral hazard. (From Chapter 20). Cumulative final exam: May 11 Estimates of time allocation: The following is an estimate of the time allocation required for the course. Needless to say, following these estimates is neither necessary nor sufficient to do well in the course. That is, there will be students able to master the material perfectly with fewer hours, while on the other hand, arguing to the instructor that one has spent the suggested hours on the course will not be a consideration to determine the final grade. With these caveats, here are the estimates. Over 14 weeks, students will spend 3 hours per week in class (42 hours total), and 1 hour per week in discussion section (14 hours). Homework, reading, and studying for the midterm examinations will take approximately 7 hours per week (98 hours total). In addition, there is a 3-hour final exam for which approximately 25 hours of review 5 hours for each of 5 days is assumed. 5
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