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Principles of MicroeconomicsEconomics 101 - 004, Syllabus, Fall 2014Class Hours:Mo / We / Fr, 12:00am-12:50pm, 08/28 – 12/09/2014Class Room:Candler Library 114Instructor: Otto LenhartOffice: Rich Memorial Building 310BOffice Hours:Mondays, 4:00-5:30pm; Friday 1:00pm – 2:30pm and by appointmentE-mail:otto.lenhart@emory.eduTextbook:Robert Frank and Ben Bernanke, Principles of Microeconomics, Fifth Edition, McGraw (FB) Course Description:In this course, we learn the basic concepts and methods of microeconomics – the study of how individuals make decisions and interact in markets, under conditions of perfect and imperfect competition. We also apply these concepts and methods to a range of economic questions and policy issues. One important set of policy issues is whether and how markets may fail and whether, when they fail, government intervention may be needed to correct those failures. Topics covered include demand and supply in competitive markets, market power, game theory, externalities, and asymmetric information.Course Outline and Readings:Individual Decision Theory. FB, Chapter 1.Choice in a World of ScarcityApplying the Cost-Benefit PrincipleImportant Decision PitfallsExtension: Choice Under Uncertainty (Handout 1)Contingent Consumption and Expected UtilityRisk Averse, Risk Neutral, and Risk Loving IndividualsApplicationTrade Theory. FB, Chapter 2.Exchange and Opportunity CostComparative Advantage and Production PossibilitiesMarket Competition and Social EfficiencyBasics of Supply and Demand. FB, Chapter 3.Buyers and Sellers in MarketsMarket EquilibriumPredicting Changes in Prices and QuantitiesDemand. FB, Chapter 5.The Law of DemandTranslating Wants into DemandApplying the Rational Spending RuleIndividual and Market Demand CurvesDemand and Consumer SurplusExtension: Demand with some more MathTotal and Marginal Utility Functions with One and Two GoodsAllocating a Fixed Income Between Two GoodsMarginal Utility Functions and Indifference CurvesRational Spending Rule RevisitedDeriving Optimal ChoicesPerfectly Competitive Supply. FB, Chapter 6.The Importance of Opportunity Cost in SupplyIndividual and Market Supply CurvesProfit-Maximizing Firms in Perfectly Competitive MarketsApplying the Theory of SupplySupply and Producer SurplusEfficiency and Exchange. FB, Chapter 7.Market Equilibrium and EfficiencyThe Cost of Preventing Price AdjustmentsMarket ImperfectionsMonopoly. FB, Chapter 9.Profit Maximization for the MonopolistThe Deadweight Loss from MonopolyPublic Policy toward MonopolyGame Theory. FB, Chapter 10.Simultaneous-Move GamesDominant StrategiesNash EquilibriumApplicationsSequential-Move GamesIncredible ThreatsSubgame Perfect Nash EquilibriumApplicationsAsymmetric Information. FB, Chapter 12.Externalities. FB, Chapter 11.Course Grading:Your final grade for the course will be based on the following components (with the weight of each component in parentheses):Class-Participation and Assignments (15%)First Midterm Exam (25%)Second Midterm Exam (25%)Final Exam (35%)Class participation requirements:Part of the requirement is that you attend class. In addition, I will regularly reserve time for us to solve one or two problems from the book after we completed certain topics or chapters. You must be actively involved in these class problem-solving sessions.Assignments:I will also give homework assignments from the book and additional assignments with answers. I will collect and grade some of these assignments throughout the semester. Completing the will help you better understand the material, participate in class, and practice for the exams.Exam Policy:The Emory Honor Code is in effect for all the exams: /assets/documents/advising/homor_code.pdf ................
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