Intermediate Microeconomics

Intermediate Micro. Required for all econ majors. One section is often taught by [[Susan Elmes]].

Syllabus

Section I: The Household and the Firm

A. The Household

The Basic Model of Consumer Choice

1. Preferences, Indifference Curves and Utility
2. Budget Set
3. Best Bundle and the Demand Curve

Comparative Statics

1. Price and Income Changes
2. Applications
3. Elasticities
4. Income and Substitution Effects
5. Compensating and Equivalent Variation

Household as a Supplier

1. Labor Supply

Choice Under Uncertainty

1. Gambles and Contingent Commodities
2. Insurance
3. Decision Trees

B. The Firm

Profit Maximization

1. Economic Profits and Economic Costs
2. Profit Maximizing Level of Output

Technology

1. Technology, Isoquants and the Production Function
2. Marginal Products, MRTS and Returns to Scale

Cost

1. Short Run Cost Curves (One Variable Factor)
2. Long Run Cost Curves (Two Variable Factors)

Section II: Markets

A. Competitive Markets

Partial Equilibrium

1. Supply Curve of the Competitive Firm
2. Short Run Perfect Competition
3. Applications of the Competitive Model
4. Long Run Perfect Competition

General Equilibrium and Welfare Economics

1. Equilibrium in Multiple Markets
2. Exchange Economy
3. Pareto Efficiency in the Exchange Economy
4. Welfare Theorems
5. Market Failure

Non-Competitive Markets

Monopoly

1. The Non Price Discrimination Monopolist
2. Price Discrimination
3. Cartels

Oligopoly

1. Basic Game Theory
2. Application of Game Theory to Entry Games
3. Imperfect Information, the Prisoner’s Dilemma and The Cournot Game