Econ 115a, Fall 2011Prof. Christopher Udry27 Hillh o u se Avec [email protected] 23, 2011Course DescriptionThis course is an introduction to microeconom ic analysis: the study of how our economyworks to allocate scarce resources among co nsum ers and firms. The course will develo p atheoretical framework for this analysis and show how this framework can be applied to real-world issues suc h as global warming, health ca re reform, poverty, the regulation of m ergersand the role of markets in the economy.The first half of the course will focus on models of "perfect" competition, with an emphasison the conditions necessary for achieving efficiency in production and distribution. Thesecond half will emphasize departures from perfect competition and the role of go vernmentin our mixed economy.The course format is two lectures per week, plus sm all class sections with th e teaching fel-lo w s. The times of the sections will be arranged during the second week of classes. Use thewebsite h ttp s://students.yale.edu/ocs-preference/select/select?id=4195 to select your sec-tion. You may sign up to reserve a discussion section by registering your section preferencefor this course beginning 8:00AM on Monday, September 5. Selection closes at 8:00PM onTuesday, September 6. You may c han ge y ou r mind and reset your preferences as often asy o u wish during the preference selection window. If yo u do not sign up before closing onTuesday, y ou will need to go to OCS (online course selection) after 9.00AM on WednesdaySeptember 7 to try to find an open seat.There will be w eekly problem sets (20% of the grade), one-midterm exam (30% of thegrade) and one final exam (50% of the grade).Textb ookMicroeconomics b y Bernheim and Whin ston, McGraw-Hill, 20071Syllabus, Econ 115a, Udry 2Meeting Time: MW 1.00-2.15, SLB A UD .Udry Office Hours: W 2.30-4.00, room 21, 27 Hillhous e Ave.Teaching Fello wsSma ll class sessions will begin during w eek 2. The teachin g fello w s for the course are:Erica Blom: erica.blom@y ale.edu (head TF)Alex Cohen: [email protected] Das: sab yasachi.d as@ yale.eduAdam Kapor: [email protected] g Kim: taeyo un g.kim @ yale.eduMuth oni Ngatia: m uth [email protected] eline Oliveira: [email protected] Osma n: adam .osm an@ yale.eduJam in Speer: jamin.speer@y ale.ed uSyllabus, Econ 115a, Udry 3Course Sc heduleExact dates and readings subject to revision.• In troduction— 8/31: W hat is (Micro-) Econom ics? Read Chapter 1 plus online “in tro” notes(see “resources” on classesv2.y a le.edu)• Supply and Demand— 9/5-9/7: Supply and Demand, Chapter 2 plus pp. 539—546.— 9/12: Benefit and Cost, Chapter 3• Consumer Behavior— 9/14-9/19 Consum er Preferences, Chapter 4— 9/21: Individual Demand, Chapter 5• Production and Firm Behavior— 9/26 Production, Chapter 7— 9/28 Cost, Chapter 8— 10/3 Profit Maxim ization, Ch apter 9— 10/5 Econom ic Efficiency, Chapter 14 plus pp. 547—559.— 10/10 Equity and Efficiency, online hand-out to be distributed• 10/12 Review for Midterm• 10/17, Midterm, in class. No make-ups without Dean’s excuse.Syllabus, Econ 115a, Udry 4• Monopoly and Imperfect Com petition— 10/19, Monopoly, Chapter 17— 10/24, Price Discrim ina tion , Ch ap ter 18— 10/26, Strategic Behavior, pages 403-423.— 10/31-11/2, Oligopoly, Chapter 19• Further Topics in Applied Microeconomics— 11/7, Oligopoly, Con t.— 11/9, Public Goods, handout to be distributed onlin e— 11/14 Externalities and Pollution, Chapter 21— 11/16 Sa vings and Investmen t, Chap ter 10,11— (Thanksgiving Break)— 11/28 Risk, Finance and Insurance, Chapter 12— 11/30 Course Conclusion and review• 9:00 AM, Saturday, 12/10: Final Exam. No mak e-ups without Dean’s