Econ. 410Spring 2008Tauchen Course Outline and Readings – Part I Listed below is an abbreviated course outline. Unless otherwise stated the readings are from Besanko and Braeutigam, Microeconomics. ed 3, Wiley, 2008. Other readings are available on the course web site.Topic 1: Basics of Supply and DemandI. Preliminaries – pp. 20-25II. Basics of Supply and Demand – Ch. 2.1III. Algebraic Model of Supply and Demand – Ch. 2.1IV. Elasticities – Ch. 2.2 – 2.4V. Applications Yorman Bauman, (2005). Quntum Microeconomics, pp. 115-119Topic 2: Consumer TheoryI. Budget Constraint – Ch. 4.1II. Consumer PreferencesA. Usual Assumptions about Consumer Preferences – Ch 3.1B. Utility Function – pp. 73-79C. Indifference Curves and the Indifference Map – pp. 79-86D. Specific Examples of Preferences and Utility Functions – pp. 87-94III. Consumer Choice – pp. 105-108, 111-113IV. Individual Demand – Ch 5.1A. Effects of Changes in Only One Price – Deriving the Demand CurveB. Effects of Change in Only Income – Deriving the Engle CurveV. Income and Substitution Effects – Ch. 5.2VI. Applications – Ch. 4.3, 5.6VII. Consumer Surplus – Ch. 5.3VIII. Market Demand – Ch. 5.4Topic 3: Efficiency and Equity of the Market Outcome – Simple Exchange Economy pp. 628-634Topic 4: Technology I. Introduction – Ch. 6.1II. Production Function with One Variable Input – Ch. 6.2III. Production Function with More than One Variable Input – pp. 194-205, 208-212IV. Returns to Scale – Ch. 6.5Topic 5: CostsI. Basics – pp. 225-234 II. Long-Run Cost Minimizing Input Combination – pp. 234-250III. Short-Run Cost Minimizing Input Combination – Ch. 7.4IV. Deriving the Long-Run Cost Curves – pp. 263-274V. Shape of the LR Average Cost Curve and Economies of Scale – pp. 274-279VI. Short Run Cost Function with One Variable Input – pp. 279-282 VII. Relationship between Short-Run and Long-Run Cost Functions – pp. 283-287Topic 6: Competitive MarketI. Preliminaries – Ch. 9.1II. Profit Maximization by the Individual Competitive Firm – Ch. 2III. A Competitive Firm’s Short-Run Supply Curve – pp. 312-318IV. Short-Run Market Supply – pp. 319-323V. Short-Run Market Equilibrim – pp. 324-328VI. Long-Run Competitive Equilibrium – Ch. 9.4VII. Economic Rent and Producer Surplus – pp.
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