|履修条件||This course assumes that you have completed “Introductory Economics” with a grade of C.|
|科目の目的・到達目標||Students who successfully complete the following two criteria will receive a grade of B or better.
(or, Upon successful completion of this course, you will be able to:)
1. Demonstrate a rigorous understanding of microeconomic theory.
2. Develop quantitative skills in formulating the economic behaviors of consumers and firms using calculus
3. Compare arguments concerning business and politics, and make good conjectures regarding the alternative options
4. Understand the textbook written in English, and explain/discuss how to derive solutions in English
|授業の概要||This course will introduce the tools of microeconomic analysis that will give you insight into how economic models can help us grasp important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, perfect competition and efficiency, monopoly power, imperfect competition, game theory, and asymmetric information. This course develops a coherent framework, i.e., economic models, to analyze and organize observed economic phenomena. The students are expected to build logical thinking ability that helps explain and predict a wide variety of economic issues.|
|授業計画||1. The course orientation
Read Ch. 2 and solve questions at the end of the chapter.
2. Chapter 2 - Thinking like an Economists
• The Circular-Flow Diagram
• The Production Possibility Frontiers
• Active learning - Exercise with Group work
Home Work Assignment (HW hereafter) Read Ch. 2 and solve questions at the end of the chapter.
3. Chapter 3 - Interdependence and the Gains from Trade
• Comparative Advantage
• Exercise on International Comparative Advantage
Aplia Problem Set of Ch.2 (In class quiz, hereafter INQ)
4. Chapter 5 - Elasticity and Its Application
• The Elasticity of Demand
• Computing the Price Elasticity of Demand (Cooperative Learning)
• The Elasticity of Supply
(HW) Read Ch. 5 and solve questions at the end of the chapter.
5. Chapter 5 - Continued
• Three Exercises on Applications of Elasticity (Cooperative learning)
o Drug Interdiction
Aplia Problem Set of Ch.5 (INQ)
6. Chapter 6 - Supply, Demand, and Government Policies
(HW) Read Ch. 6 and solve questions at the end of the chapter.
• Control on Prices--Rent Control (Discussion)
7. Chapter 6 - Continued
• Taxes on Sellers
• Taxes on Buyers
• Tax Incidence: Exercise by Cooperative Learning
Aplia Problem Set of Ch.6 (INQ)
8. Chapter 7 - Consumers, Producers, and the Efficiency of Markets
• Willingness to Pay
• What does Consumer surplus Measure?
• Active Learning: How Price Affects Consumer Surplus (Cooperative Learning)
(HW) Read Ch. 7 and solve questions at the end of the chapter.
9. Chapter 7 - Continued
• Producer Surplus
• Market Efficiency
• Evaluating the Market Equilibrium
• Example: Examples of Inefficiency Caused by Rationing (Exercise by Cooperative Learning)
Aplia Problem Set of Ch.7 (INQ)
10. Chapter 21 - The Theory of Consumers Choice
• The Budget Constraint
• Indifference Curves
• Two Extreme Examples of Indifference Curves (Exercise by Cooperative Learning)
(HW) Read Ch. 21 and solve questions at the end of the chapter.
11. Chapter 21 - Continued
• How Changes in Income Affect the Consumer's Choices
• How Changes in Prices Affect the Consumer's Choice
• Income and Substitution Effects
• Income Effects on Labor Supply (Exercise by Cooperative Learning)
Aplia Problem Set of Ch.21 (INQ)
12. Chapter 10 - Externalities
• Externalities and Market Inefficiency
• Command and Control Policies
• Corrective Taxes and Subsidies
Read Ch. 10 and solve questions at the end of the chapter.
13. Chapter 10 - Continued
• Tradable Pollution Permits
• Exercises by Cooperative Learning
Aplia Problem Set of Ch.10 (INQ)
14. Review Questions for Midterm
15. Midterm Exam Chapters 2,5,6,7, 21, 10
16. Chapter 11 - Public Goods and Common Resources
• Different Kinds of Goods (Discussion)
• Public Goods
(HW) Read Ch. 11 and solve questions at the end of the chapter.
17. Chapter 11 - Continued
• Common Resources
• Problems and Applications (Exercise by Cooperative Learning)
Aplia Problem Set of Ch.11 (INQ)
18. Chapter 22 - Frontiers of Microeconomics
• Asymmetric Information
• Hidden Actions: Moral Hazard (Discussion)
• Adverse Selection and the Lemmon Problem (Discussion)
• Signaling to Convey Private Information (Discussion)
(HW) Read Ch. 22 and solve questions at the end of the chapter.
19. Chapter 22 - Continue
• People Aren't Always Rational (Discussion)
• People Care about Fairness (Discussion)
Aplia Problem Set of Ch.22 (INQ)
20. Chapter 13 - The Costs of Production
• What are Costs?
• Production and Costs
• Fixed and Variable Costs (Discussion)
(HW) Read Ch. 13 and solve questions at the end of the chapter.
21. Chapter 13 - Continue
• Average and Marginal Cost ((Exercise by Cooperative Learning)
• Cost Curves and Their Shapes
• Typical Cost Curves
• Costs in the Short Run and in the Long Run (Discussion)
Aplia Problem Set of Ch. 13 (INQ)
22. Chapter 14 - Firms in Competitive Markets
• What is a Competitive Market? (Discussion)
• Profit Maximization
• Supply Curve (Exercise by Cooperative Learning)
Read Ch. 14 and solve questions at the end of the chapter.
22. Chapter 14 - Continued
• Decision to Shut Down (Discussion)
• Long-Run Decision to Exit or Enter a Market (Exercise)
Aplia Problem Set of Ch.14 (INQ)
23. Chapter 15 - Monopoly
• Why Monopolies Arise (Discussion)
• How Monopolies Make Production and Pricing Decisions
• Exercise by Cooperative Learning
(HW) Read Ch. 15 and solve questions at the end of the chapter.
24. Chapter 15 - Monopoly (Continued)
• The Welfare Cost of Monopolies
• Price Discrimination--Discussion: Examples of Price Discrimination in the Real-World)
25. Chapter 16 - Monopolistic Competition
• Between Monopoly and Perfect Competition
• Short Run
• Long Run Equilibrium
Aplia Problem Set of Ch. 16 (INQ)
26 Chapter 17 - Oligopoly
• Markets with Only a Few Sellers
• Derive Best Response (Exercise by Cooperative Learning)
(HW) Read Ch. 17 and solve questions at the end of the chapter.
27 Chapter 17 - Game Theory
• Nash Equilibrium
• Prisoner's Dilemma
• Find a Nash Equilibrium (Exercise by Cooperative Learning)
Aplia Problem Set of Ch.17 (INQ)
28 Review Questions for Final Exam
|評価方法||Evaluation: Your grade will be determined by
Assessment Weights Notes
Final Exam 30%
Midterm Exams 30%
Assignments 25% Three or Four Problem Sets
Class Participation 15% Assignments occur during the class session.
|テキスト・参考文献等||Required textbook (the same textbook you have used in the “Introductory Economics”):
By N. Gregory Mankiw
"Principles of Economics" Eight Edition
Please purchase a copy of the textbook at the University Bookstore. Online MindTap course ware must be bundled. Don't buy or use a second-hand copy. You cannot submit online Aplia problem sets without MindTap course ware, which comes only with a new copy available at the bookstore.
|授業外の学習活動||8 hours of self-study are required for each week.|