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ECON 5020G
Microeconomic Theory
2016 Fall
Instructor: Jiankang Zhang Classes: Office: D887 Loeb Building When: Mondays 11:35-14:25 (Lecture) Phone: 613-520-2600 ext. 3774 Wednesdays 18:05-19:25 (Tutorial) Email: [email protected] Where: TBA (Lecture) Website: www.carleton.ca/~jzhang TBA (Tutorial) Email: [email protected] Office Hours: 16:10-17:40 (Mondays or by
appointment) _______________________________________________________________
Welcome to Microeconomic Theory.
Objectives: This course is an introduction to graduate-level microeconomic theory, including topics such as utility maximization and individual choice, decision-making under uncertainty, producer theory (technology, costs, and profit maximization), alternative market structures (competition, monopoly, and oligopoly), general equilibrium, and the economics of information.
Precludes additional credit for ECON 5000 (no longer offered) and ECON 5001 (no longer offered).
Textbook
The required textbook for this course is
Microeconomic Theory by A. Mas-Colell, M. Whinston, and J. Green Oxford University Press, 1995
Other helpful textbooks
Advanced Microeconomic Theory (3rd edition) by G. Jehle, and P. Reny
Microeconomic Analysis (3rd edition) by H. Varian
A Course in Microeconomic Theory by D. Kreps
Course Outline
I. Consumer Theory
Preferences Utility maximization and indirect utility function Expenditure minimization and expenditure function Marshallian and Hicksian demand functions
ECON 5020G - Microeconomic Theory 2016 Fall *********************************************************************
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Slutsky equation and Slutsky matrix Aggregate demand Revealed preferences Risk and uncertainty
Chapters 1, 2, 3, 4a, b, and 6
II. Theory of the Firm
Production set Profit maximization and profit function Cost minimization and cost function Input demand and output supply functions Aggregation
Chapter 5
III. Equilibrium and Efficiency
Perfect competition Equilibrium in competitive market systems Imperfect competition The fundamental theorems of welfare economics Pareto optimality and social welfare optima
Chapters 10, 15, 16, and 17a, b
IV. Information Economics
Adverse Selection Moral Hazard
Chapters 13 and 14
Grading Scheme Each student’s grade in the course will be determined in terms of their “math” mark earned in ECON 4995 during the Summer-Fall Intersession as well as their “micro” mark calculated as follows:
1. Two in-class midterm exams 20%, 30%, respectively 2. Final exam 50%
● The first midterm examination will be held after finishing Chapter 2. The second midterm examination will be held after finishing Chapter 3.
● There will be no deferred mid-term exams. If you miss a midterm exam due to an emergency or illness and provide proper documentation, the assigned weight will be added to the final exam. Otherwise you will receive zero marks for it.
● A maximum of one missed midterm is permitted. As a result, a maximum weight of 80% will be given to the final examination.
ECON 5020G - Microeconomic Theory 2016 Fall *********************************************************************
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● The final examination will be a three-hour examination, scheduled by the Scheduling Office.
● The final exam will be cumulative and cover the entirety of the course material. The student’s final grade for ECON 5020 will be calculated as their micro mark plus a bonus component calculated as follows. The bonus points = max{0, 0.1× (grade-70)} where the grade is for the math part of the ECON 4995. Standing in a course is determined by the course instructor, subject to the approval of the Faculty Dean. This means that grades submitted by the instructor may be subject to revision. No grades are final until they have been approved by the Dean.
There will be no deferred mid-term exam. If you miss it due to an emergency or illness and provide proper documentation, the assigned weight will be added to the final exam. Otherwise you will receive zero marks for it.
Tutorials
Weekly tutorials will be conducted to demonstrate the applications of concepts and theories presented in classes.
Practice Problems
Students are encouraged to work through as many textbook problems as possible, since these are the best way to learn the course and prepare for the exams as well. Moreover, I will provide four sets of practice problems.
Plagiarism: Please be aware that plagiarism is serious offence at Carleton and should be recognized and avoided. For further information on how to do so, please see “Pammett on Plagiarism and Paraphrasing” at http://www.carleton.ca/economics/courses/writing-preliminaries/.
Accommodation: Students with disabilities requiring academic accommodations in this course must contact a coordinator at the Paul Menton Centre for Students with Disabilities to complete the necessary Letters of Accommodation. After registering with the PMC, make an appointment to meet and discuss your needs with me in order to make the necessary arrangements as early in the term as possible.
If you have any problems and questions, please do not hesitate to ask me for help.
For Religious Obligations
To be worked out on individual basis with instructor. Consult Equity Services Website or an Equity Advisor (ext. 5622) for Policy and list of Holy Days (www.carleton.ca/equity)
For Pregnancy Contact Equity Services (ext. 5622) to obtain letters of accommodations
