Econ 3012

Intro

This is the course website for Vanderbilt Economics 3012. This course focuses on the formal analysis of the behavior of individuals and firms and how these behaviors aggregate in a market. We will analyze market performance and determine how performance is influenced by various changes. This page will be continuously updated throughout the semester. Please check it on a regular basis. Consider subscribing to changes using a service such as Visual Ping or Wachete.

Mathematical Level

Some concepts and formulas from differential calculus will be used, but most of the presentations, homework and exams will involve diagrams, algebra and analytical reasoning. A review of the relevant mathematical concepts will occur on the first day of class.

Textbook(s)

Intermediate Microeconomics with Calculus: A Modern Approach by Hal R. Varian.
Workouts in Intermediate Microeconomics (Ninth Edition), by Theodore C. Bergstrom and Hal R. Varian.

Problem Sets

Problem sets will consist of selections from problems in the Workouts” book, as well as problems written by the instructor. The problem sets will be posted on this page in the schedule below. I encourage working on the homework in groups. The homework will be graded by the teaching assistant, and reviewed by the instructor.

Exams and Grading

There will be one midterm and a final exam. They are tentatively placed in the schedule below. Grading will be based 30% on midterm exam, 50% on the final exam, and 20% on homework.

Office Hours / Teaching Assistant

My office hours: Tuesday 11:00-12:00pm on zoom and by appointment. TA: Terry Kim. Office Hours: Mon 10:30-11:30am
All office hours held on zoom. For links, see brightspace.

Schedule

Week 1: Overview of Syllabus & Chapter 2.1-2.7: Budget Constraint.
Please Read: Review of Functions.
Problem Set [Due Sept. 1. Please scan your work and upload to Brightspace.]

Week 2 (Sept 1,3): Chapter 3.1-3.8: Preferences
Problem Set 1 (Due Sept 22)

Week 3 (Sept 8,10): Chapter 4.1-4.5: Utility

Week 4 (Sept 15,17): Chapter 5.1-3&5.5 (Skip Lagrange Method).

Week 5 (Sept 22,24): Chapter 6.1-6.8: Demand. Chapter 8.1-8.7: Slutsky Equation

Problem Set 2: Workouts: 6.1, 6.3, 6.5, 6.7, 8.1, 8.5, 8.10, 8.11, 9.1, 9.3, 9.11 For additional practice try 6.11 and 8.7 (No need to turn these two problems in.)

Week 6 (Sept 29, Oct 1): Chapter 9.1-9.4: Buying and Selling and Chapter 10.1-10.5: Intertemporal Choice

Week 7 (Oct 6, Oct 8): Chapter 15.1-15.2,15.5-15.6,15.8,15.11: Market Demand

Problem Set 3: Workouts: Chapter 10: 10.1,10.3,10.9 Chapter 15: 15.1-15.4 & 15.7
Chapter 16: 16.1, 16.3, 16.5, 16.7, 16.9, 16.11.
Chapter 19: 19.0, 19.1, 19.3, 19.5, 19.9, 19.11.

Midterm Exam Oct 15 Midterm exam covering Chapters 1-6 & 8,9,15
Key Concepts
Key Concepts

Week 8 (Oct 13): Chapter 16.1-16.9: Equilibrium, Midterm Exam

Week 9: Chapter 16.1-16.9: Equilibrium Continued

Week 10: Chapter 19:.1-19.10 Technology

Problem Set 4: Workouts: Chapter 20: 20.1, 20.3, 20.6, 20.7, 20.11
Chapter 21: 21.1, 21.3, 21.5, 21.7, 21.9 Chapter 22: 22.1, 22.3, 22.5, 22.9
Chapter 23: 23.1, 23.3, 23.7, 23.9
Chapter 24: 24.0, 24.5, 24.7, 24.11

Week 11: Chapter 20.1,20.5-20.10: Profit Maximization Chapter 21.1,21.3-21.6: Cost Minimization

Week 12: Chapter 22.1-22.3,22.5,22.7: Cost Curves

Week 13: Chapter 23.1-23.9: Firm Supply and Chapter 24.1-24.6: Industry Supply

Additional Material to be Covered as Schedule Permits: Chapter 25.1-25.7: Monopoly and Chapter 26.1-26.6: Monopoly Behavior, Chapter 32.1-32.7, 32.9-32.13: Exchange Chapter 34.1-34.3, 34.5-34.6: Welfare and Chapter 35.1,35.3-35.6: Externalities

Problem Set 4: Chapter 20: 20.1, 20.3, 20.6, 20.7, 20.11
Chapter 21: 21.1, 21.3, 21.5, 21.7, 21.9 Chapter 22: 22.1, 22.3, 22.5, 22.9
Chapter 23: 23.1, 23.3, 23.7, 23.9
Chapter 24: 24.0, 24.5, 24.7, 24.11

Extra Practice Problems
Lots of Practice Problems

Final Exam: cumulative exam.
Key Concepts