# Econ 6100

### Intro

This is the course website for Vanderbilt Economics 6100. 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 the odd-numbered 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.

There will be two midterms and a final exam. They are tentatively placed in the schedule below. Grading will be based 40% on midterm exams, 40% on the final exam, and 20% on homework.

### Office Hours / Teaching Assistant

My office hours: Tuesday 2:00-3:00 or by appointment in Calhoun 404. Matthew Chambers (TA) office hours: TBA.

### Schedule

Week 1: Aug. 22
Overview of Syllabus and Mathematical Review.
Problem Set(Due 8/29).

Week 2: Aug. 27, 29
Chapter 2.1-2.7: Budget Constraint and Chapter 3.1-3.8: Preferences

Week 3: (Sept. 3,5)
Chapter 3.1-3.8: Preferences and Chapter 4.1-4.5: Utility

Problem Set 1(Due 9/17)

Week 4: (Sept. 10, 12) Chapter 5.1-3&5.5 (Skip Lagrange Method).

Week 5: (Sept. 17, 19) Chapter 6.1-6.8: Demand. Chapter 8.1-8.7: Slutsky Equation

Problem Set 2: (Due Oct. 15) Workouts: 6.1, 6.3, 6.5, 6.7, 8.1, 8.5, 8.10, 8.11, 9.1, 9.3, 9.11, 10.1, 10.3, 10.9. For additional practice try 6.11 and 8.7 (No need to turn these two problems in.)

Week 6: (Sept. 24, 26): Exam,

Sept. 26: Midterm exam covering Chapters 1-6 & 8
Key Concepts

Week 7: (Oct. 1) Chapter 9.1-9.4: Buying and Selling

Problem Set 3: (Due Oct. 22) Workouts:
Chapter 15: 15.1-15.4 & 15.7
Chapter 16: 16.1, 16.3, 16.5, 16.7, 16.9, 16.11.

Week 8: (Oct. 8, 10) Chapter 10.1-10.5: Intertemporal Choice and Chapter 15.1-15.2,15.5-15.6,15.8,15.11: Market Demand

Week 9: (Oct. 15, 17) Chapter 16.1-16.9: Equilibrium

Week 10: (Oct.22) Chapter 19:.1-19.10 Technology

Problem Set 4: (Due Nov. 12)
Chapter 19: 19.0, 19.1, 19.3, 19.5, 19.9, 19.11.
Chapter 20: 20.1, 20.3, 20.6, 20.7, 20.11
Chapter 21: 21.1, 21.3, 21.5, 21.7, 21.9

This Problem:
Suppose $f(x_1,x_2)=x_1{}x_2{}$

1. Find the conditional factor demands when $w_1=1$ and $w_2=4$
2. What is the long-run cost function?
3. Suppose in the short run, $x_2$ is fixed at 1000. What is the short-run cost function?
4. In the short-run, when $x_2=1000$ how much does it cost to produce $y=100$?
5. In the long-run how much does it cost to produce $y=100$?

Week 11: (Oct. 29, Oct. 31): Chapter 20.1,20.5-20.10: Profit Maximization Chapter 21.1,21.3-21.6: Cost Minimization

Nov. 5: Midterm exam covering Chapters 9-10, 15-16 and 19
Key Concepts

Week 12: (Nov. 5, 7) Exam. Chapter 22.1-22.3,22.5,22.7: Cost Curves

Week 13: (Nov. 12, 14) Chapter 23.1-23.9: Firm Supply and Chapter 24.1-24.6: Industry Supply

Week 14: (Nov. 19, 21) Chapter 25.1-25.7: Monopoly and Chapter 26.1-26.6: Monopoly Behavior

No Class Nov. 26,28- Thanksgiving Holiday

Week 15: (Nov. 26, 28) 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

Extra Practice Problems
Lots of Practice Problems
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