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# ECON 207 - Microeconomic Theory I

Mikroekonominin advanced dersi olan Econ 207 dersinde Hocanın derste ödev olarak verdiği Study Sheetler üzerinden soruları çözüyor; gerekirse geçmiş yıl sınavlarının üzerinden geçiyoruz.

Ders Tanıtımı:

In this course following topics will be covered: Unconstrained Optimization, Constrained Optimization, Budget Constraint, Utility, Choice, Demand, Slutsky Equation, Consumer Surplus, Demand Elasticities, Application of Consumer Choice Theory, Uncertainty, Equilibrium, Production and Costs

Haftalık Konular:

1. Unconstrained Optimization: One Variable Case, Several Variables Case, Implicit Functions, Envelope Theorem

2. Constrained Optimization: Lagrangian Multiplier Method, Inequality Constraints, Homogenous Functions, Homothetic Functions

3. Budget Constraint: Geometry of Budget Line, Shifts in Budget Line, Effects of Taxes, Subsidies and Rationing on Budget Line, An Example: Food Stamp Program Preferences: Assumptions about Preferences, Indifference Curves, Perfect Substitutes, Perfect Complements, Bads, Neutrals, Satiation, Marginal Rates of Substitution

4. Utility: Utility Functions, Examples-Linear, Min {,}, Cob-Douglas, Marginal Utility and MRS, Indirect Utility Function

5. Choice: Optimal Choice, Kinky Tastes, Corner Solution, Optimal Choice with Perfect Substitutes and Complements, Income Tax vs. Quantity Tax

6. Demand: Demand Functions, Changes in Income-Normal and Inferior Goods, Income Offer Curves and Engel Curves, Changes in Price-Ordinary and Giffen Goods, Individual’s Demand Curve, Shifts in Demand Curve, Substitutes and Complements, Compensated Demand Curve

7. Slutsky Equation: Substitution Effect, Income Effect, Calculations of Income and Substitution Effects, Law of Demand, Slutsky Decomposition with Perfect Substitutes and Complements, An Example: Taxing a Consumer and Rebating the Tax

8. Mid-term Exam

9. Consumer Surplus: Interpretations of Consumer Surplus, Change in Consumer Surplus, Compensating and Equivalent Variation, Calculating Gains and Losses from a Government Policy

10. Demand Elasticities: Price Elasticity of Demand, Elasticity of a Linear Demand Curve, Constant Elasticity Demands, Elasticity and Revenue, Elasticity and Marginal Revenue, Income Elasticity, Cross-Price Elasticity

11. Using Consumer Choice Theory: Excise Subsidy vs. Lump-Sum Subsidy, Gasoline Taxes and Tax Rebates, Intertemporal Consumer Choice, Change in Endowment, Change in Interest Rate

12. Uncertainty: Contingent Consumption, Expected Utility, Risk Aversion, An Example-Demand for Insurance, Measuring Risk aversion, Diversification, Risk Spreading

13. Equlibrium: Market Demand and Supply, Market Equilibrium, Comparative Statics, Taxation with Linear Demand and Supply, Passing Along a Tax, Deadweight Loss of a Tax, Food Subsidies, Competitive Market and Pareto Efficiency

14. Production: Inputs and Outputs, Production Isoquants, Marginal Product, Marginal Rate of Substitution, Production When only One Input is Variable

15. Production: Total Average and Marginal Product Curves, Law of Diminishing Marginal Returns, Returns to Scale

16. Costs of Production: Short-run Costs, Total Cost, Average Cost, Marginal Cost, Short-Run Cost Curves, Marginal-Average Relationship, Long-run Costs, Isocost Lines, Long-run Cost Curves

# ECON 208 - Microeconomic Theory II

Mikroekonominin advanced dersi olan Econ 208 dersinde Hocanın derste ödev olarak verdiği Study Sheetler üzerinden soruları çözüyor; gerekirse geçmiş yıl sınavlarının üzerinden geçiyoruz.

Ders Tanıtımı:

In this course the following topics will be covered: Profit Maximization and Competitive Firm, Competitive Industry, Application of Competitive Market Theory, Monopoly, Monopolistic Competition, Oligopoly, Applications of Noncompetitive Market Models, Economics of Information, Employment and Pricing Inputs, Wage, Rent, Interest and Profit, Application of Input Market Analysis, General Equilibrium, Welfare Economics, Public Goods and Externalities

Haftalık Konular:

1. Profit Maximization and Competitive Firm: Demand Curve Facing Competitive Firm, Short-run Profit Maximization, Operating at a Loss in the Short-run, Long-run Profit Maximization, Output Response to a Change in Price and in Input Price

2. Competitive Industry: Assumptions of Perfect Competition, Short-run Industry Supply Curve, Long-run Competitive Equilibrium, Zero Economic Profit in Long-run, Long-run Supply Curve, Constant Cost Industry, Increasing Cost Industry, Decreasing Cost Industry, Efficiency of Competitive Markets

3. Using Competitive Market: Evaluation of Gains and Losses, Producer Surplus, Consumer Surplus and Efficient Output, Welfare Cost of a Price Ceiling, Welfare Cost of Inefficient Output, Effects of Per Unit Excise Taxes, How Elasticities Affect Tax Burden, Welfare Cost of Excise Taxation, Rent Controls, Short-run and Long-run Effects of Rent Controls

4. Monopoly: Sources of Monopoly Power, Monopolist’s Demand and Marginal Revenue Curve, Profit-Maximizing Output of a Monopoly, Effects of a Monopoly, Distribution of Income, Welfare Cost of a Monopoly, Price Discrimination, Types of Price Discrimination

5. Monopolistic Competition: Price and Output under Monopolistic Competition, Welfare Cost of Monopolistic Competition

6. Oligopoly: Oligopoly and Cournot Model, Cournot with more than Two Firms, Stackelberg Leader-Follower Model, Dominant Firm Model, Kinked Demand Curve Model, Cartel and Collusion

7. Using Noncompetitive Market Models:Welfare Cost of Noncompetitive Output, Monopoly and Inventions, Excise Taxation:

8. Midterm exam

9. Competition Monopoly and Oligopoly Compared, Natural Monopoly and Regulation, Two-Part Tariff

10. Economics of Information: Asymmetric Information, Market for Lemons, Quality Choice, Adverse Selection, Moral Hazard, Signaling

11. Employment and Pricing Inputs: Input Demand Curve of a Competitive Firm: One Input Variable, All Inputs Variable, Input Demand Curve of a Competitive Industry, Supply of Inputs, Equilibrium Wage and Employment for a Competitive Industry, Input Demand and Employment by Monopoly, Monopsony

12. Wage, Rent, Interest and Profit: Income-Leisure Choice of a Worker, Supply of Hours of Work, Why Wages Differ, Economic Rent, Borrowing Lending and Interest Rate, Investment and Marginal Productivity of Capital, Investment Demand Curve, Savings Investment and Interest Rate

13. Using Input Market Analysis: Minimum Wage Law, Tax on Employers vs. Tax on Employees, Cartel of Buyers, Discrimination in Employment, Negative Income Tax, Corporation Income Tax, Economic Effects of Deficits

14. General Equilibrium: Partial Equilibrium and General Equilibrium Compared, Production and Edgeworth Production Box Diagram, General Equilibrium in Input Markets, Production Possibility Frontier and Output Markets

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