Class Notes (*Updated: 10/14/2021*)

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*.

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

**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 will consist of selections from problems in the workouts book, as well as problems I have written. 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.

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.

Greg's office hours: Thursday 11:00-12:00pm. TA: Qiao Lin. Office Hours: 1-3 pm every Wednesday. Zoom link: https://vanderbilt.zoom.us/j/8238830135. E-mail: qiaohairuo.lin@vanderbilt.edu.

Chapter 2.1-2.7: Budget Constraint. Chapter 3.1-3.8: Preferences. Please Read: Review of Functions.

Chapter 3.1-3.8: Preferences. Chapter 4.1-4.5: Utility

Chapter 5.1-3&5.5 (Skip Lagrange Method).

Chapter 6.1-6.8: Demand.

Chapter 8.1-8.5,8.6-8.7: Slutsky Equation, Chapter 9.1-9.4: Buying and Selling

Chapter 9.1-9.4: Buying and Selling, Chapter 10.1-10.5: Intertemporal Choice

Chapter 15.1-15.2,15.5-15.6,15.8,15.11: Market Demand

**October 21 Midterm exam covering Chapters 1-6 & 8,9,10** Key Concepts.

Review, Midterm Exam

Chapter 16.1-16.9: Equilibrium

Chapter 19:.1-19.10 Technology

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

Chapter 22.1-22.3,22.5,22.7: Cost Curves, Chapter 23.1-23.9: Firm Supply

Chapter 24.1-24.6: Industry Supply, Chapter 25.1-25.7: Monopoly

Chapter 26.1-26.6: Monopoly Behavior, Chapter 32.1-32.7, 32.9-32.13: Exchange

Final Exam: cumulative exam.

**Relevant problems for midterm exam:** 1,2,3,4,7,11(A-D),12,15,16,17,18,19,20,25,28(A,C)

Selected Solutions for Practice Problems (Updated 10/18/2021)