Microeconomics I

Microeconomics I

専門教育科目

−

国際商経学部

学年指定なし

KCCBG1MCA1

2単位

講義 (Lecture)

2024年度前期

(Spring semester)

磯貝 茂樹

国際商経学部

英語

目標4

To be announced in the first class.

To be announced in the first class.

1◎／2〇／3〇

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The course aims to provide students with basic knowledge of microeconomics. The first semester focuses on understanding markets.

The students will be able to understand basic ideas and concepts of price theory: producers, consumers, and markets. In particular, they will be able to analyze economic phenomena with their knowledge.

Intermediate microeconomics, market-analysis part.

Microeconomics, Markets

Microeconomics is a field of economics that studies how each individual makes economic decisions and then how those individual behaviors affect the economy. It also provides us with a tool to analyze various social phenomena in a logically consistent way. Such knowledge in economics is widely applied to economic policies and businesses in some countries such as the U.S. (and recently in Japan). During the course, we will find applications such as the effect of taxes and the necessity and importance of regulation to markets.

The course explains basic topics in so-called price theory: producer decisions, consumer behaviors, and market analysis. Necessary analytical tools such as (a little bit of) math will also be covered during the course.

The tentative schedule is as follows:
Week 1: Introduction and preliminaries
Week 2: Preliminary explanation of markets
Week 3: Producer decisions—Production technology and cost function
Week 4: Producer decision—Various ways to derive supply function (1)
Week 5: Producer decision—Various ways to derive supply function (2)
Week 6: Consumer behavior—Choice, preference, and "utility"
Week 7: Consumer behavior—Deriving demand function (1)
Week 8: Consumer behavior—Deriving demand function (2)
Week 9: Consumer behavior—Measuring welfare
Week 10: Market analysis—Welfare implications of competition (1)
Week 11: Market analysis—Edgeworth box
Week 12: Market analysis—Welfare implications of competition (2)
Week 13: Market failure—Externality
Week 14: Market failure—Public goods
Week 15: Review of the course

Exam week: Final exam

The standard topics of microeconomics (with emphasis on market analysis) are covered. The first 9 courses provide knowledge of fundamental economic agents: producers (firms) and consumers. Another 6 courses study how markets work (sometimes well and sometimes poorly). The last course will review what we will have studied and motivate the study in the next semester (i.e. Microeconomics II).

Note: While not relevant to evaluation, students are allowed to use generative AI to help their self-study. However, they need to be aware that the currently used AIs (such as chatGPT) do not necessarily tell you correct statements about your inputs (particularly when you ask something academic or professional). It is their responsibility to make a "fact-check" on the output.

The instructor provides the lecture notes.

Hal Varian, "Intermediate Microeconomics: A Modern Approach,"
Acemoglu, Laibson, and List, "Microeconomics," and
Mankiw, "Principles of Microeconomics."

[Preparation] Reading the lecture notes beforehand (15h)
[Review] Checking your understanding of the course materials (including reading the lecture notes again and solving review exercises) (15h)

Due to the nature of a theoretical course, hours for "explicit" active learning are not reserved (for group activity or discussion). However, any questions and spontaneous discussions from students are always welcome, and the instructor plans to introduce a web service that enables students to anonymously ask questions (to help shy students).

The course evaluation aims to assess students' understanding of the course materials. It will be based on the final exam.

The course materials (such as lecture notes and review exercises) will be provided through the university system.

Though a former exposition to microeconomics may be helpful, there is no prerequisite for the class. Everyone is welcome.

Not applicable.