Microeconomics

Microeconomics

Major Courses

-

School of Economics and Management

All

KCCBG1MCA1

2.00Credits

講義 (Lecture)

Spring semester 2026

(Spring semester)

Shigeki ISOGAI

School of Economics and Management

English

1／2／3

By appointment

To be announced in the first class

1◎／2〇／3〇

ー

N/a

ー

Course Objectives:
The course aims to provide students with basic knowledge of microeconomics. The focuses are mainly on understanding markets.

Learning Outcome:
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.

Subtitle of the Class:
Intermediate microeconomics, market analysis.

Keywords of the Class:
Microeconomics, Markets

Course Overview:
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 study applications such as the effect of taxes and the necessity and importance of regulation to markets.


Schedule:
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 basic 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).

In-person

①In-person
・In-person classes only
・Not subject to the cap on distance-education credits

Fully permitted

In this course, the use of generative AI is fully permitted. Appropriate use of one is even encouraged.
Please pay attention to the contents described in "Guidelines on the Use of Generative AI in Education at the University of Hyogo (For Students)".

Additional instructions based on the current state of the AI will be provided in the first class.

The instructor provides the lecture notes.

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

[Preparation] Reading the lecture notes beforehand (30h)
[Review] Checking your understanding of the course materials (including reading the lecture notes again and solving review exercises) (30h)

Due to the nature of a theoretical course, hours for "explicit" active learning are not reserved (e.g. group activity or discussion). However, any questions and spontaneous discussions from students are always welcome.

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 instructor's website.
Comments to final exam are going to be announced through the university system.

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

Not aplicable.