Econ 400 Chapter 03-06 - Economics 400 Advanced Microeconomics Instructor Quan Wen O ce Savery Hall 330 O ce Hours Tuesday and Thursday 1:00-2:30 pm or

# Econ 400 Chapter 03-06 - Economics 400 Advanced...

• Notes
• 83

This preview shows page 1 - 6 out of 83 pages.

Economics 400: Advanced Microeconomics Instructor: Quan Wen O¢ ce: Savery Hall 330 O¢ ce Hours: Tuesday and Thursday 1:00-2:30 pm or by appointment Email: [email protected] Course Description: Explores the rigorous development of mathematical models used by economists to explain the behavior of consumers, °rms, and markets. Topics include comparative statics for consumption theory, duality in production, and decision-making under uncertainty. Prerequisite: minimum grade of 2.0 in ECON 300; MATH 126; recommended: minimum grade of 3.0 in ECON 300. Textbook: Walter Nicholson and Christopher Snyder, Microeconomic Theory (11-th Edition), South-Western, 2012. Q. Wen (Econ, UW) Econ 400 University of Washington 1 / 83

Subscribe to view the full document.

Economics 400: Advanced Microeconomics Assignments, Midterm, and Final: Six Assignments, 30% to the °nal grade Midterm Exam: Nov. 5, 8:30-10:20 , 30% to the °nal grade Final Exam: Dec. 15, 10:30-12:20 , 40% to the °nal grade Grade Scale: Your °nal grade will be calculated according to the following function: f ( x ) = max ° 4 min ° x ° 50 45 , 1 ± , 0 ± , where x be the total points (out of 100) you received from assignments, midterm, and °nal. Properties of function f ( x ) for x 2 [ 0 , 100 ] : 1 If x ± 95, f ( x ) = 4 2 If x ² 50 , f ( x ) = 0 3 For x 2 [ 50 , 95 ] , f ( x ) is a linear function of x with slope 4 45 = 0 . 08 ˙ 8 4 f ( x ) is weakly increasing and continuous 5 f ( x ) is di/erentiable at all x 6 = 50 and x 6 = 95 Q. Wen (Econ, UW) Econ 400 University of Washington 2 / 83
Economics 400: Advanced Microeconomics Policy on Academic Conduct: Academic integrity is the cornerstone of the Department±s rules for student conduct and evaluation of student learning. Students accused of academic misconduct will be referred directly to the O¢ ce of Community Standards and Student Conduct for disciplinary action pursuant to the Student Conduct Code and, if found guilty, will be subject to sanctions. Sanctions range from a disciplinary warning, to academic probation, to immediate dismissal for the Department and the University, depending on the seriousness of the misconduct. Dismissal can be, and has been, applied even for °rst o/enses. Moreover, a grade of zero can be assigned by the instructor for the course. Q. Wen (Econ, UW) Econ 400 University of Washington 3 / 83

Subscribe to view the full document.

Chapter 3: Preferences and Utility Suppose there are n commodities. A consumption bundle is denoted as X = ( x 1 , x 2 , . . . , x n ) . A consumer "should be able" to make simple choice between two bundles, known as preference relation . If the consumer likes bundle A better than bundle B , then we say " A is (strictly) preferred to B ", denote as A ³ B . If the consumer thinks that A and B are equally attractive, then " A is indi/erent from B ", denote as A ´ B . If either A ³ B or A ´ B , then " A is weakly preferred to B ", denote as A % B . Q. Wen (Econ, UW) Econ 400 University of Washington 4 / 83
Chapter 3: Preferences and Utility Axioms of Rational Choice 1 Completeness . For any two bundles A and B , either A ³ B , or B ³ A , or A ´ B .

Subscribe to view the full document.

• Winter '16
• wenquan
• Utility, Px

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes