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...

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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
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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
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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
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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
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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 .
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  • Winter '16
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  • Utility, Px

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