Textbook
Pindyck, Robert S., and Daniel L. Rubinfeld. Microeconomics. 6th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2004. ISBN: 9780130084613.
The book is also available in digital format from CourseSmart.
Readings by Session
The readings under the two formats are given below. Students are expected to have read the relevant chapters ahead of time.
Format 1: Lecture-recitation
L = Lecture and R = Recitation
| SES # | TOPICS | READINGS |
|---|---|---|
| L1 | What is economics? | Chapter 1 |
| R1 | Supply-demand analysis | Chapter 2 |
| L2 | Comparative statics | |
| L3 | Dynamic analysis | |
| R2 | Utility, revealed preference | Chapter 3 |
| L4 | Optimization, duality | |
| L5 | Demand curves | Chapter 4 |
| R3 | Engle curves | |
| L6 | Risk and uncertainty | Chapter 5 |
| R4 | Risky behavior, examples | |
| L7 | Production | Chapter 6 |
| L8 | Input use | |
| R5 | Review of chapters 1-5 | Chapters 1 to 5 |
| L9 | Cost curves | Chapter 7 |
| R6 | Scale and cost | |
| L10 | Profit maximization | Chapter 8 |
| L11 | Entry and exit | |
| R7 | Competitive markets | Chapter 9 |
| L12 | Examples | |
| L13 | Competitive markets (cont.) | |
| R8 | Economic "surplus" | Chapter 16 |
| L14 | Efficiency of markets | |
| L15 | Market structure | |
| R9 | Review of chapters 6-9, 16 | Chapters 6-9, 16 |
| L16 | Monopoly power | Chapter 10 |
| L17 | Monopsony – regulation | |
| L18 | Pricing power | Chapter 11 |
| L19 | Pricing power (cont.) | |
| R10 | Monopoly-pricing power | |
| L20 | Oligopoly | Chapters 12-13 |
| L21 | Monopolistic competition | |
| L22 | Competitive strategy | |
| L23 | Factor markets | Chapter 14 |
| R11 | Factor-labor markets | |
| L24 | Labor-land markets | |
| L25 | Capital markets | Chapter 15 |
| R12 | Review of chapters 10-15, 17-18 | Chapters 10-15, 17-18 |
| L26 | Insurance-risk markets | Chapter 17 |
| L27 | Government | Chapter 18 |
Format 2: Discussion Sections
D = Discussion and Q = Question and Answer session
| SES # | TOPICS | READINGS |
|---|---|---|
| D1 | Overview: themes, types of markets, economic measurement, economic analysis | Chapter 1 |
| D2 | The basics of supply and demand | Chapter 2 |
| D3 | Elasticities of demand | Chapter 2 |
| D4 | Price elasticity of supply; consumer preferences | Chapters 2-3 |
| D5 | Deriving MRS from utility function, budget constraints, and interior solution of optimization | Chapter 3 |
| D6 | Optimization, revealed preference, and deriving individual demand | Chapters 3-4 |
| D7 | Substitution and income effects, individual and market demand, consumer surplus | Chapter 4 |
| D8 | Irish potato famine, network externalities, and uncertainty | Chapters 4-5 |
| D9 | Preference toward risk, risk premium, indifference curves, and reducing risk | Chapter 5 |
| D10 | Insurance and production functions | Chapters 5-6 |
| D11 | Production functions | Chapter 6 |
| D12 | Production functions and cost of production | Chapters 6-7 |
| Q1 | Review of chapters 1-5 | |
| D13 | Cost functions | Chapter 7 |
| D14 | The cost of production and profit maximization | Chapters 7-8 |
| D15 | Short run and long run supply | Chapter 8 |
| D16 | Long run supply and the analysis of competitive markets | Chapters 8-9 |
| D17 | Supply restrictions, tax, and subsidy | Chapter 9 |
| D18 | Tax, subsidy, and general equilibrium | Chapters 9 and 16 |
| D19 | Efficiency in exchange, equity and efficiency, and efficiency in production | Chapter 16 |
| D20 | Production possibilities frontier and output market efficiency | Chapter 16 |
| D21 | Why markets fail | Chapter 16 |
| Q2 | Review of chapters 6-9, 16 | |
| D22 | Monopoly | Chapter 10 |
| D23 | Monopoly and monopsony | Chapter 10 |
| D24 | Monopoly and monopsony (cont.) | Chapters 10-11 |
| D25 | Pricing with market power | Chapter 11 |
| D26 | Pricing and monopolistic competition | Chapters 11-12 |
| D27 | Game theory and oligopoly | Chapters 12-13 |
| D28 | Oligopoly | Chapters 12-13 |
| D29 | Strategic games | Chapters 12-13 |
| D30 | Dominant firm model and factor market | Chapters 12-14 |
| D31 | Factor market | Chapter 14 |
| D32 | Investment, savings, time, and capital markets | Chapter 15 |
| D33 | Asymmetric information | Chapter 17 |
| D34 | Externalities, market failure and government | Chapters 17-18 |
| D35 | Public goods and review of chapters 10-15, 17-18 |