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## Syllabus

### Updated A.Y. 2018-2019

Textbook:

H.R. Varian, Intermediate Microeconomics (latest edition), W.W. Norton & Company

Workbook (for practice classes):

T.C. Bergstrom and H.R. Varian, Workouts in Intermediate Microeconomics (latest edition), W.W. Norton & Company

List of topics (for Part I):

Budget constraint (chapter 2)

• The Budget Constraint
• Two Goods are Often Enough
• Properties of the Budget Set
• How the Budget Line Changes
• The Numeraire
• Taxes, Subsidies, and Rationing

Preferences (chapter 3)

• Consumer Preferences
• Assumption about Preferences
• Inidifference Curves
• Examples of Preferences:
• Perfect Substitutes, Perfect Complements, Bads, Neutral, Satiation, Discrete Goods
• Well Behaved-Preferences
• The Marginal Rate of Substitution
• Other Interepretation of the Marginal Rate of Substitution
• Behavior of the Marginal Rate of Substitution

Utility (chapter 4)

• Cardinal Utility
• Construction a Utility Function
• Some Examples of Utility Functions:
• Perfect Substitutes
• Perfect Complements
• Quasilinear Preferences
• Cobb-Douglas Preferences
• Marginal Utility
• Marginal Utility and Marginal Rate of Substitution

Choice (chapter 5)

• Optimal Choice
• Consumer Demand
• Some Examples:
• Perfect Substitues
• Perfect Complements
• Neutrals and Bads
• Discrete Goods
• Concave Preferences
• Codd-Douglas Preferences
• Implications of the MRS Condition
• Choosing Taxes

Demand (chapter 6)

• Normal and Inferior Goods
• Income Offer Curves and Engel Curves
• Some Examples:
• Perfect Substutes
• Perfcet Complements
• Cobb-Douglas Preferences
• Homothetic Preferences
• Quasilinear Preferences
• Ordinary Goods and Giffen Goods
• Price Offer Curve and Demand Curve
• Some examples:
• Perfect Substitutes
• Perfect Complements
• Discrete Good
• Substitutes and Complements
• The Inverse Demand Function
• Appendix (on Quasilinear Preferences)

Slutsky Equation (chapter 8)

• The Subsitution Effect
• The Income Effect
• Sign of the Subsitution Effect
• The Total Change in Demand
• Rates of Change
• The Law of Demand
• Examples of Income and Substitution Effects

Buying and Selling (chapter 9)

• Net and Gross Demands
• The Budget Constraint
• Changing the Endowment
• Price Changes
• Offer Curves and Demand Curves
• The Slitsky Equation Revisited
•  Use of the Slutsky Equation
• Labor Supply
• Comparative Statics of the Labor Supply

Uncertainty (chapter 12)

• Contingent Consumption
• Utility Functions and Probabilities
• Expected Utility
• Why Expected Utilty is Reasonable
• Risk Aversion

Exercises (numbers refer to the exercises from Workouts)

Exercises on chapter 2: 2.1 to 2.10

Exercises on chapter 3: 3.1 (only up to (g)), 3.3, 3.9 (excluded (d))

Exercises on chapter 4: 4.1, 4.2, 4.4, 4.5, 4.6, 4.11, 4.12

Exercises on chapter 5: 5.1, 5.3, 5.4, 5.7

Exercises on chapter 6: 6.1, 6.2, 6.3, 6.5, 6.6

Exercises on chapter 8: 8.1, 8.4, 8.5, 8.10, 8.11

Exercises on chapter 9: 9.1, 9.2, 9.3, 9.6, 9.7, 9.8

Exercises on chapter 12: 12.1, 12.3, 12.4, 12.8, 12.9, 12.11, 12.12