E4001Syllabus@2019 AU@0722 PDF

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Economics 4001.01-101 THE OHIO STATE UNIVERSITY Professor Hajime Miyazaki

TuTh 12:45-2:05 PM (80 minutes)@Hagerty 180 Autumn 2019 Lectures 08/20-12/04 Course Call No: 18596

ECONOMICS 4001.01: INTERMEDIATE MICROECONOMIC THEORY Instructor: Hajime Miyazaki Professor, Department of Economics 465C Arps Hall, 1945 N High Street Phone: 292-7939: no message taken, but fax mode on the third ring. Office Hours: Wednesday 2:00PM-4:00PM and by appointment To email the instructor, insert “4001” in the subject header. In time for the first week of the class, the Canvas site for this course will be made available. Past lectures, quizzes and exams will be selectively uploaded to our Canvas site. The course instructor will routinely use Canvas for communicating to class, uploading answers to quizzes and exams, supplementing class lecture delivery, and posting scores of your quizzes and exams. The instructor will be solely responsible for making quizzes and exams, and for assigning course grades. But, a course T.A. yet to be named, will grade exams and quizzes. Course Objective: This course covers techniques, concepts and methodology that constitute the fundamentals of modern economic analysis. Emphasis will be on production, consumption, equilibrium, and optimum as well as their applications in competitive markets. Examples will be taken from contemporary political economy. Time permitting, topics in asymmetric information, noncompetitive markets and applied game theory will be selectively covered. Prerequisites: Principles of Microeconomics E2001, or the instructor’s consent. Course Requirements: You are required to take all quizzes and exams; your course grade will be determined by your scores in these quizzes and exams. There will be three in-class exams, viz., 2 midterms and 1 final. You are required to take all three exams and there will be no make-up or early exam. Exam dates are set as follows. All exams take place in the regular course classroom Hagerty 180. • • •

First (Midterm) Exam: September 19 (Thursday) 12:45PM-2:05PM Second (Midterm) Exam: October 24 (Thursday) 12:45PM-2:05PM Third (and Final) Exam: December 10 (Tuesday) 2:00PM-3:45PM

Each exam is worth 100 points. These exams may consist of multiple choice, true/false, calculationbased, diagram drawing, and analytical questions. Exams will be closed-book exams1 unless otherwise announced by the instructor at least one class-day in advance. There will be no make-up or early exam. A missed exam enters as “0” in calculating your gross score for the coruse. There will be no graded homework or problem sets. But, there are many surprise in-class quizzes almost every week. Quizzes may differ in points, but their scores will be summed to be normalized on the 1 In an exam, you are not allowed to use any electronic or audio device. In a closed-book exam, you are not allowed to consult any material during the exam. Please use only non-erasable dark-ink pens for all exams.

E4001Syllabus@[email protected]

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Economics 4001.01-101 THE OHIO STATE UNIVERSITY Professor Hajime Miyazaki

TuTh 12:45-2:05 PM (80 minutes)@Hagerty 180 Autumn 2019 Lectures 08/20-12/04 Course Call No: 18596

100 full point base. A quiz may consist of multiple choice, true/false, calculation-based, diagram drawing, and analytical questions. All quizzes are also in-class, but will be open handwritten notebook 2 unless otherwise announced by the instructor at least one class-day in advance. There will be no make-up or early quiz. A missed quiz enters as “0” in calculating your gross score for the coruse. You are required to take all exams and quizzes. There will be no make-up for a missed quiz or exam. Your gross score for the course is the sum of all exams and quizzes 3. A missed exam or quiz enters as “0” in calculating your gross score. Since each exam as well as the normalized sum of all quizzes is worth 100 points, the maximum gross score is 400 points for the course. If you miss a quiz or an exam for a University approved cause, such as medical, personal or family exigency, inform the instructor promptly and validate it by providing a documented cause. If you miss a quiz due to a valid University approved cause, your quiz total will be prorated in normalizing your quiz score to the 100 base. If you miss one exam due to a university-sanctioned excuse, the instructor will give you a course grade based on your performance in two exams and quizzes, but after adjusting for the missed exam according to the measure spelled out in Footnote 4 below 4. If you miss more than one exam due to university-sanctioned excuses, the course instructor will assign an “I” (incomplete) grade with an alternate (or a default) course grade. If you do not complete the course requirement before the deadline set by the Registrar, the Registrar will convert your “I” into the instructor assigned alternate grade 5.

ACADEMIC MISCONDUCT: It is the responsibility of the Committee on Academic Misconduct to investigate or establish procedures for the investigation of all reported cases of student academic 2 In a quiz, you are not allowed to use any electronic or audio device. In an open-notebook quiz, you are allowed to use only your own handwritten notebook and nothing else. Please use non-erasable dark-ink pens for all quizzes. The instructor reserve the right to cancel the open-notebook option if there arises a significant extent of honor code violations in taking these quizzes. 3 Your gross score for the course is the sum of all exams and normalized quiz score that you have taken. If you miss one exam, it is entered as “0” in the gross score. Your gross score in that case will consist of two exams and the normalized sum of all quiz scores. Similarly, a missed quiz is entered as “0” in your quiz-score total and hence in the normalized quiz-score total. Your gross scores thus tabulated will be evaluated relative to the distribution of everyone’s gross score. 4 A student’s best-three score is the sum of the student’s top three scores from {Midterm 1, Midterm 2, Final, Quizzes}. When the missed exam is due to a valid University approved excuse, you course grade will be evaluated by the best-three score criteria. Because of the missed exam, your gross score in that case consists only of the two exams and all quizzes you have taken. This gross score will then be evaluated relative to the distribution of everyone’s best-three score in determining your course grade. If you miss a quiz due to a valid University approved cause, your quiz total will be prorated in normalizing your quiz score to the 100 base. Neither measure applies if you miss any exam or quiz without a valid University approved excuse. Any University approved excuse must be accompanied by a valid documentation. 5

If you miss two exams but each with a valid (university-sanctioned) excuse, you will be given a make-up exam to apply the best-three measure explained in Footnote 4. If you fail to take the necessary make-up exam in due time, the Registrar will automatically convert your “I” grade into the instructor-assigned alternate grade.

E4001Syllabus@[email protected]

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Economics 4001.01-101 THE OHIO STATE UNIVERSITY Professor Hajime Miyazaki

TuTh 12:45-2:05 PM (80 minutes)@Hagerty 180 Autumn 2019 Lectures 08/20-12/04 Course Call No: 18596

misconduct. The term “academic misconduct” includes all forms of student academic misconduct wherever committed; illustrated by, but not limited to, cases of plagiarism and dishonest practices in connection with examinations. Instructors shall report all instances of alleged academic misconduct to the committee (Faculty Rule 3335-5-487). For additional information, see the Code of Student Conduct (http://studentaffairs.osu.edu/resource_csc.asp).

Textbook: Hal R. Varian, Intermediate Microeconomics, 9th edition, Norton, 2014 ISBN 978-0-39312396-8. The Varian textbook is not a substitute for my class delivery, but only supplementary and complementary to my lectures. There will be no graded homework assigned out of the Varian textbook. Exams and quizzes are based on the course material I present in class and on Carmen. As much as possible, material delivered in class and relevant to the delivered lectures will be uploaded to the class Carmen site. If you wish to economize, you can purchase Varian’s previous editions, even dating back to the first edition. I will announce as we go, which chapters, which sections and which exercises are related and relevant to my class delivery. If you get an older edition, you can locate relevant chapters by my announcements. In theory, and to a significant extent in practice, if you attend all lectures, take good notes, and keep up with the material on the daily basis, you can do well in this course even without this formally required textbook 6. As outlined below, we will not follow the Varian textbook chapter by chapter. In terms of the Varian chapters, my in-class lectures will be spread throughout and selectively chosen from the Varian textbook. Varian is, nevertheless, the best textbook available to complement my lectures. The Varian textbook is useful to get a preview of coming topics, to get a general perspective on microeconomic analsysis, to read explanations in a slightly different tack from class lectures, and to relate to possible applications, topics and methods some of which are beyond the scope of this course. About Calculus: Calculus is not required in this course. Elementary knowledge of calculus, however, can be helpful with the relationship between margins and totals, taking slopes in graphs, and operations involving infinitesimal changes. I may invoke elementary notions of limit and infinitesimals when they are helpful for expository claifications. They are used at least implicitly in all intermediate microeconomics textbooks7. The most relevant technical background to do well in this course is your proficiency and intellectual maturity commensurate at the level of arithmetic, high school algebra and two-dimensional analytic geometry, but not familiarity with equations in terms of calculus. Economics Learning Center: The Department of Economics runs the Economics Learning Center (ELC). The ELC provides free peer tutoring in Economics 2001, 2002, 4001and 4002 Assistance with other classes is frequently available. The ELC is located in 311 Arps Hal and is typically open 6 In the instructor’s view, an alternative strategy will not work well for this course without a great effort on your part. Reading Varian without due diligence on class lectures will not generally lead to high scores in quizzes and exams. 7

The main body of the Varian textbook is free of calculus equations. Varian, however, uses elementary calculus selectively in chapter-specific appendices. Varian has a calculus version, Intermediate Microeconomics with Calculus, 1st edition, Norton 2014, ISBN 978-0-393-12398-2. If you prefer expositions using calculus, you may like Varian’s calculus version. In the instructor’s view, Varian’s calculus version will not give you a technical advantage in tackling problems and questions in the quizzes and exams of this course.

E4001Syllabus@[email protected]

3/5

Economics 4001.01-101 THE OHIO STATE UNIVERSITY Professor Hajime Miyazaki

TuTh 12:45-2:05 PM (80 minutes)@Hagerty 180 Autumn 2019 Lectures 08/20-12/04 Course Call No: 18596

from 9am-5pm Monday-Friday starting the second (full) week of the semester. Note that the purpose of the tutoring center is not to provide answers to assignments, quizzes or exams, but to help s tudents learn economics. You are ultimately responsible for all course work you submit. More information can be found here: https://economics.osu.edu/economics-learning-center

COURSE OUTLINE Weeks allocated for each section are estimates and the pace of delivery will be adjusted contingent on actual progress. * indicates a topic to be covered, time permitting. 0. Preliminaries and Review of Economics 2001 [the first-day lecture] margins and totals, consumer surplus, producer surplus, surplus maximization, deadweight loss, market supply schedule, market demand schedule 1. Competitive Firm Behavior and Industry Equilibrium [approximately 3.5 weeks] •

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•

cost functions, profit maximization, a firm’s supply curve, long run (ex ante) vs. short run (ex post), and industry equilibrium production sets and functions, isoquants and input requirement sets, returns to scale, average and marginal products, cost minimization, and profit maximization duality between production and cost functions

2. Theory of Choice and Competitive Household Behavior [approximately 3.5 weeks] •

budget set and demand, revealed preference, Slutsky compensation, income and substitution effects, Slutsky compensated demand and Marshallian demand.

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preferences and utility functions, Hicks compensated demand and Marshallian demand, Slutsky equations duality between preference and demand functions *consumer’s surplus and utility maximization

• •

3. General Competitive Equilibrium and Pareto Optimum [approximately 1.5 weeks] • • • • •

income-labor choice Robinson Crusoe economy Edgeworth exchange economy general competitive equilibrium and Pareto optimum *externalities

E4001Syllabus@[email protected]

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Economics 4001.01-101 THE OHIO STATE UNIVERSITY Professor Hajime Miyazaki

TuTh 12:45-2:05 PM (80 minutes)@Hagerty 180 Autumn 2019 Lectures 08/20-12/04 Course Call No: 18596

4. Risk Aversion and Consumer Behavior [approximately 2 weeks] • •

intertemporal choice and capital markets choice under uncertainty and insurance markets

5. Asymmetric Information Markets [approximately 1 week] labor markets and *insurance markets 6. Monopolistic Firm Behavior and Industry Equilibrium [approximately 3 weeks] • • •

contestable markets, potential competition, natural monopoly and oligopoly monopoly market *oligopoly

Topics for Future Courses • • •

Economics 4050H/4998/4998H Behavioral and Experimental Economics Economics 5001 Game Theory Economics 5700 Industrial Organization

Disability Services: Students with disabilities that have been certified by the Office of Student Life Disability Services (SLDS) will be appropriately accommodated, and should inform the instructor as soon as possible of their needs. SLDS is located in 098 Baker Hall, 113 W. 12th Avenue, and can be reached by phone 292-3307; TDD 292-0901; Fax 292-4190; VRS 429-1334; email and http://www.slds.osu.edu

E4001Syllabus@[email protected]

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