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INTERMEDIATEMICROECONOMICSLi-AnZhouGuanghuaSchoolofManagementPekingUniversityIntroductionThecoursewillcoverthebasicprinciplesofmicroeconomics,butinamoreformalandstructuredwaythantheintroductoryeconomicsdoes◦Classicalpricetheory(consumerchoice,producertheory,marketequilibriumanalysis)◦MonopolyandOligopoly◦Gametheoryandinformationeconomics◦Marketfailure(externalityandpublicgoods)◦WelfareeconomicsIntroductionDemonstratethebeautyandrigorofmicroeconomictheoriesAlsoapplytheseanalyticaltoolstotherealworldandusemanyrealworldexamplestoshowtherelevanceandpowerofeconomicthinkingTheprincipleswewillcoverinthiscourseprovidethefoundationofalmostalltheoriesinmoderneconomics,andalsodistinguisheconomistsfromscholarsinotherdisciplinesTextbooksThemaintextbookIwilluseforthisclassisIntermediateMicroeconomicsbyHalVarianImayalsoturntothefollowingtwotextsforreference◦MicroeconomicsbyRobertPindyckandDanielRubinfeld◦MicroeconomicTheorybyWalterNicholson.GradingPolicyTherewillbefivehomeworkassignmentsgradedonacheck,check-plusbasis.Theywillcountfor20percentofthefinalgradeYoucandroponeofthem.Lateproblemsetswillnotbeaccepted.Noexceptions.Youwillhaveafinalexam(accountingfor80percent)whichisin-classandclosed-bookOfficehoursMyofficehours:2-4pm,Sunday,Rm.405,GuanghuaNewBuildingMycontactinfo:zhoula@gsm.pku.edu.cn,Tel:6275-0431TAwillalsoholdofficehourseveryweek,andTAsections(detailstobeannouncedlaterinclass)Chapter1WhatisEconomics?WhatdoesEconomicsstudy?LionelRobbins(1935):allocationofscarceresourcesGaryBecker(1976):anyhumanbehaviorrelatedtotheallocationofscarceresources◦Familyandmarriage◦Crime,religion,…◦LawMethodologicalFeaturesofEconomicsRationalityStablePreferencesEquilibriumEfficiencyMethodologicalFeaturesRationality:maximizingtheobjectfunctionofthedecision-maker◦It’snotnecessarilyselfishnessandcanbeconsistentwithaltruism◦Akindofsimplification:wecareaboutaveragebehaviorofpeople◦Wetesthypothesis,notassumptions◦Usingrationalityassumptiontorul...