Numbering Code	G-ECON31 5A903 LE43	Year/Term	2022 ・ First semester
Number of Credits	2	Course Type	Lecture
Target Year		Target Student
Language	English	Day/Period	Thu.4
Instructor name	CHIBA SAORI (Part-time Lecturer)
Outline and Purpose of the Course	This course explores the consumer theory, the theory of firms, and the market equilibrium. We will first analyze how consumers and firms make their economic decisions, how they interact through markets, and how the market equilibrium outcome is determined under perfect competition. We will also argue welfare implications of perfect competition. Thereafter, we will compare different market structures such as perfect competition, monopoly, and oligopoly. We will finally evaluate the effectiveness of various economic policies such as taxation and subsidization.
Course Goals	By the end of this course the participants are expected to: * Acquire theoretical and analytical tools to understand the behavior of consumers and firms. * Derive the market demand and supply, and find the market equilibrium outcome. * Assess the efficiency of economic outcomes. * Compare different market structures. * Critically argue possible economic policies.
Schedule and Contents	The course topics and schedule can change based on announcement. 1. Introduction (Week 1) * Basic Concepts and Definitions * Basic Mathematical Tools 2. Consumer Theory (Weeks 2-5) * Preferences and Utility * Budget Constraints * Choice and Individual Demand * Market Demand and Consumer Surplus 3. Theory of the Firm (Weeks 6-9) * Production Function and Profit Maximization * Cost Function and Cost Minimization * Firm Supply and Industry Supply 4. Markets and Welfare (Weeks 10-14) * Perfect Competition and Market Equilibrium * Monopoly and Oligopoly * Government Policy * Welfare Comparison 5. Feedback (Week 15)
Evaluation Methods and Policy	There will be two assignments (around 60%) and an exam (around 40%). Further details will be announced in class.
Course Requirements	The knowledge of Introductory Microeconomics is assumed.
Study outside of Class (preparation and review)	The participans are expected to read the text, review the notes, and solve exercises along the course.
Textbooks	Textbooks/References	Intermediate Microeconomics (Ninth Edition), Hal R. Varian, (W. W. Norton & Company), ISBN:978-0393920772, International Student Edition We will also use the lecturer's notes.
References, etc.	Advanced Microeconomics Theory (Third Edition), Geoffrey A. Jehle & Philip J. Reny, (Prentice Hall), ISBN:978-0273731917