The 5th lecture, to be held on April 16 from 2-5pm, will be the first time we encounter the magic word in economics: equilibrium. We will bring together supply and demand under the partial equilibrium framework. We will cover two market structures, perfect competition and monopoly, each with specific topics.
Under perfect competition, we will pay attention to its welfare property, especially the First Fundamental Theorem of Welfare Economics. For monopoly, if we have more time to talk about more than (simple) monopoly pricing, we'll also discuss price discrimination and durable goods monopoly (Coase conjecture). Please read MWG 10.B-F for the perfect competition part, MWG 12.B for monopoly pricing, V 14 for price discrimination, and Chp 1 of Tirole's IO book for durable goods monopoly.
Slides are here.
Exercises are here.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment