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DESCRIPTION OF TEACHING PROGRAM COURSE TITLE : Microeconomic Theory II CODE/CREDIT HOURS : EKO 212 / 3 (3-0) SEMESTER : 4 LECTURES : 14 Weeks LECTURE : 1 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : Students will be able to link mathematical concepts with microenomic concepts B. Main Discussion : Introduction C. Sub Discussion The mathematics of optimization Review choices under a certain situation concepts D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the General Instructional Objective of Macroeconomic Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Theory II course and TIK from the main Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7th edition. Harcourt Brace College Publishers, USA 1 LECTURE : 2 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to explain choices under uncertain information B. Main Discussion : Choice in Uncertain Situations C. Sub Discussion Risk Aversion and fair bets Risk Aversion and Insurance Measuring Risk Aversion Risk Aversion and wealth The State Preference Approach to Choice Under Uncertainty D. Teaching-Learning activities : (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluasi Ask questions related to the main discussion to students at the end of the lecture F. Referensi 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 2 LECTURE : 3 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will understand the importance of information in economy B. Main Discussion : The Economics of Information C. Sub Discussion Properties of Information The Value of Information A Formal Model The Value of Information on Prices Assymetry of Information Information and insurance Moral hazard Adverse selection D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 3 LECTURE : 4 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to explain the game theory and Nash Equilibrium B. Main Discussion : Game Theory and Strategic Equilibrium C. Sub Discussion Basic Concepts Nash Equilibrium in Games Permainan dengan strategi campuran Keseimbangan Nash pada permainan dengan strategi campuran Repeated Games D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation 1. Ask questions related to the main discussion to students at the end of the lecture 2. Quiz F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 4 LECTURE : 5 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture,students will be able to calculate general competitive equilibrium and aplicate it on simple real life occurance using graphs/figures or mathematical derivations B. Main Discussion : General Competitive Equilibrium C. Sub Discussion General Partial Equilibrium Edgeworth Box Diagram Efficient Allocations Determination of Equilibrium Prices General Equilibrium Modeling Existence of General Equilibrium Prices Walras’ Law Brower’s Fixed Point Theorem D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Quiz Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discuss the assignment given on the last lecture identifying the link with other courses LCD dan Wireless Explain the Explain the Specific Instructional Objective of the main and the scope of the main discussion Discussion which will be explained Explain the link with other courses Explain the scope of the main and sub discussion Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7th edition. Harcourt Brace College Publishers, USA 5 LECTURE : 6 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to calculate the efficiency of perfect competition and how resources are afficiently allocated B. Main Discussion : The Efficiency of Perfect Competition C. Sub Discussion Economic Efficiency Definition – Pareto Efficient Allocation Efficiency in Production Efficient Allocation of Resources Among Firms Efficient Choice of Output by Firms Theory of Comparative Advantage Efficiency in Product Mix Competitive Prices and Efficiency Market Adjustment for Information D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Discuss the assignment given on the last lecture Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Explain the Explain the Specific Instructional Objective of the main identifying the link with other courses LCD dan Wireless Discussion and the scope of the main discussion Explain the link with other courses which will be explained Explain the scope of the main and sub discussion Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 6 LECTURE : 7 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to calculate the efficiency of perfect competition in an unstable equilibrium and also under a mutually beneficial transactions B. Main Discussion : The Efficiency of Perfect Competition: continued C. Sub Discussion Walrasian Price Adjustment Unstable Equilibrium Marshallian Quantity Adjustment Disequilibrium Pricing and Expectations Rational Expectations Information and Inefficient Equilibria Information and Equilibrium Distribution Mutually Beneficial Transactions D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation 1. Ask questions related to the main discussion to students at the end of the lecture 2. Mid Semester Test Preperation F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 7 LECTURE : 8 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able compare the results of traditional models of imperfect competition B. Main Discussion : Traditional Models of Imperfect Competition C. Sub Discussion Pricing Under Homogenous Oligopoly Quasi-Competitive Model Cartel Model Cournot Model Price Leadership Model Product Differetiation Monopolistic Competition Barriers to Entry D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture and give students assignments F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 8 LECTURE : 9 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to calculate the demand for labor B. Main Discussion : Firms’ Demands For Inputs C. Sub Discussion Firm’s Excess Demand Input Demand Permintaan input jika perusahaan sebagai price taker Single-Input Case Two-Input Case Substitution Effect Output Effect Output Elasticities Short Term Input Demand Elasticity Long Term Labor Demand Elasticity D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which are not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 9 LECTURE : 10 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to calculate the demand for labor in a monopsony and a monopoly market B. Main Discussion : Firms’ Demands For Inputs: continued C. Sub Discussion Scale Effect Factor Production Demand and Returns to Scale Marginal Productivity Analysis and the Determinants of Factor Shares Monopsony in the Input Makret Marginal Input Expense Discrimination in Hiring by a Monopsonist Monopoly in the Supply of Inputs Billateral Monopoly D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Quiz Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Explain the Explain the Specific Instructional Objective of the main identifying the link with other courses LCD dan Wireless Discussion and the scope of the main discussion Explain the link with other courses which will be explained Explain the scope of the main and sub discussion Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 10 LECTURE : 11 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to calculate the labor supply B. Main Discussion : Labor Supply C. Sub Discussion Allocation of Time Simple Two-Good Model Utility Maximization Income and Substitution Effects of a Change in Wages Analysis of Labor Supply Slutsky Equation of Labor Supply Cobb-Douglas Labor Supply Effects of Nonlabor Income Labor Supply Curve Job Search Theory Compensating Wage Differential Labor Unions Modeling a Union D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture and give students assignment F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7th edition. Harcourt Brace College Publishers, USA 11 LECTURE : 12 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture. Students will understand the concepts of capital, future goods, rate of return, interest rates and equilibrium price of future goods B. Main Discussion : Capital C. Sub Discussion Capital Rate of Return Determination of the Rate of Return Demand for Future Goods Intertemporal Impatience Effects of Changes in The Rate of Return Equilibrium Price of Future Goods Rate of Return, Real Interest Rates and Nominal Interest Rates Present Discounted Value Approach to Investment Decisions D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Specific Instructional Objective of the main Discussion Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Explain the link with other courses identifying the link with other courses LCD dan Wireless Explain the scope of the main and sub discussion and the scope of the main discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 12 LECTURE : 13 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will be able to formulate ways to cope with externalities and also understand the attributes of public goods B. Main Discussion : Externalities and Public Goods C. Sub Discussion Defining Externalities Externalities and Allocation Efficiency Traditional Ways With Coping with Externalitis Property Rights, Allocation and the Coarse Theorem Attributes of Public Goods Efficient Provisoins of Public Goods Lindahl Pricing of Public Goods D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Specific Instructional Objective of the main Discussion Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Explain the link with other courses identifying the link with other courses LCD dan Wireless Explain the scope of the main and sub discussion and the scope of the main discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation Ask questions related to the main discussion to students at the end of the lecture F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 13 LECTURE : 14 A. Instructional Objective 1. General Instructional Objective : After completing this course, students will gain more advanced knowledge of microeconomic theories and are capable to implement it in the real world 2. Specific Instructional Objective : After this lecture, students will understand and also able to applicate the public choice theory B. Main Discussion : Public Choice Theory C. Sub Discussion Social Welfare Criteria Social Welfare Functions The Arrow Possibility Theorem Direct Voting and Resource Allocation Representative Government D. Teaching-Learning activities : Classical (done inside a classroom) Activity stages Lecturer Activity Students Activity Media/Tools Lecturer Introduction Explain the Explain the Specific Instructional Objective of the main Students listen and participate in Whiteboard, OHP/ Idqan Fahmi Discussion identifying the link with other courses LCD dan Wireless Explain the link with other courses and the scope of the main discussion Explain the scope of the main and sub discussion which will be explained Main Lecture Explain every sub disucussion systematically by using every media Students listen, take notes and Whiteboard, OHP/ Idqan Fahmi needed participate in every sub discussion LCD dan Wireless Conclusion Let the students ask questions related to the topic which is not clear Students and lecturer review the topics Whiteboard, OHP/ Idqan Fahmi yet explained before and students can also LCD dan Wireless Briefly review the main and sub discussions while checking Specific ask questions related to the main topic. Instructional Objective achievement rate by asking the students questions about what has been explained in this lecture Remind the students about the next main discussions and why the students need to study it beforehand E. Evaluation 1 Ask questions related to the main discussion to students at the end of the lecture 2. Semester Test Preperation F. Reference 1. Nicholson, Walter. 1997. Microeconomic Theory: Basic Principles and Extensions , 7 th edition. Harcourt Brace College Publishers, USA 14