Introductory Microeconomics for Public Policy I

1. Intro, Supply and Demand
   • GLS, Chapters 1 and 2, skimming 2.5
   • multiple equilibria in the vanilla market, courtesy of NPR
2. Supply and Demand and Policy
   • GLS, Chapter 3, but not 3.4 or 3.5
   • Priceline and consumer surplus
     • See also Priceline follow-up
     • And estimates of consumer surplus from Uber: economist and layperson versions
   • Supplemental: Planet money podcast on cheese price floor
3. Elasticity
   • GLS, Section 2.5
   • Consider elasticity of demand when analyzing this policy
4. Consumer Behavior
   • GLS, Chapter 4
5. Individual and Market Demand
   • GLS, Chapter 5. Omit income Engel curves from 5.1, and inferior goods and Giffen goods at the end of 5.3.
6. Tax Incidence
   • Gruber, Chapter 19, pages 557-586
   • limited coverage of 19.4
   • great policy example of sugary drinks
   • the corporate tax as yet another application of the policy importance of this topic
7. Midterm
8. Producer Behavior
   • GLS, Chapter 6. Omit technological change.
9. Costs
   • GLS, Chapter 7
10. Supply in a Competitive Market
    • GLS, Chapter 8, but not 8.5
    • Supplemental
    • On variable costs in The Office
11. Market Power and Monopoly
    • GLS, Chapter 9; omit Lerner Index
    • Helpful examples
    • Summary of recent research on competition, or lack thereof, in the generic drug market
    • For those interested in price fixing
12. Externalities and Public Goods
    • GLS, Chapter 17, sections 17.1 and 17.2 (pages 651-671); Gruber, Chapter 7, pages 184-189; Rosen and Gayer, Chapter 4, pages 54-70
    • Two podcasts on public goods
      • Lighthouses, Autopsies, and the Federal Budget, [link]
      • How to Stop an Asteroid, [link]
13. Social Insurance
    • Supplemental
    • See TED Radio Hour episode from Nov. 30, 2017 on transparency, which discusses information asymmetry and market failure
14. Exam 2
    • Evening class will meet in Gelman B04