Course objectives
This course will provide students with a basic understanding of the fundamental tools of microeconomic analysis. Successful students will be able to derive some of the most important models of economic behavior from a relatively limited set of assumptions and apply them to relevant real-life instances.
Readings
- Varian, H. R. (2014). Intermediate Microeconomics: A Modern Approach: Ninth International Student Edition. WW Norton & Company.
- McKenzie, R. B., & Tullock, G. (2012). The new world of economics: A remake of a classic for new generations of economics students. Springer Science & Business Media.
Topics
- The utility map
- Constraints: Income and prices
- Optimal behavior
- Comparative statics
- Income and substitutions effects
- Demand curves
- Production theory
- Firm behavior under competitive conditions
- Monopoly theory
- Strategic behavior
- The Coase theorem
- Normative economics
Grading
The course grade will be a weighted average of 1) weekly quizzes based on the content of the assigned readings (20%); 2) two homework sets (30%); 3) a midterm exam (25%); and a final exam (25%).