Microeconomics (310-1-20)
Instructors
James Andrew Hornsten
847/491-8220
I'm a microeconomist interested in intellectual property, clever pricing schemes, corporate boards of directors, regulatory issues, and the myriad ways businesses compete for customers. I commute year-round from Skokie on a folding bike and always wear my helmet (while biking). Technically, I've worked as a professional actor, mover, dance instructor, book reviewer, custodian, and screen printer (but my experience in each is VERY limited). As a Northwestern graduate student, I camped out for tickets and saw the Wildcats play in the 1996 Rose Bowl. In the next year, I aspire to try a lot of new restaurants, bicycle 3000 miles, finish some dated (but still unopened) computer games, learn to juggle, watch the Vikings win the Super Bowl, and eat properly-made s'mores around a campfire while watching a good meteor shower on a clear night out in the boondocks with my wife and two sons.
Meeting Info
Harris Hall 107: Mon, Wed, Fri 10:00AM - 10:50AM
Overview of class
Picking up where ECON 202 left off, this course uses mathematical models to analyze the behavior of optimizing (but constrained!) consumers and producers in market economies, thereby providing insights regarding the fundamental inner workings of markets. We will also use equilibrium analysis and comparative statics to understand markets characterized by competition, monopoly or monopsony. ECON 310-1 is a course primarily for economics majors and minors, so it will emphasize the development and application of economic theory.
Registration Requirements
ECON 201, ECON 202, MATH 220 Instructor Note: Students should have completed (or at least be familiar with) the material covered in ECON 201 (Introduction to Macroeconomics), ECON 202 (Introduction to Microeconomics), and MATH 220 (Differential Calculus). Calculus will be used extensively in the course.
Learning Objectives
"During this course you will use three basic tools of economic analysis (equilibrium, constrained optimization, and comparative statics) to model and analyze a variety of economic problems. After completing this course you will be able to:
1. Utilize supply and demand curves to analyze equilibrium, the efficient allocation of resources, and the effects of various forms of government intervention in inherently competitive markets.
2. Characterize a consumer's satisfaction-maximizing choices for goods given a limited budget, derive a consumer's demand curve for a product, and determine how a change in the price of a good affects a consumer's welfare.
3. Characterize the technology available to a firm, using production functions, cost curves, and supply curves.
4. Analyze and compare market outcomes in a perfectly competitive market, a monopoly market and, if time permits, a monopsony market.
"
Class Materials (Required)
Microeconomics, by David Besanko and Ronald Braeutigam, Wiley Publishers, either a 6th edition (ISBN 978-1119554844) or a 5th edition (ISBN 978-1118572276)
Class Materials (Suggested)
N/A
Class Notes
N/A
Class Attributes
Social & Behavioral Sciences Distro Area
Associated Classes
DIS - Locy Hall 301: Tues 10:00AM - 10:50AM
DIS - University Hall 121: Tues 4:00PM - 4:50PM
DIS - University Hall 121: Tues 5:00PM - 5:50PM
DIS - Kresge Centennial Hall 2-425: Tues 6:00PM - 6:50PM
DIS - Locy Hall 111: Tues 5:00PM - 5:50PM
DIS - Parkes Hall 214: Tues 6:00PM - 6:50PM
DIS - Harris Hall L06: Tues 5:00PM - 5:50PM