Introduction to Microeconomics (202-0-20)
Instructors
James A. Hornsten
847/491-8220
Meeting Info
Lutkin Hall: Mon, Wed, Fri 10:00AM - 10:50AM
Overview of class
Formally, economics is the study of the allocation of scarce resources among competing ends. Informally, economics helps us understand how household, business and government decision makers respond to incentives; the importance of proper-functioning markets in a modern capitalist economy; and the role of government in alleviating various market failures. Microeconomics focuses on individual decisions (typically using cost-benefit analysis) and the inner workings of specific markets. Picking up where macroeconomics left off, this course will introduce the principles of microeconomics and teach you how to apply these concepts to real world scenarios. Thus, this course is aimed not only at potential economics majors, but also at any student who desires the ability to understand the popular press, critically analyze government policies, and use microeconomics to make better choices as a consumer, producer, representative, or voter.
Registration Requirements
ECON 201 is recommended, but not required. Students are expected to be comfortable using high school algebra, equations, graphs, and tables.
Learning Objectives
1.Apply the model of supply and demand to critique a variety of government policies in markets that may or may not be characterized by market failures (i.e., violations of perfect competition). 2.Evaluate the actions of profit-maximizing firms and explain the relationships between technology, costs, and supply decisions. 3.Analyze markets for insurance, loans, stocks, and other investments.
Teaching Method
A typical week features three lectures and a discussion section.
Evaluation Method
Two midterm exams (25% each), weekly problem sets (10%) and a final exam (40%).
Class Materials (Required)
NONE
Class Materials (Suggested)
Principles of Microeconomics by Betsey Stevenson and Justin Wolfer (1st edition, ISBN: 9781464186943, OR 2nd edition, ISBN 9781319433949 Achieve format available January 2023)
Class Attributes
Social and Behavioral Science Foundational Discipl
Social & Behavioral Sciences Distro Area
Enrollment Requirements
Enrollment Requirements: Students who have taken or are taking ECON 310-1 or MMSS 211-1 are not allowed to enroll in this course.
Associated Classes
DIS - Lunt Hall 105: Thurs 10:00AM - 10:50AM
DIS - University Hall 101: Thurs 4:00PM - 4:50PM
DIS - Technological Institute M177: Thurs 5:00PM - 5:50PM
DIS - Technological Institute L251: Thurs 6:00PM - 6:50PM
DIS - Technological Institute L221: Thurs 5:00PM - 5:50PM
DIS - Technological Institute L221: Thurs 6:00PM - 6:50PM
DIS - Harris Hall L28: Thurs 5:00PM - 5:50PM
DIS - Harris Hall L06: Thurs 6:00PM - 6:50PM