Microeconomics (310-1-20)
Instructors
James Andrew Hornsten
847/491-8220
Meeting Info
Tech Institute Lecture Room 2: Mon, Wed, Fri 11:00AM - 11:50AM
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. "
Teaching Method
A typical week features three 50-minute lectures and a 50-minute discussion section.
Class Attributes
Social and Behavioral Science Foundational Discipl
Social & Behavioral Sciences Distro Area
Enrollment Requirements
Enrollment Requirements: Reserved for Economics Majors & Minors until the end of preregistration, after which time enrollment will be open to everyone who has taken the prerequisites.
Associated Classes
DIS - Technological Institute L251: Tues 10:00AM - 10:50AM
DIS - Technological Institute M152: Tues 4:00PM - 4:50PM
DIS - Technological Institute M128: Tues 5:00PM - 5:50PM
DIS - TBA: Tues 6:00PM - 6:50PM
DIS - Technological Institute A110: Tues 5:00PM - 5:50PM
DIS - TBA: Tues 6:00PM - 6:50PM