Microeconomics (310-1-20)

Instructors

James A. 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

"Lecture: 3, 50-minute lectures/week
Discussion section: 50-minute discussion section/week

Other (see below):
A typical week features 3 50-minute lectures and a 50-minute discussion section."

Evaluation Method

Four equally weighted exams (three unit exams and a final; drop the lowest score); problem sets.

Class Materials (Required)

David Besanko and Ronald R. Braeutigam (2020) Microeconomics, 6th edition, John Wiley & Sons, ISBN 978-1119554844. A 5th or 4th edition is a reasonable substitute.

Class Attributes

Social and Behavioral Science Foundational Discipl
Social & Behavioral Sciences Distro Area

Associated Classes

DIS - Tech Institute Lecture Room 5: Tues 10:00AM - 10:50AM

DIS - Technological Institute L361: Tues 4:00PM - 4:50PM

DIS - Tech Institute Lecture Room 5: Tues 5:00PM - 5:50PM

DIS - Technological Institute M177: Tues 6:00PM - 6:50PM

DIS - Technological Institute LG52: Tues 5:00PM - 5:50PM

DIS - Technological Institute A110: Tues 6:00PM - 6:50PM

DIS - Technological Institute L251: Tues 4:00PM - 4:50PM

DIS - Technological Institute LG52: Tues 9:00AM - 9:50AM