Introduction to Economics II: Microeconomics (202-CN-62)
Instructors
James A. 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
Kresge Centennial Hall 4-410: Thurs 6:15PM - 9:15PM
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
Prerequisite: ECON 201.
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.
Evaluation Method
Problem sets, midterms, final exam.
Class Materials (Required)
Confirm course texts and materials by contacting instructor or viewing course Canvas site or University Bookstore website.
Class Attributes
Face to face: In person, in campus space