Introduction to Microeconomics (202-0-40)

Instructors

Chiara Sotis

Meeting Info

Technological Institute AUD: Tues, Thurs 9:30AM - 10:50AM

Overview of class

This is a course that covers the fundamentals of microeconomics. We will study the behavior of individuals and firms in a world of limited resources, and the interactions between the two in many different markets. With an emphasis on understaning how to model economic principles, students will be introduced to core terminology and modes of analysis for studying the production and distribution of goods and services in the economy. An overarching goal is to gain insight into how, when, and why markets fail or succeed. Specific topics include elasticity, supply and demand, costs of production, market equilibrium, different degrees of competition (including perfect competition, monopoly and oligopoly), and government interventions. You will get started thinking about the three fundamental questions in economics: (i) what goods and services should be produced?, (ii) how do we produce those goods and services?, and (iii) who gets those goods and services and what is the resulting welfare? This course is aimed at potential economics majors and students who are curious about having a better understanding of the popular press, or analyzing and comparing different government policies.

Registration Requirements

Basic algebra and graphing.You should be well acquainted with and have confidence applying high-school algebra tools (graphs, equations, tables, inequalities, roots and exponents) or be ready to learn.

Learning Objectives

The goal of this course is to give the students an introduction into the tools and skills that economists use, as well as an understanding of economic concepts related to: (i) Consumer behavior; (ii) Firm behavior; (ii) Government interventions

Teaching Method

Lecture: Two/week
Discussion section: One/week

Other (see below):
A typical week features 2 80-minute lectures + discussion section

Evaluation Method

Students are evaluated on 2 midterms, a final and weekly problem sets (10%).

Class Materials (Required)

NONE

Class Materials (Suggested)

Frank, Robert H., Ben S. Bernanke, Kate Antonovics, and Ori Heffetz. 2021. Principles of Economics. 8th ed. New York: McGraw-Hill Education. ISBN: 978-1260932898. Acemoglu, Daron, David Laibson, and John A. List. 2021. Economics. 3rd ed., Global Edition. London: Pearson. ISBN: 978-1292411019. Stevenson, Betsey, and Justin Wolfers. 2023. Principles of Microeconomics. 2nd ed. New York: Macmillan Learning. ISBN: 978-1319330163. (other editions are also fine).

Class Notes

Students are welcome to email me in advance if they have doubts on when/if to take the course.

Class Attributes

Social and Behavioral Science Foundational Discipl
SoC Individual and Social Behavior Distro

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 - Technological Institute L251: Mon 4:00PM - 4:50PM

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

DIS - Technological Institute L251: Mon 5:00PM - 5:50PM

DIS - Technological Institute L251: Wed 5:00PM - 5:50PM

DIS - Technological Institute L150: Mon 5:00PM - 5:50PM

DIS - Technological Institute L361: Wed 5:00PM - 5:50PM