Course Description
Summary
This course in microeconomics studies the functioning of markets. Specifically, we will examine the processes of price determination in four different categories of markets - perfect competition, monopoly, oligopoly and monopolistic competitions, which vary in terms of their relative competitive structure. For the decision makers of a firm (i.e., a for-profit business), different market structures result in different sets of choices. We will analyze how a chosen pricing and output strategy affect the profitability of the firm, and shape its short- and long-term prospects, given the market structure within which it operates.
This is an introductory course in microeconomic theory and applications. We will use graphs and mathematical formulations to express the key concepts in the course in formal terms, and we will explore the basic ideas verbally and through written expositions. For this, a grasp of high-school algebra and geometry are required, and some knowledge of calculus may be advantageous. No prior knowledge of economics is necessary to take this course. The course has two specific learning objectives. By taking this course you will [1] develop a critical understanding of certain microeconomic principles and how they can be applied in real life contexts, and [2] develop your skills for active, self-determined, self-directed studies. The course aims to foster your capacities for inquiry, engagement and communication. For description of the capacities, see:
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The broader objectives of the course are to give you a space to cultivate your capabilities as a critical analytical thinker and to engage with the others in a spirit of mutual appreciation, collaboration, and adventure. Through this course, we shall reaffirm our commitment to pluralism, our appreciation for diverse voices, and an inclusiveness in our thoughts and actions. In this context, see:
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