Course Description
Summary
A central element of the “economic problem” is coordination of people’s economic actions. In a market economy, prices play a crucial role in addressing this problem. This course examines how the system of prices works, and when it fails.
This is an introductory course in microeconomic theory and applications, designed for students in their first and second years of college. We will explore the basic ideas in the course verbally and through written expositions, and we will use graphs and mathematical formulations to express the key concepts in formal terms. For this, a grasp of high-school algebra and geometry is required. Additionally, some knowledge of calculus will be advantageous.
The course has two requirements: [a] Class participation based on a deep reading of assigned materials and [b] problem sets and related assignments. You should not miss a class. Before coming to class, you must engage carefully with the assigned materials and participate seriously in class discussions. Also, you must complete all problem sets and submit them for discussion in a timely manner.
