Consumer theory and demand; production, costs and supply; analysis of market structure; welfare, market failures, imperfect information and the role of the government in a market economy.
Microeconomics (ECON 204)
Programs\Type | Required | Core Elective | Area Elective |
BA- Political Science | |||
BA-Cultural Studies | |||
BA-Cultural Studies | |||
BA-Economics | * | ||
BA-Economics | * | ||
BA-International Studies | * | ||
BA-International Studies | * | ||
BA-Management | * | ||
BA-Management | * | ||
BA-Political Sci.&Inter.Relat. | |||
BA-Political Sci.&Inter.Relat. | |||
BA-Social & Political Sciences | |||
BA-Visual Arts&Visual Com.Des. | |||
BA-Visual Arts&Visual Com.Des. | |||
BS-Biological Sci.&Bioeng. | |||
BS-Computer Science & Eng. | |||
BS-Computer Science & Eng. | |||
BS-Electronics Engineering | |||
BS-Electronics Engineering | |||
BS-Industrial Engineering | * | ||
BS-Manufacturing Systems Eng. | * | ||
BS-Materials Sci. & Nano Eng. | |||
BS-Materials Science & Eng. | |||
BS-Mechatronics | |||
BS-Mechatronics | |||
BS-Microelectronics | |||
BS-Molecular Bio.Gen.&Bioeng | |||
BS-Telecommunications | |||
Energy |
CONTENT
OBJECTIVE
Microeconomic analysis is the study of how societies control and organize the production and distribution of goods and services. In this course, we will attempt to explain how consumers, firms, and workers interact, why they behave in particular ways, and what the outcome of that behavior might be. Economists try to understand how and why the economy works. There is much that we already know, but there is also a great deal that we still don't understand. This makes economics an exciting subject, both to teach and to study.
LEARNING OUTCOME
On completion of the course, students are expected to
a) Apply demand-supply analysis to study potential impacts of microeconomic policies (Price, regulations, quotas etc),
b) analyze the decision process of firm behavior under competitive conditions,
c) Analyze the basic assumptions about preferences and variables affecting derived consumer demand,
d) identify why and when markets fail to produce socially desirable outcomes,
e) use the welfare theorems, their assumptions and their informal proofs/intuition.
Update Date:
ASSESSMENT METHODS and CRITERIA
Percentage (%) | |
Final | 40 |
Midterm | 30 |
Homework | 30 |
Other | 0 |
RECOMENDED or REQUIRED READINGS
Textbook |
Hal R. Varian, Norton, Intermediate Microeconimics, 8th edition |