Economics: Principles of Microeconomics

Study of individual economic units with particular emphasis on market interactions among firms and households.

Dates: June 20 - July 14, 2023; Asynchronous online

EC012 will provide you with a survey of microeconomics - individuals making decisions under constraints. We will cover the core supply and demand model, explore the demand and supply sides of the market in depth by studying consumer choice and the behavior of the firm under different market structures, and finally examine the role of government policy. The focus of the class is on using basic principles to solve problems and to understand real-world phenomena. There are four main goals: 1. To define and apply foundational economic terms. 2. To solve basic problems relating to supply and demand, consumer theory, and profit maximization (under perfect competition, monopolistic competition, and monopolies) 3. To analyze market dynamics using equations and/or by drawing and manipulating appropriate diagrams. 4. To use economic terms and principles to explain real-world market dynamics A fifth, bonus, goal is for you to come away with an appreciation of how interesting and useful economics can be!

This is an asynchronous online class that spans just 4 weeks, so the workload will be intensive! For each module, I'll provide a set of video lectures, practice worksheets, and practice videos that you can work through at your own pace. There will be two deadlines per week for online homework assignments, and a test at the end of each week (the final test will serve as your final exam, and it will be cumulative)

Grades are based on weekly homework, a set of reading responses, three exams, and a final exam