Economics: Principles of Microeconomics

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

Open to degree and PACE students

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!

Each week we will cover one module of 1–2 chapters. Each module will be covered in two class periods. Once in a while, these will span across two weeks if we have an exam, respite day, etc., so due dates will be adjusted. Class meetings will consist of lectures and practice (through worksheets and iclicker responses).

Grades are based on class attendance and participation, reading responses, weekly homeworks, a set of unit exams, and a final exam