08-25-08 - Econ 302 Intermediate Microeconomic Theory...

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Unformatted text preview: Econ 302: Intermediate Microeconomic Theory Andres Elberg University of Illinois at Urbana-Champaign August 25, 2008 Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 1 / 38 Administrative Issues Instructor: Andres Elberg Ph.D. candidate UC-Berkeley MPA/ID Harvard B.A. M.A. Adolfo Ib¡¢ez and PUC Chile Contact info: O£ ce: TBA O£ ce Hours: Thursday 2:00-3:30 Friday 4:00-5:30 Email: [email protected] Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 2 / 38 Administrative Issues Prerequisites Econ 102 (Principles of Microeconomics) Working knowledge of calculus strongly recommended Course Material Textbook: Intermediate Microeconomics: A Modern Approach , 7th edition (WW Norton), by Hal Varian Workbook: Workouts in Intermediate Microeconomics , 7th edition (WW Norton), by Hal Varian and Theodore Bergstrom Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 3 / 38 Administrative Issues Grading Problem sets 10% Problem sets 10% Midterm 1 25% Midterm 2 25% Final Exam (cumulative) 40% Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 4 / 38 Administrative Issues Regrading policy Petition to regrade an exam in writing. Explain in detail the reason(s) for requesting a higher score. Grader reserves the right to revise the entire exam. Missed Exams Policy Absolutely no makeup exams Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 5 / 38 Introduction: What does Micro study? Microeconomics is the branch of economics that studies the behavior of individual economic agents (e.g. consumers, &rms). 1. How individual agents in an economy choose among alternatives subject to limited resources. Examples: Consumer chooses between di/erent bundles of goods subject to a limited income Worker chooses how much to work vs. how much time to devote to other activities subject to a time constraint Firm chooses how much labor and how much capital to use subject to a technological constraint Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 6 ¡ 38 Introduction: What does Micro study? 2. How individual economic agents interact in markets Determination of prices and quantities exchanged Micro vs. Macro Macroeconomics studies the behavior of aggregate economic variables Level and growth of GDP In&ation rate Unemployment rate What¡s distinctive of microeconomics is its framework of analysis Andres Elberg (University of Illinois at Urbana-Champaign) Lecture 1: Introduction August 25, 2008 7 / 38 Methodology Model building Simpli&ed representations of reality Role of assumptions Two central principles: 1 Optimization 2 Equilibrium...
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08-25-08 - Econ 302 Intermediate Microeconomic Theory...

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