lect1 - Welcome to Econ 11 Intermediate Microeconomics Amy...

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Welcome to Econ 11 Intermediate Microeconomics Amy Brown University of California, Los Angeles August 4, 2008 A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 1 / 39
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Essential Information Lectures on Monday and Wednesday, 1 - 3:05 pm in Dodd 147 O¢ ce hours on Wednesday and Thursday, 10 - 11 am in Bunche 2265 Email is abrown2@ucla.edu When emailing, please include "Econ 11" in the subject line A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 2 / 39
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Course Requirements Followed by Econ 101. Preceeded by Econ 1 and 2 or their equivalents. Calculus is essential!!! Math 31B, 31BH, 31E, 32A or their equivalents. Math Guide (with Nicholson chapter two as reference) Impacted course. A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 3 / 39
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Course Grading Midterm exam, 30% Final (cumulative) exam, 50% Four optional problem sets, 5% each, due on Fridays. 1 you hand it in, and 2 the mean score raises your class average. Otherwise, your ±nal exam will count for 70%. No late homework/make-up exams, no excuses, no exceptions. A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 4 / 39
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Course Materials Textbook is Microeconomic Theory , by Walter Nicholson Either the 9th or 10th editions are acceptable. Alternative textbooks: Varian, Intermediate Economics Pindyck and Rubinfeld, Microeconomics Course materials (lecture notes, math guide, homework, etc.) will be posted to class website. http://www.sscnet.ucla.edu/081/econ11-2. O¢ ce hours A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 5 / 39
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Outline of Lecture 1 Discussion of Microeconomics 2 Introduction to Consumer Theory 3 Break (5 minutes) 4 Consumer Theory Continued This should cover chapters 1-3 in Nicholson. A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 6 / 39
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What is Microeconomics? owners of land, investors. Studies the allocation of scarce resources by these actors. Role of institutions and mechanisms in the allocation of goods. A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 7 / 39
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Interactions Studied within Microeconomics Market interactions goods markets labor markets emissions markets Non-market interactions A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 8 / 39
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Microeconomic Models capture key elements to provide a map of market and non-market interactions. ceteribus paribus Example Plastic grocery bags in Los Angeles Can be used to make predictions (positive). Can be used to evaluate outcomes (normative). A. Brown (UCLA) Econ 11 Lecture 1 08/04/08 9 / 39
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Principle of Rationality Individuals will choose their actions to optimize their objective subject to their constraints.
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This note was uploaded on 09/23/2008 for the course ECON 11 taught by Professor Cunningham during the Summer '08 term at UCLA.

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lect1 - Welcome to Econ 11 Intermediate Microeconomics Amy...

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