ECON200C - ECON 200C Introduction to Microeconomics Spring...

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ECON 200C: Introduction to Microeconomics Spring 2017 Lecture: MTWTF 10:30-12:20am Instructor: Wenhua (Stephanie) Liu Email: [email protected] Office: Savery 319B OH: Tuesdays 9:30-10:20am (Savery 319B) Thursdays 9:30-10:20am (Savery 319B) I encourage students to come to office hour to discuss questions. For questions that are sent through emails, I will try to answer within 24 hours. Course Website Website: We will use the website to disseminate information about the class. Course Description Economics is the study of choices made under constraints, usually the constraints of budgets, prices, and input costs. In this class, you will learn not only a set of tools for analyzing economic markets at the “micro” or individual level, but a way of thinking about human decision making and choices in the face of scarcity. We use the tools of the science of economics to study why things are and how they change when a relevant factor or force that shapes the phenomenon under study changes. Topics covered include consumer demand, production, exchange, the price system, resource allocation, and government intervention, but “economic thinking” can be applied to most social and political issues. Textbook & Readings There is no required textbook for this course. Exams, quiz and homework are based on lecture notes and problems practiced during lectures. The recommended textbook for this course is R. Glenn Hubbard and Anthony Patrick O’Brien’s Microeconomics, 6 th edition (older versions are fine to use). Fundamental Knowledge: Be able to use and explain microeconomic terminology Understand and utilize the concept that the highest-valued alternative foregone is the opportunity cost of what is chosen Measure how individuals and firms make themselves as well off as possible in a world of scarcity Analyze the channels through which prices inform the decisions about which goods and services to produce, how to produce them, and who gets them Explain how government policies and different institutional arrangements affect the allocation of resources in an economy Application: Use microeconomic principles to understand and explain economic events and other social phenomena
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