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Principles of Microeconomics

Principles of Microeconomics - Econ 2005 Principles of...

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Econ 2005: Principles of Microeconomics Department of Economics Virginia Tech, Spring 2008 Instructor: Gebremeskel H. Gebremariam Teaching Assistant (TA): Ramakanta Patra Lectures: MWF 11:15-12:05, Whit 300 TA’s Office: Pamplin 3119 Office: Pamplin Hall 3033 TA’s Office Hours: By Appointment Office Hours: T, Th: 2:30 – 4:30 p.m. TA’s E-mail: [email protected] E-mail: [email protected] TA’s Phone: 231-5408 Phone: 231-7474 Text Book: Principles of Microeconomics by Case and Fair, 8 th edition Course material correspondence: www.learn.vt.edu (Blackboard) Prentice Hall Website: www.prenhall.com/casefair A. Description of the Course This course is the first formal exposure that students have to the world of microeconomics: the branch of economics that focuses on how human behavior affects the conduct of affairs within narrowly defined units, such as individual households and business firms. It is distinct from macroeconomics - the other main branch of economics - in that macroeconomics focuses on how human behavior affects outcomes in highly aggregated markets, such as market for labor or consumer products. Our discussion in this course will focus on learning how an economic system determines what goods and services will be produced, how they will be produced, and who gets the products that are produced. This involves developing an understanding of household and firm behavior, and how households and firms interact in various market settings. We will also explore government intervention in market outcomes for the purpose of efficiency in situations where market fails to produce efficient outcome. During the course you will learn to: 1. Understand Basic Economic Concepts which include, among others, the laws of demand and supply and the underlying theories of consumers and firms; the nature of different market structures and their effects on the allocation of scarce resources; market failures and possible remedies including taxation and regulation; and application of economic theory to the real world situations.
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