1ECON 301Professor Sergei SeverinovIntroduction: Concepts and MethodsDemand and SupplyOrganisation of the course:•Lectures•Discussion sessions •Course page: http://faculty.arts.ubc.ca/sseverinov/econ301.htm•Office hours: Tuesdays 2.15-3.15pm+ TA office hours•Textbooks: Main textbook: Pindyck and Runbinfeld, ``Microeconomics’’,7-th edition•Supplementary: ``Introduction to Economic Analysis,’’ McAfee, Preston R., available athttp://www.introecon.com/IEA200.pdfEvaluation•Final (55%)•Midterm (35%), TBA•Problem sets: (10%)5 (subject to a minor change)5 (subject to a minor change), Problem sets will be graded based on completeness of your solutions and effort shown(check-about 2 points, check minus-approx 1 point, or minus-zero points for each problem) Mathematics•Familiarity with multivariate calculus and optimization is assumed•Math Tutorial on the web:http://www.economics.utoronto.ca/osborne/MathTutorial/index.html•Consult a book on Mathematical MethodsFor example, ``Essential Mathematicsfor Economic Analysis ‘’P. Hammond and Sydsaeter, many othersWhat is Microeconomics?•A branch of economics studying economic behaviour and decisions of individual agentsE.g. individuals/households, firms, governments, countries, groups of countries and their interactions in the markets•“Micro” does not mean that we deal with small things.Rather, it means that we consider foundations , tradeoffs and incentives explaining economic behaviorKey Aspects of Microeconomics•Main actors: (i) individuals (or households), (ii) firms:(iii) Government• Rationality: each economic agent does what is•Rationality: each economic agent does what is best for himself/herself…..(whatever “best” means- could be different things)• Self-interest: each maximizes its objective:-Individuals maximize utility functions.-Firms maximize profit function
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