2010_lecture_1_ho

2010_lecture_1_ho - Intermediate Microeconomics Economics...

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Intermediate Microeconomics Economics 101 George J. Mailath Department of Economics University of Pennsylvania January 13, 2011
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Economics 101 1 Microeconomics studies individual decision making and its implications for social phenomena. 2 We will develop the basic analytical tools used by economists—a model of maximizing behavior. 3 Apply this to examine 1 consumer behavior, 2 firm behavior, 3 competitive markets, 4 strategic behavior (in particular, imperfectly competitive markets), and 5 and other market failures.
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Course Organization Prerequisites: Econ 1 and 2, Math 104 and either Math 114 or 115. Course will use multivariate calculus. Grading: 1 20%: Midterm exam I. 2 20%: Midterm exam II. 3 20%: Problem sets (best 10 or 11). 4 40%: Final exam. The text is Walter Nicholson and Christopher Snyder, Microeconomic Theory , 10th Edition, South-Western. Recitations and problem sets are an important part of the course.
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Economics studies human behavior. The foundations of economic analysis are: methodological individualism: people make optimal choices from a set of alternatives ( choice sets ), given fixed preferences over these alternatives, and the preferences of different people are not completely idiosyncratic. Consequently, economists are interested in how people
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2010_lecture_1_ho - Intermediate Microeconomics Economics...

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