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Preliminary Course Information

Preliminary Course Information - Intermediate Microeconomic...

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Intermediate Microeconomic Theory Preliminary Course Information Lecture: Mo and Wed 1-2pm Instructor: Stephan Lauermann Email [email protected] Office Hours: tba Welcome to Economics 401! In this document you will find the basic information about the course and the basic rules of the course. I will update the course information shortly before classes . You should always first refer to this document when you have questions about administrative details for the course. All relevant information for this course can also be found on the course website. Course Content: Economics 401 develops the core of microeconomic theory. Microeconomic theory is the foundation of virtually every economics course you will take subsequently (the principal exception being statistics courses) and you are well-advised to master it. You will learn about the basic tools and concepts that are used in economics to describe and evaluate economic phenomena. For example, you will get to know mathematical models of decision making when resources are scarce or when the outcomes are uncertain. You learn how to use the assumption that markets are clearing to predict how the market outcome changes when taxes are increased or when supply changes. We will discuss a seller’s problem of finding the right price and we will see what the rationale is for Espresso Royal’s pricing scheme. Finally, we will use game theory to understand how big players try to game the market and we will see what this means for the price of your airline tickets during holiday season. All of the concepts we will be using are expressed in mathematical terms. In addition to learning the basic economic concepts, the course is also designed as a training ground for the most common math skills that you need in subsequent courses. To a large extent, you should be familiar with this material already from the prerequisite math courses (math115): We derive derivatives to describe decision making many applications, we maximize functions subject to constraints, and we use systems of equations to model equilibrium.
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