lecture1 - Professor Jay Bhattacharya Spring 2001 Econ 11...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Professor Jay Bhattacharya Spring 2001 Econ 11--Lecture 1 1 Spring 2001 Econ 11- Lecture 1 1 Econ 11: Intermediate Microeconomics Professor Jay Bhattacharya – Office: – Phone: (310) 393-0411 x6396 – email: [email protected] Office Hours – Tuesday, 11am-12:30pm or by appointment Spring 2001 Econ 11- Lecture 1 2 Preliminaries • Textbook – Nicholson, Microeconomic Theory: Basic Principles and Extensions , 7th ed. • Recommended: Friedman , The Hidden Order: The Economics of Everyday Life • Recommended: Sowell , Basic Economics: A Citizen’s Guide to the Economy • Requirements 4 Problem Sets (20% of grade) Midterm Exam (25% of grade) Final Exam (55% of grade) Spring 2001 Econ 11- Lecture 1 3 Teaching Assistants There are 5 Teaching Assistants – Becky Acosta ([email protected]) – Alex Alencar ([email protected]) – Chuling Chen ([email protected]) – Chris McKelvey ([email protected] ) – Rodrigo Penaloza ([email protected]) Each will hold weekly sessions to work on problems and take questions. Spring 2001 Econ 11- Lecture 1 4 Introduction to Price Theory Price theory is concerned with the behavior of consumers and firms facing resource constraints The main questions addressed by price theory include: What role do prices play in determining the consumption and production of goods in an economy? How are prices set in a free market? How efficiently are goods allocated in a free market? By the end of the quarter, everyone should be able to answer the diamond-water paradox. Spring 2001 Econ 11- Lecture 1 5 Preferences, Technology, and Constraints A recurring theme of the course is that preferences, technology, and constraints are conceptually different items. Price theory does not explain consumer preferences nor producer technology—they are taken as given. All of the power of price theory derives from preferences and technology interacting with constraints to ultimately determine choices. Spring 2001 Econ 11- Lecture 1 6 The Neoclassical Model Consumers pick a combination of goods within their constraints (given prices) that make them happiest.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern