Syllabus
- Choice, Efficiency, and the Basic Demand and Supply Model
- Choice, Efficiency, and the Basic Demand and Supply Model (cont.)
- Behind Demand and Supply Curves
- Behind Demand and Supply Curves (cont.)
- Behind Demand and Supply Curves (cont.)
- Monopoly, Imperfect Competition, Pricing Tactics
- Monopoly, Imperfect Competition, Pricing Tactics (cont.)
- Monopoly, Imperfect Competition, Pricing Tactics (cont.)
- Monopolistic Competition and Oligopoly, Elements of Strategy
- Monopolistic Competition and Oligopoly, Elements of Strategy (cont.)
- Monopolistic Competition and Oligopoly, Elements of Strategy (cont.)
- Externalities and Public Goods
- Externalities and Public Goods (cont.)
- Uncertainty and Information
- Uncertainty and Information (cont.)
- Uncertainty and Information (cont.)
- Market Lessons and Organizational Architecture, Group Decision Making
- Market Lessons and Organizational Architecture, Group Decision Making (cont.)
- International Trade Issues
- Equity and Income Distribution
Course Meeting Times
Lectures: 4 sessions / week, 1.5 hours / session
Recitations: 1 session / week, 1 hour / session
Introduction
The course addresses the need for choice implied by the scarcity of resources. The fact of scarcity necessitates that individuals, firms, and societies choose among alternative uses – or allocations – of its limited resources. At the same time, the various choices made by different economic agents must be mutually consistent. For example, the expansion of one sector accompanied by that sector's increased use of labor and capital is only possible if accompanied by a net contraction in other industries. Markets are a mechanism to achieve such reconciliation. In this first part of the class we seek to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. We also examine how well markets perform this function using the economist's criterion of market efficiency.
Reading Assignments
The reading is primarily from: Parkin, Michael. Microeconomics. 6th ed. Sydney: Addison-Wesley Publishing, 2004. ISBN: 0321226577. Some selected additional readings are found in the course packet provided by the Sloan Fellows Program.
Grading
Students will be graded as follows:
ACTIVITIES | PERCENTAGES |
---|---|
Homework Assignment 1 | 30% |
Homework Assignment 2 | 30% |
Final Exam | 40% |