Microeconomics

Faculty

J. Chen

Description

This course covers the fundamental aspects of microeconomic theory that are required to the understanding of contemporary economic studies. A good comprehension of microeconomics is essential to the modelling of the behavior of individuals, households, firms, and markets, and therefore to the analysis of public-policy issues. My objectives are to provide the conceptual basis and core principles of microeconomics, and to “prepare” you for your future needs in this program. A good understanding of microeconomics is also essential before you graduate to the real world of policy evaluations.

The emphasis of this course is on the economic intuition. However, to allow a firm grasp of often abstract economic intuition, you shall expect to see rigorous, often mathematical, reasoning in the class. You not only have to “learn” the class materials, you also have to “handle” them as tools so that you can use them in other courses as well as in your future careers. Topics in this course include production theory, consumer theory, risk and behavior under uncertainty, market equilibrium, and market failure.

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