Undergraduate Program Status
This course presents the foundations of microeconomics, including individual decision-making, theory of the firm and the concept of market equilibrium. The course introduces the main economic actors (households and firms) and shows how they interact in the markets. We will discuss scenarios in which markets work well and in which they fail.
Most importantly, we aim to develop basic intuition about market forces and help students recognize how these forces work together to shape the world around us. Microeconomic theory provides the building blocks and the language all economists are using. A thorough knowledge of microeconomics will be crucial in any economics course students take in the future.
At the completion of their work for this course, students will be versed in the following:
- Basic principles of microeconomics,
- Basic consumer theory,
- Theory of production,
- Market equilibrium under perfect competition,
- Important causes of market failures,
- Inefficiencies arising from non-competitive market conduct,
- Basic arguments underlying popular economic policies.
Quizzes: 8% of the final grade (9 in total, best 8 count)
Weekly Assignments: 24% (8 in total, best 6 count)
Midterm Exam on Week 6: 24% (in class)
Final Exam: 44% (in class)
Students who miss the midterm exam earn zero credit on the midterm, unless presenting a doctor’s note for medical reasons, or in a justified case (e.g., extenuating family circumstances, or funerals) that needs to be requested in advance, in writing (via email) to the program coordinator. Students who miss the midterm exam and present either a doctor’s note for medical reasons, or have their justified case approved will have their final exam reweighted, with a weight of 68% (44%+24%). Students who fail to achieve the minimum score to pass the course can retake the final exam. If a retake is successful, the student’s final grade cannot be higher than B+.