B CUSP 200
Analysis of markets: consumer demand, production, exchange, the price system, resource allocation, government intervention. Recommended: B CUSP 123. Offered: AWSp.
BCUSP 200 is the introductory course in “microeconomic” theory. The objective is to learn how to analyze changes in the behavior of individuals and firms in response to changes in the constraints they face. This course will stress on the applications of elementary economic theory to real world issues and problems. The course is largely devoid of algebraic derivations, but analytical reasoning based on fundamental principles is emphasized throughout. This is a scientific course: we will be concerned with explanations of real world events. These explanations are always based on a few fundamental postulates of behavior and technology
Student learning goals
Understand and be able to use microeconomic terminology
Understand the role of opportunity cost in decision-making
Understand the role of prices, government policies and market structure in resource allocation in the economy
Use microeconomic principles to understand and explain economic events and other social phenomena
Appreciate the usefulness of economic reasoning in personal decision-making
General method of instruction
Via power point presentations supplemented with numerical examples and graphs.
Class assignments and grading
Multiple choice quizzes, essay style midterm and final exam.