PRINCIPLES OF MICROECONOMICS*

概要

This course examines how individuals and firms make decisions by weighing up costs and benefits, and how the interaction of their decisions leads to market and social outcomes. We employ the demand and supply model to examine the effects of taxes, subsidies, and other government interventions in market activity. The implications of different market structures, including perfect competition and monopoly, are examined. Externalities, information asymmetry and public goods are key examples of cases in which private markets may yield socially sub-optimal outcomes, and the role of government policy in correcting for these outcomes is discussed.

目標

Students who successfully complete this course should be able to: 1. Explain the concepts of demand, supply, and market equilibrium; and apply the demand and supply model to explain the determinants of prices and output of goods and services; 2. Explain how market and social outcomes are affected by changes in demand/supply and government policy, and explain how and in what circumstances intervention by government can improve efficiency and social welfare; 3. Identify the main characteristics of different market types such as perfectly competitive and monopoly markets; and explain different economic outcomes in these markets; AND 4. Proceed to the study of other economics courses that have IBE200 as a prerequisite.

授業外の学習

Preparation of class materials (30 minutes). Work on questions from class and do quizzes (120 minutes) Review class lecture (40 minutes)

所要時間: 190 minutes per lecture.