ECON 101: Introduction to Microeconomics: Prices and Markets Spring 2015
Instructor: Zhe Chen
Section 019 MWF 2:30PM - 3:20PM (PRN 324A)
Section 020 MWF 3:35PM - 4:25PM (PRN 324B)
Office: PRN 032
Mon 4:30pm – 5:30pm; Wed 11:00 – 12:00am; or by appointment Connect Link: http://connect.mheducation.com/class/z-chen-econ-101-spring-2015
Microeconomics, also known as price theory, provides us with the tools to analyze the behavior of consumers, workers, and firms, within a competitive market economy. Microeconomics studies what it means to make rational decisions in the presence of limited resources, and how the behavior and interaction of many self-interested individuals can yield socially beneficial results. A basic understanding of microeconomic principles is important for anyone pursuing a course of study in business, social science, environmental science, or public policy, and can be beneficial for anyone interested in broadening their understanding of the world.
Many students will find this course fascinating as well as challenging. It is often abstract in the sense that it simplifies a very complex economic reality in a fashion that facilitates our understanding of how individuals make economic decisions, and how these decisions affect market conditions. It provides simple yet powerful models that help us predict the consequences to market conditions of changes in a variety of economic, political, social or environmental factors. While this course will not be mathematically heavy, success will depend on your ability to apply reason, and to read, understand, and manipulate graphs. Unlike some other classes in the social sciences, economics considers there to be right and wrong answers to questions. Success in this course will depend on what you put into it. I recommend that you stay abreast of the reading,...
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