Office Hours: 5:00-6:00 p.m. before class (in the classroom) and by appointment. I’ll also be available after class for any follow-up questions after the regular lecture period.
Phone: (202) 378-7343. Please use this number only for urgent matters. Email is generally preferred for communicating. I respond quickly to emails.
Class meets Tuesday evenings from 6:25-10:00 p.m. on 10/26, 11/2, 11/9, 11/16, 11/23, 11/30, 12/7 with a final exam on Tuesday evening 12/14.
COURSE DESCRIPTION This course is intended to provide the student with a basic introduction to the microeconomics of the firm. The emphasis will be on the firm decision-making process and how that process influences firm performance. Firm performance can have many dimensions, although this course will primarily concern itself with profitability. The course will examine the market environment of the firm and the role of government in the market. Topics to be covered include: * the basic microeconomic principles that firms utilize in making business decisions, including demand, elasticities, costs, productivity, and pricing; * the industry environment that firms face including the concepts of market structure, market conduct, and market performance; * common forms of market failures that affect firms; and * the role of government intervention in the market, particularly in ameliorating market failures. The “managerial” in the course title is taken seriously, with primary attention given to applications. This is accomplished primarily by the use of a text that emphasizes the managerial applications of economic concepts and the use of cases. The cases provide practice in applying economic concepts to firm decision-making.
* Microeconomics, by Robert S. Pindyck & Daniel L. Rubinfeld, (Referred to as P&R