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EC101: Introductory Microeconomics

Session: Two
Prerequisites: Working knowledge of mathematics (i.e. elementary calculus)

Professor Ronny Razin
Dr Johannes Spinnewijn

The aim of this course is to introduce students to microeconomic analysis, which is a particular way of looking at the world and trying to understand it. The course exposes students to standard microeconomic theory with a main focus on the development of an economic intuition, but also providing some economic tools to support this intuition along the way. The microeconomic mindset helps students thinking about issues that are relevant empirically and for policy.

Topics covered will include:

  • Consumer behaviour
  • Theory of the firm
  • Competitive market equilibrium
  • Monopoly
  • Factor markets
  • General equilibrium theory
  • Welfare economics

The course is aimed primarily at those who have not previously studied economics. It provides a foundation for further study in economics, but is sufficiently self-contained to provide grounding for those who do not intend to take the subject any further. The mathematical requirements of the course are minimal, since exposition of the material is based largely on diagrams and elementary algebra.

R. H. Frank, Microeconomics and Behaviour, (6th edition), McGraw-Hill (2003). [required]
H. R. Varian, Intermediate Microeconomics, (6th edition), Norton (2003). [recommended]

Lectures: 36 hours    Classes: 12 hours
Assessment: Two written examinations