Microeconomics

Microeconomics studies how individuals, firms and governments make choices when faced with scarcity of resources.

Textbook:  Microeconomics by OpenStax– free online.  Extra credit: bring or share a news article related to the course.

Modules, readings, homeworks

1.   First principles, tradeoffs and choices    Ch. 1, 2

2.   Supply and demand  Ch.3 to p.65

3.  Price controls, taxes, consumer/producer surplus  Ch. 3 p.65+    

4.   Elasticity  Ch. 5

5.  Consumer choices  Ch. 6 (skip ‘indifference curves’)

6.  Cost and industry structure  Ch. 7

7.     Perfect Competition  Ch. 8    

8.  Monopoly   Ch. 9, 10 (up to page 232)

9.  Oligopoly,  Monopoly Regulation Ch. 10 (p 232+), 11

10. Externalities and public goods  Ch.12, 13

11.  Final test 30min + Presentations, 7 min each.

Give a short talk in which you ask a question and explain your answer. Your question can be related to any economic concept covered in class or any policy such as healthcare, immigration, poverty, inequality, debt, foreign trade, etc.   Read 1-2 articles, listen to a podcast, do online research.  A brief discussion of a book on an economic issue would be welcome too.

Econ sources to choose an issue:

************************************************************************** Other resources

3 thoughts on “Microeconomics”

  1. Good morning my fellow Microeconomists,
    I recently read something I found interesting. A few days ago President Trump signed an Executive order which paves the way for construction to begin on a wall alongside the Mexican border. The President previously said that he would have Mexico bear the burden of cost. He has now stated that the United States government would foot the cost and in turn bill Mexico so as to cut through a lot of red tape. In anticipation of this endeavor U.S. Construction, Concrete stocks have sky rocketed. In addition many Caterpillar Material firms have been popping up. Read what it means for the American Economy.

    Enjoy!

    Walea Walker-Valentin

  2. Good evening Professor Vernon and fellow classmates,

    While reading an article the other day I was thinking about our economy in ways that it could dramatically affect the everyday consumer like me. If the White House floats a 20% tax on Mexican imports to pay for the wall, what would this mean for the American consumer?
    It would literally force Americans to pay for the wall whether they wanted to or not.
    Ask yourself, do I love to eat avocados, bananas, tomatoes or tequila? Are you comfortable with the price you pay for these items? If you do, then please read the following article. If or when these items become more expensive where would we as consumers come up with the extra monies to pay for them? Would you decide to cut back on eating them all together? Which would also, affect the economy.

    Enjoy
    Walea Walker Valentin

    http://www.dallasnews.com/news/politics/2017/01/26/trumps-20-percent-tax-mexican-imports-force-us-consumers-pay-wall

  3. Good morning Professor Vernon and fellow classmates,

    I came across this interesting article the other day about an interest rate increase and wanted to share it with you.

    It was entitled 🙁 What an interest rate increase means for real people?)
    We are ALL REAL PEOPLE and an interest rate hike will impact everyone who has a home mortgage, car loan, savings account or money in the stock market.
    The Fed’s decision to do so can affect the cost of housing, student loans, home purchases, and can even affect the interest we pay on our credit cards.
    This move is part of a slow upward climb for what is known as the Federal funds rate. The banks are required to have a certain amount of monies in reserve so that they can typically make overnight loans to each other to maintain balances up. The federal funds rate is the rate that applies to those short-term loans.
    In short, life is about to get better for savers and a little harder for borrowers. Read about what it will mean for you.

    Enjoy
    Walea Walker-Valentin
    Microeconomics

    http://money.cnn.com/2015/03/19/news/economy/federal-reserve-statement-interest-rates/

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