Microeconomics

Calendar

SES #	TOPICS
1	Course overview Economic efficiency Introduction to supply and demand
2	Supply and demand, cont. Price elasticity of demand Price elasticity of supply Income elasticity of demand
3	Supply and demand, cont. Problems in the U.S. labor market
Optional math review	Optional session to explain first derivatives The basic calculus operation to be used in the course.
4	Behind the demand curve Utility theory The allocation of scarce resources
5	Behind the demand curve, cont. Income and substitution effects Consumer surplus
6	The housing and financial bubbles
7	Technology, costs, returns to scale
8	Technology, costs, cont. Profit maximization
9	Midterm 1
10	Perfect competition Entry and exit
11	Perfect competition, cont. Overview of general equilibrium
12	Imperfect competition I—Monopoly
13	Imperfect competition II—Price discrimination, monopolistic competition
14-15	Imperfect competition III—Oligopoly and game theory
16	Capstone example: Why medical costs rise so fast (including brief discussion of the effects of medical uncertainty, agency and the pernicious role of incentives, etc.)
17	Midterm 2