Syllabus

The key components of the syllabus are outlined below. You can access the complete syllabus in PDF format by clicking here.

Overview

This course develops the core tools of microeconomic theory while connecting them to real-world applications and policy questions.

We begin by examining how consumers decide what to buy (lectures 1-2) and how firms organize production (lecture 3), then consider how these behaviors determine prices and quantities in competitive markets (lecture 4). From there, we explore what it means for a market to work efficiently and how to think about fairness (lecture 5). We then turn to market power (lectures 6-8): What happens when a single or a few large firms dominate the market? How does market power affect wages in labor markets?

In the second half of the course, we consider the need for government intervention when markets fail due to information asymmetries, externalities, or underprovision of public goods (lectures 9-10). Finally, we conclude by examining decision-making under uncertainty and strategic behavior through game theory (lectures 11-12).

Learning Goals

Upon successful completion of this course, students will:

  • Model consumer and firm behavior and derive equilibrium prices and quantities in competitive markets
  • Apply welfare criteria to assess market efficiency and analyze tradeoffs between efficiency and equity
  • Analyze how market power affects prices, output, and wages in product and labor markets
  • Diagnose market failures arising from information asymmetries, externalities, and public goods, and evaluate policy responses
  • Apply expected utility theory to model choice under uncertainty and use game theory to solve strategic interactions

Course Material

The following textbook is required for this course:

  • Microeconomic Theory: Basic Principles & Extensions by Walter Nicholson, Christopher Snyder, 13th Edition.

Previous editions are also acceptable. Lectures will loosely follow the textbook. Supplementary readings, lecture slides, and problem sets will be posted on the course website.

Grading Criteria

Your grade will be determined according to the following breakdown:

Component Points
Problem Sets 10
Midterm Exam 40
Final Exam 50