ECON BC1002 Introduction to Microeconomics

Instructor: Lalith Munasinghe, Fall 2003

This course will first introduce you to the basic elements of microeconomic theory – the characterization of consumer and producer behavior and the functioning of markets in a decentralized economy. We will then use this simple theoretical framework to address various economic phenomena and extensions of the basic theory. For example, we will use the choice theoretic framework to think about labor supply and the dramatic increase in labor force participation rates of women. We will also cover the following topics: basics of game theory, inter-temporal choice and individual discount rates (impatience), and decision making under uncertainty. A primary objective of this course, apart from introducing the building blocks of micro theory, is to provide the student with a critical perspective of both the analytical power and limits of microeconomic reasoning in understanding and predicting economic behavior.
During the first class we will schedule 2 recitation sections. You will need to attend one of these recitation sections each week throughout the semester. During the first week of recitation the TA will hold a 2 hour math tutorial. The basic math you will need to know for the course will be taught in this recitation section. Although this recitation section is not mandatory, all are encouraged to attend. Please make sure to read the math hand out. All students are required to hand in the math problem set.

The final course Grade will be based on 5-7 problem sets (20%), two midterm examinations (20% each), and a comprehensive final examination (40%).