The subject of this course are individuals' and firms' economic choices, and the way in which these choices interact in markets. We shall also discuss ways in which the performance of markets can be evaluated. The course will emphasize theory over data. Empirical methods are taught in other courses, but the theories developed here form the basis of much empirical work. We shall use mathematical tools such as graphs, equations, and calculus. In comparison to ECON 101 we cover a somewhat broader range of topics, and we cover these topics in more analytical depth.
It is important that students come into the course with a sufficient mathematical background. This is why the mathematics prerequisites are enforced strictly. This course is very work intensive with weekly required problem sets, two midterms and a final. Students who want to take this course should plan their semester so that they have sufficient time for the work required by this course.
This course tends to close quickly during registration. Please note that the number of students in the lecture or in any single section will not be increased and that the students cannot switch sections. The waitlist is managed according to standard departmental practice. Graduate students cannot enroll for this course before classes start. This is because the course is primarily for the undergraduates.
For textbook information, please visit the ECON Textbook Information Website. A syllabus with further information about the course, the textbook, and the dates of midterms and final exam will be posted at: http://www-personal.umich.edu/~tborgers/Teaching.html .