Microeconomic theory models the behavior of individuals and firms, and the properties of markets in which they interact. It provides foundations for current economic research, and for evaluating economic policies. We will focus less on idealized markets with perfect competition, without externalities, and without information frictions; we will focus more on markets that fall short of those ideal conditions. The course is organized around two key frameworks: classical demand theory, which addresses how individual preferences and constraints lead to aggregate demand behavior; and game theory, which addresses how strategic economic agents make decisions in environments where their actions are interdependent. Smaller portions of the course focus on theories of monopoly optimization and perfect competition. We cover economic policy issues related to collusion, insurance, pollution, platform monopolies (like Facebook and Google), and consumer finance. By learning to solve optimization problems using calculus, we will gain a better understanding of both economics and calculus. In-class questions will reinforce your learning, and in-class activities will help illustrate the concepts. We don't follow a textbook closely, so lecture slides, practice exams, and other materials will be distributed on the course website.

Course Requirements:

Six or more small exams test conceptual understanding and problem solving. Exams are graded by hand, and partial credit is awarded for a correct approach even if the final answer is wrong. A small math error loses only a small fraction of the points available. Two exams will be held in the evenings, not during regular class time; the final exam will be held during exam week. Other exams will be held during class time. There will be weekly problem sets, short writing assignments, and other activities; these will be graded mostly for participation and sincere effort, but perhaps small parts may be graded for correctness. Course grades are curved, to award about 40% A's and 40% B's.

Intended Audience:

This course is intended for Economics majors, as well as others with an interest in learning how microeconomic theory can be applied to questions that arise in society. The course is intended to be accessible to students with widely varying backgrounds, but have fulfilled the enforced pre-requisites.

Class Format:

Lecture videos will be distributed asynchronously. Scheduled class time will be used for interactive discussions, activities, and enrichment, to which synchronous participation is not required. Asynchronous discussions will be conducted online. While exams may be administered synchronously, asynchronous participation in all other aspects of the course is welcomed.