73-160 Foundations of Microeconomics: Applications and Theory

9 units, Carnegie Mellon University

Intermediate level microeconomics stresses individual economic decision making in the context of consumer behavior, and firm behavior, and examines in detail how these behaviors interact in competitive market settings to answer the fundamental economic questions of what gets produced, how it gets produced, and who gets the output. These component theories of economic behavior are the building blocks of higher level economic analysis, as well as the basis for examining empiricallymotivated deviations from classical economic predictions. As such, most of the course will be methodological in its focus, although many of the problems in the weekly assignments will involve everyday personal and business applications. The experiments we do will also give students handson experience with the phenomena that economic theories try to explain. Lecture, 3 hours Recitation 1 hour. Minimum grade of C required in all economics prerequisite courses.

Prerequisites: 21-120 and (73-100 (min C) or 73-104 (min C) or 73-102 (min C))

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