This course introduces the fundamental concepts, models & theories of microeconomics. The goal is to enable you to think like an economist: to frame problems in economic terms, to propose solutions that address the central issues and to assess the tradeoffs. The course emphasizes three general lessons. First, many fundamental insights on how & why markets function the way they do can be obtained using a supply & demand model. Second, incentives & constraints tell us quite a lot about why consumers, firms and organizations make the decisions they do. Third, efficiency is a very useful criterion for comparing alternative markets & institutions.

It is assumed that you have a working knowledge of basic calculus & algebra.

The required readings include chapters from a textbook and articles from magazines and newspapers.

Course grades are based on problem sets, a mid-term exam, and a final exam. Cannot be taken pass/fail. No provisional grades. No auditors. No non-Booth students.