Microeconomics is the study of individual markets.  It examines the behavior of individual consumers as well as individual firms.  While we assume profit maximization we are interested in the social consequences of that behavior.  A business course would be interested in how to maximize profits. We are interested in what happens if firms do, in fact, maximize profits. 

This course is a key course containing theory that underlies all other economics courses beyond the introductory level.  Microeconomic theory began with Adam Smith and during this century has followed the methodological path of physics.  By that I mean, a vast and elegant body of theory has been developed from a few basic assumptions.  This theory is useful both in terms of individual decision making (how should a manager mix capital and labor to obtain the highest profit) and social decision making (how can we balance economic growth with clean air).

Micro theory makes heavy use of graphs and uses some mathematics.  I have found using spreadsheets to create examples to be very valuable in understanding some of the principles.  I intend to give you the same opportunity.  If you don't know how to use spreadsheets I will teach you.  It may be one of the most valuable things you get out of the course. 

The text for the course is Microeconomics, second edition, by Jeffrey  M. Perloff, (Addison Wesley), 2001.

 There will be a number of projects as well as homework.  Some of these assignments will be individual and some will be group projects.  The projects and homework will count 60% of your grade.  Late projects will lose the equivalent of a  grade per class day, the last project will not be accepted after the last day of finals.There will also be two hour exams and a final each of the best two will count 20%, while the worst will be dropped.