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Massachusetts Institute of Technology

Principles of Microeconomics (Fall 2018)

Massachusetts Institute of Technology via MIT OpenCourseWare

Overview

Course Features

  • Video lectures
  • Captions/transcript
  • Lecture notes
  • Assignments: problem sets with solutions
  • Exams and solutions

Educator Features

  • Instructor insights
  • Podcast - audio

Course Description

This introductory undergraduate course covers the fundamentals of microeconomics. Topics include supply and demand, market equilibrium, consumer theory, production and the behavior of firms, monopoly, oligopoly, welfare economics, public goods, and externalities.

Chalk Radio Podcast

Prof. Jonathan Gruber was featured in an episode of OpenCourseWare's podcast, Chalk Radio. In the episode "Thinking Like an Economist," Prof. Gruber talks about how he engages students in 14.01 with accessible real world examples. Listen to the episode on Apple Podcasts.

Syllabus

1. Introduction and Supply & Demand.
2. Preferences and Utility Functions.
3. Budget Constraints and Constrained Choice.
4. Demand Curves and Income/Substitution Effects.
5. Production Theory.
6. Costs.
7. Competition I.
8. Competition II.
9. Supply and Demand & Consumer/Producer Surplus.
10. Welfare Economics.
11. Monopoly I.
12. Monopoly II.
13. Oligopoly.
14. Oligopoly II.
15. Input Markets I—Labor Market.
16. Input Markets II—Labor and Capital.
17. Making Choices Over Time.
18. Increasing Savings & Introduction to Trade.
19. International Trade: Welfare and Policy.
20. Uncertainty.
21. Efficiency and Equity.
22. Government Redistribution and Taxation.
23. Market Failures I: Externalities.
23. Market Failures I: Externalities.
24. Market Failures II: Informational Asymmetry.
25. Health Economics.

Taught by

Prof. Jonathan Gruber

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