This is the introductory video of ECON
302, Intermediate Microeconomics. My name
is Antonio Koumpais and I will be the
instructor of this course. So, what will
you learn in this course? Microeconomics
is about decision making under
conditions of scarcity. We're going to
focus on two agents in the economy,
consumers and producers and model their
behavior. We will learn how to solve
different types of constrained
optimization problems pertaining to
individual behavior. This theory is for
building blocks for market structures
such as, perfect competition oligopoly
and monopoly that will also be
discussed. So, what are the differences to ECON 202, Principles of Microeconomics? Well, we
will discuss more formally, concepts
you've seen before such as, utility
maximization and profit maximization. For
example, when decomposing the price
effect into the income effect and the
substitution effect we will use
analytical tools you have seen before
from ECON 202 such as, budget
constraints and indifference curves.
Mastery of this material would serve
students well with an interest in the
insurance industry. By the end of the
course
students should be able to use algebraic
tools to analyze Microeconomic topics,
apply critical thinking in real-world
scenarios and be able to drive false
implications, and lastly be able to communicate in a
clear and professional way to come up with results.
Thank you for watching this video and I
look forward to seeing you in class.
