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Welcome to Intermediate Microeconomics!


This Web site is designed to support the teaching and learning of Intermediate Microeconomic Theory (ECO 240), a required course for economics majors at Illinois State University.

The navigation row on the top and bottom of each page contains hyperlinks to the course's Main page, Information about the course and periodic announcements, the course Syllabus, Schedule, online Tutorials, Excel Workbooks, weekly online Quizzes, and the course's WebBoard. There are also links to a daily One-minute Paper survey form, current course Grades, and some off-site Links to online Excel tutorials, newspapers, and sources of economics data. Simply click on a hyperlink in either navigation row to access one of these Web pages.

The icons at top and bottom of the each page contain hyperlinks to the previous page in the course Web site, the next page in the course Web site, the site's home page, and a link to the top of the current page.

 

"Where Do I Begin?" Top of page.

After reading below about why you should be interested in studying microeconomics (besides the fact that it is a required course) you should explore the course Web site. Begin your tour of the course Web site by going to the Information page. This is where you will find basic information on when and where the class meets, who teaches this course, and how to contact him! Also on this page is a link to periodic Announcements that deliver timely information on changes to the course or to the campus computing environment. Visit this page daily.

  • Before you leave the Information page, you are required to read and complete the four tasks in "Getting Started".

 

Why Study Microeconomics? Top of page.

Microeonomics deals with the cooperative social behavior of individual economic agents. These agents include consumers, workers, business firms, and even entire industries. It studies how the economic decisions of these agents lead to changes in the production of goods and services, the prices of those goods and services, and the incomes received by the workers in and owners of firms that produce the goods and services.

Overall, the study of microeconomics presents you with a way of thinking about such behavior:

"The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions." (John Maynard Keynes)

In the process of learning this way of thinking you will improve your analytical skills, your ability to solve problems, and the quality of your decision making. Such skills will be tremendously useful to you in future courses and in the job market. It will also help you make sense out of elements of the world around you that you could not otherwise understand -- which is fun as well as useful.

In Intermediate Micro, we will apply the economic way of thinking to help you understand how markets allocate resources to where they are most wanted; why prices and wages rise and fall; why businesses start up and fold under; how consumers and managers decide the best way to allocate their budgets so as to get the most goods or resources they can; why some goods or services seem "too abundant" while others seem "too rare"; and how governments can affect the provision and prices of goods, services, and resources.