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XuetangX

A Crash Course in Principles of Microeconomics

Jiangxi University of Finance and Economics via XuetangX

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Overview

This course is an economics course at the elementary level. It mainly includes the problem of maximizing the consumer's utility, minimizing the cost of the producer, and maximizing profit. This course mainly uses a couple of methods such as graphs and simple calculus, and establishes an analytical framework for describing economic operations, so that students can understand the general laws and basic principles of microeconomic.

 Studying this course will help students form their economic thinking ability, understand most economic behaviors in real life, and use these methods to analyze some economic decisions in reality. By focusing on economic hot events, and related social issues, students can use their theoretical knowledge to observe economic phenomena and analyze and solve economic problems. 


This is a bilingual course, in which the teacher teaches in Chinese, but with English subtitles, and all slides, exercises, exams are in English.

Syllabus

  • 1 Introduction to Economics
    • 1.1 Scarcity laws and opportunity costs
    • 1.2 The nature and definition of economics
    • 1.3 Three basic economic issues
    • 1.4 Economics as a social science
    • 1.5 The toolbox of economists and how to learn economics
  • 2 Demand, supply and equilibrium prices
    • 2.1 Demand and the law of demand
    • 2.2 Shift of the demand curve
    • 2.3 Supply
    • 2.4 Decision of equilibrium price
    • 2.5 Application of equilibrium price theory
  • 3 Elasticity Theory
    • 3.1 General principles of elasticity
    • 3.2 Price elasticity of demand
    • 3.3 Application of price elasticity of demand
    • 3.4 Income elasticity of income and cross-price elasticity of demand
    • 3.5 Supply elasticity
  • 4 Preference theory
    • 4.1 Commodities, consumption sets
    • 4.2 Budget constraint and line
    • 4.3 Cardinal utility theory
    • 4.4 Ordinal Utility Theory and preference Theory
    • 4.5 Indifference curves
  • 5 Utility maximisation theory
    • 5.1a Utility maximization (I)
    • 5.2 Utility maximization (II)
    • 5.3 Violations of preference assumption
    • 5.4 Price consumption curve and demand curve
    • 5.5 Income consumption curve and Engel curve
    • 5.6 Substitution effect and income effect
  • 6 Production theory
    • 6.1 Nature of firms
    • 6.2 Production function
    • 6.3 Short-term production
    • 6.4 Three stages of production
    • 6.5 Long-run production
    • 6.6 Return to scales
  • 7 Cost theory
    • 7.1 Cost definitions
    • 7.2 Short-run costs
    • 7.3 Long-run costs
    • 7.4 Minimization of long-run costs
    • 7.5 Long-run expansion path
    • 7.6 Economies of scale and scope economy
  • Final Exams

    Taught by

    Xiaoping Wang and Guomin Li

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