This course covers the analysis of consumption behavior and demand using the theory of utility and indifference, the theory of production and costs, and analysis of the firm and industries under the four market structures. Factor pricing and general equilibrium using comparative static analysis techniques are also covered. Selected topics include: market failure, price ceilings and floors under different market structures, subsidies, regulations, price discrimination, and consumer and producer surplus.
- This course will acquaint students with microeconomic theory as it is most commonly viewed by practicing economists.
- Construct graphical and mathematical models of microeconomic behavior.
- Demonstrate a greater knowledge and appreciation of the assumptions underlying microeconomic theory.
- Evaluate several types of market failure.
- Evaluate the theories of consumer choice.
- Evaluate the theory of production and costs.
- Examine firm behavior within specific market structures.
- Employ the methods and data that historians and social and behavioral scientists use to investigate the human condition.
- Examine social institutions and processes across a range of historical periods and cultures.
- Use and critique alternative explanatory systems or theories.
- Develop and communicate alternative explanations or solutions for contemporary social issues.