Course Description
Competitive and imperfect markets in the allocation of consumer goods and input factors in the free enterprise economy.
Athena Title
Intermediate Econ Principles
Equivalent Courses
Not open to students with credit in AAEC 3580E
Prerequisite
(AAEC 2580 or AAEC 2580E or ECON 2106 or ECON 2106E or ECON 2106H) and (MATH 2110 or MATH 2110E or MATH 2260 or AAEC(ENVM) 3020 or AAEC 3020E)
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Course Objectives
This course is designed to build upon the principles course with the intent to further investigate the efficiency and equity impacts on social welfare. General equilibrium and welfare economics are introduced and investigated under alternative market structures and economic systems. The objective of efficiency allocating society's resources in a fair and equable manner is investigated. The insight which elementary mathematics affords the study of economics is explored.
Topical Outline
Preference Relations Indifference Curves Budget Constraint Utility Maximization Demand Functions Comparative Statistics Market Demand Elasticity Pure Exchange Efficiency of a Price System Social Welfare Production Functions Isoquants Elasticity of Substitution Classifying Production Functions Costs Perfect Competition Short-Run Equilibrium Market Demand and Supply Shifters Long-Run Equilibrium Economic Efficiency General Competititve Equilibrium Efficiency in Production and Exchange Competitive Economy Monopoly Price Discrimination Sequential Games Game Theory Industrial Organization Product Differentiation Monopolistic Competition Oligopoly Competitive Input Markets Marginal Productivy Theory Comparative Statics in Input Demand Monopoly Power in input markets Wage Discrimination Labor Unions
Syllabus