Course Description

This course covers microeconomic policy analysis. It explains how economic analysis is an important tool in analyzing public policies. Students learn the strengths and weaknesses of economic analysis in making public policy choices. Finally, students will access and comprehend what economists can contribute to the public sector.

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Athena Title

POLICY ANALYSIS I

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Semester Course Offered

Offered every year.

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Grading System

A - F (Traditional)

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Course Objectives

This course introduces the fundamentals of microeconomics as an analytical tool to understand public policy questions. As a result of the course, students will attain the following: 1. A basic understanding of the fundamentals of microeconomics as applied to public policy problems. 2. The strengths and limitations of the uses of economic reasoning and analysis in public sector settings. 3. The contributions of economics and economists to the solving of public sector problems. 4. Students will understand the different nature of public versus private goods as well as more policy-oriented topics such as externalities and taxation.

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Topical Outline

Week 1&2: Course Introduction; review of mathematics Week 3: Supply and Demand Week 4: Consumer Behavior Week 5: Individual and Market Demand Week 6: Welfare Foundations for Policy Analysis Week 7: Exam 1 Week 8: Uncertainty and Risk Assessment Week 9: Production and Cost Concepts Week 10: Profit Maximization and Competitive Markets Week 11: Monopoly and Anti-Trust Law Week 12: Exam 2 Week 13: Pricing Strategies and Monopolistic Competition Week 14: Externalities and Public Goods: Government Regulation Week 15: Gains from trade, trade policy Week 16: Final Exam

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