Course Description
Partial and general equilibrium analyses in the study of efficient resource allocation among households and firms. Perfect and imperfect output and input markets are investigated in terms of economic efficiency.
Athena Title
MICRO/APP I
Prerequisite
AAEC 3580 -3580L or permission of major
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Course Objectives
This course is designed to provide students, who have a sound mathematical preparation, an introduction to duality theory and its application to microeconomic theory and the economic consequences of alternative market structures and economic systems.
Topical Outline
Consumer Theory Consumer Behavior Stealing Commodities Expenditure Function Indirect Utility Function Slutsky Equation Integrability Revealed Preference Consumer's Surplus Theory of the Firm Production Function Returns to Scale Isoquants - Isocosts Multiple Outputs Economies of Scope Costs Geometry of Costs Individual Firm Supply Curve Properties Equilibrium Under Perfect Competition Market Equilibrium Perfectly Competitive Market Industry Cost Monopoly Regulation Price Discrimination Auctions Pareto Efficient Auctions Game Theory Sequential & N-Person Games Oligopoly Cartels Factor Markets Discrimination Labor Markets UNions General Equilibrium Pure Exchange Model Walrasian Equilibria Production Economy Production-Possibility Curve Competitive Equilibrium Normative Economics Monopoly and Pareto Optimality
Syllabus