Resource allocation in a market economy, with an emphasis on the workings of the price system under competitive and monopolistic conditions. The welfare costs of departures from perfect competition are examined, and students are introduced to game theory and the economics of information.
Athena Title
Intermediate Microeconomics
Equivalent Courses
Not open to students with credit in ECON 4010H
Prerequisite
(ECON 2106 or ECON 2106E or ECON 2106H) and (ECON 2105 or ECON 2105E or ECON 2105H) and (MATH 2200 or MATH 2250 or MATH 2250E or BUSN 4000 or BUSN 4000E)
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Student Learning Outcomes
Students will construct and interpret formal economic models (e.g., supply and demand, consumer choice, production theory).
Students will evaluate the assumptions, limitations, and implications of economic models.
Students will use graphs and equations to analyze market outcomes.
Students will apply core microeconomic concepts (e.g., utility maximization, cost minimization) to analyze individual and firm behavior.
Students will learn to solve for market equilibria in a variety of economic models.
Students will derive comparative statics and determine how changing assumptions and parameters change market outcomes.
Topical Outline
Consumer Choice
Income and Substitution Effects
Individual and Market Demand
Applications of Consumer Theory
Firm and Market Supply
Exchange, Efficiency, and Prices
Competitive Markets
Monopoly
Game Theory
Imperfect Competition
Institutional Competencies
Analytical Thinking
The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.
Critical Thinking
The ability to pursue and comprehensively evaluate information before accepting or establishing a conclusion, decision, or action.
