Course Description
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
Prerequisite
(ECON 2106 or ECON 2106H or ECON 2106E) and (ECON 2105 or ECON 2105H or ECON 2105E) 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)
Course Objectives
The class focuses on how resources are allocated in a market economy, with particular attention given to the role of prices under competitive and monopolistic conditions. Many of the topics covered in Microeconomics Principles are studied in more depth. Important topics include models of consumer choice, efficiency and welfare, game theory, the economics of information, and the conditions under which market outcomes can be inefficient.
Topical Outline
Introduction to Microeconomics Consumer Choice Income and Substitution Effects Individual and Market Demand Applications of Consumer Theory Exchange, Efficiency, and Prices Competitive Markets Monopoly Game Theory The Economics of Information Public Goods Externalities
Syllabus