Economics
 

Intermediate Price Theory 1

Intermediate Price Theory 1
Producer, consumer, and equilibrium theories; mathematical techniques of unconstrained and constrained optimization introduced and applied extensively.
ECON
380
 Hours3.0 Credit, 3.0 Lecture, 0.0 Lab
 PrerequisitesECON 110 & MATH 112
 TaughtFall, Winter, Spring
 ProgramsContaining ECON 380
Course Outcomes: 

Formally express and analyze economic models

  • Recognize the common building blocks of economic models (actors, choices, objectives, constraints)
  • Solve economic models (constrained optimization, equilibrium conditions)
  • Interpret the results (comparative statics)
  • Explain concepts using graphs, prose, and mathematical analysis

Demonstrate an understanding of core microeconomic theories

Consumer

  • The axioms upon which standard microeconomic consumer theory is based.
  • The implications of consumer demand including price and income responses in absolute and elasticity forms in both utility maximization and expenditure minimization problems.

Firms

  • The meaning and representation of technology.
  • The implications of cost and profit maximization for firms.

Markets

  • Integrate consumers and producers into a market in order to perform market analysis on equilibrium traded quantities and prices.
  • Use market analysis to understand the effects of public policy.

Adapt models to new scenarios

  • Compare the impact on equilibrium behavior of altering the assumptions of canonical models
  • Contrast the results of different market imperfections