# 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

Hours | 3.0 Credit, 3.0 Lecture, 0.0 Lab |

Prerequisites | ECON 110 & MATH 112 |

Taught | Fall, Winter, Spring |

Programs | Containing 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