Economics
 

Intermediate Price Theory 2

Intermediate Price Theory 2
Welfare theory, imperfect information, imperfect competition, uncertainty, externalities, and public goods.
ECON
382
 Hours3.0 Credit, 3.0 Lecture, 0.0 Lab
 PrerequisitesECON 378 & ECON 380
 TaughtFall, Winter, Spring
 ProgramsContaining ECON 382
Course Outcomes: 

Econ 382 students will be able to

  1. 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)

  1. Demonstrate an understanding of the core microeconomic models of

Perfect competition in general equilibrium (exchange and production)

Monopoly and oligopoly

Externalities and public goods

Decision-making under uncertainty (expected utility)

Information problems (moral hazard, adverse selection)

  1. 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

  1. Establish a knowledge base that will be useful in economic field classes

Apply models in various real-world examples and identify the positive and normative conclusions in that environment