This course presents a formal analysis of consumer theory, producer theory, market structures, market equilibrium, efficiency (welfare economics), and market failures. More specifically, the topics that will be discussed are the behavior of households, firms, and industries under competitive conditions with a focus on factors influencing production, price, and other outcomes. Basically, the concepts that were introduced in ECON 1101 (or equivalent courses) will be studied in detail with a more formal treatment of the models. We will also examine the applications of the theory, especially to current economic policy problems.
prereq: ECON 1101 (or APEC 1101); ECON 1102 (or APEC 1102); MATH 1271 or MATH 1142. Or equivalent courses approved by the Economics Department.
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