This course (as a follow-up to ECON 3011) presents a formal analysis of consumer theory, producer theory, market structures, market equilibrium, efficiency (welfare economics), and market failures. In this course, we focus on the optimal choice behavior of producers and social planners under various constraints and the aggregate (efficiency and equity) effects of these decisions. More specifically, the topics that will be discussed are the behavior of firms and markets under competitive, monopolistic, and oligopolistic conditions, externalities, and economic efficiency, with some game theory. It also examines the applications of the theory, especially to current economic policy problems.
prereq: ECON 3011
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