This course exposes you to the tools, methods and results of microeconomic analysis.
Economic theory is developed with the intention of applying it to real world problems.
You should develop an ability to explain and predict the behavior of consumers, firms, employers and resource owners and the effects of such behavior on product and factor markets. You will model the effects of changes in income, input prices, weather, demographics and other factors on the demand and supply of goods. You will analyze a firm's costs of production and understand concepts such as the learning curve and optimal lot size. You also will study the impact on social welfare of changes in government programs such as agricultural price supports and import quotas. You will study how monopolies set prices and how they price discriminate.