Covers the same topics as ECON 371 using differential and integral calculus. Credit is not given for both ECON 371 and ECON 381. Emphasis is given to solving problems through marginal analysis, decision making under uncertainty, determining and using the value of information, searching and bidding, bargaining and negotiation, and analysis of transaction costs. Methods of capital budgeting, linear programming, game theory and forecasting are examined, and strategic decisions in markets are considered. Required for Distinguished Majors but open to any advanced student who has been successful in economics.
Specific topics vary from year to year.
Readings from the leading economists of this period. 311 Microeconomic theory is used to examine the demand for health services and medical care, the market for medical insurance, the behavior of physicians and hospitals, issues pertaining to malpractice, and government policy. 311 Analysis of the methods and institutions of industry regulation. Examines electricity, natural gas, portation and television. Regulation that involves many industries, such as product safety, occupational safety, and environmental protection, is considered.