Intermediate Microeconomics

9 units (3-0-6) | first term

A rigorous treatment of microeconomic theory, serving as a bridge to graduate-level courses in general equilibrium theory. Topics include consumer choice theory—preferences, utility maximization, and demand; tools for welfare analysis, including compensating and equivalent variation; the theory of the firm—production, cost minimization, and profit maximization; and partial equilibrium analysis—market equilibrium, the effects of taxation, and market failure due to monopoly. Through theoretical models and applications, the course develops the analytical skills needed for advanced work in economics. Ec 150 (Mathematical Methods for Economics) is useful preparation but is not required.