Introduction to Microeconomics

Undergraduate catalogue

Economics is the study of the allocation of scarce resources. The subject of this course is microeconomics, which examines the decision making of individuals and firms with regard to consumption, production, and allocation of good and services in a market system. We examine the benchmark "perfectly competitive" market setting as well as market settings that are not perfectly competitive. We discuss the appropriate role of government in addressing these "market failures". Two one-hour lectures, and one precept.