Preferences and technologies and their relation to demand, supply and competitive equilibrium. The basic math behind constrained optimization. Income and substitution effects and their relation to demand and marginal willingness to pay. Cost functions and profit maximization. Policy and civil society approaches to market failures from externalities, asymmetric information and market power. Introduction to game theory and applications to market structures. Tension between efficiency and equity. Prerequisite: (Economics 21 and 22) or (Economics 101 or 101D) and either (Mathematics 105L and 106L) or (Mathematics 21, 111L, 112L, 121, 122, 122L, 202, 212, or a higher level math course).
Prerequisite: (ECON 21 and 22) or (ECON 101 or 101D) and either (MATH 105L and 106L) or (MATH 21, 111L, 112L, 121, 122, 122L, 202, 212, or a higher level math course)