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 approach to market failures from externalities, asymmetric information, and market power. Introduction to game theory and applications to market structures. The tension between efficiency and equity. Prerequisite: (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).
Prerequisites
Prerequisite: 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.
Economics Department