PAM 2000 - Intermediate Microeconomics

Fall, spring. 4 credits. Letter grades only.

Prerequisite: ECON 1110 or equivalent.

Fall, R. Geddes; spring, T. Evans.

Topics include theory of demand and consumer behavior including classical and indifference curve analyses; theories of production and cost; models for the following markets-competitive, monopoly, monopolistic competition, oligopoly, and inputs; general equilibrium; welfare economics; public goods; and risk.

Outcome 1: Employ budget constraints and consumer theory to analyze a wide variety of topics, including income effects, substitution effects, two-period models, team production, and the principle-agent problem.

Outcome 2: Use the models of perfect competition to analyze both short and long run equilibrium.

Outcome 3: Use the tools of game theory to analyze strategic pricing, output decisions, campaign spending, advertising, and so on.

Outcome 4: Explain and apply the models of microeconomics to topics covered in general interest news, topics of political interest, and to a current events.