Economics: Microeconomic Theory

Analysis of consumer demand, supply, market price under competitive conditions and monopolistic influences, and the theory of income distribution. Prerequisites: ECON 1400, ECON 1450, MATH 1212 or MATH 1234; or Health & Society major or minor, Instructor permission.

Prereqs enforced by the system: ECON 1400, ECON 1450; MATH 1212 or MATH 1234 PACE students by permission and override

In this course we will analyze of how rational economic agents (i.e. households and firms) make decisions, and how these decisions interact in markets. Topics covered include the theory of consumer choice and demand, the theory of production and supply under competition, partial competitive equilibrium, basic welfare economics in partial equilibrium, monopoly, price discrimination, rudimentary non-cooperative game theory, and simple models of imperfect competition. Economics 2450 offers a substantially more in-depth treatment of the topics covered in Economics 1450 (Principles of Microeconomics).

You will be required to attend class on a regular basis, take notes, and keep up with readings. You should expect to do approximately 2-3 hours of independent study for every hour of class time. While attendance is not taken, students who skip class tend to do very poorly on the tests.

Final grades will be based on periodic homework assignments (approximately 10 assignments) and three in class tests (the third test will take place during the final exam period).