Microeconomic Theory

This course covers the fundamental concepts of microeconomics at the intermediate level. Students learn about how individuals make decisions in a world of scarce resources. Students learn about how consumers choose over a range of goods and services given their limited resources, and how firms decide on how much output to produce and supply in the market. Our discussion on market structures focuses on the simplest of markets (perfectly competitive markets), single-seller markets (monopolies), and oligopolistic markets where firms are involved in strategic interactions with each other. We explore situations in which markets fail and the role of public policies in addressing these failures. The same principles that govern market-based decisions also govern non-market-based decisions. We apply the principles of microeconomics to understand how individuals make non-market related decisions.