Intermediate Microeconomics I

Catalog description

Introduction of the concepts of preferences and technologies. Intermediate development of the theory of demand, supply and competitive equilibrium from individual preferences and technologies. Income and substitution effects, uncompensated demand and marginal willingness to pay. Conditions under which competitive markets result in efficient outcomes. Conditions under which government policy has the potential to increase efficiency. Tension between economic efficiency and different notions of equity. 001128