Intermed Microeconomic Theory

Catalog description

Microeconomics studies the behavior of individual participants within the economic system. Models are developed and evaluated which explain the choices of consumers, producers and government agents related to consumption, production, and distribution of goods and services within the economy. Significant attention is paid to market theory, pricing policies, and incentive facing firms in different maket environments ranging from the very competitive to the monopoly. Concepts covered include profit maximization and methods of optimization, indifference curves, economic efficiency, market failure, resource markets, monopolitic competition, oligopoly, externalities and public goods.