Honors Microeconomics

Catalog description

This course introduces students to some of the important questions addressed in Microeconomics and the methodology used to address these questions. We will look at some of the basic models of consumer and firm behavior and study how implications are derived from these. We will also see how some of these simple models give insight into diverse questions such as: Should food stamps be given away freely to those who are poor, or should they be required to purchase them? Why are general practitioners (as opposed to specialists) disproportionately located in smaller towns? Why do firms bundle goods rather than just selling them separately? As far as the final impact is concerned, is there a difference in whether a tax is imposed on the sellers of a product or on buyers of a product? Microeconomics gives the tools to understand and evaluate implications of government as well as business policy decisions. In addition, it provides the foundation for the study of many other sub-disciplines in economics.