COURSE DETAIL
This is an introductory course in microeconomics, which exposes students to various microeconomic concepts and theories as well as the practical applications of these concepts. The course begins with a discussion of economic history and the characteristics of different economic systems, as well as factors influencing economic development following the Industrial Revolution. Hereafter, students are introduced to topics within the standard utility-maximization theory of consumption, including optimal bundle and indifference curve analysis. Students are then exposed to game theoretical frameworks to model social interactions amongst economic agents, before applying this framework to wage-setting relationships in the labor market. Applications of experimental economic methods are also briefly explored. Finally, students are introduced to the standard neo-classical theories of supply and demand as well as firms’ pricing decisions under differing levels of market competition.