Honors | Introduction to Microeconomics - Honors
S201 | 4093 | Angela Fertig
What determines the price of a good or service (like college
tuition)? What are the effects of a sales tax and minimum wage
policies? Should the government limit Microsoft's power? What are
the costs of pollution? Microeconomics – the study of household and
firm behavior – allows us to address these questions. This course
is organized around the following topics:
1. Supply and Demand: How do markets work?
2. Market Efficiency: Why is the equilibrium of supply and
demand desirable for a society as a whole?
3. Some Market Failures and the Public Sector – Externalities,
Free-Riders, and the Tragedy of the Commons: When market outcomes
are not efficient, what can the government do?
4. Consumers: How do households make decisions?
5. Firms: How do firms make decisions?
6. Market Power and Market Failure: How are monopolies
inefficient? What can the government do?
7. Workers: How are wages determined? Why do earnings vary so
much from person to person? How can the government help the poor?
Emphasis is placed on developing and analyzing economic models of
decision-making and relating these models to public policy.