This course provides an introduction to analysis of economic behavior. The ability to predict market outcomes is indispensable not only for a sound business strategy but also for a meaningful public policy. The main focus of the course is on optimal decision making, understanding determinants of demand and supply, market equilibrium, strategic behavior, and welfare analysis. Introduction to choice under uncertainty and the general equilibrium analysis is also covered.
Aims of the course
The course should teach an analytical approach to the functioning of the market mechanism, economic behavior of market participants, market environment impact on competition, and business strategies. Students should acquire the skills and the ability to apply microeconomic analysis and optimization methods to a large variety of economic problems.
• Understand the main theories in microeconomics.
• Analyze and model microeconomic phenomena.
• Evaluate governmental policy as it relates to microeconomics.
• Graphically model microeconomic situations.
• Relate real economic experiences to theory.
• Identify economic situations at the firm and personal level.
• Develop researching skills.