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MPPA 404-0 : Microeconomics for Policy and Administration
Description
Economics is about choice, and microeconomics is the study of resource allocation choices, beginning with how consumers and producers make choices. This course is aimed at developing student understanding of microeconomic theory, especially as it concerns the relationship between the market economy and public policy. Topics include consumer behavior and the theory of demand; production, cost, supply functions; choices under uncertainty, insurance; competitive equilibrium; subsidies, taxes, price controls; monopoly and monopsony; price discrimination and public utility pricing; monopolistic competition; general equilibrium theory and welfare economics; information theory; and public goods, externalities and market failure.
Counts toward all MPPA specializations as an elective for on-campus students admitted prior to fall 2012.