Microeconomics I (Mathematical Economics and Econometrics program)

Mathematical Economics and Econometrics program course

Description

The first course in a four mini- term microeconomics sequence. It provides an extensive treatment of consumer theory with a focus on such concepts such as consumer preferences, utility maximization and consumer choice, income and substitution effects, the individual and market demand functions, price and income elasticity of demand, and revealed preference. In addition, students will learn about individual and household labor supply decisions. It is assumed that students are familiar with the basics of the mathematics of optimization and economic models. The material covered in this course will provide students with the background required in many other areas of economics.