Applied Microeconomics

Applied Microeconomics --- This course provides students with the foundations of microeconomic analysis. It is designed to develop in students an ability to apply the analysis to business decision-making and public policy evaluation. Topics include: (1) the nature of the business firm, its costs and its supply behavior; (2) consumer behavior and market demand; (3) market forces, price formation and resource allocation; (4) international trade and trade restrictions; and (5) market power, cartels and price-setting behavior. IN this course, students also apply microeconomic analysis to more advanced aspects of business decision-making and public policy evaluation. Topics include: (1) imperfect information and uncertainty; (2) decision-making with risk; (3) principal-agent issues and incentive contracts; (4) complex and multipart pricing strategies; (5) vertical relationships between firms and suppliers; and (6) antitrust and regulatory policies.