Price and Allocation Theory
Division II; Quantative/Formal Reasoning;
Also offered Spring 2019
A study of the determination of relative prices and their importance in shaping the allocation of resources and the distribution of income. Subjects include: behavior of households in a variety of settings, such as buying goods and services, saving, and labor supply; behavior of firms in various kinds of markets; results of competitive and noncompetitive markets in goods, labor, land, and capital; market failure; government policies as sources of and responses to market failure; welfare criteria; limitations of mainstream analysis.
The Class: Type: lecture
Requirements/Evaluation: weekly problem sets, one or more quizzes, one or two midterms, one or two short essays, and a final exam
Prerequisites: ECON 110 and MATH 130 or its equivalent
Distributions: Division II; Quantative/Formal Reasoning;