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ECON 251
Price and Allocation Theory Spring 2021 (also offered Fall 2020)
Division II Quantative/Formal Reasoning

Class Details

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: Format: lecture; Sections taught by Professors Jakiela and Sheppard in the fall will be strictly remote, with both asynchronous and synchronous components. Sections taught by Professor Rai in the spring will be fully remote; students are expected to participate in both synchronous and asynchronous components.The spring section taught by Jacobson will be in person.
Limit: 20
Expected: 20
Class#: 5048
Grading: yes pass/fail option, yes fifth course option
Requirements/Evaluation: Requirements vary by professor, but typically include frequent problem sets and multiple exams, including a final exam. They may also include one or more quizzes or short essays.
Prerequisites: ECON 110 and MATH 130 or its equivalent
Enrollment Preferences: Current or prospective Economics majors.
Distributions: Division II Quantative/Formal Reasoning
QFR Notes: Course involves developing and analyzing mathematical models of real-world phenomena, grounded in tools like calculus and game theory. Students are assumed to be comfortable with topics from introductory calculus, including differentiation and integration.

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