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Course Description
Comprehensive coverage of individual market
functioning, beginning with scarcity and the economizing problem, supply and
demand are defined, and their non-price determinants presented along with
obtainment of equilibrium price and quantity. The concept of elasticity is
introduced and its measurement and interpretation in a variety of applications
is demonstrated. Theories underlying demand and supply, utility maximization,
and the production-cost relationship are developed. The
firm’s profit maximizing behavior is analyzed and applied to various demand
conditions, market structures. Market functioning for each classification of
resource is presented along with their implications for income distribution.
Functioning of international markets and resulting exchange rate determination.
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