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14.04 Intermediate Microeconomic Theory

Prereq: 14.01, Calculus II (GIR)
U (Fall)
12 Units. HASS-S

Analysis of consumer and producer decisions including analysis of competitive and monopolistic markets. Price-based partial and general equilibrium analysis. Introduction to game theory as a foundation for the strategic analysis of economic situations. Imperfect competition, dynamic games among firms. Failures of general equilibrium theory and their resolutions: externalities, public goods, incomplete information settings, signaling, screening, insurance, alternative market mechanisms, auctions, design of markets.

J. Toikka

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