Analysis of competitive and noncompetitive markets in terms of efficiency of resource utilization.
Intermediate Microeconomics is a core economic theory course that will further a student’s ability to apply models to explain economic decision-making by individuals and firms, how markets allocate resources, how the structure of markets affects choices and social welfare, and the ways that government intervention can improve or impair the functioning of markets. The student will be given the opportunity to apply these models to describe real world current events.
Upon completion of the course, the student should:
- apply microeconomic models to explain economic decision making by firms and consumers;
- explain how resources are allocated efficiently and how the structure of markets may have an effect on this allocation;
- show how government intervention can improve or impair the functioning of markets;
- solve economic problems where agents are strategically interdependent on one another;
- apply these tools to real-world examples in a correct and proficient manner.
This course can be applied toward:
AREC 202 (Agricultural and Resource Economics) or ECON 202 (Principles of Microeconomics); MATH 141 (Calculus in Management Sciences) or MATH 155 (Calculus for Biological Scientists I) or MATH 160 (Calculus for Physical Scientists I).
Prerequisites: Introductory microeconomics, introductory calculus.
Young is a PhD student in the Department of Economics at Colorado State University. Her research interests include public and environmental economics, in particular how they impact inequality. She is originally from South Korea where she was first introduced to economics. When Young was an exchange student at Saarland University, Germany, she was particularly impacted by German students asserting their right to study for free, even though their tuition was around €200 ($210) per semester. After that, she became more interested in societal and economic issues, leading to a PhD program in economics. Through her research, she seeks to address the problem of inequality in the world.