Applied Microeconomics Minor
As a microeconomics minor, you will specialize in the tools used to analyze the trade-offs that individuals and governments confront because of limited resources, and in particular, the structure of choices, the social context in which choices take place, and the implications for human welfare. Microeconomics considers to a wide range of public policy questions, including environmental regulation, government restrictions on domestic and international markets, the structure of the legal system, and the design of tax policy.
Analytic theory of consumer and producer behavior under perfect and imperfect competition. Coverage of demand theory (indifference curves and utility functions and preferences under uncertainty, including expected utility and risk aversion). Development of general equilibrium under pure exchange, including the concepts of competitive equilibrium and Pareto efficiency. Discussion of the role of time as it pertains to interest rates, discounting and net present value. Analysis of standard monopoly and simple oligopoly problems. Development of non-cooperative game theory, including strategic and extensive-form equilibria and Nash and sub-game perfect equilibria.
Economic analysis of labor markets. Theory and evidence on supply of and demand for labor, explanation of wage and income differentials; impact of education on human skills and productivity.