This course is a basic introduction to microeconomic analysis and its applications for public policy. Tools, concepts and models of economic analysis will be developed and applied to public policy issues. The course will explore the philosophy and values inherent in economic analysis and examine empirical methods to test the validity of economic models. Topics include: consumer and producer behavior, pricing and the forces of supply and demand, market allocation of scarce resources, the distribution of wealth and market failure. Mode of Inquiry: Understanding Society Offering: Every semester Instructor: Staff

Principles of micro-economics, with major emphasis on price and income distribution theory. Topics include demand theory, competition, oligopoly and monopoly, marginal productivity theory, international trade, and international finance. (ECON 2302)