ECON 251(F,S) Price and Allocation Theory (Q)
A study of the determination of relative prices and their importance in shaping the allocation of resources and the distribution of income. Subjects include: behavior of households in a variety of settings, such as buying goods and services, saving, and labor supply; behavior of firms in various kinds of markets; results of competitive and noncompetitive markets in goods, labor, land, and capital; market failure; government policies as sources of and responses to market failure; welfare criteria; limitations of mainstream analysis. Instructors may use elementary calculus in assigned readings, lectures, exams, and problems. Format: lecture. Requirements: problem sets, one or two midterms, and a final exam. Prerequisites: Economics 110 and Mathematics 103 or its equivalent. Enrollment limit: 25 (expected: 25).
First Semester: GENTRY Second Semester: BRADBURD, OAK