Econ 382 students will be able to
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Formally express and analyze economic models
Recognize the common building blocks of economic models (actors, choices, objectives, constraints)
Solve economic models (constrained optimization, equilibrium conditions)
Interpret the results (comparative statics)
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Demonstrate an understanding of the core microeconomic models of
Perfect competition in general equilibrium (exchange and production)
Monopoly and oligopoly
Externalities and public goods
Decision-making under uncertainty (expected utility)
Information problems (moral hazard, adverse selection)
- Adapt models to new scenarios
Compare the impact on equilibrium behavior of altering the assumptions of canonical models
Contrast the results of different market imperfections
- Establish a knowledge base that will be useful in economic field classes
Apply models in various real-world examples and identify the positive and normative conclusions in that environment