This course is about Microeconomic Theory and its use in the analysis of contemporary policy problems. In the process, we will need to build a solid understanding of the operation of markets. While newspapers provide daily reminders of the movement of many economies toward market rather than government control of allocation, many policymakers continue to press for increasing government intervention. Our goal will be to develop a set of tools, a methodology that will allow reasoned and consistent analysis of markets. In order to reach this level of understanding, we must focus on how markets arrive at equilibrium outcomes. This requires a construction of optimal behavior by both consumers and producers, as well as the characteristics of the marketplaces in which they interact.

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