MARKETS AND RESOURCE ALLOCATION
SUMMER 2013
Instructor: Dr. Michael J. Murray
Sattgast Hall, 127
About the Course
The course introduces the major concepts and applications
of microeconomic theory. We will be examining the economic decision making of
individuals and firms and explore market mechanisms within the context of scarce
resources. The course further explores economic rationales for government
intervention in the market, develops microeconomic principles to explain and
evaluate markets as mechanisms to signal buyers preferences and induce
suppliers' response. Further we will considers the origin and historical
development of market economies as well as theory. Now is an exciting time to be
studying microeconomic theory and policy!
Course Goals
The ultimate course goal is to develop the student's
skills of analytical reasoning. Even if the student does not pursue economics or
a career in business, these skills are valuable in other pursuits and everyday
life. Analytical skills will be honed by the development of theoretical models
and concepts, reference to statistical information, and the applications of
models to real world events.
Goals specific to the course content include:
- Understanding how application of the
principles of demand and supply can explain and predict
market
outcomes
- Understanding how economists approach
public policy issues
By the course's end, you will be on your way to thinking like an economist and
devising policy solutions to economic problems.
Extra Credit Opportunities
Comparative Advantage Extra Credit:
Extra Practice Problems
PowerPoint Slides
Consumer, Producer Surplus and Externalities
Forms of Competition and Perfectly Competitive Markets
Monopoly - May 29th
Video Lectures
Supply, Demand, and Equilibrium
Consumer, Producer Surplus and Externalities
Forms of Competition and Perfectly Competitive Markets - Lecture for May 28th