ECON4201 — Microeconomic Foundations
Consumer theory, production theory, and general equilibrium. Issues addressed include: the choice approach versus the preference approach; the perils of common highly regular utility functions; the demand aggregation problem and solutions; the foundations of individual consumer welfare theory and social welfare criteria; multiple output production; and general equilibrium theory as a method for overcoming many of the issues encountered earlier in the course. This course does use a substantial amount of multivariable differential calculus. [Note: no credit for students who have received cr for Econ 4111] prereq: 3201