Economics

Office: 129 Blodgett Hall, Website: economics.vassar.edu, Phone: (845) 437–7395, e–mail: economics@vassar.edu


201a or b. Microeconomic Theory (1)

Economics is about choice, and microeconomic theory begins with how consumers and producers make choices. Economic agents interact in markets, so we carefully examine the role markets play in allocating resources. Theories of perfect and imperfect competition are studied, emphasizing the relationship between market structure and market performance. General equilibrium analysis is introduced, and efficiency and optimality of the economic system are examined. Causes and consequences of market failure are also considered. The department.

Prerequisites: Economics 101 and one semester of college-level calculus.