Microeconomic Theory I: Policy and Economic Systems

This is the first of two required courses in microeconomic theory taught in the first year at the Pardee RAND Graduate School.

At its core, microeconomics is the study of how individuals, firms, and organizations make choices in a world in which resources are scarce. How economic agents make such choices is fundamental to the design and evaluation of public policy.

This course introduces students to the assumptions, mechanics, and implications of the neoclassical economic theories of consumer and producer behavior and the interaction of economic agents in competitive markets. Note that this course parallels Microeconomic Theory 1: Mathematics of Economics Systems but focuses on applications of microeconomic theory to public policy and places less emphasis on formal mathematical modeling and analysis.