Upon successful completion of this course, you will be able to:
- identify the maximizing behavior of individuals in the market;
- identify the behavior of individuals when markets fail;
- apply the concept of marginal analysis in order to make optimal choices, and identify whether the choices are efficient or equitable;
- analyze the causes and reasons for income inequality;
- analyze the behavior of the producer;
- compare the costs of production in the short run to costs of production in the long run;
- identify the production function in the short run as well as the long run; and
- compute the relationship between different cost functions.
