Course objectives

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Objectives

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.