ECO 3101: Intermediate Price Theory

Distinguish between positive and normative economic statements with real-world examples. Grasp the difference between objective explanations and value judgments in economics. Master the foundations of economic thought and their application.

Discover the pivotal role of assumptions in economics as we navigate the challenges of studying intricate market behaviors and human actions. Unveil how these simplifications foster comprehensive economic analyses and predictions.

Explore how elasticity of demand impacts gains from trade in economies. Understand the relationship between demand elasticity and benefits for consumers and producers. Debunk misconceptions about inelastic demand and trade gains.

Learn about the intricacies of opportunity cost and its broader implications. Delve into the balance between human and physical capital, understanding the risks of overinvestment. Grasp the Law of Diminishing Marginal Returns and its effects on national strategies.

Unexpected inflation can shift wealth between lenders and borrowers. This phenomenon affects the real value of money repaid, disadvantaging the creditors. Additionally, businesses face operational expenses like menu costs during inflation adjustments.

Grasp the essentials of price elasticity of demand through various calculation methods. Dive deep into the unique and consistent mid-point method, understanding its relevance in fluctuating markets. Learn its practical application in analyzing market dynamics.