Daniel D. Huppert
Acquaints students with microeconomic tools commonly employed in policy analysis. Emphasis is placed on mastery of basic concepts, definitions, and models useful to marine policy, including determinants of price and outputs in competitive markets, effects of other market structures, market failure, and applied welfare economics.
This class is an accelerated introduction to microeconomics for students in the Marine Affairs program. It emphasizes the theory and methodology of modern economics which seeks to understand how the economy operates and how public policies affect its operation. This requires an ability to understand how market prices are established, how industry structure affects market performance, how private consumers and industry respond to taxes and government regulations, and how economic activities are affected by changes in natural resources, government programs, property rights, and institutions. The development of methods and models to understand and predict economic phenomena occupies most of the course. Applications of economics to marine policy issues in this class focus on substantive issues that illustrate the economic concepts, theory and reasoning.
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Class assignments and grading