About the Course
How much are you willing to pay for ice cream on a hot summer day? Who is responsible for the cost of pollution? Is there such a thing as a perfectly competitive market? Microeconomics provides insights into these questions as it examines how individual buyers and sellers make decisions about allocating limited resources. This course analyzes microeconomic theory and considers it in the context of today's economic climate. You'll begin by studying the fundamental concepts of supply and demand curves, price elasticities, market structure, public goods, and externalities. Then you and your classmates will build on this foundation to explore topics like competition, consumer choice, monopoly, oligopoly, and the role of government in promoting greater efficiency and equity. By applying mathematical concepts and critical analysis to economic theory, you'll uncover how economists analyze and predict behavior of consumers and producers, and leave the course with a foundation of central topics in microeconomics and practical economic issues that affect us all.
Typical Class Size: 16
Learning Objectives
- Determine market equilibrium, calculate surpluses, solve problems involving elasticity of demand and supply, and summarize factors that can shift supply and demand curves
- Compare and contrast different market structures such as perfect competition, monopoly, and oligopoly in terms of market behavior and pricing, and judge the effectiveness of various economic theories and models in explaining real-world economic phenomena
- Evaluate the efficiency, equity, and ethical implications of government and business practice interventions in markets, such as taxes and subsidies, and assess their effects on market competition
- Design a hypothetical pricing strategy for a new product based on market conditions and competition
- Develop a proposal for a government policy aimed at addressing market failures in a specific industry
- Create a supply and demand model to predict the impact of changing economic variables on market outcomes
- Critique the economic policies of a country in terms of their impact on income distribution and overall economic welfare and analyze the impact of a government-imposed price ceiling on the market for a specific good
About Advanced Enrichment courses
These courses offer above-grade-level material that is presented in a novel context, explored with other advanced learners, and guided by a CTY educator to help prepare students for higher-order thinking and college-style academic challenges.
Requirements
CTY courses have grade-level requirements and most require minimum test scores. Some courses may also have prerequisites.
Identification DetailsDates and Tuition
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Registration Fee and Financial Aid
Tuition and fees will be waived or reduced for students who qualify for financial aid.
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