The course is designed for senior undergraduates. The objective is to confront them to advanced theoretical concepts and rigorous analysis with mathematical tools at hand. They have to develop the analytical skills and to enhance the capabilities to solve somewhat complicated problems. As usual, the teacher is expected to draw examples from the surrounding world for exposition.

Further, to provide a thorough introduction to economic theory. Starting from the basic ideas of tradeoffs, opportunity cost, and the benefits of trade, we will study how the market forces of supply and demand cause prices to be what they are. We will see the sense in which market economies are efficient, and the way governments can make our economy less or more efficient. We will delve behind the supply curve to see how firms choose their production levels to maximize profits, culminating in the model of perfect competition. Time permitting, we will look at market failures such as imperfect competition (monopoly and oligopoly) and externalities.