Mod 01 Notes - 570.493 Module 1 Lecture Notes Introduction...

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570.493 – Module 1 Lecture Notes Introduction and Mathematical Review Purpose of Course: This course p resen ts the elements of microeconomic theory, with app lica t ions to engineering practice and to public decision making. In the ja rgon of economics, this is an applied intermediate microeconomics course, although with some differences f rom wha t m igh t be taught in an econom ics depa r tment . For example, the treatment of microeconomic theory is limited to those top ics which help the student understand the functioning of the market economy, and in particular the role of prices in expressing values and influencing beha v io r . This particular subse t of economic theory is often called "price theory." Another difference is the inclusion of some top ics from welfare economics, necessary to analysis of decision making in the public sector. F inall y , the app lica t ions covered in this course emphasize the analysis of in
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