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ECON-E 521: THEORY OF PRICES AND MARKETS 1 (3 credits)

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Develops the methodology of economic analysis and teaches the tools and language of price theory. Fundamental elements of consumer theory, producer theory and economics of uncertainty. Emphasis on comparative statics and the duality theory. Topics on welfare analysis, the theory of price indices, quality of goods, revealed preferences, the theory of derived demand, expected utility theory, attitudes toward risk, and various measures of riskiness.

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