**401. Intermediate Microeconomic Theory. *** Econ.
101 and 102, and Math. 115. (4). (SS). (QR/1). *

This course deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models. Prerequisites include one term of calculus. Economics 401 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that 401 and 402 be taken in the same term. Main lecture will meet twice a week. Sections will meet twice a week. WL:1 (Gerson)

**402. Intermediate Macroeconomic Theory. *** Econ.
101 and 102, and Math. 115. (3). (SS). (QR/1). *

This course in macroeconomics deals with the determination of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies. It is predominantly a lecture course, with grades based on hour test(s) and final exam. Prerequisites include one term of calculus. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take Economics 401 before 402. Cost:3 WL:3 (Johnson)

**404. Statistics for Economists. *** Econ.
101 and 102 and Math. 115. No credit granted to those who have
completed or are enrolled in Econ. 405 or Stat. 311, 402, or 412.
(4). (Excl). (BS). (QR/1). *

This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression theory. Data analysis and interpretation of quantitative results will be emphasized. There are three lectures and one problem session per week. Grades are based on problem sets and exams. The course is self-contained and does not serve as a prerequisite to Economics 406. Cost:2-3 WL:1 (Howrey)

**431. Industrial Organization and Performance. *** Econ.
401. No credit granted to those who have completed or are enrolled
in 330. (3). (Excl). *

The course consists of microeconomic and game-theoretic analyses for describing the structure and performance of industries. The first part introduces the student to a wide variety of noncompetitive market structures (such as various types of monopolies, Cournot, Bertrand, sequential moves, and location) for analyzing markets for homogeneous and differentiated products; the first part concludes with the analysis of entry barriers, entry deterrence and mergers. The second part analyzes technological issues, such as innovation, research and development, and the effect of the patent system. The third part is devoted to a wide variety of marketing and pricing techniques, such as advertising, durability, warranties, two-part tariffs, nonuniform pricing, bundling and tying, and dealerships. The last part analyzes special industries. (Shy)

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