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Undergraduate Calendar
Spring 2010

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All courses listed will not necessarily be offered each year. All courses are one-term courses and are offered three hours a week unless otherwise indicated.

41-110. Introduction to Economics I
An introduction to microeconomics intended to provide students with the tools necessary to begin to understand and evaluate how resources are allocated in a market economy. Specific topics include how markets function, theories of the business firm, of consumer behaviour and of income distribution. The economic roles of labour unions and government are also covered. The theories are applied to contemporary Canadian economic problems.

41-111. Introduction to Economics II
Building upon microeconomics (41-110), this course is an introduction to macroeconomics. The emphasis is upon measuring and explaining what determines economic aggregates such as the total national product (GDP) and the level of prices and employment. The role of money and financial institutions, the impact of international trade and the policy options available to governments for coping with inflation and unemployment are discussed in detail. (Prerequisite: 41-110.)

41-117. Introductory Economics: Theory, Practice and Policy
A calculus-based introduction to microeconomics with emphasis on practical applications, problems and public policy. The course is designed primarily for Engineering students. (Prerequisistes: Mathematics 62-140 and 62-141, or equivalent.) (3 lecture hours, 1 tutorial hour a week.) (Students who have taken 41-117 may not obtain credit in 41-110, but may take 41-111 with permission of an advisor in Economics.)

41-212. Intermediate Statistical Methods
An application of statistical methods to economic theory. (Prerequisite: one of 02-250, 65-250, 65-205, or 73-105.) (Credit will not be given for more than one of 41-212, 65-251, or any equivalent intermediate statistics course from another area.)

41-221. Intermediate Microeconomics I
The theory of markets, the theory of consumer behaviour and demand; the firm, production, cost, and supply. (Prerequisite: 41-110.)

41-222. Intermediate Microeconomics II
Extensions of the theory of consumer and firm behaviour; pricing under different market structures; distribution; general equilibrium and economic welfare. (Prerequisite: 41-221.)

41-231. Intermediate Macroeconomics I
A theoretical and policy oriented treatment of the determination of employment, output, interest rates, and the price level; stabilization policies and their effectiveness. (Prerequisites: 41-110 and 41-111.)

41-232. Intermediate Macroeconomics II
Effectiveness of stabilization policies in open economies; causes and cures of inflation; simple growth models. (Prerequisite: 41-231.)

41-266. Selected Issues in Economics
(Prerequisites: 41-110 and 41-111.)

41-290. Health Economics
This course will explore the unique economic features of health care with emphasis on international models of delivery, determinants of the demand and supply of health services, and public versus private health care systems. The Canadian experience will be considered with a focus on demographic patterns and legislation. (Pre-requisites: 41-110, 41-111; plus any university-level course in statistics.)

41-306. Mathematical Economics I
Economic applications of differential calculus and linear algebra, with an emphasis on problem solving and employing software used widely by economists. Topics include input-output analysis, optimization of linear microeconomic models, computer methods for comparative static exercises to analyze closed- and open-economy macroeconomic models, and unconstrained and constrained optimization of non-linear microeconomic models.(Prerequisites: 62-140 (or 62-139), 62-120 (or 62-125 or 62-126), 41-221,and 41-231.)

41-310. Environmental and Resource Economics
An examination of economic behaviour in renewable and non-renewable resource markets and an economic treatment of policy issues related to environmental quality and common property resources. (Prerequisite: 41-221, or the combination of 41-110 and one of 62-130 or 62-140.)

41-313. Introduction to Econometric Methods I
Development of the classical regression model and problems associated with this model such as multicollinearity, heteroscedasticity, and autocorrelation. (Some familiarity with linear algebra and calculus will be beneficial.) (Prerequisites: 41-212, 41-212 or 65-251, 62-130, 62-139 or 62-140, and 62-120 or 62-125 or 62-126.)

41-330. Economics Analysis of Law
The application of microeconomic principles to the study of property, contract, and tort law. The economic principles underlying property rights, torts, and contracts are surveyed. Selected problems in property, tort, and contract law are considered. Additional topics from other areas of law may be included. (Prerequisite: 41-221.)

41-331. The Economics of Legal Procedures, Crime, and Punishment
The application of microeconomic principles in the analysis of legal procedures, crime, and punishment. Economic models of filing suit, bargaining, and going to trial will be discussed. Traditional and economic models of criminal activity will be compared and contrasted, along with the economics of civil and criminal punishment. Additional topics from other areas of law may be included. (Prerequisite: 41-221.)

41-335. Money and Banking
The banking system and other financial institutions; money demand and money supply; money and the level of economic activity; money and inflation; issues in monetary policy. (Prerequisite: 41-231.)

41-341. Economic Growth and Development Theory
Modern theories of growth and development with emphasis upon less developed countries. (Prerequisites: 41-221 and 41-231, or consent of instructor.)

41-350. Labour Theory
Wage theories, wage structure, unemployment, labour supply and related topics. (Prerequisite: 41-221.)

41-353. Labour Institutions
Canadian and American labour movements, collective bargaining, union philosophy and labour legislation in Canada and the United States. (Prerequisite: 41-221 or consent of instructor.)

41-360. Cost-Benefit Analysis
The techniques and application of cost-benefit analysis to public sector policies and projects. Topics include the welfare foundations or cost-benefit analysis, investment decision rules, the choice of a social discount rate, risk and uncertainty, shadow pricing of inputs and outputs, public sector pricing and the assessment of the value of intangibles such as time, life and noise. (Prerequisite: 41-221, or the combination of 41-110 and one of 62-130 or 62-140.)

41-373. International Economics: Trade Theory and Policy
A survey of traditional and contemporary theories of international trade and trade policy. (Prerequisite: 41-221.)

41-374. International Economics: Exchange Rates and Balance of Payments
Theory of exchange rate determination and balance of payments adjustment; macroeconomic policy in an open economy; current problems of the international monetary system. (Prerequisite: 41-231.)

41-380. Game Theory
The study of strategic interactions among decision makers. Equilibrium concepts, such as Nash equilibrium, sub-game perfect equilibrium, etc, will be introduced and their applications to economic, political and biological decision making will be discussed. (Prerequisite: 41-221 or the combination of 41-110 and 62-140.)

41-385. Public Sector Economics: Expenditure
Theory of the role of government in the economy; public expenditure theories and practice; public choice and government decision-making; government grants. (Prerequisites: 41-221 and 41-222.)

41-386. Public Sector Economics: Finance
Government taxation, user charges, borrowing, and the public debt in theory and practice; use of taxation as fiscal policy; and intergovernmental tax relations. (Prerequisites: 41-221 and 41-222.)

41-406. Mathematical Economics II
Topics will include general equilibrium theory, dynamic analysis, oligopoly, behaviour under uncertainty, and growth theory. (Prerequisites: 41-222, 41-232, 41-306, and 62-141.)

41-407. Senior Research Workshop
This course is intended to develop independent research and presentation skills. Students will be assigned a topic (or topics). Students will be expected to conduct a literature survey, collect data, present data in a descriptive format, formulate and carry out formal econometric tests. Students will be assessed on the basis of classroom presentations classroom discussion and written assignments. (Prerequisites: 41-313, 41-423 and 41-333.) (This course is open to students who are enrolled in an Honours Economics program.)

41-414. Introduction to Econometric Methods II
A continuation of 41-313. (Prerequisite: 41-313.)

41-416. Economic Research in Regional Problems
Theoretical development and empirical implementation of interregional income determination systems; regional input-output models; growth models. (Prerequisite: consent of instructor.)

41-420. Industrial Organization Theory
A theoretical analysis of firms' behaviour in many different markets. (Prerequisites: 41-221 and 41-222.)

41-423. Advanced Microeconomics I
The use of mathematical techniques and economic analysis with special emphasis on consumer theory, producer theory, and theory of markets. (Prerequisites: 41-221, 41-222, 41-306, or consent of instructor.) (Students may not obtain credit for both 41-323 and 41-423.)

41-424. Advanced Microeconomics II
Selected topics in microeconomic theory. (Prerequisite: 41-323.)

41-433. Advanced Macroeconomics I
Modern interpretations of macroeconomics, including inflation, unemployment, and policy implications. (Prerequisites: 41-231, 41-232, 41-306, or consent of instructor.) (Students may not obtain credit for both 41-333 and 41-433.)

41-434. Advanced Macroeconomics II
Selected topics in macroeconomic theory. (Prerequisite: 41-333.)

41-499. Selected Topics in Economics
(May be repeated for credit with consent of an advisor in Economics.) (Prerequisite: consent of the instructor.)