This course is designed to introduce students to the basic principles of microeconomics with an emphasis on applying them to areas of interest to planners. We will examine how households, firms, and governments make decisions about the use and allocation of resources; how market forces shape the outcomes of those decisions; the strengths and limits of market solutions; and the role of public policy in shaping market outcomes, especially with respect to issues of equity and social welfare.

An attempt will be made to use examples throughout the course that tie into other parts of the DCRP curriculum—such as spatial analysis, economic development, housing, transportation decisions, environmental, and land-use policies. The goal of the course is to enable students to work with basic microeconomic concepts, such as demand and supply dynamics, elasticity, consumer choice, opportunity cost, pricing, production decisions, taxes, and subsidies and apply them to specific planning problems.