This course extends the microeconomic analysis introduced in ECE224. The first part of the course covers the imperfectly competitive markets, i.e. monopoly, oligopoly and monopolistic competition, and the related topics in price discrimination and strategic entry. The second part includes the analysis of factor markets. The third part covers externalities, public goods and club goods. The fourth and final part covers the economics of information, starting with decision-making under uncertainty and then analyzing adverse selection and moral hazard problems.  

This is an intermediate course in microeconomic theory. The first half of the course focuses on consumer choice theory, with an examination of utility maximization's problems, derivation of consumer demand functions and analysis of the effects of price and income changes. 

This course extends the microeconomic analysis introduced in ECE224. The first part of the course covers the imperfectly competitive markets, i.e. monopoly, oligopoly and monopolistic competition, and the related topics in price discrimination and strategic entry. The second part includes the analysis of factor markets. The third part covers externalities, public goods and club goods. The fourth and final part covers the economics of information, starting with decision-making under uncertainty and then analyzing adverse selection and moral hazard problems.  

Two central issues in any cost-benefit problem are the appropriate measures of costs and benefits to use, and the identification of all costs and benefits. This course discusses a number of theoretical issues in cost benefit analysis including risk and the appropriate discount rate. The specificity of each cost benefit study as well as the general principles of analysis is reinforced by studying numerous examples of cost benefit analysis. Cost effectiveness analysis is also considered and its use in the examination of command and control policies is studied.  

This course introduces the student to the fundamentals of probability and statistics and their application in defence management.  The course provides the foundations of probability and statistics (P&S) including: conditional probability distribution theory, random numbers, mean, variance, expected values, hypothesis testing, confidence intervals, and experimental design. The students will also learn how to employ the Excel statistical features to solve P&S problems.  

This course follows ECE242. The course is an introduction to econometrics and statistical methods testing the validity of the economic theories. Statistical analysis focuses on simple regression methods as well as autocorrelation, Hetroscedasticity, Multicollenearity and other problems. Econometric software will be introduced for the collection of data as well as data analysis. Students will be given the opportunity to conduct a small project which will include model specification, data collection, examination, display, and model analysis.  

This course presents an in-depth analysis of various elements of macroeconomic theory. Topics covered include aggregate consumption and investment behaviour, labour markets, inflation and price and wage rigidities. The New Keynesian and New Classical Real Business Cycle models are examined and policy implications are studied. The course will also focus on open economy issues surrounding capital flows, exchange rate movements and trade.  

This course provides an analysis of various aspects connected to the operation of labour markets, including labour demand and supply determinants, the economics of human capital, wage determination, unemployment and the economics of unions.