This looks like basic undergrad intermediate economics. The quantitative background required probably only extends itself to being able to do elementary differentiation, and taking FOCs, at best, judging from the course outline.
You'll need advanced micro/macro to help in admissions, not this. Advanced macro deals with value functions and dynamic programming. Advanced micro deals with constrained optimisation (kuhn-tucker), and maybe even some game theory.
What other courses do you have in mind, in place of this one? Also, it helps to post your full profile to help us identify potential deficiencies.