Course Description

Microeconomics is the brand of economics that pertains to consumer behavior and the economic decisions of producers and the government. It includes the topics of supply and demand, the elasticity of demand and supply, production costs, utility and profit maximization, and market structures. 

Learning Objectives

At the end of the course, students should achieve the following capabilities:

• Identify the basic economic problem. 

• Describe such concepts as scarcity, opportunity cost, and choice.

• Examine markets and price determination. Explain the determinants of supply and demand; describe and calculate comparative advantage, utility, and elasticity; and discuss price ceilings and floors.

• Develop theories of the firm. Explain and calculate revenues and costs. Discuss marginal analysis and market structures.

• Analyze factor markets. Utilize factor markets to examine wages, rents, interest, profits, and income distribution.

• Evaluate the role of government in a market economy. Discuss the role of government in public goods, maintaining competition, externalities, and taxation.

Prerequisite(s)

Comfort with Algebraic problem solving.