Individual consumer and producer choices are analyzed. Emphasis is placed on supply and demand relationships utility concepts and cost and revenue curves as they relate to price theory and various forms of competition. Completion of ECON 2301 is recommended but not required.
Course Credits: 3
Prerequisites: Completion of ECON 2301 is recommended but not required.
Student Learning Outcomes
- Define and explain the key terminology and concepts of microeconomics.
- Relate utility theory to the law of demand and law of supply.
- Explain and determine price, output, and profits in various market structures: Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly.
- Explain and determine short-run and long-run price-quantity equilibria outcomes of each.
- Explain the logic behind the equilibria and identifying new ones for changing parameters.
- Become knowledgeable and aware of important application areas of the material learned in this course.