MS 221 - Microeconomics

• Demonstrate an understanding, usage and application of basic economic principles
• Describe and apply the methods for analyzing consumer behavior through demand and supply, elasticity and marginal utility
• Understand the role of alternative property rights in resource allocation
• Identify and appraise various models of how markets are organized, and the price and output decisions for maximizing profit
• Know how markets that fail to use resources efficiently create unintended effects
• Strengthen problem solving skills by applying economic criteria to business decisions, international trade and public policy

• None 

• Foundation of economic thinking, opportunity cost, production possibilities and property rights (4 classes)
• Supply and demand, price ceilings and floors (4 classes)
• Elasticity, marginal utility and consumer choice (5 classes)
• Production costs and the profit maximizing decision (4 classes)
• Decision-making under different market structures (4 classes)
• Externalities, market failure and public choice (3 classes)
• International trade (3 classes)
• Discretionary topics: factor markets, income distribution, taxes, government spending, etc. (3 classes)