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Apr 26, 2024
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BA 1220 - Microeconomics3 lecture hours 0 lab hours 3 credits
Course Description
This course introduces microeconomic concepts and analysis, supply and demand, theories of the firm and individual behavior, competition and monopoly, and economics of decision making. Students will be expected to combine abstract concepts with analytical tools in order to understand how consumers and producers make optimal choices, and how these choices affect real market outcomes. (prereq: none)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
- Apply fundamental principles including scarcity, tradeoffs, opportunity costs, utility, economic profit, and marginal analysis to decisions of individuals, firms, and public policy.
- Understand how the optimizing actions of individuals (utility) and firms (profit) underlie demand and supply in markets, which interact to determine price and quantity.
- Justify the behavior of individuals, firms, and government policy relative to elasticity measurements.
- Illustrate how prices, output, and profit maximization are determined in various market structures (perfect competition, monopoly, imperfect competition).
- Distinguish between the various forms of market failure and explain how governments might need to intervene.
Prerequisites by Topic
Coordinator
Dr Paul Hudec
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