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Apr 19, 2024
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BUS 2221 - Microeconomics3 lecture hours 0 lab hours 3 credits
Course Description
This course introduces the central concepts of microeconomic analysis and decision-making, such as demand and supply, utility, elasticity, marginal decision making, pricing theory, and short run and long run cost. The concepts are then used to explain and analyze market structures, including perfect competition, monopolistic competition, oligopoly, and monopoly. Other topics may include analysis of labor markets, property rights, and international economics. This course meets the following Raider Core CLO requirement: Think Critically or Exhibit Curiosity. (prereq: none)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
- 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
- Explain the interaction between supply and demand and the way in which equilibrium market prices are achieved
- Explain various pricing strategies that can be used by firms
- Explain the core economic concepts involved in choices made by businesses with respect to short-run and long-run investment and production choices
- Explain competitive markets and how they operate
- Explain profitability in markets with imperfect competition
Prerequisites by Topic
Coordinator
Dr. Paul Hudec
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