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Nov 21, 2024
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MS 221 - Microeconomics3 lecture hours 0 lab hours 3 credits
Course Description
This course provides an introduction to the central concepts of microeconomic analysis and decision-making, such as demand and supply, elasticity and marginalism. The concepts are then used to explain and analyze market structures, including perfect competition and monopoly. Other topics may include analysis of labor markets, property rights and international economics.
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
Prerequisites by Topic
• None
Course Topics
• 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)
Coordinator
Paul Hudec
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