ECON& 201 - Micro Economics

Credits: 5
LEC hours per week: 5
Introduction to microeconomics as applied to production, consumption, and marketing issues in the business and production sectors of the economy. Topics include supply/demand theory, consumer choice theory, production theory, and costs of production. Formerly: ECON 202.
Course Outcomes:

Define and explain economic terms.
Use formulas to calculate values for given data. Such as, elasticity, time value of money, costs, revenues, and Profit.
Create graphical representation of data. Such as, production function, cost curves, supply, demand, indifference curve, production possibilities curve, budget line.
Interpret graphs to detect patterns.
Interpret data to make economic decisions.
Evaluate the effects of changes in demand and supply on the market price and equilibrium quantity and explain the rationing function of prices.
Describe advantages and disadvantages of various forms of business organization.
Compare and contrast characteristics and output / pricing decisions of perfectly competitive firms to the imperfectly competitive solutions.
Explain the rationale for government regulation of business and their effects.

Course Topics:

Economics as a science
Creating and interpreting graphs
Scarcity and the World of Trade-offs
Demand and Supply
Consumer Choice
Elasticity
Rents, Profits and the Financial Environment of Business
The Firm: Cost and Output Determination
Market Models
Regulation and Antitrust behavior

Course Attribute(s): Social Science