ECON 25100 - Microeconomics

Prerequisite(s): MA 15300 FOR LEVEL UG WITH MIN. GRADE OF C OR APPL FOR MIN. SCORE OF 065 OR S12 FOR MIN. SCORE OF 590 OR A02 FOR MIN. SCORE OF 29

Credit Hours: 3.00. This course is the first formal exposure that students have to the world of microeconomics: the branch of economics that studies the behavior of individuals (people, households, and firms). Topics include scarcity and the economic way of thinking, markets and price determination, elasticity, measuring the value of markets and market interventions, industry structure and outcomes, profit maximization by firms, an introduction to game theory and strategic behavior, and an introduction to international trade. CTL:ISH 1042 Microeconomics
General Education: Social Sciences
Course Learning Outcomes
1. Identify the core principles and tools used in economic reasoning, including the definition of economics, positive and normative analysis, and the tools of scientific discovery. 2. Apply the market model to describe how the behavior of buyers and sellers determines market outcomes, how interventions in markets affect efficiency, and how markets may fail. 3. Define, measure, calculate, and interpret elasticities and their use in firm decision-making and economic policymaking. 4. Apply the model of consumer choice to describe optimal behavior by consumers. 5. Apply the concept of comparative advantage and market models to describe the potential for gains from trade between agents, including arguments for and against protectionist trade policies between countries. 6. Describe the different types of competitive structures that a firm may operate within and optimal firm decision-making in different competitive structures and in the presence of strategic interactions.

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