Units:3 Analysis of supply and demand; production and costs; price and output determination; factor pricing and income distribution; optimum resource allocation.
Prerequisites: ECON 200. Co-requisites: ECON 210. Possible Instructional Methods:On-ground or Online-Asynchronous. Grading: A-F grading only. Course Typically Offered: Fall ONLY
Student Learning Outcomes - Upon successful completion of this course students will be able to:
Use supply and demand to determine changes in market equilibrium (price and output), changes in welfare, and analyze the impact of government policies;
Model consumer choice and solve for utility-maximizing consumption bundles;
Derive demand curves from utility functions and identify income and substitution effects;
Calculate cost functions from firm production functions;
Determine the profit maximizing price and output for a firm operating in a competitive environment.
