Feb 03, 2023
ECO 103 - Principles of Microeconomics
3 Lecture Hours
This course is an introduction to the activities of individual economic units, such as industries, companies, households and consumers. The course emphasis is on markets, the price system and the allocation of resources as they affect the consumer, the producer and the economy.
Upon successful completion of the course, the student will:
- Construct, label and interpret supply and demand curves including the concept of equilibrium.
- Explain the concept of elasticity of demand and supply; list and define the factors affecting elasticity of supply and demand; and develop and evaluate the coefficient of elasticity of demand.
- Examine consumer demand in relation to price and marginal utility as well as determine and demonstrate how to maximize consumer satisfaction.
- Diagram, define and articulate the concepts of costs and diminishing marginal returns.
- Identify and differentiate among the market structures of pure competition, monopolistic completion, oligopoly and pure monopoly; and determine how a firm in each market structure would maximize profits and minimize losses.
- Demonstrate how factors of production are utilized efficiently.
- Supply and demand
- Consumer response to changing economic variables
- Costs of production
- Profit maximization in different markets
- Pricing of the factors of production
- Study guide
- Small group discussion
Approved By: Johnson, Alex Date Approved: 12/13/2010
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