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Oct 08, 2024
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ECO 103 - Principles of Microeconomics Credits: 3 3 Lecture Hours
Description This course introduces students to activities of individual economic units, such as industries and consumers. Topics include markets, the price system, and the allocation of resources as they affect the consumer, the producer and the economy. Learning Outcomes Upon successful completion of the course, the student will:
- Develop supply and demand curves highlighting the concept of equilibrium.
- Explain the role of the federal government in the U.S. economy.
- Calculate supply and demand elasticity coefficient.
- Explain the relationship between price elasticity of demand and total revenue.
- Analyze the law of diminishing marginal utility as it relates to the process of utility maximization.
- Apply the cost of production and the law of diminishing marginal productivity for the four market structures.
Listed Topics
- Scarcity and opportunity cost
- Supply and demand
- Externalities and public goods
- Consumer theory
- Elasticity of supply and demand
- Cost of production
- Profit maximization and market structures
Reference Materials Textbook, study guides, audiovisuals and other library resources Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals: - Communication
- Critical Thinking & Problem Solving
- Quantitative & Scientific Reasoning
Approved By: Dr. Quintin B. Bullock Date Approved: 3/16/2022 Last Reviewed: 3/16/2022
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