Microeconomics and Business

An introduction to basic concepts governing theyoperation of the microeconomy, with specificyemphasis placed on understanding microeconomicytheory, policy, and issues as they relate toybusiness decision-making. Students successfullyycompleting this course will be able toy1)comprehend the workings of the supply and demandymodel from both a graphical and mathematicalyperspective; 2)explain the role that elasticityyplays in the supply and demand model and know howyto calculate and interpret various elasticities;y3) understand utility maximization and the theoryyof consumer behavior; 4) explain how costystructures differ in the short run and the longyrun; 5) analyze various market structures in termsyof their economic performance; and 6) understandythe workings of the various factor markets.yPrerequisite: Economics 203.