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Microeconomics and Business

Course Number: 
ECO-204
Minimum Credits: 
3
An introduction to basic concepts governing the operation of the microeconomy, with specific emphasis placed on understanding microeconomic theory, policy, and issues as they relate to business decision-making. Students successfully completing this course will be able to 1)comprehend the workings of the supply and demand model from both a graphical and mathematical perspective; 2)explain the role that elasticity plays in the supply and demand model and know how to calculate and interpret various elasticities; 3) understand utility maximization and the theory of consumer behavior; 4) explain how cost structures differ in the short run and the long run; 5) analyze various market structures in terms of their economic performance; and 6) understand the workings of the various factor markets. Prerequisite: Economics 203.