ECON 2106: Principles of Microeconomics

3 Credit Hours

Prerequisite: MATH 1001 or higher
This principles of economics course is intended to introduce students to concepts that will enable them to understand and analyze structure and performance of the market economy.

Course Learning Outcomes
Students who successfully complete this course will be able to:

Understand and be able to apply the Cost-Benefit Principle to Decision-Making Problems.
Correctly analyze a two-resource/two-output model of production.
Analyze the model of Supply and Demand to explain how equilibrium price and quantity of trade are determined in a competitive market.
Conduct a comparative statics analysis of the model of supply and demand to explain changes in equilibrium price and quantity of trade in a competitive market over time.
Explain how perfectly competitive firms maximize profit (and why such sellers will produce a quantity of output that is the efficient quantity).
Explain how a monopolist firm maximizes profit (and why such a seller will produce a quantity of output that is less than the efficient quantity).
Explain how monopolistically competitive and oligopolistic firms maximize profit (and why such sellers will produce a quantity of output that is less than the efficient quantity).