ECON 2302 - Microeconomics

Credit Hours: 3
Contact Hours - Lecture: 3
A study of micro-economic principles. Analysis of theories of consumer behavior, production, cost; equilibrium analysis in product markets under different market structures, such as perfect competition, monopoly, monopolistic competition, oligopoly; cartels and conglomerate mergers; antitrust policy, economics of regulation; analysis of different types of factor markets and factor price determination. CIP Code: (4506015125)
Prerequisite: College Level Readiness in Reading AND Writing, MATH 0308 OR higher level Math
Student Learning Outcomes
1 - Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. 2 - Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. 3 - Summarize the law of diminishing marginal utility; describe the process of utility maximization. 4 - Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue. 5 - Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production. 6 - Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis. 7 - Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis. 8 - Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods. 9 - Identify the benefits of free trade using the concept of comparative advantage.
Core Category Social/Behavioral Sciences [80]