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(ECON 200) Principles of Microeconomics

Introduction to microeconomic principles with focus on product and resource markets, profit maximization under various market structures, and international trade.

Credit Hours 3.0 Lecture
Prerequisite MATH 107
Offered Fall, Winter, Spring
Programs -

Course Outcomes

As a student in Econ 200, you will master basic microeconomic principles and use this understanding to interpret current events. Major learning goals are that students will:
1. Demonstrate an understanding of the terminology, principles and forces associated with markets.
2. Interpret production possibilities graphs and explain changes in the graphs.
3. Identify comparative advantages
4. Demonstrate an understanding of consumer choice theory and how consumers make utility maximizing choices
5. Be able to calculate and interpret price elasticity of demand coefficients, and explain concept of other types of elasticity
6. Be able to compute and graph cost and production data and demonstrate an understanding of interrelationships between cost and production measures faced by firms
7. Apply the profit-maximization/loss-minimization rule in making price and output decisions for firms in different market structures.
8. Identify the market structure in which a firm operates and predict general outcomes of each market structure
9. Determine the cost-minimizing/profit maximizing mix of inputs for a firm in a given situation.
10. Demonstrate a basic understanding of the terminology and issues associated with unions and government regulation of business