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ECON 318 Intermediate Microeconomics Theory (3 Credits)

The course introduces students to microeconomic theory as well as its application in daily life. It explains how individual producers and consumers determine the quantities and the prices of goods in the marketplace. Students will explore the underlying incentives of firms to produce products and of consumers to buy output. Students will also look at the impact of lack of competition using a welfare perspective.

Learning Outcomes:

  • Develop skills in the use of microeconomic analysis through the investigation of the fundamental economic problem - the allocation of scarce resources.
  • The over-arching concept that will be used is marginal analysis; that is, analysis of decisions that consumers and producers make at the margin which will reveal important insight into how resources should be used or consumed.
  • Examine the conditions for efficient economic allocation and ask whether these conditions are fulfilled in fact.
  • Develop a solid foundation in microeconomic analysis, which may be applied to issues from international trade, labor, industrial organization to resource and environmental economics.
  • Look at many social and economic problems analytically and, in turn, critically evaluate proposals intended to address them.