3.00 Credits
Microeconomics is the study of individual choice, and how that choice is influenced by economic forces. It considers economic reasoning from the viewpoint of the individual. Microeconomics focuses on the pricing policies of firms, households' decisions on what to buy, and how markets allocate resources among alternative ends. Topics include supply and demand elasticities, individual choice and the foundation of supply and demand, production and cost analysis, perfect competition, monopoly, monopolistic competition, and oligopoly strategic pricing, competition in the real world, politics and economics and the case of agricultural markets, microeconomics policy and economic reasoning, government's role in the economy, economic impact on the environment, antitrust and industrial policy the distribution of income, the labor market, non-wage and asset income, international trade restrictions, growth and the microeconomics of developing countries, and socialist economies in transition. 3-0-3
Prerequisite:
ECON255