Microeconomics

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Course Outcomes

At the end of this course, you will be able to:

Analyze the economic way of thinking
Explain how free and competitive markets allocate resources through the interaction of supply and demand
Evaluate the different effects caused by changes in demand and supply conditions
Evaluate the models used by economists to explain how efficient production decisions are made in an environment of scarcity
Evaluate the impacts of government actions in markets on efficiency and fairness
Analyze the impacts of taxes on consumers, producers, employers, and workers
Evaluate the benefits and costs of international trade
Assess the provision and importance of public goods
Evaluate methods of efficiently dealing with negative externalities
Determine how rational consumers make choices to maximize their satisfaction
Analyze a firm's short-run and long-run costs
Analyze the decisions made by a firm operating in perfectly competitive markets
Analyze the behavior of a monopoly
Evaluate how firms in monopolistic competition and oligopoly determine their profit-maximizing strategies
Evaluate the way factor markets determine a society's distribution of income