Overview
Description
Introductory analysis of price determination, resource allocation, market structure, consumer behavior, producer behavior, market failure and government failure. Economic approaches to social issues and policy.
Requirements
Corequisites
- higher
MATH 124MATH 126MATH 126EMATH 126EE
Original catalog text
Corequisites
MATH 124 or MATH 126, MATH 126E, MATH 126EE or higher.
Units
Lecture3
Catalog Details
Offering
Offered: Every Fall, Spring, and Summer
Terms
fall, spring, summer
Core
CO6
Attributes
Standard
Learning Outcomes
- demonstrate an understanding of the methods and principles of microeconomic theory, including tradeoffs, opportunity costs, incentive effects, gains from exchange, and marginal decision making.
- explain how markets work and how market prices are determined.
- show mastery of the theories of demand, supply, consumption, production and cost, perfect competition, monopoly, and imperfect competition.
- assess the impact of imperfect information, externalities, and public goods on efficiency and welfare, and evaluate possible public policy remedies.
- use theory to analyze economic policy issues.
- analyze social/human conditions by understanding how the interests of individuals both support and compete with the interests of groups such as firms, societies, and nations.
- apply quantitative reasoning to understand and solve problems.
- demonstrate ability to be critical consumers of information by explaining alternative perspectives and structuring hypotheses to evaluate evidence and distinguish between those alternatives.