ECON 2106 Syllabus

Subject Code

ECON

Course Number

2106

Course Title

Microeconomics

Prerequisites

Degree program admission

Corequisites

Terms Offered

Offered every semester

Credit Hours

(3-0-3)

Course Description

This course provides an analysis of the ways in which consumers and business firms interact in a market economy. Topics include basic economic principles; consumer choice; behavior of profit maximizing firms; modeling of perfect competition; and monopoly, oligopoly and monopolistic competition.

Course Outcomes

Basic Economic Principles

• Describe the scope and methods of economics.
• Describe the structure of a market economy.
•  Model the fundamentals of supply and demand.
•  Describe the United States economy in comparison to other economic systems.
•  Describe the role of households, firms and government (both domestic and abroad) in the economy.

Microeconomic Theory

• Explain consumer choice using utility theory.
• Describe the behavior of profit maximizing firms.
• Explain short run costs and output decisions and long run costs and output decisions.
• Explain long elasticity and tax incidence.

Analysis of Market Models

• Model perfect competition.
• Model monopoly.
• Model monopolistic competition and oligopoly.
• Explain the impact international trade has in microeconomics.