Foundations of Microeconomics

Catalog description

How do you decide whether to buy a new computer or not? What determines the price of a computer? Should you buy a Mac or a PC? These questions have one thing in common: they can be answered using the tools of microeconomic analysis. Students will explore opportunity cost, efficiency, demand and supply, and equilibrium and constrained market outcomes. The course emphasizes skill development through in-class instruction, task modeling, and extensive hands-on graphing and problem solving with real-world applications. By the end of the course, students will be able to compare opportunity costs in decision-making, identify efficient and inefficient market outcomes, and construct graphical solutions for various market scenarios.