Economics II - Principles of Microeconomics

Catalog description

This course introduces students to the economic analysis of individual, business, and industry choices in the market economy. After a discussion of basic economic concepts and methodology, students apply microeconomic theory to analyze how the market forces of supply and demand determine prices and predict changes in market equilibrium. The course examines price controls, elasticity, efficiency in resource allocation and production, public policy, production and cost theories, and models of market structure. An introduction to the various causes of market failure and the government actions aimed at correcting them and consequently affecting efficiency are also discussed.