Microeconomics

Catalog description

This course deals with economics of the firm and the individual. It delves into utility theory of the consumer, the theory of the optimal input use of the producer and the rationing mechanism of the perfectly competitive product and resource markets. It also describes the various noncompetitive markets such as monopoly, monopolistic competition, oligopoly and monopolistic market structure and how economic decisions are made in such markets. Prerequisite(s): MAT 136