Principles of Microeconomics

Catalog description

This course studies the foundations of the supplies and demands of individual products and resources. It uses the theory of consumption to provide an understanding of the demand side of the market. Production and cost theory provide an understanding of the supply side. Combined, these show the effects of fi rm and consumer behavior on prices and out- puts. Relations between fi rms within an industry are studied in perfectly and imperfectly competitive markets. This material is applied to consider the advantages and disadvantages of the market system, the effects of government policies, income distribution, economic effi ciency, and other issues.