Microeconomic Theory

Catalog description

Credits 3. 3 Lecture Hours. Analysis of how consumers and firms make decisions under scarcity and how their interactions determine prices and resource allocation; develops the theoretical foundations of demand, supply and market equilibrium; examines consumer choice and utility maximization, firm production and cost minimization, and profit-maximizing behavior under competition; explores outcomes when markets depart from perfect competition, including monopoly and oligopoly; emphasizes the efficiency and distributional consequences of market structures. Prerequisite: Grade of C or better in ECON 202 ; grade of C or better in MATH 142 , MATH 151 or MATH 171 ; also taught at Galveston campus.