ECON 401 - Intermediate Microeconomic Analysis

Description:
Markets as mechanisms for organizing and directing human activities; production of goods and services; the allocation of labor, capital, and natural resources to various productive activities; and the distribution of income. Relationship between microeconomics theory and contemporary thought, practical problems and government policies.

Prerequisites:
Prerequisite: ECON 201.

Credits: (5)

Learner Outcomes:
Upon successful completion of this course, the student will be able to:

Use demand and supply models to analyze a variety of changes in market circumstances and government policies.
Develop theory of demand from assumptions concerning consumer preferences and income constraints.
Develop theories of cost and supply from underlying production relationships and input prices.
Analyze the effect of changes in market structure on firm behavior.
Describe the nature of economic efficiency and its relationship to market structure.
Use economic efficiency to analyze the effects of government policy on markets.

Learner Outcomes Approval Date:
1/18/07

Anticipated Course Offering Terms and Locations: