Explore microeconomics and its relationship to business decision-making.
This course is an introduction to basic concepts governing the operation of the microeconomy, with specific emphasis placed on understanding microeconomic theory, policy, and issues as they relate to business decision-making. Students successfully completing this course will be able to comprehend the workings of the supply and demand model from both a graphical and mathematical perspective, explain the role that elasticity plays in the supply and demand model and know how to calculate and interpret various elasticities, understand utility maximization and the theory of consumer behavior, explain how cost structures differ in the short run and the long run, analyze various market structures in terms of their economic performance, and understand the workings of the various factor markets.
What you’ll learn
- Evaluate the implication of supply and demand and the effects of elasticity as it relates to various markets.
- Interpret and graphically express cost curves to determine price point or profit of all types of markets.
- Differentiate the characteristics of competitive, monopolistically competitive, oligopoly, and monopolistic market environments.
- Illustrate fundamental economic principles by identifying economic problems and proposing available alternatives.
- Interpret the market demand for labor and changes to the market demand for labor.