ECON 1510 - Microeconomics

3 Credit(s)
This course of study focuses upon how the condition of scarcity affects the decisions of individuals, households, and business firms in their roles as producers and consumers. In particular, the price mechanism is addressed at length and explained by the conceptual and graphical representations of supply and demand. Applications of such concepts as elasticity of demand, as well as marginal cost and revenue calculations are used by the student to determine optimum pricing, profit, and revenue strategies for the firm. The advantages and disadvantages of relative economies of scale in both the long-run and short-run are explored. The market conditions of monopoly, oligopoly as well as perfect competition are analyzed with the goal of giving the student an understanding and appreciation of their socio-economic implications. UG OSS004

3 Lecture Hour(s);

Required Prerequisite Course(s): MATH 0084 (minimum grade of C-) or qualifying placement test scores