An introduction to microeconomics. A study of the decision-making processes of individual economic units including businesses and consumers. Basic theoretical tools are applied to problems of current interest. 5 lecture hours. Satisfies social science distribution area B requirement or specified elective for the AA degree.
Recommended Preparation: ECON& 202 Prerequisite: MATH 060; READ 080 or instructor permission.
- Describe and apply principles of Supply and Demand analysis to market situations
- Calculate how firms maximize profits under variety of market structures.
- Describe and apply microeconomic principles to current issues of healthcare, agriculture, global trade, and labor markets.
- Describe and analyze the decision-making of the business firm regarding input choices , including labor, materials, and capital.
- Describe and apply methods of present-value analysis as a tool for investment decisions.