Microeconomics

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

• Analyze the economic way of thinking
• Explain how free and competitive markets allocate resources through the interaction of supply and demand
• Evaluate the different effects caused by changes in demand and supply conditions
• Evaluate the models used by economists to explain how efficient production decisions are made in an environment of scarcity
• Evaluate the impacts of government actions in markets on efficiency and fairness
• Analyze the impacts of taxes on consumers, producers, employers, and workers
• Evaluate the benefits and costs of international trade
• Assess the provision and importance of public goods
• Evaluate methods of efficiently dealing with negative externalities
• Determine how rational consumers make choices to maximize their satisfaction
• Analyze a firm’s short-run and long-run costs
• Analyze the decisions made by a firm operating in perfectly competitive markets
• Analyze the behavior of a monopoly
• Evaluate how firms in monopolistic competition and oligopoly determine their profit-maximizing strategies
• Evaluate the way factor markets determine a society’s distribution of income
  This class includes the following eText:

Bade and Parkin, Foundations of Microeconomics, 6th Edition (2013); ISBN: 0132830884