ECON 20101 - Introduction To Microeconomics

An analysis of evolution of market structure using the analytical concepts of supply and demand, opportunity cost, and marginal analysis. Applications include a variety of concurrent microeconomic issues.

Preparation for Course
P: MA 12401 or MA 11100 or MA 14000 or MA 15300 or higher with grade of C- or better, or placement at or above MA 15300.

Cr. 3.
Notes
Indiana Core Transfer Library course.
Student Learning Outcomes
1. Explain and interpret the supply and demand framework, price elasticity and market equilibrium using functions, equations, graphs and tables. (Gen Ed Quantitative Reasoning Competency 3.1 - Interpreting Quantitative Information)

2. Apply algebraic and arithmetic methods to compute key economic variables such as elasticity, marginal revenue, marginal cost, average cost and profit maximizing optimal output level. (Gen Ed Quantitative Reasoning Competency 3.2 - Representing Data in Mathematical Form)

3. Apply mathematical models such as the supply and demand framework to real-world situations, determining the market outcome like the equilibrium price and quantity for different market structures, evaluating the changes in consumer and producer surplus, and the overall market efficiency. (Gen Ed Quantitative Reasoning Competencies 3.3 & 3.4 -Demonstrating Mathematica Skills and Analyzing Mathematical Arguments)

4. Present economic models through graphs and diagrams and be able to explain shifts in market dynamics such as price controls, taxes/subsidies, asymmetric information, externalities and public goods. (Gen Ed Quantitative Reasoning Competencies 3.5 & 3.8 - Communicating Quantitative Information)

5. Assess economic policies using graphs, diagrams and economic reasoning to support or challenge the assumptions about the effectiveness of the policies from the perspective of market efficiency. (Gen Ed Quantitative Reasoning Competencies 3.6 & 3.7 - Analyze Results and Cite Limitations)