ECNS 201 - Principles of Microeconomics

4 Credit(s)

This course provides the learner an introduction to the study of linear microeconomic theory as applied to market transactions between agents. Quantitatively analyzed topics include demand and supply theory, elasticities, marginal analysis, theory of the firm, utility theory, and the effect of non-market intervention upon equilibrium. Qualitative topics include the importance of incentives, market failures, the underlying assumptions of the equilibrium model, and comparative advantage. At the completion of the course, students will understand how economics uses models to represent human behavior when allocating resources in a market economy and will have developed facility in understanding model assumptions and logical operation of models using basic algebra.

Behav/ Soc Sci.
Prerequisite(s): M 090 or M 095 or equivalent.