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Economics- Introduction to Microeconomics (EC101)
September 2017 – Present.
Upon successful completion of the course, students will be able to: define the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making; distinguish the differences between the 4 types of market structures, describe features of each and the implications of each on economic outcomes; explain how cost, price, profit and efficiency interrelate to these market structures; explain supply and demand elasticity and the effect of elasticity on economic outcomes; describe the production function and the Law of Diminishing Marginal Productivity; interpret charts, graphs, and tables and use the information to make educated conclusions; calculate the price to maximize profit and quantity of resources infactor markets under perfect and imperfect competition by use of marginal analysis; distinguish between the various forms of market failure and explain what government options are available and how they may intervene; predict the impacts of said government intervention on the economy; and recognize, interpret and utilize a supply and demand graph, the underlying determinates, and demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
Instruction is offered online through video lectures, study guides, required and supplemental readings, quizzes, homework, and final exams. Major topics include: supply and demand curves, market equilibrium, competitive markets, demand and consumer behavior, utility, marginal utility, the equimarginal principle, cost structures, marginal costs, fixed costs, variable costs, average costs, profit maximization, profit calculation, perfect competition, short and long run behavior, efficiency, allocation, monopoly and monopolistic competition, price makers, market control, deadweight loss, product differentiation, profit maximization, oligopoly and strategic behavior, strategic pricing, returns to scale, retaliation, interdependency, market concentration, land and rent, factors of production, inelastic supply, land rents, land taxes, wage discrimination, labor markets, compensating differentials, unions, discrimination, capital as a factor of production, interest rates, net present values, rates of return, public goods and externalities, market failure, positive and negative externalities, exclusive goods, rival goods, government intervention, and Pigouvian taxes.
In the lower division baccalaureate/associate degree category, 3 semester hours in Accounting, Business Administration, Principles of Economics, Introduction to Microeconomics, Finance and Mathematics (2/18).