Course Description
This course introduces the student to the fundamentals of microeconomics. It will first provide an understanding of introductory economics, economic reasoning, and microeconomic theory. Then the student will gain an understanding of the behavior of a firm, price determination and resource allocation under various market environments such as perfect competition, monopoly, monopolistic competition, and oligopoly. The student will also gain an understanding of the tools of market demand, supply and production, costs, resource or factor markets and income distribution. Overall, the course will provide students with a framework for analyzing the behavior of a firm and decision-making in the business arena.

Student Learning Outcomes After completing this course, the student will be able to:
• Understand economic reasoning and how it applies to decision-making.
• Understand the concepts of scarcity, opportunity cost, production possibilities, and the modeling of economic behavior (conceptually, quantitatively, and graphically).
• Use Demand/Supply analysis to determine equilibrium price and output and the dynamics of market interaction.
• Explain the concept of utility maximization and its importance to consumer behavior.
• Explain the concept of profit maximization and its importance to firm behavior.
• Define, calculate, and interpret the price and income elasticity of demand.
• Determine market price, output, profit, loss, and breakeven under various forms of market environments including Pure Competition, Pure Monopoly, Monopolistic Competition, and Oligopoly.
• Gain the theoretical and practical understanding of microeconomic principles necessary for further study in economics, business management, and related areas.

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