ECN-2020 - Principles of Microeconomics* (B) (3)

Prerequisite: BAD-1015 or MTH-1010 or higher or permission of the chair
This course provides an introduction to modern Microeconomic theories and practices. It examines producer decisions related to supply, demand, production costs and profits. Various market models such as pure competition, monopoly, monopolistic competition, and oligopoly will be discussed and analyzed. Consumer behavior and market failure is also investigated. This course satisfies the General Education Social/Behavioral Science requirement.

NOTE: BAD-1015 is not required for students not enrolled in Business Programs (Business Administration, Business Management, or Accounting). Non-Business students should follow their respective program sequence/requirements.

List Course Outcomes (consistent for all sections)
CO1 - Explain the connection between opportunity costs and the economic problem of satisfying unlimited wants given scare resources.

CO2 - Predict market equilibrium using the Demand and Supply Model.

CO3 - Interpret price elasticity and inelasticity as it applies to both demand and supply.

CO4 - Analyze the relationships among fixed, variable and total costs.

CO5 - Differentiate how market structure (pure competition, monopoly, monopolistic competition, oligopoly) impacts price and output in a market.

Course Fee: Direct Digital Access Fee

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