Economics 306

ECON 306
Intermediate Microeconomic Theory

1. Catalog Entry

ECON 306
Intermediate Microeconomic Theory

Credit hours (3)
Prerequisites: ECON 206

A theoretical study of firm, markets, the price system, and the allocation of resources.

2. Detailed Description of Course

This course will introduce students to how markets and prices operate to allocate scarce resources, and the theoretical understanding of the operation of markets to understand capitalism.  This course will provide the basic theoretical foundation and terminology in understanding microeconomic theories.

Topic Outline
    1) Introduction to the Study of Microeconomics
    2) Fundamental of Supply and Demand Analysis
    3) Consumer Demand Analysis
    4) The Theory of Production
    5) The Costs of Production
    6) The Theory of the Firm
    7) Market Models and Output Determination
    8) Analysis of Factor Markets
    9) General Equilibrium and Social Welfare

3. Detailed Description of Conduct of Course

The following teaching strategies may be employed:

Lectures, discussions, videos

4. Goals and Objectives of the Course

After completing this course, students will be able to:

    1) Recognize the nature and uses of microeconomic theory including the functions of markets in
    2) Examine law of supply and demand, determine static market equilibrium, and calculate price
        elasticity of demand.
    3) Analyze consumer behavior through indifference curves; determine income-substitution
    4) Examine the long and short run production functions and cost functions, including isoquant-
        isocost analysis.
    5) Determine cost minimization-profit maximization and the basic spectrum of market structure,
        including pure competition, pure monopoly, oligopoly, and monopolistic competition.
    6) Examine factor price determination, wage and profits, savings, interest and investment, and
        capital investment under risk and uncertainty.
    7) Compare and contrast partial versus general equilibrium with the public sector included.

5. Assessment Measures

May include: tests, homework, reports, class participation.

6. Other Course Information


Review and Approval

September 2, 2014
December 2013 C. Vehorn
April 16, 2012
December 2004 N. Hashemzadeh