Economics 306

ECON 306: Intermediate Microeconomic Theory

Prerequisites: ECON 206 and one of the following: MATH 126, MATH 151, MATH 169, or MATH 171

Credit hours (3)

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


Detailed Description of Course

This course will introduce students to a theoretical analysis of consumer choice, markets and capitalism. Students will learn how markets and prices operate to allocate scarce resources. Students will also acquire foundational tools and terminology that are needed to understand microeconomic theories.

Topic Outline
    1) Introduction to the Study of Microeconomics
    2) Fundamentals 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


Detailed Description of Conduct of Course

The following teaching strategies may be employed:

Lectures, videos, discussions, in-class and/or at-home activities and assignments.


Goals and Objectives of the Course

After completing this course, students will be able to:

    1) Discuss the nature and uses of microeconomic and the nature and functions of markets in
        capitalism (SLO 3).
    2) Examine law of supply and demand, static market equilibrium, and price
        elasticity of demand (SLO 3).
    3) Describe indifference curves, income and substitution effects, and the attribute analysis of consumer behavior.
    4) Describe short- and long-run production functions, law of variable proportions, returns to scale, and isoquant-isocost analysis (SLO 4).
    5) Examine short run and long run cost and cost minimization-profit maximization (SLO 4).
    6) Analyze various market structures, including perfect competition, monopoly, oligopoly, and monopolistic competition (SLO 4).
    7) Analyze factor price determination, wage and profits, savings, interest and investment, and capital investment under risk and uncertainty (SLO 3,         SLO 4).
    8) Discuss aprtial versus general equilibrium, welfare economics, and externalities and public goods (SLO 3).


Assessment Measures

The following assessment measures may be employed: Tests, quizzez, homework, reports, presentations, class participation. Grades and percentages depend on individual professors.


Other Course Information

None.

 

Review and Approval

March 1, 2018
September 2, 2014
December 2013 C. Vehorn
April 16, 2012
December 2004 N. Hashemzadeh