EC 311 - Microeconomic Theory

3 Credit(s)

This course explores the economic behavior of households and businesses under various market conditions; consumer demand; production theory and costs of production; output pricing strategies in different situations; factor pricing and resource use; government regulation and resource allocation. Also explored are the effects of government policies on consumers and producers in competitive markets; pricing of public goods; the use of subsidies and taxes for goods with external benefits and costs. Throughout the course, students may work in teams to solve problems.
Prerequisite(s): EC 202 or equivalent. Course offered only in spring semester.