Description
An analysis of industry structures: pure competition, monopoly, monopolistic competition (oligopoly), business costs and the determination of optimal production levels. An in-depth examination of important economic issues such as financial insecurity, the environment and energy policies and a discussion of alternative approaches to addressing these issues. Students will analyze information including that which is presented graphically, and use concepts such as externalities and cost-benefit analysis.
Course Learning Outcomes
- Demonstrate an understanding of the economic concepts of scarcity, choice and utility through the evaluation of evidence, and employment of mathematical and interpretive analysis
- Demonstrate knowledge of how cost and production variables change under different industry structures - i.e., pure competition, monopoly, oligopoly, monopolistic competition
- Calculate changes in elasticity, consumer and producer surplus as a result of changing economic conditions
- Understand how microeconomic concepts affect daily life of individuals and firms
Semester
Spring