Home About Forms Registration Graduation Course Descriptions Student Resources Faculty Resources

Economics 306

ECON 306: Intermediate Microeconomic Theory

Prerequisite: ECON 106

Credit Hours: (3)

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

 

Detailed Description of Content of the 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

 

Detailed Description of Conduct of the Course

The following teaching strategies will be employed:

  • Lectures, discussions, videos.

 

Goals and Objectives of the Course

1. Discuss the nature and uses of microeconomic theory and the nature and functions of markets in capitalism.
2. Examine law of supply and demand, static market equilibrium, and price elasticity of demand.
3. Discuss the indifference curve analysis, income-substitution effect, and the attribute analysis of consumer behavior.
4. Examine the long and short run production functions, the law of variable proportions, the returns to scale, and the isoquant-isocost analysis.
5. Discuss short run and long run cost.
6. Examine cost minimization-profit maximization and the basic spectrum of market structure.
7. Discuss pure competition, pure monopoly, oligopoly, and monopolistic competition.
8. Examine factor price determination, wage and profits, savings, interest and investment, and capital investment under risk and uncertainty.
9. Discuss partial versus general equilibrium, welfare economics, and externalities and public goods.

 

Assessment Measures

Tests, homework, reports, presentations, class participation. Grades and percentages depend on individual professors.

 

Other Course Information

None

 

Review and Approval

Date Action Reviewed by
December 2004 Made alterations to syllabus N. Hashemzadeh, Chair
April 16, 2012 Revised