In this course, students will study the price system, market structures, and consumer theory. Topics covered include supply and demand, price controls, public policy, the theory of the firm, cost and revenue concepts, forms of competition, elasticity, and efficient resource allocation, among others.
- Describe how output and price are determined in imperfect, monopoly, and perfectly competitive markets.
- Identify profit-maximizing production levels using cost and revenue curves.
- Explain the factors causing changes in supply and demand and changes in the quantity supplied and demanded.
- Comprehend the concept of elasticity.
- Explain the effects of price controls.
- Distinguish between the various total, average, and marginal cost concepts.
- Distinguish between total and marginal revenue.
- Explain how businesses determine what resources they will use to produce goods.
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