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Jan 30, 2025
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ECO 301 - Intermediate Microeconomics Description and analysis of economics of firms, markets and competitive behavior. Stresses many microeconomic concepts discussed in context of profit and nonprofit organizations. Prerequisites: ECO 111 and ECO 222; or MAT 121 and MAT 122; or MAT 135 and MAT 236. Fulfills: LASR. (3 cr. hr.)
Frequency code A = offered every semester
Student Learning Outcomes
Upon successful completion of this course, students will be able to:
- Identify consumer's preferences for different types of goods and employ utility optimization to determine optimal choice of these goods.
- Determine how consumer optimal choices influence market demand and how demand elasticities relate to choice of goods.
- Identify and interpret how the factors of production influence a firm's output decision.
- Utilize competing firm models to analyze the distributional consequences of firm decisions, and interpret the corresponding gains and losses to social and environmental welfare.
- Calculate key firm-level variables for various market structures and assess the implications of such variations for social welfare.
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