Economics: Principles of Microeconomics

Study of individual economic units with particular emphasis on market interactions among firms and households.

Open to Degree and PACE students

This course investigates the foundations of microeconomics. We will study demand and supply and market equilibrium before we proceed to examine decision making on the part of individuals and firms. We will examine how consumers make consumption relevant decisions and derive the demand curve. To derive the supply curve, we will study the behavior of firms and how they make production relevant decisions. We will discuss how various market structures operate and how efficient they are. Through- out the semester we will examine the efficiency of market outcomes, the effect of government intervention and how it relates to efficiency, and what happens when the market fails in achieving an efficient outcome.