ECO 204 - Microeconomics and Business (3)

Prerequisite: ECO 203 with a C- or higher, or permission.

An introduction to basic concepts governing the operation of the microeconomy, with specific emphasis placed on understanding microeconomic theory, policy, and issues as they relate to business decision-making. Students successfully completing this course will be able to: 1) comprehend the workings of the supply and demand model from both a graphical and mathematical perspective; 2) explain the role that elasticity plays in the supply and demand model and know how to calculate and interpret various elasticities; 3) understand utility maximization and the theory of consumer behavior; 4) explain how cost structures differ in the short run and the long run; 5) analyze various market structures in terms of their economic performance; and 6) understand the workings of the various factor markets.