ECO 204 - Microeconomics and Business (3)

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

An introduction to basic microeconomics with specific emphasis placed on understanding theory, policy, and issues as they relate to decision-making by individuals and organizations. Students successfully completing this course will be able to: 1) use the concepts of supply and demand, both graphically and algebraically, to analyze markets, 2) calculate and interpret various elasticities and explain the roles they play in the supply and demand model, 3) use the theory of utility maximazation to analyze consumer decision-making, 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) explain hiring decisions in various labor markets.