320 Microeconomic Theory

Economics

Approved course information last updated: 2 years, 2 months ago

Pre-requisites: ECON 230 ELU 126

Requisite To: ECON 350 ECON 401 ECON 402 ECON 403 ECON 410 ECON 411 ECON 420 ECON 422 ECON 430 ECON 440 ECON 441 ECON 450 ECON 451 ECON 470 ECON 480 ECON 491

Lab Session:

Course Description

This course focuses on learning microeconomic theory at the intermediate level. Microeconomics is the bottom-up view of the economy that studies the behavior of individuals and firms, how they make decisions, and how they interact in markets. Topics covered include the analysis of the theoretical foundations of consumer choice, firms’ production decisions, and market organization. This course begins with studying the theory of the consumer, which covers preferences, budget constraints, and utility maximization. We then turn to the theory of the firm, which covers production technology, cost minimization, and profit maximization. Economic welfare and efficiency are then analyzed under different market structures, market failures, and government interventions.

Course Learning Objectives (CLOs)
  • Clo1. apply the microeconomic theoretical framework to the analysis of consumption & production behaviors
  • Clo2. use diagrams & calculus to solve optimization problems of microeconomic models & derive their predictions
  • Clo3. understand the function of markets and their limitations in allocating resources efficiently
  • Clo4. understand different forms of market failure and the role of government policies in correcting them
Syllabus History
  • Compliant Updated

    Submitted by: shamlan.albahar

    Validated by: shamlan.albahar