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ECON 406. Intermediate Microeconomics

Credits: 3
Department: Economics
Description: Economic processes in the free enterprise system; determination of price, output, and factor services in different market structures.
Prerequisites: ECON 205,ECON 206, MATH 112 or 115 or 196 or 211 or higher.
Semester Offered:
  • Fall
  • Spring
Grading Method: ABCDF

Student Learning Outcomes

1. Manipulate indifference curves and budget constraints to explain consumer decision making and manipulate isoquants and isocost lines to explaining firm decision making.
2. Derive a demand curve from indifference curves and budget constraints and derive the long-run cost curves of firms from isoquants and isocost lines.
3. Compare production theory to cost theory, and apply cost theory to market structure analysis.
4. Implement output market analysis and input market analysis and analyze the connections between them.
5. Demonstrate the efficiency characteristics of various market structures-perfect competition, monopoly, oligopoly, and monopolistic competition.






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