Intermediate Microeconomics
General
Prefix
ECON
Course Number
406
Course Level
Undergraduate
Department/Unit(s)
College/School
Herberger Business School
Description
Economic processes in the free enterprise system; determination of price, output, and factor services in different market structures.
Prerequisites
Credits
Min
3
Max
3
Repeatable
No
Goals and Diversity
MN Goal Course
No
Cultural Diversity
No
Learning Outcomes
Outcome
Manipulate indifference curves and budget constraints to explain consumer decision making and manipulate isoquants and isocost lines to explaining firm decision making.
Outcome
Derive a demand curve from indifference curves and budget constraints and derive the long-run cost curves of firms from isoquants and isocost lines.
Outcome
Compare production theory to cost theory, and apply cost theory to market structure analysis.
Outcome
Implement output market analysis and input market analysis and analyze the connections between them.
Outcome
Demonstrate the efficiency characteristics of various market structures-perfect competition, monopoly, oligopoly, and monopolistic competition.
Dependencies
Courses
ECON406
is a
prerequisite
for:
Programs
ECON406
is a
completion requirement
for: