ECON1510 — Microeconomics
Academic Division: Business, Industry and Technology Academic Discipline: Business Administration Assistant Dean: Vincent Palombo PhD 3 Credit(s) This course of study focuses upon how the condition of scarcity affects the decisions of individuals, households, and business firms in their roles as producers and consumers. In particular, the price mechanism is addressed at length and explained by the conceptual and graphical representations of supply and demand. Applications of such concepts as elasticity of demand, as well as marginal cost and revenue calculations are used by the student to determine optimum pricing, profit, and revenue strategies for the firm. The advantages and disadvantages of relative economies of scale in both the long-run and short-run are explored. The market conditions of monopoly, oligopoly as well as perfect competition are analyzed with the goal of giving the student an understanding and appreciation of their socio-economic implications. (TAG# OSS004) Undergraduate OSS004 3 Lecture Hour(s); Required The Existence of Comparative Advantage is discussed from the Perspective of Contrasting Intercultural Values End of term Critical Thinking Cost Structure of the Firm - Critical Thinking VALUE Rubric – Middle of term Information Literacy Quantitative Literacy Elasticity of Demand Calculation – Quantitative Literacy VALUE Rubric – Middle of term Student Learning
Prerequisites: MATH0084
Part of
- Accounting, AAB
- Business Administration - Business Analytics Concentration, AAB
- Business Administration and Management Focus, AS
- Business Administration Focus, AA
- Business Administration-Business Management Concentration, AAB
- Business Administration-Marketing, AAB
- Visual Communications Media & Technology-Graphic Design, AAB