ECO-2023 PRINCIPLES OF MICROECONOMICS
Economic analysis of consumer and producer behavior and decision making with a concentration on how economic agents voluntarily interact in markets for various goods and services. Topics include advanced demand/supply analysis emphasizing allocational efficiency, opportunity cost and elasticity; the theory of consumer utility maximization; short- and long-term cost and production decisions in the theory of the firm; price, output and profit maximization under differing market structures including competitive, monopolistic and hybrid alternatives; the pricing of input resources including labor and capital along with income distribution implications; market failure and the consequences of government regulation; and an introduction to international finance and the balance of payments.