Microeconomic principles introduce students to the economist?s worldview through such concepts as opportunity cost, marginal decision making, efficiency, and the benefits of trade. It focuses on topics that concern the ?micro? elements of the economy: the consumer, the producer, and their interaction in the market. These topics include supply and demand analysis, elasticity, efficiency and market failure, taxation and market regulation, production and costs, pricing and output decisions under a variety of industrial organizations, and factor markets.

*Course content subject to change