EC 110: Microeconomics

EC 110: Microeconomics#

Course Description#

Introduction to microeconomic analysis concentrating on consumer and producer behavior, competitive and imperfect markets, public policy and regulation, and income distribution.

The course and notes are based on the 10th edition of N. Gregory Mankiw’s Principle’s of Microeconomics through Cengage.

Course Objectives#

  • Apply comparative advantage analysis to identify the gains from trade.

  • List the factors that influence Quality Demand, Demand, Quality Supply, and Supply.

    • Use graphical and mathematical analysis to identify Equilibrium Price & Quantity.

    • Classify various fact patterns as influencing Quality Demand, Demand, Quality Supply, and/or Supply.

  • Define, explain, & calculate price elasticity of demand.

    • Describe the relationship between price elasticity, changes in price, & total revenue.

  • Use consumer, producer, & total surplus analysis to evaluate the impact of government interference on the efficiency of free markets.

  • Differentiate between and calculate the types of costs incurred by firms, and calculate profit.

  • Distinguish between firms that have market power and those that do not.

    • Identify the source of the market power.

    • Solver for profit by identifying the profit-maximizing Equilibrium Price & Equilibrium Quantity under varying market structures.

  • Differentiate between the market structures in which firms operate, and identify when such firms should shut down temporarily, enter, or exit a market.

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