Description
This course is designed to extend students??? understanding of the basic microeconomic principles and provides the foundation for their future work in economics. Employing mathematical techniques, this course gives students insight into how economic models help in comprehending important real-world phenomena. Topics include the interaction of supply and demand, elasticity, utility maximization, production functions, costs of production, profit maximization, market structures, and game theory-based oligopoly models. Upon completion, students will have a thorough understanding of consumer and producer behavior. Prerequisites: ECON 101 ??? Principles of Microeconomics and ECON 220 ??? Introductory Mathematics for Economists and Actuarial Scientists.