ECO 3040 - INTERMEDIATE MICROECONOMICS

credits: 3.0
Is an extension and refinement of Principles of Microeconomics and is primarily theoretical in its approach, although applications to the real world are an integral part of the course. A review of supply and demand concepts will be followed by a rigorous presentation of the theory of consumer behavior, including cardinal and ordinal utility functions, indifference curves, Engel curves, elasticity of demand. Then followed by a discussion of the theory of the firm including perfect competition, monopoly, oligopoly, and imperfect competition. Finally, factor markets will be explored.

Prerequisite(s): ECO 2020 - PRINCIPLES OF MACROECONOMICS