This course is an analysis of the behaviour of households and firms under alternative assumptions and market conditions.
By the end of the course, the learner should be able to:
- Use basic problem solving techniques, including calculating elasticities, determining the market equilibrium, computing total, marginal, and average costs, finding profit-maximizing prices and quantities, risk premiums, and Nash equilibria of games;
- Use algebraic and graphical analysis to demonstrate and interpret various economic models;
- Critically examine every day economic events by applying microeconomic principles;
- Apply mathematical concepts and tools to explain basic economic models and the interaction between economic variables;
- Describe basic principles of microeconomics and demonstrate and discuss the use of basic economic models; and
- Identify the successes and failures of government intervention in the market and explain the role of public policies.
- Review of Supply and Demand, Market Equilibrium, Elasticity
- Balancing Benefits and Costs
- Consumption Preferences
- Constraints, Choices, and Demand
- From Demand to Welfare
- Production Decisions
- Profit Maximization
- Choices Involving Time (selected topics)
- Choices Involving Strategy (selected topics)
- Equilibrium and Efficiency
- Market Interventions
- Pricing Strategies
Prerequisite(s): (ECON*1050 or FARE*1040), (1 of IPS*1500, MATH*1030, MATH*1080, MATH*1200)
|Online Final Exam||60%|
Note: You must achieve a passing grade on the Final Examination in order to pass this course.
Additional Technical Requirements
This course will use the following:
- McGraw-Hill Connect is a digital learning environment administered by McGraw-Hill Education. Visit their website to complete a check that ensures your computer meets the Connect system requirements.
- Respondus tool to invigilate one or more exams.
- Virtual Classroom is a video conferencing tool used to facilitate synchronous virtual meetings.
Please view the Technical Considerations for each.
*Course details are subject to change.