Microeconomic Theory I

Description

Theory of markets and prices: decision-making by individuals and firms, equilibrium conditions under various market structures, and issues of individual and social welfare. NOTE A grade of C in this course is required as a prerequisite for ECON 310 /3.0 or ECON 311 /3.0. Learning Hours: 120 (36 Lecture, 6 Group Learning, 78 Private Study) Requirements: Prerequisite ECON 110 /6.0 or ( ECON 111 /3.0 and ECON 112 /3.0) or ( COMM 171 /3.0 and COMM 172 /3.0). Course Learning Outcomes: - Analyze how consumers' decisions affect the determination of equilibrium market prices and quantities in various microeconomic contexts. - Analyze how producers' decisions affect the determination of equilibrium market prices and quantities in various microeconomic contexts. - Explain how constrained optimization affects consumers' and producers' decision making. - Explain how the structure of markets affects equilibrium market prices and quantities. Assessment/Exam Context: Course assessment and examinations vary by course; Queen's notes that eligible exchange students whose first language is not English may receive extra final-exam time. Exchange Registration Note: Arts and Science courses are open to exchange students subject to prerequisites and space. Most courses should be in Arts and Science; other faculties may be limited. Education, Medicine, and Nursing are not open to incoming exchange enrolment.