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Micro Econ_Spring_2008

Principles of Microeconomics + DiscoverEcon code card

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NORTHEASTERN STATE UNIVERSITY College of Business and Technology Department of Economics Tahlequah-Oklahoma INSTRUCTOR: Ray Murphy Office : Shawnee Theater OCRD -124 W. Shawnee, Suite C Office Hours: 10:00-12:30 MW and 3:00-5:00 M; 10:00-12:30 F Telephone : Office - 918-456-5511 ext. 3093 E-mail : office: [email protected] Web Page : http://arapaho.nsuok.edu/~murphyrf COURSE TITLE AND NUMBER: Principles of Microeconomics - ECON 2213 PREREQUISTES: ECON 2113 CATALOG DESCRIPTION OF COURSE: An introduction to modern microeconomics. Topics considered include market structures and functioning, cost and supply relationships, consumer behavior, demand theory, product and resource pricing, revenue and profit relationships, and business ethics. COURSE PURPOSE: Principles of Microeconomics provide initial contact for students with the discipline of Economics. Economics provides the basis for objective decision-making not only in business, but also in the various socio-economic problems found in every day life. EXPECTED COURSE OUTCOMES - COURSE OBJECTIVES: After completing this class students will be able to: Use economic terms when describing everyday phenomena. Describe the functions of markets and the laws of supply and demand. Describe and use the concept of elasticity. Use the “rational spending rule” to solve the consumer’s utility maximization problem. Describe the relationship between opportunity cost and supply. Demonstrate mastery of the concepts and graphs concerning the costs of production through graphical analysis. Describe through graphical analysis and description the firm’s profit maximization problem. Describe how markets reach economic efficiency and the consequences of interfering with price adjustments. Describe and graphically depict the firm’s production decision and pricing problem in the environments of pure competition, monopoly, and in other forms of imperfect competition.
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