Microeconomics of Business

This course presents the basic analytical tools of microeconomics. We start by looking at the basic operation of a market where price and quantity of a product are determined. Then we focus on the decision making of individual consumers and ask how these decisions can be optimized or improved. Next, we look at the ways firms make and coordinate their decisions under varying market structures, including perfect competition and monopoly. Then we look at strategic behavior in imperfectly competitive markets, such as monopolistic competition and oligopoly, making use of concepts from game theory. Finally, we take up topics including information economics, environmental externalities, and public goods. Students may not take both ECON S-1010 and MGMT S-8010 for degree or certificate credit.