ECON 306 6980 Intermediate Microeconomic Theory
Summer 2025
Course Description
Prerequisite: ECON 203. An analysis of the principles underlying the behavior. of individual consumers and business firms. The objective is to analyze microeconomic indicators and trends and evaluate their impact Discussion covers theories of welfare, taxation, marketing systems, and income distribution. Students may receive credit for only one of the following courses: ECON 306 or ECON 403.
Course Introduction
This course is devoted to the use of microeconomic theory in addressing personal and business economic decision making. We will begin by developing the economic model of the firm. Because the decision-making process often requires an elementary understanding of economic and statistical relations, we will describe a number of basic economic relations and statistical concepts early in the course.
We will continue by exploring production theory and cost analysis as means for understanding the economics of a firm's resource allocation and employment. We will also study the competitive external economic environment in which the firm operates and examine the pricing practices needed for successful management.
We will, in addition, study the microeconomic principles that influence the behavior. of consumers as they allocate their income in ways that yield them the greatest satisfaction, given their budgets and prices.
Course Outcomes
After completing this course, you should be able to
analyze and apply microeconomic theory to make better-informed personal and professional economic decisions
examine microeconomic theory to better understand the economic behavior. of firms and industries
contrast the effects of different market structures on firm behavior.
differentiate and discuss competing approaches to price theory
illustrate how economic principles influence societal events