In this course, you’ll focus on concepts and tools for the analysis of the behavior of consumers and firms, consumption decisions, pricing, production, and market structures.
Upon successfully completing this course, you’ll be able to demonstrate proficiency in the following course objectives and general learning outcomes:
- Analyze markets using the basic demand and supply model (graphically and algebraically).
- Explain how consumers maximize utility subject to a budget constraint. Important concepts will include utility, indifference curves, budget constraints, utility maximization, corner solutions, etc. Students should be able to use this framework to derive an individual’s demand curve.
- Explain how producers minimize cost. Students will be able to derive total cost functions for the firm in both the short run and the long run. Important concepts will include production functions, isoquants, and isocost lines.
- Explain how producers maximize profit. Students will be able to use short run cost and production functions to derive a firm’s supply curve in a competitive market.
ECN 301 fosters two shared competencies, Syracuse University’s university-wide learning goals for undergraduate students: Scientific Inquiry and Research Skills and Critical and Creative Thinking.
Prerequisites:
- (ECN101 and ECN102) or (ECN101 and ECN203)
- MAT284 or MAT285 or MAT295
Department: Economics
Location: Madrid
Semesters: Fall, Spring
Credits: 3