COVID-19 updates and winter semester information.
This course is an introductory course in microeconomics. The course starts with a review of basic economic principles which were covered in the ECON 1200 course including supply and demand and the operation of markets. Government intervention in market prices is examined. The course then examines the microeconomic decisions of businesses by analyzing cost and revenue models. Production cost models for each type of competitive structure are studied including perfect competition, oligopoly, monopoly and monopolistic competition. Models for input markets are also studied with an emphasis on labour markets and wage determination. Issues of inequality in wages and poverty are considered.