Course Details

01:220:102 Intro to Microeconomics

  • Course Code: 01:220:102
  • Title: Intro to Microeconomics
  • Semester(s) Offered: Fall
  • Degree Type (BA/BS): BS in Data Science
  • Track Option: Economics Track (Code: NB219EJ)
  • Degree Option: BS in Data Science- Economics Track (Code: NB219EJ)
  • Prerequisite: Pre-calculus (01:640:111, 112 or 115) or calculus placement
  • Learning Goals:

    Students will learn:

    1. Basic economic concepts including opportunity costs, scarcity, positive and normative economics
    2. How to analyze production possibilities of firms and countries, the sources of their comparative advantages, and gains from trade
    3. How to use the supply and demand model to understand how markets work
    4. How elasticity is calculated and its relevance to understanding markets
    5. How to analyze consumer behavior with respect to decisions about consumption, savings and employment
    6. How to analyze decisions firms make about pricing, output, employment and investment
    7. How to analyze the behavior of firms in alternative market structures including perfect competition, monopoly, monopolistic competition and oligopoly
    8. How to apply basic game theory to strategic interaction between companies and individuals
    9. How to use the concepts of equity, efficiency, and market failure to analyze and evaluate government policies such as price floors and ceilings, tax policy, environmental policy, etc.
    10. How to apply economic concepts and ideas to situations not specifically covered in class
  • Exams: The first two exams are held in class during regular lecture sessions. The final exam is held according to Rutgers’ Final Exam Schedule.