This course is meant to give students insight into the dynamics of a market-based economy and how through its mechanism scarce resources are allocated. The theoretical and actual role of the microeconomic concepts in this market system will also be addressed. In this Microeconomics, students learn how the decisions made by economic agents are represented in the market as demand and supply of commodities. They will learn about equilibriums in the market, which is when the quantity demanded is equal to the quantity supplied. The derivation of this equilibrium is another main focus of microeconomics. By deriving an equilibrium in a market, it can be seen at which level the price will be and how much of a transaction will occur.
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