Principles of Economics: Microeconomics

Discipline: Economics
Instructor: Ullerich
Credits: 3
Day: B
Start: 0925
End: 1040
Field Work: Day 1 | Hawaii, United States Download Syllabus

A study of supply, demand, and price determination in the context of consumer preferences and theory of the firm across a spectrum of market types, from competitive through monopolistic. The role of utility and profits in consumer and firm behavior, as well as risk aversion and duality of costs and production functions are introduced. The effects of market intrusions like taxes, subsidies and other interventions, are also illustrated.

Field Work

Country: Hawaii, United States
Day: 1

This lab will focus upon the primacy of food for human existence and the array of food, fiber, and plants we will encounter during our four-continent journey. The role of climate and weather on diets, as well as tropical delicacies now available worldwide, will be examined from an economic and well-being perspective. Visits to botanical centers, the downtown Hilo Farmer’s Market and Mauna Loa Macadamia Nut Factory (a Hershey’s company) will be featured. Academic Objectives:
  1. Students to grasp the primacy of nutrition and food products in promoting both economic well-being and economic development.
  2. Exposure to the role of technical changes in food production and growth in labor productivity over time.
  3. To see first hand the influence of branding, and product differentiation on firm's behaviors and consumer's demand characteristics.
  4. Visualization, touching, and learning about a myriad of different forest and fauna we'll see while circumventing the globe within the tropics.