ECON101: Principles of Microeconomics

Upon successful completion of this unit, you will be able to:

• analyze and apply the mechanics of demand and supply for individuals, firms, and the market;
  
• determine equilibrium in the market under various situations that either cause movements or shifts in demand and supply;
  
• apply the concept of elasticity as a measure of responsiveness to various variables; and
  
• analyze how the market can be manipulated through price controls or quantity controls.