University of Waterloo - ECON 101: Introduction to Microeconomics (Solutions)

This course introduces microeconomic analysis to help understand the Canadian economy, focusing on how individual consumers and producers behave, how market prices for goods and resources are determined, and the role of government policies in market systems. Microeconomics studies the economic behavior of consumers and firms, examining how total production and income are distributed among them. It explores how prices are determined by the optimizing behavior of economic agents—consumers aiming to maximize utility and firms seeking to maximize profit—with a broader focus on efficiently allocating scarce resources among alternative uses. The main topics to be covered include demand and supply, elasticity, government actions in markets, utility and demand, possibilities, preferences, and choices, organizing production and output and costs, perfect competition, monopoly, monopolistic competition, and oligopoly.