(cross-leveled with ECONOM 7351). Theory of rational behavior in consumption, production, and pricing decisions of households and firms. Partial equilibria in product and factor markets under competition, monopoly, oligopoly, and monopolistic competition. A brief introduction to general equilibrium and welfare economics is provided. Calculus is employed. Prerequisites: (ECONOM 1014 or ABM 1041) and (MATH 1400 or MATH 1500). Honors eligibility required.