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 ECONOM 1024 or ABM 1041) and MATH 1400 or equivalent. Honors eligibility required.