LaGuardia Community College
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The City University of New York
Department of Social Sciences, C-459
Course: Microeconomics
Instructor: Professor Clifford N. Opurum, Ph.D., MCIT
[email protected]
Course # /Section #: SSE 103-6840
Schedule: Tue (Lecture) /Thu (Lab) 8:05 p.m. - 9:35 p.m.
Classroom: Tue: C-431C, 4th Floor
LAB Room: Thu: C-238, 2nd Floor
Office Hours: (TBD)
Required Textbook:
Economics, Ninth Edition by Boyes and Melvin. South-Western,
Cengage Learning, 2013, 2011.
Catalogue Description: 3 hours, 3 credits
This course serves as an introduction to some of the major economic principles, institutions and
policies in the United States. Among the topics included are: the nature and methods of
economics, the historical development of the market and other systems; supply and demand; the
roles of industry and government in the market place; money and banking; income levels; and the
problems of inflation and unemployment.
Instructional objectives:
The objectives of this course are to:
1. Provide students with a thorough understanding of the tools, techniques and concepts
fundamental to understanding and analyzing the micro economy as it is seen from the
individual consumer market and the industry perspectives.
2. Introduce students to the theory of price determination and distribution.
3. Understand how and why rational economic decisions, which affect the national economy
are made.
4. Introduce students to alternative market structures: pure competition, monopoly,
monopolistic competition, and oligopoly
5. Give students an understanding of the interrelationship between economic theory and
economic reality.
6. To understand the reason why nations trade with one another and to serve as an
introduction to the larger discipline of Economics.
Performance Objectives:
A.t the end of this course, students will be able to:
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1.
Explain how people make rational decisions and choices for economic systems and for
goods and services.
2.
The basic philosophies or operating principles of a market, traditional and command
economic system.
3.
Differentiate between the alternative market structures
4.
Explain the theory of price determination and distribution
5.
How nations benefit from specialization and international trade.
Criteria and Evaluation:
The Course Grade will be based on: participation; a mid-term exam; 4 homework
assignments; 4 quizzes; and a final examination.
Rules
Attendance and punctuality are keys to active class participation. It is important that students
attend class and stay until the duration of the session. If a student, for some reasons, cannot attend
class, she or he should let the instructor know ahead of time. Accumulated absences of more than
three and/or 6 times late without excuse will constitute in the reduction of one's grade.
A student who comes to class twenty minutes late (twenty minutes after the class begins) will be
marked absent for the session.
No make-up exams are given in this class. Students are responsible for the work of classes they
miss. Since students are expected to come on time for the exams, instructions read or
communicated during exams are also the responsibility of those who arrive late.
Once in class, students are expected to turn off Beeper, Cellular Phones, and other Electronic
Equipment in the interest of concentration and focus for the class, and consideration for other
students
1.
Attendance
Students are expected to attend and be punctual for each class meeting. Class discussions often
illuminate materials in ways other than the textbook presentation and there are some occasions
where the major points of the course are related to one another. Such discussions also often
illustrate the methods of analysis Economists use and with which students should be familiar.
Please note that this requirement is so important that a violation of these rules of attendance as
stated above will constitute a reduction of of the student's grade and prompt a failing grade if the
student is showing a poor performance.
2.
Participation
In order to enhance the class learning experience, students are required to perform the weekly
reading assignments and actively participate in discussions in the material.
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3.
Quizzes, Homework Assignments and Tests
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During the semester there will be a minimum of 4 quizzes and four homework assignments. The
quizzes will be summed up as one component of the grade, known as Lab Work. The first of the
four quizzes, also known as the First Assessment Test, will be a written quiz which will be given
in the classroom. Homework assignments must be submitted on their due dates. Students will be
penalized for late submission of any homework at the rate of 1 point per day. (There will be no
exceptions to this rule) There will also be two written examinations on the topics and concepts
studied and on class discussions.
The first exam (Mid-term Exam) will take place between the fifth and the seventh week of class
meetings, i.e., in the middle of the semester; and the last exam will be the Final Exam.
4.
Final Examination
A final exam will be scheduled at the end of the semester. The specific date will be
communicated to you later. Please consult the school schedule if you are planning to travel at
before or toward the end of the semester. No Make-up exam nor incomplete grade will be
granted.
COURSE OUTLINE
Chapter 1: Economics: The World around You
Definition of Economics, The Economic Approach and Graphs
A. What is Economics and why study Economics?
B. Goals and Scope of Economics
C. Microeconomics and Macroeconomics
D. Scarcity and Choice
Chapter 3: Individual Markets: Demand And Supply, and Price Determination
A. Definition of a Market
B. The Allocation System: What determines who gets the scarce goods and resources
A. Demand: Law of Demand, Demand Curve, Market Demand, Changes in Demand
B. Supply: Law of Supply, Supply Curve, Determinants of Supply, Changes in Supply
C. Supply and Demand Market Equilibrium and Price Determination
Chapter 4: The Market System and the Private and Public Sectors
Flow of resources, Household, Business Firm, Government, International Sector, Types
of Countries. The Role of Government in the Market System and flow of resources,
Overview of the United States Government, Economic situation in other countries.
Chapter 19: Elasticity of Demand and Supply
A. Price Elasticity of Demand
B. Price Elasticity of Supply
C. Cross Elasticity and Income Elasticity of Demand
Chapter 20: Consumer Choice & Behavior
A. Decisions: Utility
B. Law of Diminishing Marginal Utility
C. Utility Maximization and Demand Curve
D. Utility and Choice: Consumer Choice and Equilibrium
E. Utility Maximization and Demand Curve
F. Theory of Consumer Behavior
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(Mid-Term Exam)
Chapter 21: Costs of Doing Business (Costs of Production)
A. Firms and Production: The Relationship between Output and Production Resourci
B. Short-Run Production Costs
C. Long-Run Production Costs
Chapter 22: Profit Maximization
A. Calculation of Total Profit
B. Demand and Profit Maximization
C. Economic Profit and its Role
Chapters 23, 24, and 25: Types of Market Structures (Models)
A. Perfect Competition
B. Monopoly
C. Monopolistic Competition and Oligopoly
Chapter 26: Antitrust and Regulation
A. Antitrust Policy
B. Economic Regulation
C. Deregulation and Privatization in the United States
Chapters 18 & 26: Globalization and International Trade
A. Globalization
B. International Trade and Arguments for Protectionism
Last Day of Classes & Review for Final Exam: Tue - December 11th
Final Exam: Tue - December 18.
Grading Policy:
Students Performance will be evaluated on the following
Home work (4@ 5% each)
Quiz/Lab Work (4@ 5% each)
Mid-Term Examination
Final Examination ..
basis:
20%
20%
30%
...30%