MASTER SYLLABUS
2013-2014
A.
Academic Division: Business, Industry and Technology
B.
Department: Business
Discipline: Economics
C.
Course Number and Title: ECON1510 Microeconomics
D.
Course Coordinator: Ross Justice
Department Chair: Lynn Jones
E.
Credit Hours: 3
F.
Prerequisites: MATH0074 or COMPASS Algebra score of 31 or ACT Math score of 21
G.
Syllabus Effective Date: Fall, 2012
H.
Textbook(s) Title:
Microeconomics
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Author(s): Stephen Slavin
Copyright Year: 2010
Edition: 10th
ISBN #: 9780077317188
I.
Workbook(s) and/or Lab Manual: None
J.
Course Description:
This course of study focuses upon how the condition of scarcity affects the decisions of individuals,
households, and business firms in their roles as producers and consumers. In particular, the price
mechanism is addressed at length and explained by the conceptual and graphical representations of supply
and demand. Applications of such concepts as elasticity of demand, as well as marginal cost and revenue
calculations are used by the student to determine optimum pricing, profit, and revenue strategies for the
firm. The advantages and disadvantages of relative economies of scale in both the long-run and short-run
are explored. The market conditions of monopoly, oligopoly as well as perfect competition are analyzed
with the goal of giving the student an understanding and appreciation of their socio-economic implications.
K.
Core Learning Outcomes:
Core Learning Outcomes
Communication – Written
Communication – Speech
Intercultural Knowledge and
Competence
Critical Thinking
Information Literacy
Computation
L.
Assessments- How it is met & When it is met All listed
assignments are graded
Several short (paragraph size written) essay responses are included in
this course which require the student to demonstrate their writing
skills by describing how an economic principle or policy action
applies to specific case situation s including a written argument for
the predicted market outcome. These assessments take place
throughout the semester when the following topics are covered:
a)
market equilibrium & price controls
b)
market behavior under monopoly conditions
c)
government taxation and subsidies
d)
the four socio-economic “isms” (capitalism, socialism, fascism
and communism)
[Weeks 3-4, 5-6, and 11-12]
Class discussion of the values, habits and beliefs which comprise a
culture are frequent topics in the lecture and class discussion of
economic “goods”. This cultural awareness is assessed by written
responses to chapter homework assignments [Weeks 3-4]
Graded in-class group critical thinking assignments on the economic
effect of monopoly. [Weeks 13-14]
On-line (text publisher site) homework assignments are part of the
required work for this class, which is done throughout the semester.
[Weeks 2- 15]
The ability to make mathematical calculations (such as price elasticity
of demand in chapter 6 or marginal cost determinations in chapter 10)
is a required element of this course. This ability is assessed by the
chapter tests over these concepts. [Weeks 5 – 11 for the elasticity and
margin cost examples given above]
Course Outcomes and Assessment Methods:
Upon successful completion of this course, the student shall:
Outcomes
Assessments - How it is met & When it is met
1.
Understand how economics is a social
science that draws conclusions based on
hypothesis, theories, and data in order to
understand human behavior under
scarcity
Lecture and chapter content examination
[Weeks 1 and 2 specifically as a lecture and discussion
topic and these concepts are applied throughout the
course]
2.
Understand basic microeconomic terms
and concepts, including scarcity and
choice, equilibrium, efficiency and
equity, positive and normative
economics, comparative advantage and
specialization
Lecture and chapter content examination
[Weeks 1, 2, 4,8 specifically with the general concepts
applied throughout the course]
3.
Understand the fundamental economic
question of allocating scarce resources
Lecture and chapter content examination
[This concept is a continual theme throughout the course
which is applied in a series of specific instances]
Outcomes
M.
Assessments - How it is met & When it is met
4.
Comprehend the concepts of
opportunity cost and the production
possibility frontier
Lecture and chapter content examination
In-class group practice assignments
On-line practice assignments
[Week 2 specifically and as an applied concept in weeks
7,9 & 10 generally]
5.
Comprehend supply and demand, the
function of prices in markets, and how
markets work (and sometimes don't
work via market failure & government
failure) including the topic of
externalities,
Lecture and chapter content examination
On-line practice assignments
[Weeks 3, 4, 5, 6, 11, 14 & 15]
6.
Comprehend the mechanics and the
effects of government intervention in
markets
Lecture and chapter content examination
Short written essay on this topic
[Weeks 4,5,8, 12, 13,15]
7.
Comprehend the theory of Consumer
Behavior including the terms of utility,
marginal utility and consumer surplus.
Lecture and chapter content examination
[Weeks 4 & 9]
8.
Comprehend production theory
Lecture and chapter content examination
[Weeks 10 through 15]
9.
Comprehend the cost structure of the
firm and profit maximization
Lecture and chapter content examination
[Weeks 10 through 15]
10.
Comprehend firm behavior in
competitive markets
Lecture and chapter content examination
[Week 11]
11.
Comprehend firm behavior in imperfect Lecture and chapter content examination
markets
[Weeks 12 through 14]
12.
Comprehend elasticity and its
application
Lecture and chapter content examination
[Weeks 5 & 6]
13.
Comprehend how the markets for
resources operate and the determination
of wage rates, interest and rent
Lecture and chapter content examination
[Weeks 14 & 15]
14.
Comprehend the determinates of
international trade flows
Lecture and chapter content examination
[Week 8]
15.
Apply economic reasoning to better
understand and critically evaluate real
world circumstances and events.
Class discussion and graded in-class group assignments
throughout the semester
[Assessed throughout the semester]
Course Topical Outline:
a)
b)
c)
d)
e)
f)
g)
h)
The economic way of thinking - [Week 1 et al]
Economic modeling of behavior with supply and demand analysis [Week 3 et al.]
The role of free choice in the creation of market prices - [Week 3 et al.]
Prices as economic indicators of relative scarcity - [Week 3 et al.]
The economic consequences of market interventionism (government regulation & price setting) [Week 4 et al.]
The nature and effect of externalities - [Week 5]
The use of price elasticity calculations in determining optimal pricing/revenue outcomes - [Week
6]
Basic financial (ratio) tools for evaluating the financial health of the firm [Week 7]
i)
j)
k)
l)
m)
N.
Course Assignments:
a.
b.
c.
O.
The concepts of comparative advantage in international trade - [Weeks 2 & 8]
Implications/applications of the theory of consumer behavior - [Weeks 9 & 14]
Using marginal cost and marginal revenue to determine the optimal level of production and
profitability based upon an analysis of the cost structure of the firm - [Weeks 11-14]
Comparing socio-economic outcomes for the range of market conditions from perfectly
competitive to oligopoly and monopoly - [Weeks 11-14]
Public choice theory - discussion of the various kinds of taxation and distribution of the tax
burden/benefit upon society - [Week 15]
Reading of the text
On-line homework practice assignments
In-class group problem-based learning assignments
Recommended Grading Scale:
100-95
94-92
91-89
88-86
85-83
82-80
A
AB+
B
BC+
79-77
76-74
73-71
70-68
67-65
64-Below
C
CD+
D
DF
8.20.12 Rev’d for 13/14
Textbook rev for Fall 2013, Apr 2013