Arkansas State University-Newport’s mission is to provide an accessible, affordable, quality education that transforms
the lives of our students, enriches our communities, and strengthens the regional economy.
ECON 2323—Principles of Microeconomics
ACTS – ECON 2203
Catalog Description: Decision making analysis by business of individual units of economics: households, business firms,
and the government. Topics include price determination, production, income distribution, market structures, and
international economics.
Course Type: Lecture
Instructor Name: Kristina Taylor
Office: JB 600 (portable building)
Office Phone: 870-680-8719
Email: [email protected]
Office Hours:
Monday: 10:00 – 1:00
Tuesday: 1:00 – 2:30
Wednesday: 11:30 – 1:30
Thursday: 12:00 – 2:30
Friday: 7:30 – 8:30
Department Information
Course Department: Management Information Systems
Academic Department: Business Department
Dean: Mr. Joe Campbell
Dean contact number: 870-358-8725 Dean Email: [email protected]
Materials: Required and Optional
Required Text(s): Microeconomics Brief Edition, McConnell/Brue, McGraw/Hill, and ISBN: 978-0-07-741620-1
Required Materials: Paper and pens/pencils
Institutional Learning Outcomes
Upon graduating from ASU-Newport with any Associate Degree, a student will be proficient in the following:
Institutional Learning Outcomes
ILO1: Communication
Goal: Students will express ideas, knowledge, and concepts in a clear and concise manner.
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Microeconomics
a) Written
b) Verbal
c) Interpersonal
ILO2: Reasoning
Goal: Students will apply reasoning skills in a variety of environments, which demonstrates problem-solving and applied
knowledge.
a) Explore
b) Locate
c) Interpret
d) Evaluate
e) Apply
ILO3: Responsibility
Goal: Students will participate in service activities that instill in them a sense of social responsibility.
a) Civic
b) Academic
c) Financial
Course Learning Outcomes
Upon the successful completion of this course, students will be proficient in the following:
1. Explain the concepts of price elasticity of demand and supply.
2. Describe the contemporary theories of production efficiency, resource utilization, profit maximization and loss
minimization within various industries.
3. Explain the regulatory environment and the major laws that exist to promote competition within American industry.
4. Describe the contemporary labor problems in the "real world" of business.
• To accomplish the course competences students will take
Test, and complete assignments and read and review article about the economy during the semester.
COURSE ACTIVITIES:
In this course students will:



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a zero.
Microeconomics
The following is an example:
What?
Syllabus
Chapter 4
Chapter 5
Paper
Test
Chapter 6
Chapter 7
3|Page
Learning Objective
Assessment
Discuss price elasticity (PE) of demand and how it can be measured.
Explain how PE of demand affects total revenue.
Describe PE of supply and how it can be measured
Apply PE of demand and supply to real world situations.
Explain income elasticity of demand and cross elasticity of demand
and how they can be applied.
Differentiate between demand-side market failures and supply side
market failures.
Explain consumer surplus and producer surplus, and discuss how
properly functioning markets maximize their sum while optimally
allocating resources.
Identify how public goods are distinguished from private goods and
explain the method for determining the optimal quantity of a public
good.
Explain how positive and negative externalities cause under and over
allocations of resources and how they might be corrected.
Show why we normally won’t want to pay what it would cost to
eliminate every last bit of a negative externality.
Article Summary
1.5 page summary of an article of your choice.
Double spaced and 12pt font size
Include: A summary of the article
And your thoughts on the article
Work cited page for the article.
Chapters 4 and 5
Identify features of the corporate form of business organization that
have made it so dominant.
Explain why economic cost include both explicit cost and implicit
costs.
Relate the law of diminishing returns to a firm’s short run production
costs.
Describe the distinctions between fixed and variable costs and among
total, average, and marginal costs.
Use economies of scale to link a firm’s size and its average costs in the
long run.
Give the names and summarize the main characteristics of the four
basic market models.
List the conditions required for purely competitive markets.
Describe how purely competitive firms maximize profits or minimize
losses.
Explain why the marginal cost curve and supply curve of competitive
firms are identical.
Discuss how industry entry and exit produce economic efficiency.
Identify the differences between constant cost, increasing cost, and
decreasing cost industries.
Microeconomics
-Syllabus
Questions: 1, 3, 4,
and 9. (10pts each)
Problem: 5 (15 pt)
Questions: 1, 4, and
9. (10 pts each)
Problem: 5 (15pt)
Total Points
55
45
50
Questions: 1, 4, 7,
and 12. (10 pts each)
Problem: 1 (15pt)
Questions: 1, 2, and
4. (10 pts each)
Problem: 4 (20 pt)
100
55
50
Chapter 8
Chapter 9
Paper
Test
Chapter 10
Chapter 11
Chapter 12
Paper
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List the characteristics of pure monopoly and discuss several barriers
to entry that relate to monopoly.
Explain how a pure monopoly sets its profit maximizing output and
price.
Discuss the economic effects of monopoly.
Describe why a monopolist might prefer to charge different prices in
different markets.
Identify the antitrust laws that are used to deal with monopoly.
List the characteristics of monopolistic competition.
Explain why monopolistic competitors earn only a normal profit in the
long run.
Describe the characteristics of oligopoly.
Discuss how game theory relates to oligopoly.
Relate why the demand curve of an oligopolist may be kinked.
Compare the incentives and obstacles to collusion among oligopolists.
Contrast the positive and potential negative effects of advertising.
Article Summary
1.5 page summary of an article of your choice.
Double spaced and 12pt font size
Include: A summary of the article
And your thoughts on the article
Work cited page for the article.
Chapters 6, 7, 8 and 9
Explain why the firm’s marginal revenue product curve is its labor
demand curve.
List the factors that increase or decrease labor demand.
Discuss the determinants of elasticity of labor demand.
Demonstrate how wage rates are determined in competitive and
monopsonistic labor markets.
Show how unions increase wage rates and how minimum wage laws
affect labor markets.
Identify the major causes of wage differentials.
Explain how income inequality in the United States is measured and
described.
Discuss the extent and sources of income inequality.
Demonstrate how income inequality has changed since 1970.
Debate the economic arguments for and against income inequality.
Describe how poverty is measured and its incidence by age, gender,
ethnicity, and other characteristics.
Identify the major components of the income maintenance program
in the United States.
Identify the main categories of government spending and the main
sources of government revenue.
Summarize the different philosophies regarding the distribution of a
nation’s tax burden.
Explain the principles relating to tax shifting, tax incidence, and the
efficiency losses caused by taxes.
Demonstrate how the distribution of income between rich and poor
is affected by government taxes, transfers, and spending,
Article Summary
Microeconomics
Questions: 2, 8, 9,
and 10. (10 pts each)
Problem: 3 (15 pts)
55
Questions: 1, 5, 9, 10,
and 11. (10pts each)
50
50
Questions: 1, 6, 7, 9,
and 10. (10 pts each)
Problem: 2 (15 pts)
200
65
Questions: 1, 2, 5, 8,
and 9. (10 pts each)
50
In class discussion.
15
50
1.5 page summary of an article of your choice.
Double spaced and 12pt font size
Include: A summary of the article
And your thoughts on the article
Work cited page for the article.
Chapters 10, 11, and 12
TBA
Test
Final
150
100
Institutional Grading Scale
Grading Scale:
 A: 90-100
 B: 80-89
 C: 70-79
 D: 60-69
 F: 0-59
 S: Satisfactory
 U: Unsatisfactory
Academic Dishonesty
The ASUN policy for Academic Dishonesty can be found on pages 238-240 of the ASU—Newport Catalog
(The Student Handbook Section). Cases of cheating and plagiarism can result in failing an assignment, failing
the course, the student being reported to the Dean of General Education and/or a report of the event being
placed in a student’s record.
•
Plagiarism detection software will be used to aid in maintaining academic honesty and integrity.
•
Academic dishonesty and plagiarism will not be tolerated.
•
The first offense will result in a 0 grade for the assignment.
•
The second offense will result in a failing (F) grade for the course and the reporting of the incident to the
Dean of General Education.
Americans with Disabilities Act Compliance
In order to obtain appropriate disability related accommodations and services to which they are entitled,
students with documented disabilities should voluntarily and confidentially provide the Office of Disability
Services (870-358-8636 or [email protected] ) with appropriate medical documentation regarding the
nature and extent of their disability, make their needs known to this Office and follow established procedures
for acquiring needed services and accommodations in the classroom or online.
Information Technology Services
If you experience any problems or issues with the Portal or other equipment, please contact ITS at 870-5127783 or [email protected].
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Microeconomics
ASU-Newport provides a number of different services to assist students in areas that directly impact their
academic success. The following direct websites will help you get in touch with those services that may be
needed during your time as an ASUN student.
Academic Support Center: https://portal.asun.edu/ICS/Academic_Support_and_Testing_Services/
Financial Aid: https://portal.asun.edu/ICS/Financial_Aid/
Career Pathways: https://portal.asun.edu/ICS/Career_Pathways/
University Police: https://portal.asun.edu/ICS/Campus_Police/
Information Technology Services: 512-7783 or [email protected]
Disability Services: http://www.asun.edu/disability_services
Admissions: https://portal.asun.edu/ICS/Admissions/
Course Policies and Procedures
CELL PHONE, MUSIC DEVICES, TABLETS, AND LAPTOPS MUST BE TURNED OFF PRIOR TO ENTERING THE
CLASS ROOM. If there are special circumstances which require your notification, see the instructor before
class begins.
Correspondence Policy
I will check my email twice a day Monday thru Friday. I will try to respond in a timely manner. My office
hours are posted above and outside my office door. You can come to my office hours or schedule a time to
meet. My goal is to have your assignments graded within a week of the due date. Sometimes it may take a
little longer. I grade constantly when I’m not in class but sometimes things come up.
According to FERPA we cannot technically discuss grade issues via email or over the telephone because
we have no idea who is actually sending the email or talking to us on the phone.
Attendance Policy
The students are required to do all the work assigned for this course on a timely basis. If you miss a class you are
responsible for getting the information in the class and checking the portal for all missed assignments. Students who do
not complete the course should withdraw by going to the registrar’s office and completing the paper work for
withdrawal. There will be no tardiness after the first week of class. Absences can and will be counted against your grade.
If you are late and the door is locked, please do not knock on the door. I will not open it after class starts. Attendance
will have an attendance grade that will count as a part of your grade.
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Microeconomics
Classroom Policies
o Attend every class
o If you have to miss try to let your teacher know ahead of time or as soon as you can. You will
be responsible for any missed assignments.
o Arrive on time
o Know that instructors can lock the doors when classes start. Think of classes as your job,
being late can affect your job and performance in class.
o Complete your homework on time
o Make up policy –
 I will only give a makeup test in the case of extreme emergency. To be eligible for a
makeup test you must notify me before the test by phone or email and you must provide
documentation of the emergency. If you are approved for a makeup test, it is your
responsibility to make an appointment with me for the makeup test. The makeup test
must be taken within a week of the scheduled test. You will receive a 10% reduction for
not
taking the test at the scheduled time.
o
o
o
o
o
o
o
o
o
o Instructors Late Work Policy  The only way to get an extension on assignments is in a case of extreme emergency. In a
case of extreme emergency, you must either come see me or call me and provide me with
documentation of the emergency or receive approval for an extension. I must have
documentation of extreme emergency to grant an extension. The maximum credit will be
1/2
credit. I will only give this extension for 1 lesson of assignments. Don't wait till the last
minute to complete and submit your assignments. You never know what is going to
happen.
o It is much easier to KEEP UP than to CATCH UP! Everything is open from the first day of
class, except for tests, and will be turned off on due dates.
Manage your cell phone
o Unless it is an emergency, there is no reason for you to have your cell phone out. Selfies and
Snap chat are not emergency. Instructors cannot take your phone, however, you can and will
be asked to leave class for the day.
Respect confidentiality
Respect others’ opinions and ideas, and try to understand and avoid interrupting
Acknowledge what others have to say and give feedback
Pay attention and Listen
Refrain from distracting other students and the group
Avoid hostile or offensive words or behavior
There are no wrong answers; mistakes create learning
Take care of your self
o Methods of Evaluation/Grading
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Microeconomics
o Grades will be determined on a point method. To calculate your average add up your total
points and divide them by the points possible. Every assignment has a point value in the LMS
program.
o Available Support Services
o Support resources are available in the Learning Resource Center include: Library reference
material, videos, computer aided instruction and sometimes a business tutor. Students may be required to
spend extra time referring to these resources. Students qualifying for Career Pathways support services
have access to a tutor and computer lab in the Career Pathways department
Cell Phone Policy
Cell phones need to be on mute or vibrate. If there is an emergency please leave the room to take the call. If
there is a test and your phone goes off then you will need to let me know. If you are caught with your phone
out during test or class, you can and will be asked to leave. Try to take care of your personal business before
class starts.
Inclement Weather
In the event of inclement weather, class cancelation is left to the discretion of the Chancellor. You will be
notified of class cancelation on the university website, through news media, and through REACH. Please make
any additional statements concerning your personal inclement weather policy.
Academic Calendar
August 24th
Fall 2015 Classes Begin August
31st
last day to adjust schedules
September 7th
Labor Day Holiday No Class
November 9th
Spring Registration Opens
November 19th
Last Day to withdraw from class
November 23-27th
Fall Break/Thanksgiving Holiday
December 7th
Last Day of General Education Classes
December 9 – 15th
Final Exams
Additional Information or Comments from the Instructor
This syllabus and all documents associated with the syllabus are considered a contract between the student and the
instructor. Students are expected to carefully read and review the syllabus and all associated documents in order to be
familiar with course expectations and policies.
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Microeconomics