Principles of Microeconomics
ECON 2302
Instructor: Dr. Zachariah Abungah
SUMMER 2007
Class
Hours: Monday (M) and Wednesday (W)
Office
Hours: M & W
Campus: Northridge Office # 2111
Telephone: 223-1795
x26242
Email: zabungah@austincc.edu
Course
Description: Principles of Microeconomics deals with the
interactions between individual households and business firms. The concepts of
supply and demand will be studied; students will learn what these concepts
mean, how they operate, and how prices are determined. Market structure, market
failure and income distribution will also be considered.
Required
Textbook: The Micro Economy Today (10th
Edition), by Bradley R. Schiller.
Recommended
Study Guide: Study Guide Micro-economy Today (10th
Edition), by Bradley R. Schiller.
Instructional
Methodology: Instruction will be presented using lectures,
textbooks, handouts, technology, and discussions.
Course
Rationale: This course is meant to give students insight
into the dynamics of a market-based economy and how through its mechanism
scarce resources are distributed. The theoretical and actual role of the
government in this market system will be addressed. The knowledge gained in the
course will make students better informed citizens and allow them to follow the
debates over various economic events and policies reported in the news media.
This course is also a foundation course that will prepare students to be
successful in upper division finance, marketing, business administration,
economics, government, and social work courses.
Common
Course Objectives/Student Outcomes as Established by the Economics Department:
Students who complete this course will be able to understand:
·
the
basic concepts of scarcity and opportunity cost;
·
the
forces of demand and supply and how they interact to determine an equilibrium
price;
·
how
and why equilibrium prices might change and their impact resource allocation;
·
the
theory of consumer behavior;
·
the
theory of the firm;
·
the
theoretical market structures of perfect competition and monopoly.
Learning
Objectives/Outcomes as Established by the Instructor:
See Review Questions handed out in class and Discussion Questions at the
end of each chapter in the textbook relevant to this class.
Grading
System: Students will be graded/evaluated on the
basis of the following criteria:
·
three
exams, including a non-cumulative final exam (up to a total of 150 points)
-thirty multiple choice questions on
each exam (up to 30 points)
-two essay-type questions on each
exam (up to 20 points);
·
four
written-homework assignments (up to 40 points);
·
participation
in class discussions, and/or group projects (up to 10 points).
The
following scale will be used to distribute final letter grades:
Letter Grade Points Percent
A 190-200 90-100%
B 180-189 80- 89%
C 165-179 65-79%
D 150-164 50-64%
F <149 <50%
Course
Policies
Attendance: Students are expected to attend class regularly. Roll call
will be taken each day of class meeting. If a student misses a class, he/she
will be responsible for the material covered or presented in class during such
absence. Make-up exams will be given only with prior approval by notification
of the instructor.
Withdrawal: It is your responsibility to withdraw from this course if
your personal situation, including failure to show progress requires you to do
so. While I do not anticipate withdrawing students from the course, I reserve
the right to do so, if the situation warrants such action
Scholastic
Dishonesty: Acts prohibited by the college for which
discipline may be administered include scholastic dishonesty, including but not
limited to cheating on an exam or quiz, plagiarizing, and an authorized
collaboration with another in preparing outside work. Academic work submitted
by students shall be the result of their thought, research or self-expression.
Academic work is defined as, but not limited to tests, quizzes, whether taken
electronically or on paper; projects, either individual or group; classroom
presentations, and homework.
Students
with Disabilities: Each ACC campus offers support services for
students with documented physical or psychological disabilities. Students with
disabilities must request reasonable accommodations through the Office for
Student with Disabilities on the campus where they expect to take the majority
of their classes. Students are encouraged to do this three weeks before the
start of the semester.
Course Outline/Calendar
DATE LECTURES, ASSIGNMENTS, EXAMS
BASIC
CONCEPTS (CHAPTER 1):
5/30 A. Introduction
5/30 B. Core Issues
6/4 C. Production Theory
6/6 D. Appendix to
MARKET
ANALYSIS (CHAPTER 3):
6/11 A. Demand Theory
6/11 B. Supply Theory
6/13 C. Market Equilibrium and Disequilibrium
DEMAND
THEORIES (CHAPTER 5)
6/18 A. Economic Theory of Demand
6/18 B. Utility Theory of Demand
6/20 C. Elasticity of Demand and Price
6/25 D. Income Elasticity of Demand
6/27 E. Appendix to
7/4 No Class -
7/9 A. The
Costs of Production (ch. 6)
7/11 B. The Competitive Firm (ch.7)
7/16 C. Competitive Markets (ch. 8)
7/18 D. Imperfect Markets (ch. 9 & 10)
--Monopoly
and Oligopoly
7/23 E. Monopolistic Competition (ch. 11)
Monday 7/25 EXAM II
MARKET
FAILURE
7/30 A. Market Structure
7/30 B. Mergers and Acquisitions
7/30 C. Anti-trust Laws
7/30 D. Regulation
THEORY
OF LABOR MARKETS
8/1 A. Supply and Demand for Labor
8/1 B. Labor Market Equilibrium
8/6 C. Firm’s Hiring Decisions
8/8 D. Impact of labor Unions on Labor Markets
MONDAY
8/13 EXAM
8/13 LAST