Austin Community College

Department of Economics

ECON 2302

Principles of Microeconomics


Name: Prof. Livingstone Kumassah

Course Name: Econ 2302, Principles of Microeconomics.

Section Number: 005

Synonym: 03803

Class Time: M- Th 12:25 2:20 p.m.

Classroom: NRG 2120

Office #: NRG 2131

Office Phone # 512-223-4766;

Office Fax #: 512-223-4310

ACC email address:

Office Hours: M-Th 11:45am 12:00 noon & 4:15 5:15pm. or By Appointment


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:

Principles of Macroeconomics (6th Ed) ISBN 978-0-538-45306-6.

Gregory Mankiw.


Optional Study Guide:

Principles of Macroeconomics . ISBN 978-0-538-47720-8 .David R. Hakes



Instructional Methodology

The instructional methodology include lectures (to explain the main concepts

and principles you read before coming to class) peer teaching (to reinforce your

understanding of the lectures) video clips (to give examples of economic

principles at work in daily life.


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 allocated. The

theoretical and actual role of the government in this market system will also 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


Course Objectives/Student Outcomes

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 on resource allocation;

         the theory of consumer behavior;

         the theory of the firm;

         the theoretical market structures of perfect competition and monopoly.


Course Evaluation & Grading System-

There will be three tests during the semester. In addition, homework assignments

and quizzes will be given. The purpose of the quizzes is to help you comprehend

and master the important concepts, terms and principles to be discussed I class

whereas the purpose of the homework is to provide you with the opportunity to

review, retain, recall and apply the materials covered so as to prepare you for the




Quizzes 10%

Homework 15%

Tests 75%


Grading System

A 90 - 100

B 80 - 89

C 70 79

D 60 - 69

F Below 60


Course Policies

Attendance Policy: Attendance is required. If you do not plan to attend lectures

regularly, you are advised to withdraw.


Withdrawal Policy: You bear the sole responsibility for your withdrawal from the course just as you did when you registered. The last day to withdraw is Wednesday August 8th 2012.


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 unauthorized 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 Students 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-

Part 1: Fundamentals

a)      Ten principles

b)      Thinking Like and Economist

c)      Interdependent and Gains from Trade.


Reading: Chapters 1, 2, 3, 4

Quizzes: ( To be announced)

Homework:(To be announced)

Test I: Thursday. July 19th , 2012


Part II: Supply and Demand Theories

a)      Market Forces of Supply and Demand

b)      Elasticity

c)      Consumer, Producer and Efficiency of Markets

d)     Applications

e)      Cost of Taxation


Reading: Chapters 4, 5, 6, 7, 8

Quizzes: (To be announced)

Homework: (To be announced)

Test II: Thursday August 2nd 2012


Part III Firms and Markets

a)      Cost of production

b)      Firms in Competitive Markets

c)      Monopoly

d)     Oligopoly

e)      Monopolistic Competition

f)       Markets for Factors of Production

Reading: Chapters 13, 14, 15, 16, 17, 18

Quizzes: (To be announced)

Homework: (To be announced)

Test III: Wednesday Aug 15th 2012