Microeconomics 2302                                    Professor:

 Marianna Sidoryanskaya ( Dr. S)

Section 06548                                     OFFICE HOURS:

                                                            CYP.

Fall 2007                                             M., W. 9:00-10:30 a.m.

M., W. 11:30-3:00 p.m.

T., TH  1:15 -3:10 p.m.

 

Conferences outside of office hours can be arranged

E-mail: msidorya@austincc.edu

                                                            Ph.  223-2093

Course Description: The objective of this course is to teach students how to translate the predictions that come out of economic models to the real world and to translate real-world events into an economic model in order to understand what lies behind the event. 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.

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.

Course Objectives:

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.

EVALUATION: Student performance will be based upon:

 

¨       EXAMS: 2 exams, each worth 100 points.

 

¨       RETESTING: None, but you get an optional final

 

¨       QUIZZES: Three quizzes, each quiz worth 10 points

REQUIZING: None

 

 

ATTENDANCE: Each student starts with 30 points; each absence counts 2 points regardless of reason; extra points sometimes given for attendance at instructor’s discretion.

GRADING:

Final letter grades will be distributed according to the following scale:

Letter Grade

Points

 

A

    200 and above

B

180-199

 

C

160-179

 

D

140-159

 

F

139-0

 

 

INCOMPLETES: Incompletes are discouraged. They will be given only when extraordinary events intervene so as to make completion of the course impossible. If you want an incomplete, these events must be documented. To receive an incomplete the student must have completed the first exam and quiz with a C or better. The student must also come by my office to fill out an incomplete form. If the form is not filled out, an incomplete grade will not be given. Incompletes will not be given to students who are behind schedule when the semester nears its end. Nor will incompletes be given to students who need just a few more points to make the next higher letter grade. Plenty of opportunity exists during the semester to accomplish your goals.

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.

 

WITHDRAWALS: This is a STUDENT responsibility. Students are responsible for withdrawing themselves from this course if that is what their personal situation requires. This means that if you have taken no tests or only a few of the tests and the semester ends without you having withdrawn yourself, then you will receive an F in the course. The instructor makes no promise either implicit or explicit to withdraw students from the course. However, the instructor does reserve the right to withdraw students if the instructor believes the situation warrants such action. For example, if a student misses more than ten classes, the instructor can unilaterally initiate a student withdrawal.

The last day to withdraw from this course without penalty is Monday, November 26.

 

Instructional Methodology: lecture, lecture/discussion

 

TEXT: Roger A Arnold, Microeconomics, 8th Edition, South-Western College Publishing

 

 

MICROECONOMICS SCHEDULE

 

August

27

An Introduction to Economics: What Economics is about? (Chapter 1)

 

29

Economists Build and Test Theories (chapter 1)

Working with Diagrams (Appendix A)

 

 

Should you Major in Economics?  (chapter 1, appendix B)

 

September

 

 

5, 10

The Production Possibilities Frontiers

Production, Trade  and Specialization ( chapter 2)

 

12

What is Demand (chapter 3)  

 

17

Supply  (chapter 3)

 

19

The Market: Putting Supply and Demand Together (chapter 3)

 

24

Supply and Demand: Practice ( chapter 4 )

 

26

Elasticity (chapter 5)

 

October

 

 

1

QUIZ 1,Utility Theory (chapter 6)

 

3

Consumer Equilibrium and Demand

 

 

Behavioral  Economics ( chapter 6)

 

8

Review for Exam 1

 

10

EXAM  1

 

15

Why  Firms exist?(chapter 7)

 

17

Production and Cost in the Short Run (chapter 7)

 

22

Production and Cost in the Long Run

 

 

Shifts in the Cost Curves (chapter 7)

 

24

The Theory of Perfect Competition

 

 

Perfect Competition in the Short Run (chapter 8)

 

29

Perfect Competition in the Long Run

 

 

 Productive Efficiency (chapter 8)

 

31

QUIZ 2, The Theory of Monopoly (chapter 9)

 

 

Monopoly Pricing and Output Decisions (chapter 9)

 

November

 

 

5

The Theory of Monopolistic Competition  (chapter 10)

 

7

Oligopoly, Game Theory  (chapter 10)

 

12

Factor Markets (chapter 12)

 

14

The Labor Market (chapter 12)

 

19

Wages, Unions, and Labor (chapter 13)

 

21

QUIZ 3, The Distribution of Income, Poverty (chapter 14)

 

26

Interest, Rent, Profit (chapter 15)

 

28

Market Failure: Externalities, the Environment,

 

 

Public Goods (chapter 16)

 

December

 

 

3

Review for Exam 2

 

5

EXAM 2

 

10

Grades check

 

14                    OPTIONAL FINAL EXAM