ECON 2302

Principles of Microeconomics

Dr. A. J. Slivinske, Jr.

Class Hours    M & W            12-1:15; 1:25-2:40

                        T & Th                       10:35-11:50; 12-1:15

Office Hours   M & W            8-12

                        T & Th                        8-10:30, and by appt.

Office #           2128

Phone              223-4765

Email               alslivin@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.

Text:  The Micro Economy Today (10^th), Bradley R. Schiller

Instructional Methodology:  The test material is presented in class using lectures, texts, and handouts. 

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 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 on resource allocation;
• the theory of consumer behavior;
• the theory of the firm;
• the theoretical market structures of perfect competition and monopoly.

Objectives/Outcomes  (established by the instructor):  See Review Questions

Grading System:  Course evaluation will be based on two exams, with up to16 points on each test derived from the text:

Exam I covering the first half of the course (116 point multiple choice, 29 questions)

Exam II covering (mostly) the second half (same format)

Final course grade:

            A         90 or better average

            B         80-89 average

            C         65-79 average

           D         50-64 average

           F          < 50

Course Policies:  Attendance is expected, and roll will be taken each day.  You are expected to withdraw if you cannot keep up with the material (although I reserve the right to withdraw the student for failure to show progress etc).  Since I will provide the entire course curriculum, you will not perform well if you miss class.  Make-up exams are given, only with prior approval by notification of the professor before the exam date.  Any material missed due to absences is the student’s responsibility to make up.

Material presented in class is either:

            1.         important and on the tests (see review questions)

            2.         important and not on the test but is something college students

                        should know.

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/Exam Dates:

            I           Introduction (text ch 1)

                        A         Course requirements and Objectives

                        B         Basic core topics

                        C         Production Theory

            II         Market Analysis (text ch 3)

                        A         Demand Theory

                        B         Supply Theory

                        C         Market Equilibrium/Disequalibrium

                        D         Market and Events (applications)

III        Adam Smith and Classical Economics (handouts)

                        A         Perfect Competition

                        B         Economic Growth

                        C         Economics History

            IV        Economics Growth and Population (handouts)

                        A         Malthusian Model

                        B         Demographic Model

Exam I             Midsemester (approximately 15^th class meeting)

            V         Demand Theories (text ch 5, and Appendix)

                        A         Economics Demand Theory

                        B         Marketing Consumer Choice Models

            VI        Theory of the Firm and Supply (text chs 6-11)

                        A         Perfect Competition and Reality

                        B         Monopoly and Imperfect Competition

                        C         Elasticity and Revenue

                        D         Business Conduct (price discrimination etc)

            VII      Market Structure, Industrial Organization, and Anti-Trust (text ch 12)

                        A         Measures of Market Structure

                        B         Mergers

                        C         Anti-trust Law

                        D         Applications (Microsoft, etc)

Exam II           (last class day)

Study Tips for Improving Your Grade:

                        1.         Write out answers to Review Questions

                        2.         Study groups

                        3.         Study each week, rather than cram at the end

                        4.         Highlight notes, and reduce to cards important concepts

                        5.         Review previous days class note before the next class

                        6.         Copies of old tests in Library, use as practice tests