Course Alignment for Distance Learning Econ 2302

Course Number and Name:

ECON 2302--Principles of Microeconomics

Program/Certificate:

ECONOMICS A.A.

Course Instructor:

James Sondgeroth

Date:

Spring 2023





Course Description:

The purpose of this course is to familiarize you with the generally accepted principles of microeconomics. Microeconomics deals with the interactions between and among households and business firms; it deals with the process by which we make our living under conditions of free market capitalism. In studying this process, the concepts of supply and demand are introduced. You will learn what these concepts mean, how they operate, how prices are determined, and how scarce resources are allocated.
OR: 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.

Program Level Outcomes:

  1. Socially Optimal and Suboptimal Outcomes - Model and explain under what circumstances markets are capable of creating socially optimal and socially suboptimal outcomes.
  2. Economic Policy -Defend and criticize the role of economic policy in a mixed market economy.
  3. Economic Data -Critically evaluate economic data.

Course Level Outcomes:

    Students who complete this course will be able to:
  1. explain the basic concepts of scarcity and opportunity cost;
  2. show how the forces of demand and supply interact to determine an equilibrium price;
  3. illustrate how and why equilibrium prices might change and explain how that change impacts resource allocation;
  4. apply the theory of consumer behavior to the analysis to the ebbs and flows of demand for a good or service;
  5. apply the theory of the firm to the analysis of the ebbs and flows of supply of a good or service;
  6. compare and contrast the theoretical market structures of perfect competition and monopoly paying special attention to their impact on resource allocation.

UNIT I: Explain the fundamental nature of economics, & explain the function of prices and how markets determine them.


Chapter 1
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignments

Related Videos

MyEconLab Study Plan Assignments
I
1

1.Define economics and understand the importance of the fact that there are unlimited wants but only limited resources available to satisfy them.

Section 1.1

Blackboard: 1, 2, & 3 in Section 1.1

1.1 The Power of Economic Analysis
I
1

2. Distinguish the difference between microeconomics and macroeconomics.
I
1

3. List and discuss the three basic economic questions every society must answer and the two antithetical answers to these questions of which existing societies are a mixture.

Section 1.2

eText: The Three Basic Questions that Every Economic System Must Answer
eText:Three Types of Economic Systems

1.2 The Three Basic Economic Questions and Two Opposing Sets of Answers
I
1

4. Explain the use and importance of the assumption of "rationality" in economic analysis.

Section 1.3

Blackboard: 1 & 2 in Section 1.3
eText: Rational Decision-Making and Incentives

1.3 The Economic Approach: Systematic Decisions
I
1

5. Define what economists mean by 'self interest' and explain the important role it plays in economic models.
I
1

6. Explain the importance of models and understand the role of assumptions in economic models.

Section 1.4

1.4 Economics as a Science
I
1

7. Give a brief explanation of the concept of behavioral economics and bounded rationality.
I
1

8. Distinguish between positive and normative economics with examples of each.

Section 1.5

 eText: Positive vs. Normative Analysis

1.5 Positive versus Normative Economics
I
1

9. Explain the difference between direct and inverse relationships.

Appendix, Section 1.6

1.6 Appendix A: Direct and Inverse Relationships
I
1

10. Construct a graph from a table of numbers.

Appendix, Sections 1.7 and 1.8
1.7 Appendix A: Constructing a Graph
1.8 Appendix A: Graphing Numbers in a Table

The Program Learning Objective covered by the MyEconLab Chapter 1 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 1 Homework Assignment and Chapter Quiz is 1.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 1 Homework Assignment and Chapter Quiz are 1 through 10. .

Now complete the Chapter 1 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 2.

Chapter 2
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignments

Related Videos

MyEconLab Study Plan Assignments
I
1

11. Define what economists mean by the concept of scarcity.

Section 2.1

Blackboard: 1 & 2 in Section 2.1

2.1 Scarcity
I
1

12. List and distinguish between the factors of production.
I
1

13. Explain how scarcity is related to wants and needs and the concept of economic goods.
I
1

14. Explain the concept of opportunity cost.

Section 2.2

 Blackboard: 1, 2 & 3 in Section 2.2
eText: Constructing a Linear Production Possibilities Curve
eText: Constructing a "Bowed Outward" Production Possibilities Curve
eText: Exploring Points off of the Production Possibilities Curve

2.2 Opportunity Cost, Trade-Offs, and Choices
I
1

15. Draw a graph a production possibilities curve with capital goods measured on the vertical axis and consumption goods measured on the horizontal axis.
I
1

16. Discuss the ideas of efficiency and inefficiency with reference to a PPC.
I
1

17. Explain the idea of increasing opportunity cost and why economists think it exists.

Section 2.3

 Blackboard: 1 in Section 2.3
eText: Economic Growth and the Production Possibilities Curve

2.3 The Economic Choices a Nation's People Face
I
1

18. Discuss economic growth and how it is affected by the trade-off between consumption and capital goods.
I
1

19. Define absolute and comparative advantage and explain how they differ.

Section 2.4

 eText: Absolute Advantage, Comparative Advantage, and the Production Possibilities Curve

2.4 Economic Growth, Production Possibilities, and the Trade-Off Between Present and Future
I
1

20. Discuss how specialization, the division of labor, and trade between nations is related to comparative advantage.

Section 2.5

 Blackboard: 1 in Section 2.5

2.5 Comparative Advantage and Maximizing Your Future Income

The Program Learning Objective covered by the MyEconLab Chapter 2 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 2 Homework Assignment and Chapter Quiz is 1.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 2 Homework Assignment and Chapter Quiz are 11 through 20.

Now complete the Chapter 2 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 3.

Chapter 3
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignments

Related Videos

MyEconLab Study Plan Assignments
I
2

21. Explain the Law of Demand

Section 3.1

Blackboard: 1 & 2 in Section 3.1
eText: Constructing the Individual Demand Curve
eText: Constructing the Market Demand Curve

3.1 Demand
I
2

22. Discuss the difference between money prices and relative prices.
I
3

23. List and explain the other determinants of demand besides the price of the good or service

Section 3.2

Blackboard: 1 through 6 in Section 3.2
eText: Shifting the Demand Curve
eText: The Distinction between Demand and Quantity Demanded

3.2 Shifts in Demand
I
3

24. Explain the difference between changes in the quantity demanded and changes in demand. (repeated)
I
3

25. Illustrate with a demand curve the difference between changes in the quantity demanded and changes in demand. (repeated)
I
2

26. Explain the Law of Supply

Section 3.3

Blackboard: 1 & 2 in Section 3.3
eText: Constructing the Individual Supply Curve
eText: Constructing the Market Supply Curve

3.3 Supply
I
2

27. List all the determinants of the quantity supplied of a good or service.
I
3

28. Illustrate with a supply curve the difference between changes in the quantity supplied and changes in supply.

Section 3.4

 Blackboard: 1, 2, & 3 in Section 3.4
eText: Shifting the Supply Curve
eText: The Distinction between Supply and Quantity Supplied

3.4 Shifts in Supply
I
2

29. Describe how the interaction of demand and supply determines the equilibrium price and quantity of a good or service (repeated)

Section 3.5

 Blackboard: 1, 2, & 3 in Section 3.5

3.5 Putting Demand and Supply Together
I
2

30. Illustrate with a demand and supply graph the process of determining market equilibrium quantity and equilibrium price of a good or service.(repeated)

The Program Learning Objective covered by the MyEconLab Chapter 3 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 3 Homework Assignment and Chapter Quiz are 2 & 3.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 3 Homework Assignment and Chapter Quiz are 21 through 30.

Now complete the Chapter 3 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 4.

Chapter 4
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignments

Related Videos

MyEconLab Study Plan Assignments
I
3

31. Discuss the essential features of the price system.

Section 4.1

Blackboard: 1 & 2 in Section 4.1

4.1 The Price System and Markets
I
3

32. Evaluate the effects of changes in demand and supply on the market equilibrium price and quantity. (repeated)

Section 4.2

 Blackboard: 1 in Section 4.2
eText: The Effect of Changes in Demand and Supply on the Market Equilibrium

4.2 Changes in Demand and Supply
I
3

33. Evaluate the effects of changes in demand and supply on the market equilibrium price and quantity. (repeated)
I
3

34. List the various methods of rationing.

Section 4.3

 Blackboard: 1, 2, 3, 4, & 5 in Section 4.3
eText: Prices and Other Rationing Devices

4.3 The Rationing Function of Prices
I
2

35. Describe the effects of effective price ceilings.

Section 4.4

 Blackboard: 1, 2, 3, & 4 in Section 4.4
eText: Price Ceilings and the Black Market

4.4 Price Ceilings
I
2

36. Discuss the economics of rent control.
I
2

37. Explain the effects of effective price floors.

Section 4.5

 Blackboard: 1, 2, & 3 in Section 4.5
eText: Agricultural Price Supports
eText: The Minimum Wage, Employment, and Unemployment

4.5 Price Floors and Quantity Restrictions
I
2

38. Illustrate the economics of agricultural price supports and discuss their impact on farmers and consumers with a Supply and Demand graph.
I
2

39. Illustrate the economics of the minimum wage with Demand and Supply curves and discuss its impact on workers.
I
2

40. Discuss the various types of government-imposed quantity restrictions on markets.

The Program Learning Objective covered by the MyEconLab Chapter 4 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 4 Homework Assignment and Chapter Quiz are 2 & 3.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 4 Homework Assignment and Chapter Quiz are 31 through 40.

Now complete the Chapter 4 MyEconLab Homework Assignment and Quiz as a prerequisite to being able to take Exam 1.

TAKE EXAM 1

UNIT II: Potpourri of Microeconomic Basics: The Role of Government in a Free Market, The Importance of Elasticity, The Fundamental Basis of Demand, and the Basics of the Business Environment.

Chapter 5
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
6

1. Describe what economists mean by market failure.

Section 5.1

 Blackboard 1, 2, 3, 4, 5, 6, & 7 in Section 5.1
eText: Two Examples of Externalities

5.1 Market Failures and Externalities
I
6

2. Explain the concept of positive and negative externalities.
I
6

3. Describe the economic functions of government.
II
6

4. Distinguish the difference between public goods and private goods.

Section 5.2

Blackboard 1, 2, 3, 4, & 5 in Section 5.2
eText: Private vs. Public Goods

5.2 The Other Economic Functions of Government
II
6

5. Describe the free rider problem.
II
3

6. Describe the political functions of government and how it affects the economy.

Section 5.3

Blackboard 1 & 2 in Section 5.3

5.3 The Political Functions of Government
II
3

7. Discuss the economics of Medicare.

Section 5.4

 eText: The Economics of Healthcare Subsidies

5.4 Public Spending and Transfer Programs
II
3

8. Discuss the economic issues involved in public education.
II
4

9. Describe the similarities between market and collective decision making

Section 5.5

 eText: Collective Decision Making 5.5 Collective Decision Making: The Theory of Public Choice
II
4

10. Describe the difference between market and collective decision making.

The Program Learning Objective covered by the MyEconLab Chapter 5 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 5 Homework Assignment and Chapter Quiz are 2 & 3.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 5 Homework Assignment and Chapter Quiz are 1 through 10.

Now complete the Chapter 5 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 19.

Chapter 19
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
III
3

11. Define the price elasticity of demand in words.

Section 19.1

Blackboard: 1, 2, 3, 4, 5, 6, & 7 in Section 19.1
eText: Price Elasticity of Demand
eText: Elastic vs. Inelastic Demand
eText: Price Elasticity of Demand along the Demand Curve

19.1 Price Elasticity
III
3

12. Calculate the price elasticity of demand using its formula.
III
3

13. Explain the difference between elastic demand and inelastic demand.

III
3

14. Differentiate between Perfectly Elastic Demand and Perfectly Inelastic Demand.
III
3

15. Explain the relationship between price elasticity of demand, price changes, and total revenue.

Section 19.2

 Blackboard: 1, 2, 3, 4, & 5 in Section 19.2

19.2 Elasticity and Total Revenues
III
3

16. List the factors that determine the price elasticity of demand.

Section 19.3

 Blackboard: 1 & 2 in Section 19.3

19.3 Determinants of the Price Elasticity of Demand
III
3

17. Describe cross elasticity of demand and how it can be used to indicate whether two goods are substitutes or complements.

Section 19.4

 Blackboard: 1 & 2 in Section 19.4

19.4 The Cross Price and Income Elasticities of Demand
III
3

18. Define income elasticity of demand in words and by formula.
III
3

19. Define and classify price elasticities of supply.

Section 19.5

Blackboard: 1, 2, & 3 in Section 19.5

19.5 Price Elasticity of Supply
III
3

20. Show how the passage of time affects price elasticity of supply.

The Program Learning Objective covered by the MyEconLab Chapter 19 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 19 Homework Assignment and Chapter Quiz are 2 & 3.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 19 Homework Assignment and Chapter Quiz are 11 through 20.

Now complete the Chapter 19 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 20.

Chapter 20
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
4

21. Define utility and utils.

Section 20.1

Blackboard: 1 & 2 in Section 20.1

20.1 Utility Theory
I
4

22. Distinguish between total utility and marginal utility.
I
4

23. Discuss the concept of diminishing marginal utility.
I
4

24. Explain how a consumer optimizes utility by equalizing the marginal utility per dollar spent across all goods and services.

Section 20.2

Blackboard: 1, 2, & 3 in Section 20.2

20.2 Optimizing Consumption Choices
I
4

25. Describe the substitution effect of a price change on the quantity demanded.

Section 20.3

Blackboard: 1 in Section 20.3

20.3 How a Price Change Affects Consumer Optimum
I
4

26. Explain how the real income effect of a price change affects the quantity demanded.
I
4

27. Discuss the diamond-water paradox.
I
4

28. Graph and describe the properties of an indifference curve.

Appendix F Section 20.5

20.5 Appendix F: On Being Indifferent
I
4

29. Graph and be ready to explain a budget constraint.

Appendix F Section 20.6

20.6 Appendix F: The Budget Constraint and the Consumer Optimum
I
4

30. Illustrate the consumer optimum within the indifference curve analysis.

Appendix F Section 20.7

20.7 Appendix F: Deriving the Demand Curve

The Program Learning Objective covered by the MyEconLab Chapter 20 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 20 Homework Assignment and Chapter Quiz is 4.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 20 Homework Assignment and Chapter Quiz are 21 through 30.

Now complete the Chapter 20 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 21.

Chapter 21
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
5

31. Define what is meant by Economic Rent and explain what role it plays in economic theory.

Section 21.1

eText: Economic Rent

21.1 Economic Rent
I
5

32. Explain the role that profits/losses play in the functioning of business firms and the allocation of scarce resources in a society.
I
5

33. Explain what proprietorships and partnerships are, their similarities and differences, and their strengths and weaknesses.

Section 21.2

 Videos 1, 2, & 3 in Section 21.2
eText: Accounting Profits versus Economic Profits

21.2 Firms and Profits
I
5

34. Discuss what corporation is, how it differs from proprietorships and partnerships, and explain its strengths and weaknesses.
I
5

35. Explain why the difference between Accounting Profit and Economic Profit is so important to economic theory.
I
5

36. Explain what interest is and what the interest rate is, and explain the role it plays in business decision making.

Section 21.3

 Videos 1 & 2 in Section 21.3
eText: Determinants of the Interest Rate

21.3 Interest
I
5

37. Define what is meant by present value and be able to do rudimentary calculations of present value.
I
5

38. Explain the various ways available to finance corporate activity.

Section 21.4
eText: Present Value Calculations and the Repayment Period

21.4 Corporate Financing Methods
I
5

39. Explain the role markets for stocks and bonds play in the economy and in connection to corporate finance.
I
5

40. Define and explain the concept of efficient markets.

The Program Learning Objective covered by the MyEconLab Chapter 21 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 21 Homework Assignment and Chapter Quiz is 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 21 Homework Assignment and Chapter Quiz are 31 through 40.

Now complete the Chapter 21 MyEconLab Homework Assignment and Quiz as a prerequisite to being able to take Exam 2.

TAKE EXAM 2

UNIT III: The Firm and Supply of Goods and Services: the Fundamental Basis of Supply, and Introduction to Industrial Organization

Chapter 22
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
4

1. Distinguish between the short-run and the long-run

Section 22.1

eText: The Short Run versus the Long Run

22.1 Short Run versus Long Run
I
4

2. Explain what is meant by a production function in economics and be able construct a table illustrating this concept.

Section 22.2

Blackboard: 1 & 2 in Section 22.2
eText: Marginal Product
eText: The Production Function

22.2 A Firm’s Production
I
4

3. Define what is meant by diminishing marginal product and illustrate the concept in a table.
I
4

4. Differentiate between variable and fixed costs in the short run.
I
4

5. Define what is meant by marginal cost, explain how it is related to diminishing marginal product and the other cost curves.
I
4

6. Describe the relationship between Total Cost, Average Fixed Cost, Average Variable Cost, Average Total Cost, and Marginal Cost.

Section 22.3

Blackboard: 1, 2, 3, 4, & 5 in Section 22.3
eText: Average Costs eText: Marginal Cost
eText: Total Costs

22.2 A Firm’s Production
I
4

7. Describe the impact of the law of diminishing returns on the average cost curves and the marginal cost curve.
I
4

8. Explain how the long-run cost curve is related to short-run average cost curves as the size of the capital input varies in the long run.

Section 22.4

 Blackboard: 1, 2, & 3 in Section 22.4

22.4 Long-Run Cost Curves
I
4

9. Define what is meant by economies of scale/diseconomies of scale and sketch a graph that illustrates these concepts.
I
4

10. Explain what is meant by Minimum Efficient Scale.

The Program Learning Objective covered by the MyEconLab Chapter 22 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 22 Homework Assignment and Chapter Quiz is 4.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 22 Homework Assignment and Chapter Quiz are 1 through 10.

Now complete the Chapter 22 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 23.

Chapter 23
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
4

11. Discuss the characteristics of perfectly competitive market structure

Section 23.1

Blackboard: 1, 2, & 3 in Section 23.1
eText: Perfect Competition
eText: Marginal Revenue in Perfectly Competitive Markets

23.1 Characteristics of a Perfectly Competitive Market Structure
I
4

12. Show the difference between the Demand curve for a perfectly competitive firm vs. the Demand curve for a perfectly competitive industry.
I
4

13. State the formulas for calculating Profits, MR, MC, P and the rule for profit maximization for a perfectly competitive firm.

Section 23.2

 Blackboard: 1, 2, & 3 in Section 23.2
eText: Maximizing Profit
eText: Earning a Profit

23.2 Profit-Maximizing Choices of a Perfectly Competitive Firm
I
4

14. Explain the Pricing and Output decisions for perfectly competitive firms based on their desire to maximize profits.
I
4

15. Calculate short-run profits/losses given price and cost information or by using a graph.
I
4

16. Identify the short-run break-even and shut-down points for a firm on a graph or with the use of price and cost information.

Section 23.3

 Blackboard: 1 in Section 23.3

23.3 Short-Run Supply Under Perfect Competition
I
4

17. Describe the supply curve for a perfectly competitive firm and identify it using a graph of a firm's cost curves.
I
4

18. Discuss how price and profit signals determine entry and exit dynamics in competitive industries.

Section 23.4

 Blackboard:1 in Section 23.4
eText: Short-Run Price Determination

23.4 Price Determination Under Perfect Competition
I
5

19. Distinguish between industries that experience long-run decreasing costs, long-run constant costs, and long-run increasing costs.

Section 23.5

 Blackboard: 1, 2, 3, & 4 in Section 23.5

23.5 The Long-Run Industry Situation: Exit and Entry
I
5

20. Discuss marginal cost pricing in competitive markets and be able to state how it relates to economic efficiency vs. market failure.

The Program Learning Objective covered by the MyEconLab Chapter 23 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 23 Homework Assignment and Chapter Quiz are 4 & 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 23 Homework Assignment and Chapter Quiz are 11 through 20.

Now complete the Chapter 23 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 24.

Chapter 24
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
5

21. Define what it means for a firm to have a monopoly and identify situations that could give rise to a monopoly.

Section 24.1

Blackboard: 1 & 2 in Section 24.1
eText: Monopoly

24.1 Defining and Explaining the Existence of Monopoly
I
5

22. Distinguish between a natural monopoly, a governmentally created monopoly, and a cartel.
I
5

23. Explain the difference between the demand curve faced by a perfectly competitive firm and a monopoly and difference this makes to their respective marginal revenue curves.

Section 24.2

eText: Calculating Marginal Revenue in Monopolistic Markets
eText: Depicting Marginal Revenue in Monopolistic Markets

24.2 The Demand Curve a Monopolist Faces
I
5

24. Discuss demand elasticity in relationship to monopoly.
I
5

25. Define the profit maximizing rule for a monopolist, and identify the price and output levels of a monopolistic firm on a graph contrasting them to what a perfectly competitive industry's equilibrium price and output would be.

Section 24.3

eText: Measuring Monopoly Profits
eText: Profit Maximization

24.3 Costs and Monopoly Profit Maximization
I
5

26. Calculate a monopolist's profits from a graph or from price and cost data.
I
5

27. Explain what is meant by price discrimination, why firms like to practice price discrimination, and the characteristics of markets where price discrimination takes place.

Section 24.4

 Blackboard: 1, 2, & 3 in Section 24.4

24.4 On Making Higher Profits: Price Discrimination
I
5

28. Explain the efficiency characteristics of Monopolistic markets compared to Competitive markets.

Section 24.5

Blackboard: 1 & 2 in Section 24.5

24.5 The Social Cost of Monopolies
I
5

29. Explain the inefficiencies of Monopolistic markets and the misallocation of resource that result from them.
I
5

30. Define what is meant by Consumer Surplus and identify it on a graph.(Appendix G)

Appendix G-Section 24.6

 

24.6 Appendix G: Consumer Surplus and the Deadweight Loss Resulting from Monopoly

The Program Learning Objective covered by the MyEconLab Chapter 24 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 24 Homework Assignment and Chapter Quiz is 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 24 Homework Assignment and Chapter Quiz are 21 through 30.

Now complete the Chapter 24 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 25.

Chapter 25
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
5

31. Define what is meant by a monopolistically competitive market structure and explain its characteristics relative to competitive and monopolistic market structures.

Section 25.1

 Blackboard: 1 in Section 25.1s
eText: Monopolistic Competition

25.1 Monopolistic Competition
I
5

32. Explain the role that product differentiation plays in monopolistically competitive markets.
I
5

33. Discuss the characteristics of monopolistically competitive firms and the implications these characteristics have on the demand and marginal revenue curves faced by such firms.
I
5

34. Compare the equilibrium conditions (and their implied results) between monopolistically competitive and perfectly competitive firms.

Section 25.2

 Blackboard: 1 & 2 in Section 25.2
eText: Long-Run Equilibrium

25.2 Price and Output for the Monopolistic Competitor
I
5

35. Discuss the short-run, profit maximizing, equilibrium position of monopolistically competitive firms using graphs or price, revenue, and cost data.
I
5

36. Differentiate the short-run AND LONG RUN equilibrium situations of monopolistically competitive firms from perfectly competitive firms.

I
5

37. Differentiate the short-run AND LONG RUN equilibrium situations of monopolistically competitive firms from perfectly competitive firms. (36 repeated)
I
5

38. Explain the various ways monopolistically competitive firms try to differentiate their product or service from their competitors by establishing brand names and through advertising.

Section 25.3

 eText: Profits and Losses in Monopolistically Competitive Markets

25.3 Brand Names and Advertising
I
5

39. Discuss various marketing strategies of monopolistically competitive firms and the types of goods and services that can be most effectively differentiated. (very similar to #38)
I
5

40. Discuss "information product" industries as examples of monopolistically competitive industries.

Section 25.4

25.4 Information Products and Monopolistic Competition

The Program Learning Objective covered by the MyEconLab Chapter 25 Homework Assignment and Chapter Quiz is I.

The Course Learning Objective covered by the MyEconLab Chapter 25 Homework Assignment and Chapter Quiz is 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 25 Homework Assignment and Chapter Quiz are 31 through 40..

Now complete the Chapter 25 MyEconLab Homework Assignment and Quiz as a prerequisite to being able to take Exam 3.

TAKE EXAM 3

UNIT IV: Miscellany of Microeconomic Basics: Oligopoly and Game Theory, Supply and Demand in the Labor Market, Comparative Advantage and the Gains from trade plus introductory remarks on exchange rates .


Chapter 26
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
5

1. List and explain the characteristics of oligopoly.

Section 26.1

 Blackboard: in Section 26.1
eText: Oligopoly

26.1 Oligopoly
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2. Explain why oligopolies exist.
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3. Explain alternative methods of measuring industry concentration..

Section 26.2

 eText: The Four-Firm Concentration Ratio and the HHI

26.2 Measuring Industry Concentration
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4. Explain what Game Theory is and define all the basic concepts and terms used in Game Theory.

Section 26.3

 Blackboard: 1, 2, 3, 4, 5, 6, & 7 in Section 26.3
eText: Applying Game Theory to Pricing Strategies
eText: The Prisoner's Dilemma

26.3 Strategic Behavior and Game Theory
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5. Describe the Prisoners' Dilemma with the use of Game Theory and a Game Theory payoff matrix.
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6. Apply game theory to pricing strategies of oligopolistic firms using payoff matrices.
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7. Explain, with the aid of graphs,
a. the temptation of oligopolistic firms to collude with one another in a cartel;
b. what conditions must exist for a cartel to work effectively; and
c. why the temptation to cheat on the cartel agreement is ever present.

Section 26.4

 Blackboard: 1, 2, & 3 in Section 26.4

26.4 The Cooperative Game: A Collusive Cartel
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8. Illustrate how Network Effects and Market Feedback can explain why some industries are oligopolies.

Section 26.5

 Blackboard: 1 & 2 in Section 26.5

26.5 Network Effects and Two-Sided Markets
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9. Explain the functions and forms of two-sided markets.
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10. Identify and explain the major characteristics of the four types of market structure discussed by economists.

The Program Learning Objectives covered by the MyEconLab Chapter 26 Homework Assignment and Chapter Quiz are I & III.

The Course Learning Objective covered by the MyEconLab Chapter 26 Homework Assignment and Chapter Quiz is 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 26 Homework Assignment and Chapter Quiz are 1 through 10.

Now complete the Chapter 26 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 28.

Chapter 28
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
4

11. Define and calculate the Marginal Product of Labor (also know as the Marginal Physical Product of Labor) and the Marginal Revenue Product of Labor.

Section 28.1

Blackboard: 1 & 2 in Section 28.1
eText: Marginal Product of Labor
eText: Marginal Revenue Product of Labor
eText: Market Demand for Labor

28.1 The Demand for Labor in a Perfectly Competitive Labor Market
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12. Define and calculate the Marginal Factor Cost of Labor and state its relation to the wage rate under conditions of perfect competition in the labor market.
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13. State and explain the General Rule for hiring labor by a firm wanting to maximize profits.
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14. Discuss what is meant by the term "Derived Demand" and explain the relationship between the Marginal Revenue Product of Labor and the firm's demand curve for labor.
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15. Explain the relationship between the price of the product labor produces and the firm's demand for labor and explain why the total market demand for labor is not simply the horizontal summation of each firm's demand for labor.
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16. Explain wage determination in a perfectly competitive labor market and what might cause shifts in the Demand and the Supply of Labor.

Section 28.2

 

28.2 Wage Determination in a Perfectly Competitive Labor Market
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17. Show how the demand for labor and for other inputs by a Monopolist differs from that of a Perfectly Competitive Firm and explain what effect this has on the utilization of labor and other inputs.

Section 28.3

Blackboard: 1, 2, 3, & 4 in Section 28.3

28.3 Labor Demand of a Monopolist and Overall Input Utilization
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18. Reproduce the formula/rule for the cost minimization of all inputs used in the production process by a firm and how this formula/rule is related to the rule for profit maximization referred to in the thirteenth Learning Objective above.
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19. Explain how a monopsonist determines how much labor to employ and what wage rate to pay.

Section 28.4

 Blackboard: in Section 28.4

28.4 Monopsony: A Buyer’s Monopoly
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20. Discuss the goals, strategies, and current status of labor unions.

Section 28.5

 

28.5 Labor Unions

The Program Learning Objective covered by the MyEconLab Chapter 28 Homework Assignment and Chapter Quiz is I.

The Course Learning Objectives covered by the MyEconLab Chapter 28 Homework Assignment and Chapter Quiz are 4 & 5.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 28 Homework Assignment and Chapter Quiz are 11 through 20.

Now complete the Chapter 28 MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 31.

Chapter 31
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
I
1

21. Discuss how important the export trade is for the U.S. relative to its GDP and how this compares to the percentage in other countries.

Section 31.1

 Blackboard: 1, 2, 3, 4, 5, & 6 in Section 31.1
eText: Comparative Advantage
eText: Gains from Specialization

31.1 Why We Trade: Comparative Advantage and Mutual Gains from Exchange
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22. Calculate opportunity cost and recognize a mutually beneficial exchange rate when given production figures for two goods from two countries.
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23. Determine comparative advantage and the direction of trade.
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24. Explain how comparative advantage leads to specialization and gains from trade.
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25. Argue whether or not the U.S. is losing its competitive advantage in world trade based on how countries pay for imports.

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26. Explain the reasoning behind the infant industry and foreign subsidies arguments for protectionism, as well as the weaknesses of these arguments.

Section 31.2

31.2 Arguments Against Free Trade
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27. Explain the reasoning behind the dumping, protecting domestic jobs, protecting the environment, and protecting national security arguments for protectionism, as well as the weaknesses of these arguments.

Section 31.3

 Blackboard: 1 & 2 in Section 31.3

31.3 Ways to Restrict Foreign Trade
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28. Define: quota, voluntary restraint agreement (VRA), voluntary import expansion (VIE), and state how they change international trade and domestic markets.
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29. Explain the advantages and disadvantages (gains and losses) of tariffs and quotas.
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30. Present the history of GATT, WTO and regional trade agreements and describe their activities in reference to reducing or increasing trade barriers.

Section 31.4

31.4 International Trade Organizations

The Program Learning Objectives covered by the MyEconLab Chapter 31 Homework Assignment and Chapter Quiz are I & II.

The Course Learning Objectives covered by the MyEconLab Chapter 31 Homework Assignment and Chapter Quiz are 1 & 4.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 31 Homework Assignment and Chapter Quiz are 21 through 30.

Now complete the Chapter 31MyEconLab Homework Assignment and Quiz as prerequisites to move on to Chapter 32.

Chapter 32
Program Level Outcomes
Course Level Outcomes

Instructor's Learning Objectives

Reading Assignment

Videos

MyEconLab Study Plan Assignments
III
4

31. Explain the difference between the Balance of Trade and the Balance of Payment while being able to explain the role accounting identities play in them and how surplus and deficit items in these accounts help balance these identities.

Section 32.1

 Economics Research Today: Exchange Rate Volatility and Currency Risk

32.1 The Balance of Payments and International Financial Flows
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32. Explain what kinds of transactions are contained in the Current and Financial accounts.
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33. Explain the impact differing inflation rates have on trade and financial flows and how capital flight is related to this topic.

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34. Explain to someone how a foreign exchange market functions and what is meant by the exchange rate, appreciation and depreciation.

Section 32.2

  

32.2 Deriving the Demand for and Supply of Foreign Exchange
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35. Convert one currency into another given the exchange rate between the two.
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36. Write down a list of the determinants of supply and demand for a currency in foreign exchange markets while explaining what factors will cause the curves to shift.
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37. Explain how changes in equilibrium in the foreign exchange markets occur.

Section 32.3

32.3 Determining Foreign Exchange Rates
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38. Discuss the following two historical fixed exchange rate systems:
a) the gold standard, and
b) the Bretton Woods Monetary System and IMF.

Section 32.4

  

32.4 Fixed versus Floating Exchange Rates
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39. Explain how a country can maintain a fixed exchange rate if that is its goal.
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40. Explain the pros and cons of a fixed exchange rate, and explain how a flexible exchange rate can work as a shock absorber.

The Program Learning Objectives covered by the MyEconLab Chapter 32 Homework Assignment and Chapter Quiz I, II, & III.

The Course Learning Objectives covered by the MyEconLab Chapter 32 Homework Assignment and Chapter Quiz are 1 & 4.

The Instructor’s Learning Objectives covered by the MyEconLab Chapter 32 Homework Assignment and Chapter Quiz are 31 through 40.

Now complete the Chapter 32 MyEconLab Homework Assignment and Quiz as a prerequisite to being able to take Exam 4.

TAKE EXAM 4

Passing Exam 4 is a prerequisite to being able to take the FINAL EXAM.

TAKE THE FINAL EXAM