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Hawaii Pacific University ECON 2010 Principles of Microeconomics Section ____ Semester and year, meeting times Instructor: name, contact information and other relevant information about the instructor. Course description: This course covers the fundamentals of microeconomic theory. Specifically, the topics discussed include supply-demand analysis, consumer theory, market structures, market imperfections, and the role of government. Course prerequisites: Any Communication Skills A course and MATH 1105 or higher General Education Requirement: This course is classified under the Values and Choices theme and meets the requirement for a course in Values and Choices B: Social Choice. General Education Student Learning Outcomes and the Five Themes: HPU’s general education curriculum is focused around five themes. This course emphasizes the Values and Choices theme and provides students with opportunities to achieve the following related general education student learning outcomes: Students will analyze the interrelationships among beliefs, choices and cultural and social institutions and practices. (V&C 2) The class addresses the classic economic tradeoff between efficiency and equity and the arguments used to promote either side of this choice. The relative degree of support in different societies is noted. Students will understand & analyze the range of consequences that follow from a choice, policy or course of action. (V&C 3) Readings and exam questions cover the area of incentives including what politicians call “unintended consequences” that may follow from government policies. For example, one noted consequence of a reduction in the supply of marijuana is a higher price which “incents” consumers to switch to substitute goods. Raising the minimum wage helps low wage workers, BUT it also gives companies incentives to hire fewer workers which exacerbates unemployment problems. Students will understand the processes (such as elections and markets) by which the choices of individuals combine to produce a shared outcome (V&C 4) The functioning of markets is a central topic to this class. See the course specific learning outcomes. The course also addresses the Research and Epistemology theme and provides students with opportunities to achieve the following related general education student learning outcome: Students will utilize methods and technologies appropriate to the discipline to investigate research questions, solve problems and/or test hypotheses. (R&E 7) This course introduces students to several techniques used in economic analysis. These include: marginal analysis, which allows students to make optimal decisions and critique the decisions of others; equilibrium analysis, which allows students to anticipate market outcomes as well as strategic outcomes; and welfare analysis, which allows students to analyze the impact of policy changes on various groups such as consumers, producers, and governments. Furthermore, students will learn to appreciate the applications and interpretations of regression analysis. Note: Purple text shows places where specific course information must be filled in. Red text provides explanatory notes to the instructor which should be deleted before using the syllabus. Blue explanations above may be rephrased by the individual instructor to reflect the specific approach in that section. Optional: list any other general education outcomes that you will specifically address in the course under the appropriate themes and/or describe how your course relates to any of the themes in ways other than by addressing one of the general education student learning outcomes. Please delete this note and all red text. Course specific outcomes below are an example and may also be rephrased or modified by the instructor. Student Learning Outcomes for ECON 2010 Principles of Microeconomics By the end of the course, students will - Define economics and explain the differences in scope and methods of microeconomics and macroeconomics Explain the key ideas that define the economic way of thinking (what, how much, how and for whom to produce as guided by the price and market system) Define the production possibilities frontier and calculate opportunity cost Explain how demand and supply determine prices and quantities bought and sold Use graphic and mathematical methods to explain factors affecting demand and supply Define, calculate, and explain the factors that influence the price elasticity of demand Explain the relationship between elasticity, price, and revenue Explain how four basic types of markets work Describe preferences using the concept of utility and distinguish between total utility and marginal utility Explain what a firm is and describe the economic problems that all firms face Use graphical and mathematical methods to show how to maximize profits and minimize losses Use the concepts of efficiency and equity in evaluation of government economic policies For the rest of these required syllabus items see the details in the faculty handbook. Delete this note once the syllabus is complete. For online courses there are some additional requirements given at this link. Texts List textbooks with ISBN’s and include this language as well All textbook information (pricing, ISBN #, and e-books) for this course can be found on the HPU Bookstore website: hpu.edu/bookstore. If you have any questions regarding textbooks, please contact the HPU Bookstore at: Phone: 808-544-9347 Or e-mail: [email protected] [email protected] Assignments and mode of evaluation Summary of important dates and deadlines (if the schedule is a separate document and due dates are not given with the description of the assignments). Class rules and policies (including regarding attendance, late work and academic dishonesty) Schedule of events (may be attached separately)