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SYLLABUS FOR MICROECONOMICS 2302 HCCS SOUTHWEST COLLEGE SPRING 2011 INSTRUCTOR: R. B. WAGNER B.S. MACALESTER COLLEGE M.B.A. INDIANA UNIVERSITY E-MAIL : [email protected] CAMPUS:STAFFORD PHONE: (713)718-7998 REQUIRED TEXT AND MTLS: ECONOMICS TODAY, BRADLEY SCHILLER, 12TH ED. MC GRAW - HILL PUBLISHING, 2010. OBJECTIVES OF THE COURSE: PROVIDE A WORKING KNOWLEDGE OF THE MECHANISMS OF THE MARKET PLACE AND THEIR EFFECTS ON INDIVIDUALS AND INSTITUTIONS WITHIN THE MARKET PLACE. GAIN AN UNDERSTANDING OF BASIC MICROECONOMIC CONCEPTS AND THEORIES AND HOW THEY EFFECT DOMESTIC AND INTERNATIONAL MARKETS. UNDERSTAND THE CONCEPT OF PROFIT AS A DRIVING FACTOR IN A FREE MARKET SYSTEM. DEVELOP AN UNDERSTANDING OF THE ROLE OF COMPETITION AS IT IMPACTS THE ECONOMY AND THE FIRM IN TERMS OF PRICE AND OUTPUT DECISIONS. RELATE ANTITRUST REGULATION TO THE NATURE OF AMERICAN BUSINESS STRUCTURE AND THE PUBLIC WELFARE. EXAMINE THE ROLE OF INDUSTRIAL AND LABOR INSTITUTIONS AS THEY EFFECT DOMESTIC AND INTERNATIONAL MARKETS. GAIN EXPERIENCE IN SPEAKING BEFORE OTHERS THROUGH CLASS PROJECTS AND DISCUSSONS. DEVELOP BASIC COMPUTER SKILLS THROUGH INTERNET ASSIGNMENTS AND PROJECTS. UTILIZE WRITING AND MATH SKILLS THROUGH WRITTEN ASSIGNMENTS AND QUANTITATIVE PROBLEM SOLVING. STUDENT REQUIREMENTS: * COMMITMENT TO ATTEND CLASS. * TAKE NOTES AND PARTICIPATE IN DISCUSSIONS. * COMPLETE READING ASSIGNMENTS PRIOR TO CLASS. * COMPLETE ALL ASSIGNED WORK ON TIME. * REVIEW LECTURE NOTES AFTER EACH CLASS. * * * * READ A DAILY PAPER AND JOURNAL ARTICLES. ASK QUESTIONS AND KEEP ABREAST OF ECONOMIC NEWS ARTICLES OR BROADCASTS. PERFORM AT A COLLEGE SOPHOMORE ACADEMIC LEVEL. CONDUCT YOURSELF ACCORDING TO THE STUDENT HANDBOOK. GRADING BASIS: THREE MAJOR EXAM GRADES WILL AMOUNT TO 50% OF YOUR FINAL GRADE. 15%, PROJECT, 10% PARTICIPATION. THE FINAL EXAM WILL REPRESENT 25% OF YOUR FINAL GRADE. NO EXTRA CREDIT WILL BE GIVEN!! GRADE BASIS - A=90-100% B=80-89 C=70-79 D=60-69 F=<60 CLASS SCHEDULE: CRN TIME 61292 9:30-11 61290 11-12:30 DAYS M-W M-W CAMPUS WLOP “ ROOM 172B 172B CLASS POLICIES: * * * * * * * UNEXCUSED ABSENCES IN EXCESS OF NINE HOURS WILL RESULT IN A “W” AS A FINAL GRADE. LATE ASSIGNMENTS WILL NOT BE ACCEPTED. NO MAKE-UP EXAMS WILL BE GIVEN WITHOUT A MEDICAL EXCUSE ACCEPTABLE TO THE INSTRUCTOR. ALLOWED MAKE-UPS WILL BE ADMINISTERED AT THE TIME SET BY YOUR INSTRUCTOR. STUDENTS ARE RESPONSIBLE FOR DROPPING THE COURSE BY COMPLETING ALL NECESSARY PAPER WORK. FAILURE TO DO SO MAY RESULT IN AN “F” IN THE CLASS. PLEASE NOTE THAT DROPPING COURSES AND REPEATING THEM MORE THAN TWICE MAY RESULT IN INCREASED TUITION CHARGES. COUNSELING AND TUTORIALS ARE AVAILABLE. PLEASE CALL ME TO MAKE ARRANGEMENTS. INCOMPLETES WILL BE GIVEN ONLY WHEN PROOF OF ILLNESS OR INJURY THAT PREVENTS COURSE COMPLETION IS ACCEPTED BY THE INSTRUCTOR. * * DOCUMENTED SPECIAL CONDITIONS OR DISABILITIES THAT REQUIRE ACCOMMODATION FOR THE STUDENT SHOULD BE CALLED TO MY ATTENTION ON THE FIRST DAY OF CLASS SO THAT ARRANGEMENTS CAN BE MADE AS PROMPTLY AS POSSIBLE. CHEATING ON EXAMS OR PLAGIARISM WILL RESULT IN EXPULSION AND AN "F" IN THE CLASS. OUTSIDE READING SUGGESTIONS: THE CHRONICLE, THE WALL STREET JOURNAL, BARRONS, FORBES,FORTUNE, FEDERAL RESERVE BULLETIN, SURVEY OF CURRENT BUSINESS, THE ECONOMIST, TIME, NEWSWEEK. NETWORK SOFTWARE BY WORTH, OTHER SOFTWARE IS AVAILABLE IN THE OPEN LAB AND SITES ARE PROVIDED THAT ACCOMPANY YOUR TEXT. CLASS CALENDAR AND CONTENT MICROECONOMICS 2302 SPRING 2011 WEEK 1 INTRODUCTION , ORDINARY BUSINESS OF LIFE RESOURCES SCARCITY OPPORTUNITY COST ECONOMIC EFFICIENCY METHODS AND THEORIES MARGINAL ANALYSIS CHAPT 1 WEEK 2 GRAPHS ECONOMIC MODELS – POSITIVE VS. NORMATIVE PRODUCTION POSSIBILITIES CURVES LAW OF INCREASING COSTS OPPORTUNITY COST COMPARATIVE ADVANTAGE CIRCULAR FLOW MODEL CHAPT 1A, 2 WEEK 3 MARKET SYSTEM-FUNCTIONS OF RATIONING AND ALLOCATING. INDIVIDUAL MARKETS: SUPPLY/DEMAND MARKETS DEFINED LAW OF DEMAND- CHG. IN Qd LAW OF SUPPLY- CHG. IN Qs DETERMINANTS RESOURCE MARKETS- PYMTS. TO RESOURCES. CALCULATING EQUILIBRIUM CHAPT 3 PROJECT ASSIGNMENT, HOMEWORK ASSGNMT. 1 WEEK 4 MARKET INTERVENTION PRICE CONTROLS QUANTITY CONTROLS OUTCOMES OF INTERVENTION BY GOVT. COSTS AND BENEFITS INCIDENCE OF TAXATION – WHO PAYS? ELASTICITY OF SUPPLY AND DEMAND. WEEK 5 INCOME AND CROSS ELASTICITY CALCULATIONS AND IMPLICATIONS FOR PRICING STRATEGIES ETC. CHAPT 4 CONSUMER AND PRODUCER SURPLUS DECISIONS THAT DETERMINE PRICES AND DEMAND DECISIONS DETERMINING PRODUCER SUPPLY SURPLUSES EQUILIBRIUM MARKET FAILURE CHAPT 19 TEST 1 WEEK 6 PRODUCTION COSTS IMPLICIT/EXPLICIT THE PRODUCTION FUNCTION THE COST OF PRODUCTION AND PROFIT MAXIMIZATION ECONOMIC COSTS DIMINISHING RETURNS LEAST COST SHORT RUN LONG RUN ECONOMIES OF SCALE CHAPT 20 WEEK 7 MARGINAL ANALYSIS – COST / BENEFIT ECONOMIC VS. NORMAL PROFITS OPTIMIZING GAINS SUNK COSTS PRESENT VALUE ANALYSIS LEGAL FORMS OF BUSINESS COMBINATIONS ADVANTAGES/DISADVANTAGES PARTNERSHIP CORPORATION COMBINATIONS- MERGERS THREE TYPES CHAPT 20 WEEK 8 MARKET STRUCTURES AND IDENTIFICATION.. FOUR MARKET MODELS PURE COMPETITION MONOPOLY OLIGOPOLY MONOPOLISTIC COMPETITION WEEK9 PERFECT COMPETITION – DEFINITION PRICE TAKERS THE PERFECTLY ELASTIC DEMAND CURVE INDUSTRY SUPPLY DECISIONS PROFIT MAXIMIZATION RULE MARGINAL REVENUE AND MARGINAL COSTS LONG RUN EQUILIBRIUM VS SHORT RUN CHAPT 21, 22 WEEK 10 MONOPOLY ECONOMIC POWER OUTPUT AND PRICE DETERMINATION. DISCRIMINATING MONOPOLY. REGULATED NATURAL MONOPOLIES. CHAPTS 23, 24 WEEK 11 OLIGOPOLISTIC MODEL. CONCENTRATION RATIOS INTERDEPENDENCE COLLUSIVE, CARTELS, LEADER/FOLLOWER MONOPOLISTIC COMPETITION MODEL. CHAPT 25 TEST 2 WEEK 12 FACTOR OR RESOURCE MARKETS, THE DEMAND FOR LAND LABOR AND CAPITAL. LEAST COST RULE DETERMINATION OF DEMAND AND SUPPLY OF RESOURCES. MRP/MRC PROFIT MAXIMIZATION. WAGE DETERMINATION COMPETITIVE LABOR MARKETS MONOPSONISTIC MODEL CHAPT 29, 30. WEEK 13 RENT,INTEREST AND PROFIT SUPPLY AND DEMAND OF NON-LABOR RESOURCES. MARKET FAILURE, DEALING WITH EXTERNALITIES. ANTI TRUST REGULATION. LAWS, CASES AND DEREGULATION CHAPT 26 PROJECT DUE ON MONDAY OR TUESDAY!! WEEK 14 ENVIRONMENTAL PROTECTION CHAPT 27 TEST 3 WEEK 15 MAKE UP EXAMS AND REVIEW WEEK 16 FINAL EXAM SCHEDULES WILL BE ON THE HCCS CALENDAR.