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Revised Date: October 2009
ECON 2323, Principles of Microeconomics
Course Philosophy and Instructor Requirements
Philosophy: This course is designed to examine the behavior of individual economic units (i.e., households, business firms,
and government) and their roles as decision makers with regard to resource utilization and output under conditions of
uncertainty in a market based economic system. In addition, this course should prepare students to be able to successfully
complete a course in this subject at a more advanced level.
Instructor Objectives: The instructor teaching this course should require students to:
 Understand the role of supply and demand market forces in price determination
 Demonstrate a comprehension of elasticity concepts and their implications
 Understand how basic production costs are determined and their role in assessing the efficiency of the business
enterprise in the short run and long run
 Apply fundamental economic principles within the operation of four basic models of market structure (i.e., pure
competition, monopoly, monopolistic competition, and oligopoly)
Course Teaching Requirements: Instructor may make use of whatever techniques and methods they deem necessary and/or
appropriate to achieve the aforementioned learning objectives.
It is not necessary to cover all Microeconomic chapters in the textbook. However, the following chapters are so essential and
fundamental that they must be covered:
Chapters 1-3
Chapters 6-11
Chapter 12
Introduction to Economics and the Economy
Microeconomics of Product Markets
Microeconomic of Resource Markets
Examinations, quizzes, and homework assignments (online and in the traditional classroom) should include exercises and
objective questions that require students to demonstrate an understanding of Microeconomic theories/concepts and their
application. The final exam must have a comprehensive component and weigh approximately 20-25% of the semester grade.
Assessment Responsibilities: Instructors teaching this course (online and traditional) are expected to participate in assessment
activities as required by the University. You will be provided further information/instructions by the lead instructor during the
term assessments are to be completed.
Business and Agriculture Division Contact Information:
Division Chair: Robert Mitchum, 501-882-8847, [email protected]
Lead Instructor: Jack Raber, 501-882-8999, [email protected]
Online Course Monitor: Wendell Dillard, 501-882-8914, [email protected]