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INSTRUCTIONAL PACKAGE
Effective Term: Summer 2013 (201230)
COURSE PREFIX: ECO 211
COURSE TITLE: Principles of
Microeconomics
CONTACT HOURS: 3
CREDIT HOURS: 3
RATIONALE FOR THE COURSE:
To develop the kind of economic reasoning necessary to analyze and understand issues
that will be confronted in the ever evolving and changing national and world economies.
COURSE DESCRIPTION:
This course is a study of the behavior of households and firms, including supply and
demand, elasticity, price/input in different market structures, pricing of resources,
regulations and comparative advantage and trade.
PREREQUISITES:
None
REQUIRED MATERIALS:
Principles of Microeconomics, N. Gregory Mankiw, Sixth Edition. South-Western.
ADDITIONAL REQUIREMENTS:
Knowledge of simple algebra and graphing is assumed
TECHNICAL REQUIREMENTS:
Course information available on the course homepage on your WaveNet account.
Attention HGTC Students:
The faculty and administration of HGTC are committed to enhancing your learning
experience at the College through improved methods of instruction and support services.
For information on Student Support Services or questions about your curriculum program
please refer to your Wavenet Homepage.
STUDENT COURSE LEARNING OUTCOMES
1.
2.
3.
4.
5.
Analyze why choices must be made in society.
Determine the implications of choices that are possible.
Analyze how choices are made in the American economic system's free markets.
Identify the implications of a free market in comparison to other economic systems.
Examine how consumers and producers make decisions in a free market and the
consequences of these decisions on business and society.
Course Outline
Unit I Chapters 1, 2, 3
This unit analyzes the economic principles relating to how people make decisions, how people interact, and
how the economy works as a whole (chapter 1), how economists employ the scientific method, the role of
assumptions in model building, and the application of two specific economic models (chapter 2), and how
people and countries gain from trade (chapter 3).
Student Outcomes:
1. Identify the four principles of how people make decisions.
2. Identify the three principles of how people interact.
3. Identify the three principles of how the economy as a whole works.
4. Identify the elements of an economic model or theory.
5. Identify the participants and markets of the simple Circular Flow Diagram.
6. Explain the interaction of firms and households in the Market for Goods and Services.
7. Explain the interaction of firms and households in the Market for Factors of Production.
8. Explain the Production Possibilities Frontier and the fundamental economic concepts it illustrates.
9. Identify between microeconomics and macroeconomics.
10. Identify between positive economics and normative economics.
11. Identify between absolute and comparative advantage.
Weeks 1 – 4: Test #1
Unit II Chapter 4
This unit analyzes the establishment of the model of supply and demand and how any event influences a
market.
Student Outcomes:
1. Establish demand schedules and supply schedules.
2. Establish demand curves and supply curves.
3. Identify the non-price determinants of demand and supply.
4. Evaluate the effects of a change in price versus changes in non-price determinants.
5. Determine what equilibrium price and equilibrium quantity will be.
6. Identify how markets will eliminate surpluses and shortages.
7. Predict equilibrium price and quantity as it relates to different market scenarios.
Weeks 5 – 6: Test #2
Unit III Chapter 5, 13
This unit analyzes the concept of elasticity, how elasticity is used to make quantitative observations about
the impact of changes in supply and demand on equilibrium prices and quantities, the costs of production,
and the development of the cost curves on which firm behavior is based.
Student outcomes:
1. Define and calculate the price elasticity of demand.
2. Explain what determines the elasticity of demand.
3. Identify the variety of demand curves as they relate to elasticity.
4. Identify the relationships between price elasticity and total revenue.
5. Define and calculate income elasticity of demand.
6. Define and calculate cross-price elasticity of demand.
7. Define and calculate the elasticity of supply.
8. Explain what determines the elasticity of supply.
9. Identify the variety of supply curves as they relate to elasticity.
10. Identify between explicit costs and implicit costs.
11. Identify between economic profit and accounting profit.
12. Explain the production function.
13. Explain the total cost curve.
14. Define and calculate the costs, average costs and marginal cost of a firm.
15. Identify the cost curves and their shapes.
16. Analyze the relationship between short-run and long-run average total cost.
17. Identify between economies and diseconomies of scale.
Weeks 7 – 9: Tests #3
Unit IV Chapters 14, 15
This unit analyzes the production and pricing decisions of competitive firms, the production and pricing
decisions of monopolists, the social implications of their market power, and the ways in which governments
might respond to the problems caused by monopolists.
Student Outcomes:
1.
Define a competitive market.
2.
Identify between average revenue and marginal revenue.
3.
Explain profit maximization.
4.
Explain how competitive firms make production and pricing decisions.
5.
Explain a firm’s short-run decision to shut down.
6.
Explain a firm’s long-run decision to exit or enter a market.
7.
Develop the short-run market supply curve with a fixed number of firms.
8.
Develop the long-run market supply curve with entry and exit.
9.
Explain why competitive firms stay in business if they make zero economic profit.
10. Explain why the long-run supply curve might slope upward.
11. Define a monopoly.
12. Explain why monopolies arise.
13. Explain how monopolies make production and pricing decisions.
14. Explain the welfare cost of monopolies.
15. Explain public policy toward monopolies.
Weeks 10 – 12: Test #4
Unit V Chapters 17, 18
This unit analyzes the oligopoly as a market structure and the factor markets—the markets for labor, land,
and capital.
Student Outcomes:
1.
Define oligopoly.
2.
Analyze a duopoly in relationship to competition and monopolies.
3.
Define a cartel.
4.
Determine the Nash equilibrium for an oligopoly.
5.
Define the prisoner’s dilemma.
6.
Explain game theory.
7.
Identify the dominant strategy of a game.
8.
Explain the impact the lack of cooperation has on the welfare of society.
9.
Explain why people sometimes cooperate.
10. Explain the public policies toward oligopolies.
11. Define marginal product of labor.
12. Explain diminishing marginal product.
13. Define the value of the marginal product.
14. Explain what cause the labor demand curve to shift.
15. Explain how the trade-off between work and leisure can be used to develop the labor supply
curve.
16. Explain what causes the labor supply curve to shift.
17. Explain equilibrium in the labor market.
18. Explain the effects of shifting labor demand or labor supply.
19. Explain equilibrium in the markets for land and capital.
Weeks 13- 14: Test #5
REQUIRED COURSE MEASURES/ARTIFACTS:
A. Assignments/Quizzes
1. Students are expected to keep up with the reading assignments from the
textbook. Students would also be well advised to keep up with current events, since such topics
are referenced in class discussion.
2. Written and/or oral assignments and/or quizzes will be given at the discretion
of the instructor. Assignment/quiz requirements and grade implications will be set by the
instructor.
B. Exams
There will be five exams. Exam make-up policy will be set by the instructor.
EVALUATION OF REQUIRED COURSE MEASURES/ARTIFACTS
A. EVALUATION
Test #1
Test #2
Test #3
Test #4
Test #5 (Final Exam)
20%
20%
20%
20%
20%
100%
(Note: Assignment/quiz grades, if applicable, will change evaluation percentages. Instructor can
set the number of tests and the weight of tests.)
B. GRADING SYSTEM:
90% and above
80% to < 90%
70% to < 80%
60% to < 70%
Below 60%
A
B
C
D
F
INSTRUCTOR’S PERSONAL INFORMATION SHEET
Note: The instructor’s information sheet is tailored to the specific requirements and expectations
of each individual instructor of the course. These will be individualized to inform the student of
variations in conducting the course. This is a supplement to the Course Instructional Package
which provides the general departmental guidelines and outcomes for the course. (* required )
*Instructor’s Name
*Office Location
*Office Telephone Number
*E-mail Address
*Attendance Policy
*Tardy Policy
*Make-up Test Policy
*Grading Policy
HGTC address:
Home Telephone Number
Classroom Decorum