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Master Course Outline
ECON& 201
Micro Economics
Course Description: An introduction to microeconomics. A study of the decision-making processes of
individual economic units including businesses and consumers. Basic theoretical tools are applied to
problems of current interest. 5 lecture hours. Satisfies social science distribution area “B” requirement
or specified elective for the AA degree.
Credits: 5
Prerequisites: ECON& 202 or instructor permission
Recommended Preparation: None
Co-requisites: None
Learning Outcomes:
Define the concept of scarcity.
Recognize and interpret a demand curve, supply curve, and identify the underlying determinants
of each.
Define and identify with graphs, the relationships of supply and demand in a market
Differentiate between a change in demand (also supply) and a change in the quantity demanded
also (supplied) and the market effects on price and quantity
Define opportunity costs and demonstrate how they affect economic decisions in a given
situations
Explain and apply the concepts of marginal benefits and marginal costs to determine optimal
economic decisions for both consumers and firms.
Describe the benefit-cost principle and apply the principle in a given economic decision.
Explain the way in which economists use the following concepts and the relationships among
them: marginal, average, total, fixed, variable, and sunk.
Describe the concepts of excess demand, excess supply and equilibrium quantities and prices,
Define and predict shortages and surpluses as a result of changes in the underlying
determinants of market demand or supply as well as government intervention.
Define the general concept of elasticity for different variables in the demand or supply function
Identify the differences between a perfectly competitive market and an imperfectly competitive
market and the implications of each for economic outcomes.
Define and identify The short run theory of production
Explain The law of diminishing marginal utility
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Explain consumer behavior using marginal utility theory
Explain consumer equilibrium
Describe price elasticity of demand, cross elasticity of demand, income elasticity of demand
Define and identify the concepts of productive and allocative efficiencies
Explain the production function concept
Describe perfect competition, monopoly, oligopoly and monopolistic competition
Describe short run and long run equilibrium under perfect competition
Describe short run and long run equilibrium under monopoly
Describe short run and long run equilibrium under monopolistic competition
Describe short run and long run equilibrium under oligopoly
Course Resources/Textbooks/Website: Principles of Microeconomics, v1.0,Libby Rittenberg and
Timothy Tregarthen, Flatworldknowledge.
Academic Integrity: All forms of cheating, falsification, and plagiarism are against the rules of this course
and of Grays Harbor College. Students who are unsure what constitutes academic dishonesty are
responsible for asking the instructor for clarification. Instances of intentional academic dishonesty will
be dealt with severely.
Disabilities: Students who have documented disabilities that require accommodations in compliance
with the Americans with Disabilities Act should contact the Disability Support Services coordinator as
well as the instructor of the course in order to ensure that together we create an optimal environment
for educational achievement.
W Day, the final day to officially withdraw from a course, is the Thursday of the seventh week (Thursday
of the fourth week for summer quarter). Students who do not withdraw by that date will receive the
grades they have earned, regardless of whether they are attending the course or completing the work.
Students who are considering withdrawal are strongly advised to consult with the instructor, advisor and
financial aid prior to withdrawing. The only withdrawals allowed after W Day are complete withdrawals
from all courses.
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