ECON 2302
Principles of Microeconomics
Dr. A. J. Slivinske, Jr.
Class Hours M&W 12-1:15; 1:25-2:40 TTh 10:35-11:50; 1:25-2:40
Office Hours M&W 8-12 TTh 8-10:30
F
8:00-10:00, and by appoinmtent
Office #
2128
Phone
223-4765
Email
alslivin@austincc.edu
Course Description: Principles of Microeconomics deals with the interactions between
individual households and business firms. The concepts of markets, supply and demand
will be studied; students will learn what these concepts mean, how they operate, and how
prices are determined. Market structure, market failure and income distribution will also
be considered.
Text: Microeconomics (9e), Roger Arnold
Instructional Methodology: The test material is presented using (1) lectures, (2)
handouts, and also (3) the text.
Course Rationale: This course is meant to give students insight into the dynamics of a
market based economy and how through its mechanism scarce resources are allocated.
The theoretical and actual role of the government in this market system will also be
addressed. The knowledge gained in the course will make students better-informed
citizens and allow them to follow the debates over various economic events and policies
reported in the news media. This course is also a foundation course that will prepare
students to be successful in upper division finance, marketing, business administration,
economics, government, and social work courses.
Common Course Objectives/Student Outcomes (as established by the economics
department): Students who complete this course will be able to understand:
o
o
o
o
o
o
the basic concepts of scarcity and opportunity cost;
the forces of demand and supply and how they interact to determine an
equilibrium price;
how and why equilibrium prices might change and their impact on
resource allocation;
the theory of consumer behavior;
the theory of the firm;
the theoretical market structures of perfect competition and monopoly.
Objectives/Outcomes (established by the instructor): See Review Questions
1
Grading System: Course evaluation will be based on TWO (2) exams, with up to16
points on each exam derived from the text:
Exam I: covers the first half of the course (29 questions worth 4 points each for a
total of 116)
Exam II: covers (mostly) the second half (same format, 116 points)
Final course grade:
A
180 points (90 or better average)
B
160 points (80-89 average)
C
130 points (65-79 average)
D
100 points (50-64 average)
F
below 100 points (< 50 average)
Borderline cases (D+ and C+) can be moved up one letter grade (C and B)
based on attendance and improvement.
Course Policies: Attendance is expected. You are expected to withdraw if you cannot
keep up with the material (although I reserve the right to withdraw the student for failure
to show progress etc). Since I will provide most of the course curriculum in class, you
will not perform well if you miss class. Make-up exams are given, only with prior
approval by notification of the professor before the exam date. Any material missed due
to absences is the student’s responsibility to make up.
Material presented in class is either:
1.
2.
important and on the tests (see review questions)
important and not on the test but is something college students
should know.
Scholastic Dishonesty: Acts prohibited by the college for which discipline may be
administered include scholastic dishonesty, including but not limited to cheating on an
exam or quiz, plagiarizing, and unauthorized collaboration with another in preparing
outside work. Academic work submitted by students shall be the result of their thought,
research or self-expression. Academic work is defined as, but not limited to tests,
quizzes, whether taken electronically or on paper; projects, either individual or group;
classroom presentations, and homework.
Students with Disabilities: Each ACC campus offers support services for students with
documented physical or psychological disabilities. Students with disabilities must request
reasonable accommodations through the Office for Students with Disabilities on the
campus where they expect to take the majority of their classes. Students are encouraged
to do this three weeks before the start of the semester.
Course Outline/Exam Dates:
2
I
Introduction (text ch 1 & Appendix A; ch 2)
A
Course requirements and Objectives
B
Basic core topics
C
Production Theory
II
Market Analysis (text ch 3 & 4)
A
Demand Theory
B
Supply Theory
C
Market Equilibrium/Disequalibrium
D
Market and Events (applications)
III
Adam Smith and Classical Economics (handouts)
A
Perfect Competition
B
Economic Growth
C
Economics History
IV
Economics Growth and Population (handouts)
A
Malthusian Model
B
Demographic Model
Midsemester (15th class day)
Exam I
V
Demand Theories (text ch 6 & Appendix C)
A
Economics Demand Theory
B
Marketing Consumer Choice Models
VI
Theory of the Firm and Supply (text chs 5, 7-9)
A
Perfect Competition and Reality
B
Monopoly and Imperfect Competition
C
Elasticity and Revenue
D
Business Conduct (price discrimination etc)
VII
Market Structure, Industrial Organization, and Anti-Trust (text ch 11)
A
Measures of Market Structure
B
Mergers
C
Anti-trust Law
D
Applications (Microsoft, etc)
Exam II
Final class day
Study Tips for Improving Your Grade:
3
1.
2.
3.
4.
5.
6.
Write out answers to Review Questions
Study groups
Study each week, rather than cram at the end
Highlight notes, and reduce to cards important concepts
Review previous days class note before the next class
Copies of old tests in Library, use as practice tests
4