Micro-Economics Syllabus
Microeconomics:
Classes:
Period: 4th
Room:
Room 126
Instructor:
Mr. Ashmore
Office:
Room 126
Office Hours: Monday-Thursday, 3:30-4:00 or by appointment
Email Address: samuel.ashmore@jamesirwin.org
Course Overview: Microeconomics is taught as a one semester course. The topics
covered will include:
A. Basic Economic Principles: This is for students to understand the existence of limited
resources along with unlimited wants and how this calls for a system of allocation. In this
section, we talk about:
a. Opportunity Costs
b. Trade-offs
c. Specialization and Exchange Efficiencies
d. Absolute and Comparative Advantage
e. The importance of Property Rights and the Functioning of Free Markets
f. Some fallacies such as Post Hoc and Ergo Proctor Hoc!
B. Product Markets: In this section, we analyze supply and demand models, consumer
choice, production and costs, and the theory of the firm. Included in this discussion are:
a. Analysis of Determinants of Supply and Demand
i. How changes in these affect equilibrium price and output by focusing on
differences between shifts of the supply and demand curves as opposed to
movements along the curves
b. Analysis of governmental policy on markets
i. Specifically how they affect equilibrium and efficiency
c. Consumer and Producer Surplus
d. Elasticity and In-elasticity
e. Consumer Choice
i. How is the market and firm demand curve derived?
1. Law of Demand
2. Income and Substitution Effects
f. Production and Cost Analysis
i. Short-Run
ii. Long-Run
iii. We also will talk about Average and Marginal Cost! How do we
differentiate them and how do they affect market equilibrium and
efficiency
g. Economies and Diseconomies of Scale
h. Theory of the Firm
i. We will talk about the different market structures, specifically their
characteristics!
ii. Demand and Marginal Revenue Curves
1. How does this affect price and output decisions?
2. How does each market allocate resources and which is the most
productive?
C. Factor Markets: We take what we know about Supply/Demand and apply it to the
markets of land, labor, and capital.
a. Derived Demand
b. How does a factor’s marginal product and marginal revenue product affect the
demand for and price of the factor?
D. Market Failure and the Role of Government: We analyze the case, for and against, for
government intervention in the marketplace! We analyze how these factors determine the
need for government intervention:
a. Marginal Social Benefit
b. Marginal Social Cost
c. Externalities
d. Public Goods
e. Market Distribution of Income
Course Structure
A. IN CLASS: Lectures will cover material from Mankiw, N. Gregory, Principles of
Economics, as well as class activities using online resources provided by AP training
coordinator! I will also take advantage of various instructional videos from the internet as
well as current news pertaining to microeconomics!
B. HOMEWORK: I will be assigning various problems and exercises from each chapter of
the Mankiw Textbook we cover! I will also have my students do an economics news
current event which will be due each Monday!
C. TESTS:
a. Unit Tests will be made up of various homework questions, various AP multiple
choice questions, and AP free-response questions over the material covered in that
Unit!
b. Final Examination will be a comprehensive test covering everything we discuss
during the semester!
Required Materials:
Because this is a lecture based class with emphasis on daily reading, you will need to come to
class each day prepared with these supplies:
a. Pen or pencil
b. Colored pencils
c. Notebook Paper
They will also need:
a. Two 1.5”-2” three ring binders with pockets
a. The binder will be organized in sections for
i. Definitions
ii. Notes
iii. Projects
iv. Essays
b. The syllabus and extra information will be in the binder pockets
General Class Expectations:
1. In this class, we will put honesty and integrity first, we will treat everyone with
respect, act responsibly, and strive for excellence in everything we do.
2. In this class, we will follow all school policies as well as
a. Keep our area of the classroom clean.
b. As a class, we will raise our hand when we have a question.
c. We, as a class, will be respectful of every individual’s views in the classroom.
As this is a political class, everyone may not hold the same views. This is
AWESOME and will lead to better discussion in class as long as we stay
respectful.
3. Appointments: If you need to see me regarding your grade, tutoring, or just have
questions, please ask to see me in private and I am always more than willing to meet
with my students.
4. Try to enjoy this class! By having an active role in politics, you CAN affect the future
of this nation!
Classroom Rules and Procedures:
HONESTY:
a. We will follow the school policy for cheating, copying another individual’s
homework, or plagiarism.
i. Any instance of this happening will result in a grade of ZERO for that
assignment, a JC write-up, and a call home to that student’s parents by
myself.
START OF CLASS:
a. When the bell RINGS, the following is what I should see at every student’s
desk:
a. Book Bags stored
b. Writing Assignments turned in
c. Pen or pencil out
d. Bell-work paper ready
e. Notebooks out and open
f. Appropriate texts out and open
BATHROOM PASSES:
a. Students are expected to use the bathroom in between classes. Students will
only be dismissed if they use one of 2 bathroom passes I hand to them at the
beginning of the semester. If a student does not use any bathroom passes, they
will receive extra credit for each bathroom pass they do NOT use! 
ENDING CLASS:
a. The last few minutes of each class period will be spent answering a review
question and writing down assignments for the next day. Students are
expected to remain seated and wait to be dismissed by myself, regardless of
when the bell rings!
GRADING:
40%
25%
15%
5%
15%
Exams and Essays
Quizzes
Homework
Participation
Final Exam
Policies:
a. Unexcused Late Assignments receive a 50%! If you have an extenuating
circumstance, please talk to me!!
b. Excused Late Assignments, Quizzes, and Tests are due 2 days after you return to
school, unless you have spoken to me about additional time in ADVANCE.
c. Talking during a Test is NOT permitted.
d. You will receive a semester schedule of Assignments and reading!
e. Open notes quizzes will be given often at the end of class! If you need support with
taking good notes, please come see me!
f. There will also be quizzes which are NOT open note, make sure you are studying
your notes at all time to be able to maximize your grades on these quizzes!
Course Outline (16 Weeks)
A. Unit 1: Basic Concepts
Time: 2 weeks
a. IMPORTANT TOPICS
i. Scarcity
ii. Choice
iii. Opportunity Costs
iv. The Invisible Hand
v. Efficiency
vi. Market failure
vii. Standard of Living
viii. Inflation vs. Unemployment
ix. Business Cycle
x. The Circular Flow Diagram
xi. Microeconomics vs. Macroeconomics
xii. Positive vs Normative Analysis
xiii. Production Possibilities Curve (PPC)
xiv. Property Rights
xv. Marginal Analysis
B. Unit 2: How Markets Work Time: 3 weeks
a. IMPORTANT TOPICs
i. What is a market?
ii. What is competition?
iii. Demand Curve Relationship between Price and Quantity Demanded
iv. Market Demand vs. Individual Demand
v. Shifts in Demand
vi. The Supply Curve Relationship between Price and Quantity Supplied
vii. Market Supply vs. Individual Supply
viii. Shifts in Supply Curve
ix. Equilibrium and Changes in Equilibrium
x. How do Prices allocate Resources?
xi. Elasticity of Supply and Demand
C. Unit 3: Markets, Welfare, and the Public Sector
Time: 3 Weeks
a. IMPORTANT TOPICS
i. Efficiency of Markets
ii. Consumer + Producer Surplus
iii. Market Efficiency Analysis
iv. Costs of Taxation and Deadweight Loss
v. Laffer Curve
vi. International Trade
vii. Discussion of Trade Restrictions
viii. Externalities
ix. Public and Private Solutions to Externalities
x. Public Goods and Common Resources
xi. Property Rights
xii. Tax System
D. Unit 4: Firms and Market Structures
Time: 5 Weeks
a. IMPORTANT TOPICS
i. Costs of Production
ii. Short Run vs. Long Run Costs
iii. Economies and Diseconomies of Scale
iv. Competitive Market Structure
v. Market Supply Curve
vi. Monopoly Structure
vii. Demand vs. Marginal Revenue
viii. Efficiency of Monopoly
ix. Public Policy towards Monopoly
x. Price Discrimination
xi. Oligopoly
xii. Cartels
xiii. Game Theory
xiv. Antitrust Policy
xv. Monopolistic Competition
xvi. Advertising
E. Unit 5: Factor Markets
Time: 2 Weeks
a. IMPORTANT TOPICS
i. Derived Demand
ii. Demand for Labor
iii. Marginal Product for Labor
iv. Marginal Revenue Product
v. Supply of Labor
vi. Equilibrium in the Labor Market
vii. Land and Capital
viii. Determinants of Wage Equilibrium
ix. Labor Mark Discrimination
x. Income Inequality
xi. Income Redistribution
F. Unit 6: Consumer Choice
Time: 1 Week
a. IMPORTANT TOPICS
i. Budget Constraints
ii.
iii.
iv.
v.
Indifference Curves
Substitutes and Compliments
Income and Substitution Effects
Deriving the Demand Curve
STUDENT READING
A.
B.
C.
D.
E.
F.
Unit 1: Mankiw: Chapters 1, 2, and 3
Unit 2: Mankiw: Chapters 4, 5, and 6
Unit 3: Mankiw: Chapters 7, 8, 9, 10, 11, and 12
Unit 4: Mankiw: Chapters 13, 14, 15, 16, and 17
Unit 5: Mankiw: Chapters 18, 19, and 20
Unit 6: Mankiw: Chapter 21
STUDENT HOMEWORK
A. Unit 1:
a. Mankiw: Chapter 1: #1-10
b. Mankiw: Chapter 2: #1-6
c. Mankiw: Chapter 3: #1-7
B. Unit 2:
a. Mankiw: Chapter 4 #1-10
b. Mankiw: Chapter 5 #1-10
c. Mankiw: Chapter 6 #1-8
C. Unit 3:
a. Mankiw: Chapter 7 #1-9
b. Mankiw: Chapter 8 #1-8
c. Mankiw: Chapter 9 #1-4, 6-10
d. Mankiw: Chapter 10 #1-6
e. Mankiw: Chapter 11 #1-8
f. Mankiw: Chapter 12 #1-6, 8-10
D. Unit 4:
a. Mankiw: Chapter 13 #1-5, 9
b. Mankiw: Chapter 14 #1-5, 8-10
c. Mankiw: Chapter 15 #1-6
d. Mankiw: Chapter 16 #1-6
e. Mankiw: Chapter 17 #1-7
E. Unit 5:
a. Mankiw: Chapter 18 #1-7
b. Mankiw: Chapter 19 #1-7
c. Mankiw: Chapter 20 #1-5, 7, and 8
F. Unit 6:
a. Mankiw: Chapter 21 #1-8, 10, and 11
TEXT AND MATERIALS
Mankiw, N. Gregory, Principles of Economics – Fourth Edition Thomson South-Western, 2007
Mankiw, N. Gregory, Principles of Economics – Fourth Edition – Study Guide
Mankiw, N. Gregory, Principles of Economics – Fourth Edition – Microeconomics overhead
transparencies supplied with text.
Various Released AP Micro-Economics Tests
AP Central Website
http://reffonomics.com/reff/index.html
http://www.econclassroom.com/?page_id=2889
Student Signature:
_______________________________
Date:
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