COLLIN COUNTY COMMUNITY COLLEGE DISTRICT
DIVISION OF BUSINESS AND COMPUTER SCIENCE
COURSE SYLLABUS
Fall 2012
Course Number:
ECON 2302
Course Title:
PRINCIPLES OF MICROECONOMICS
Course Description: Analysis of the behavior of individual economic agents, including
consumer behavior and demand, producer behavior and supply, price and output decisions by
firms under various market structures, factor markets, market failures, and international trade.
Course Credit Hours:
3
Lecture Hours:
3
Assessments: Placement in ENGL 1301; College-Level Reading
Student Learning Outcomes:
State-mandated Outcomes: Upon successful completion of this course, students will:
1. Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis
in economic decision-making.
2. Identify the determinants of supply and demand; demonstrate the impact of shifts in
both market supply and demand curves on equilibrium price and output.
3. Summarize the law of diminishing marginal utility; describe the process of utility
maximization.
4. Calculate supply and demand elasticities, identify the determinants of price elasticity
of demand and supply, and demonstrate the relationship between elasticity and total
revenue.
5. Describe the production function and the Law of Diminishing Marginal Productivity;
calculate and graph short-run and long-run costs of production.
6. Identify the four market structures by characteristics; calculate and graph the profit
maximizing price and quantity in the output markets by use of marginal analysis.
7. Determine the profit maximizing price and quantity of resources in factor markets
under perfect and imperfect competition by use of marginal analysis.
8. Describe governmental efforts to address market failure such as monopoly power,
externalities, and public goods.
9. Identify the benefits of free trade using the concept of comparative advantage.
Additional Collin College Outcomes:
1. Describe the importance of scarcity to economic decision making.
2. Identify the opportunity cost encountered in any decision.
3. Demonstrate the economic concepts of scarcity, trade-offs, efficiency,
unemployment, and economic growth, using a production possibilities frontier model.
4. Interpret how changes in demand behavior and/or supply behavior affect prices and
quantity in a market.
5. Justify how efficient market activity maximizes overall social well-being.
6. Demonstrate inefficiencies that develop in a market when government imposes any
type of price control.
7. Identify the characteristics of goods that determine that good’s elasticity of demand.
8. Explain the importance of elasticity of demand in a firm’s pricing decisions.
(Communication Skills)
9. Summarize the law of diminishing marginal utility, and describe the process one uses
to arrive at consumer equilibrium.
10. Contrast accounting profit, economic profit, and normal profit.
11. Generate a model of the production cost curves in the short run and long run.
12. Analyze the reasons that lead to economies of scale and diseconomies of scale.
(Critical Thinking)
13. Outline the decision-making rules that lead to profit maximization or loss
minimization.
14. Outline the decision-making rules that lead a firm to expand operations, to continue
current operations, to cut back operations, or to close down in the short run.
15. Compare and contrast the characteristics of the four market structures.
16. Explain how a natural monopoly comes into existence and how it is operated.
17. Outline government approaches to mergers and monopolizing behavior.
18. Outline the decision-making rules that a profit-maximizing firm would use when
hiring labor.
19. Describe reasons for income inequality.
20. Define interest and explain what determines its level.
21. Contrast positive and negative externalities and devise a government program to
respond to each.
22. Describe what must be done to provide society adequate amounts of a public good.
23. Explain the importance of comparative advantage and give examples.
24. Compare and contrast who benefits and who loses in free international trade and in
protected international trade.
25. Contrast a flexible foreign exchange rate system with a fixed exchange rate system.
Withdrawal Policy: Students are advised to withdraw from the course if they have not
completed the required work by the "Last Day to Withdraw." Students who do not complete all
of the required work by the end of the course will receive a letter grade based on the work
completed. There will be no grades of "incomplete" given. Note that the professor cannot
withdraw you from class. You must complete a drop form with Admissions and Records to
formally withdraw. The last day to withdraw this semester is October 19th, 2012.
Collin College Academic Policies: Any situation in which cheating or other unethical activity is
suspected will be brought to the attention of the Dean of Students for adjudication and
disposition. Do your own work. The penalty for scholastic dishonesty is normally a grade of
zero on the work in question. See the current Collin Student Handbook for additional
information.
Americans with Disabilities Act: Collin College will adhere to all applicable federal, state and
local laws, regulations and guidelines with respect to providing reasonable accommodations as
required to afford equal opportunity. It is the student’s responsibility to contact the ACCESS
office, SCC-G200 or 972.881.5898 (V/TTD: 972.881.5950) to arrange for appropriate
accommodations. See the current Collin Student Handbook for additional information.
Instructor's Information:
Instructor:
Tom Hudgins
Office:
Room G225, Spring Creek Campus
Office Hours:
MW 10:00-1:00
Office Phone:
972-516-5060
E-mail:
thudgins@collin.edu
Class Information:
Section:
Econ 2302.WW1, WW2, WW5
Meeting times:
Online
Meeting location:
Online
Course requirements: You are expected to participate by using the economic software,
MyEconLab (New Design). You are expected to take examinations, complete all exercise sets,
complete assignments & Discussions and fulfill other requirements set by the instructor, all
online. The Pearson website for this course is at pearsonmylab.com (see complete instructions
below under “How To Get Started”. You need to use your Cougarmail email account and
connection to the Internet to take this course.
Method of Presentation: This course is an on-line learning environment in which you must be
an active participant. You have access to the course information, via the Pearson economic
platform MyEconLab(new design). You actively participate online using the communication
tools provided. You and the instructor each can check your progress at any time throughout the
course. The instructor is available to answer questions about course content by e-mail. Use your
Cougarmail e-mail address to contact the instructor. Expect a reply within 24 hrs.
Course Resources: Required textbook is O’Sullivan/Sheffrin/Perez, Economics: Principles,
Applications, and Tools, 7th edition, (with MyEconLab).
MATERIALS NEEDED:
If students want to buy BOTH the Macroeconomic and Microeconomics courses for two
semesters:
Textbook ISBN-10: 0132738473
Textbook ISBN-13: 9780132738477
Economics: Principles, Applications and Tools, MyEconLab 7/e by Arthur
Created From:
O'Sullivan
If students want to buy just the Microeconomics one semester split version:
Textbook ISBN-10: 0132744821
Textbook ISBN-13: 9780132744829
Microeconomics: Principles, Applications and Tools, MyEconLab 7/e by
Created From:
Arthur O'Sullivan , Steven Sheffrin and Stephen Perez
Reconciling the whole text from the split versions:
Chapter Title (O/S/P - 7th Edition) - Fall 2011
Introduction: What is Economics? Appendix: Using Graphs and
Percentages
The Key Principles of Economics
Exchange and Markets
Demand, Supply, and Market Equilibrium
Measuring a Nation's Production and Income
Unemployment and Inflation
Economics
Micro Split
1
Macro
Split
1
2
3
4
5
6
2
3
4
5
6
2
3
4
X
X
1
The Economy at Full Employment
Why Do Economies Grow? Appendix: A Model of Capital Deepening
Aggregate Demand and Aggregate Supply
Fiscal Policy
The Income-Expenditure Model Appendix: Formulas for Equilibrium
Income & the Multiplier
Investment and Financial Markets
Money and the Banking System Appendix: Formula and Deposit
Creation
The Federal Reserve and Monetary Policy
Modern Macroeconomics: From the Short Run to the Long Run
The Dynamics of Inflation and Unemployment
Macroeconomic Policy Debates
International Trade and Public Policy
The World of International Finance
Elasticity: A Measure of Responsiveness
Market Efficiency and Government Intervention
Consumer Choice Using Utility Theory Appendix: Consumer Choice
with Indifference Curves
Production Technology and Cost
Perfect Competition
Monopoly and Price Discrimination
Market Entry and Monopolistic Competition
Oligopoly and Strategic Behavior
Controlling Market Power: Antitrust and Regulation
Imperfect Information: Adverse Selection and Moral Hazard
Public Goods and Public Choice
External Costs and Environmental Policy
The Labor Market, Income, and Poverty
Unions, Monopsony, and Imperfect Competition
International Trade and Public Policy
7
8
9
10
11
7
8
9
10
11
X
X
X
X
X
12
13
12
13
X
X
14
15
16
17
18
19
20
21
22
14
15
16
17
18
19
X
X
X
X
X
X
X
X
X
5
6
7
23
24
25
26
27
28
29
30
31
32
33
Ch 18
Above
X
X
X
X
X
X
X
X
X
X
X
Ch 18
Above
8
9
10
11
12
13
14
15
16
17
18
19
INSTRUCTIONS – HOW TO GET STARTED:
MyEconLab is a dynamic, interactive eLearning program. Your instructor has requested that you
have access to this online program. To access your MyEconLab online course for the first time,
you need to register and log in. Whenever you want to use MyEconLab after that, you just need
to log in. You can do both from the same starting point, at www.pearsonmylab.com
To register, you will need a student access code and a course ID (provided by your instructor).
If you purchased a new textbook, it should have come with a Student Access Kit that contains a
code you can use to register. If you do not have a Student Access Kit, you can purchase access
online with a major credit card.
Course ID:
Course Name:
hudgins60883
ECON 2302 WW1 2 5 F12
Registration
1. Go to www.pearsonmylab.com and click the Student button, in the Register section.
2. Enter the course ID, hudgins60883 and click Continue.
3. Create an account, or if you have already have a Pearson account, click Sign In. Read the
License and Privacy Policy and click Create Account.
4. Choose to register an access code, or purchase access with a credit card. If you are
waiting on financial aid to purchase your course materials, select the Get temporary
access without payment for 17 days at the bottom of the page.
5. Follow the instructions to complete your registration. Check your email for your
registration confirmation.
6. Click Go to Your Course. You will automatically be logged into MyEconLab in New
Design.
7. Click on the course name on your Courses home page.
Be sure to click on the Browser Check link on the Announcements page or in the upper
right of the screen. The instillation wizard will walk you through necessary plugins and
players that you will need to use the MyEconLab resources.
Note: the software may already be installed in the school lab, check first with your lab
administrator.
To log into MyEconLab in New Design
1. Go to www.pearsonmylab.com
2. Click on Sign In
3. Enter your username and password click Sign In
Need More Help?
Additional student help can be found on www.myeconlab.com on the Support tab, under Student
Support.
PURCHASING OPTIONS:
Two semester Pricing: (For students who are planning to take both Microeconomics and
Macroeconomics)
(1) Bookstore purchase:
Economics: Principles, Applications and Tools 7/e
By O’Sullivan/Sheffrin/Perez AND My Econ Lab access code
 165.00 Loose-leaf, 3 hole punch book with My Econ Lab access code.
(Access good for 12months)
You will need to supply a binder for it for the book.
(2) Direct from the publisher purchase:
Log in at www.pearsonmylab.com and chose one of the following options:
 $130 My Econ Lab access WITH e-text (Access good for 12months)
 $ 65 My Econ Lab access only (Access good for 12months)
 $ 75 Print Upgrade (Available to you after purchasing My Econ Lab)
This is a loose-leaf version that will be mailed to your home. The first two chapters are
available in MEL as an e-text while you wait for your book to arrive.
One semester Pricing: (For students who are planning to take only Microeconomics)
(3) Direct from the publisher purchase:
Log in at www.pearsonmylab.com and chose one of the following options:
 $100 My Econ Lab access WITH e-text (Access good for 6months)
 $ 50 My Econ Lab access only (Access good for 6months)
 $ 55 Print Upgrade (Available to you after purchasing My Econ Lab)
This is a loose-leaf version that will be mailed to your home. The first two chapters are
available in MEL as an e-text while you wait for your book to arrive.
(4) Used book purchase from another vendor:
$Book price will vary
 $65 My Econ Lab access at www.pearsonmylab.com (Access good for 12months)
 $50 My Econ Lab access at www.pearsonmylab.com (Access good for 6 months)
Student technical support is now provided 24/7 for students at (972) 377-1777 or
sts@collin.edu.
ADA STATEMENT:
It is the policy of Collin County Community College to provide reasonable and appropriate
accommodations for qualified individuals who are students with disabilities. This College will
adhere to all applicable federal, state and local laws, regulations and guidelines with respect to
providing reasonable accommodations as required to afford equal educational opportunity. It is
the student’s responsibility to contact the ACCESS office SCC G-200 or 972-881-5898 (TDD
972-881-5950) in a timely manner to arrange for appropriate accommodations.
ATTENDANCE POLICY: All work is done online.
METHOD OF EVALUATION:
THE CLASS PLAN
This class consists of Eight Learning Plans detailed below. Each Learning Plan consists of
4 tasks.
1) Required readings
2) Working Quiz (15% of Grade, of which you will have unlimited attempts )
3) Homework (15% of grade, of which you will have unlimited attempts )
4) An Exam (70% of grade, of which you will have only one attempt)
Your grade will be based on 1600 points(200 points for each Learning Plan)
Each Learning Plan is also associated with a due date. Please try to stick to the Due Dates.
It is up to the professors to determine how work will be penalized after the scheduled due
date. In this class, the later the work, the greater the penalty. That being said, each
student is free to work ahead and move at their own pace. Sticking to the timeline is
imperative to the success in this course.
Class Schedule
LEARNING PLAN #1 Aug. 27 – Sept. 9 Due Date September 9.
Required Material: Chapter 1 - Introduction: What is Economics?, Chapter 2 - The Key
Principles of Economics ( pages 1-43)
Required Activities (Total Points:200)
1) Practice Working Quiz 1 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity V&Q (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 1 (140 points) NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #2 Sept. 10- Sept. 23 Due Date September 23.
Required Material: Chapter 3 – Exchange and Markets, Chapter 4 – Demand, supply and
Market Equilibrium ( pages 49-91)
Required Activities (Total Points:200)
1) Practice Working Quiz 2 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity Texas (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 2 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #3 Sept. 24 – Oct. 7 Due Date Oct. 7
Required Material: Chapter 20 - Elasticity: A measure of responsiveness. Chapter 21 –
Market Efficiency, and Government Intervention, Chapter 7 –Consumer Choice using
Utility Theory ( pages 409-456)
Required Activities (Total Points:200)
1) Practice Working Quiz 3 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity Market (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 3 (140 points) NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #4 Oct. 8 – Oct. 21 Due Date Oct. 21
Required Material: Chapter 23 – Production Technology and Cost, Chapter 24 – Perfect
Competition ( pages 493-533)
Required Activities (Total Points:200)
1) Practice Working Quiz 4 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity V&Q (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 4 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #5 Oct. 22 – Nov. 4 Due Date Nov. 4
Required Material: Chapter 25 – Monopoly and Price Discrimination, Chapter 26 –
Market Entry and Monopolistic Competition, Chapter 27 –Oligopoly and Strategic
Behavior. ( pages 538-594)
Required Activities (Total Points:200)
1) Practice Working Quiz 5 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity Graph (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 5 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #6 Nov. 5 – Nov. 18 Due Date Nov. 18.
Required Material: Chapter 28 – Controlling market Power: Antitrust and Regulation,
Chapter 29 – Imperfect Information: Adverse Selection and Moral Hazard, Chapter 30 –
Public Goods and Public Choice ( pages 601-656)
Required Activities (Total Points:200)
1) Practice Working Quiz 6 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity Hazard (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 6 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #7 Nov. 19 – Dec. 2 Due Date Dec. 2
Required Material: Chapter 31 – External Costs and Environmental Policy, Chapter 32 –
The Labor Market, Income and Poverty ( pages 660-700)
Required Activities (Total Points:200)
1) Practice Working Quiz 7 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity V&Q (30 points) NOTE: The activity is found under the Assignments tab and then
Do Homework
3) Exam 7 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
LEARNING PLAN #8 Dec. 3- Dec. 12 Due Date Dec. 12
Required Material: Chapter 18 – International Trade and Public Policy (pages 364-381)
Required Activities (Total Points:200)
1) Practice Working Quiz 8 (30 points) NOTE: Found under the Assignments tab and then
Take a Quiz/Test
2) Activity post (30 points) NOTE: The activity is found under the Assignments tab and then Do
Homework
3) Exam 8 (140 points)NOTE: The Exam is found under the Assignments tab and then Take a
Quiz/Test
This syllabus is subject to change by the instructor.
Please fill out the following statement, cut and paste it into an e-mail and send it to (email
address of instructor).
I have read the syllabus and understand what is required to complete the on-line
macroeconomics course at Collin College.
Email address I’ll use: _____________________________________________
Daytime phone: __________________________________________________
My name: ____________________________