Microeconomics General Course Information Course Number

Microeconomicsi General Course Informationcourse Numberecon 1612cour

Microeconomics I. General Course Information Course Number: ECON 1612 Course Title: Principles of Microeconomics Credit Hours: 3 Prerequisite: None Division and Discipline: Business Course Description: An introduction to the basic concepts of Microeconomics and how they relate to the world around you.

II. Classroom Policy Students and faculty of Barton County Community College constitute a special community engaged in the process of education. The college assumes that its students and faculty will demonstrate a code of personal honor, which is based upon courtesy, integrity, common sense, and respect for others both within and outside the classroom. The college reserves the right to suspend a student for conduct that is detrimental to the college's educational endeavors as outlined in the college catalog. Plagiarism on any academic endeavor at Barton County Community College will not be tolerated. Learn the rules and avoid instances of intentional or unintentional plagiarism. Anyone seeking an accommodation under provisions of the Americans with Disabilities Act should notify the instructor and the BCCC Coordinator of Instructional Services. Student grievance procedure: Barton County Community College policy is to secure, at the lowest possible level, equitable solutions to problems which may arise during the conduct of bartonline academic programs.

Student academic concerns that cannot be resolved with the course instructor should be directed to Wynn Butler, Director Bartonline or Pennie Wallerstedt Financial Aid Bartonline, or email [email protected] or [email protected].

III. Course as Viewed in Total Curriculum ECON 1612 fulfills general education requirements for the majority of BCCC’s associate degree programs. This course transfers for credit to many Kansas Regent Universities, and may be used to help fulfill program requirements. The transferability of all college courses will vary among institutions, and perhaps even among departments, colleges, or programs within an institution. Institutional requirements may also change without prior notification. It is the student's responsibility to obtain relevant information from intended transfer institutions to insure that the courses the student enrolls in are the most appropriate set of courses for the transfer program.

IV. Course Outcome Students will understand basic microeconomic concepts to include; the Price System, Product Market Basics, Product Markets, and Resource Markets.

V. Competencies The course competencies are integrated into the course outline provided in section X.

VI. Instructor Expectations of Students in Class BCCC distance learning classes are designed in weekly blocks. This concept allows the student to complete the assignments any time during the seven-day block period. Students are expected to complete all required reading, assignments, quizzes, and threaded discussions in each Module on a weekly basis. Work is considered late if it is submitted after Midnight CST on the due date each week. Late work will receive the score of zero and will not be graded. Courteous participation in class thread discussions is the standard. Disruptive and/or offensive behavior in the electronic medium will not be tolerated. I encourage you to complete the Module exercises early in the week so that you can e-mail me with any questions. If you wait until late on the due date night, I will not be able to answer any problems you have before the due date.

VII. Text and Supplementary Materials Used in the Course Text: Boyes and Melvin. Microeconomics, 9th Edition, Houghton Mifflin Company, 2011.

VIII. References None.

IX. Methods of Instruction and Evaluation Grading Scale Grade Percentage A 90-100 B 80-89 C 70-79 D 60-69 F 59 and below Points Possible Category Percentage Max. Points Possible Assignments 25% 400 Threaded Discussions 15% 240 Quizzes 25% 400 Tests 35% 560 Total 100% 1600

Assignments There are 8 assignments in this course and each are worth 50 points. The assignments will consist of one or two Chapter Exercises from your text. You are allowed to use any course materials such as lecture, readings, and CD-Rom exercises to complete the assignments.

Threaded Discussions There are 6 Threaded Discussions in this course and each are worth 40 points. The discussions will help you relate Macroeconomic theories to real life situations. I expect students to respond to the comments made by other class members. You are expected to read the comments placed in the threads, by your fellow class members. On many occasions I will place some follow-up questions into the threads to assist in the discussion. Once a follow-up question is posted - focus on answering this new question. Please enter the threads early - by Wednesday of the module week. If you wait until late on the due date - the last time frame for posting the thread - to make your first entry -you will most likely not receive an A or 100% for your work.

Quizzes There are 16 Quizzes, one in each Module worth 25 points each. The quizzes consist of matching questions over the key terms in each chapter. You will have 25 minutes to complete the quizzes and no re-takes will be allowed.

Exams There are four exams in this course worth 140 points each. The exams will consist of 20 multiple choice questions and you will have one hour to complete the exam.

X. Course Outline This course is an eight week course and each week you will be required to complete two modules. Part I. Introduction to the Price System (Modules 1-4) Date Competencies Chapters Contents Module. Define Key Terms. Describe the Scientific Method. Describe the concept of scarcity and how it relates to economic goods, economic bads and free goods. Define Key Terms. Construct and describe a productions possibilities curve (PPC). Calculate marginal opportunity costs. Describe the concept of comparative advantage as it relates to specialization. 1, 2 Threaded Discussion Assignment Quiz Module. Define Key Terms. Construct demand and supply Curves from demand and supply schedules. Identify factors that shift demand and supply curves and the direction in which they are shifted. Determine equilibrium price and quantity. Determine the impacts on equilibrium due to shifts in the demand and supply curves. Assignment Quiz Module. Define Key Terms. Construct demand and supply Curves from demand and supply schedules. Identify factors that shift demand and supply curves and the direction in which they are shifted. Determine equilibrium price and quantity. Determine the impacts on equilibrium due to shifts in the demand and supply curves. Threaded Discussion Quiz Module. Define Key Terms. Describe the general economic role of the government. Describe the Public Sector of the Economy. Quiz Exam I (Chapters 1-5 from your text and Modules 1-4) Part II. Product Market Basics (Modules 5-7) Date Competencies Chapter Contents Module. Define Key Terms. Calculate price elasticity of demand, arc elasticity, and total revenue. Describe the shapes of demand curves in terms of elasticity. List determinants of price elasticity of demand. 6 Assignment Quiz Module. Define Key Terms in Chapter 7 and 7A. Calculate marginal and total utility. Describe the substitution and income effects. Describe why the demand curve slopes down. Describe a budget line. Describe Consumer Equilibrium. 7, 7A Assignment Quiz Module. Define Key Terms. Calculate and graphically display total, average, and marginal physical products. Calculate Average Total Cost and Marginal Cost. Describe the difference between short-run and long-run average total cost. Describe minimum efficient scale. 8 Quiz Exam II (Modules 5-7, Chapters 6,7,7A,and 8) Part III. Product Market Basics (Modules 8-12) Date Competencies Chapter Contents Module. Define Key Terms. Calculate economic profit and accounting profit. Determine profit maximization using MR=MC rule. Describe the four product market structures and their characteristics. 9 Assignment Quiz Module. Define Key Terms. Illustrate the market and individual firm demand curve for perfect competition. Determine output level for profit maximization for a perfectly competitive firm using MR=MC. Calculate a perfectly competitive firm's shutdown price and break-even price. Describe the perfectly competitive firm's short-run and long-run supply curves. 10 Assignment Quiz Module. Define Key Terms. Explain how a monopoly is created. List barriers to entry. Illustrate the shape of a monopolist's demand curve. Determine profit maximization of output level for a monopolist using MR=MC. Compare and contrast a monopolies with perfectly competitive firms. 11 Assignment Quiz Module. Define Key Terms. Describe where technological change comes from. Describe standards wars. 13 Threaded Discussion Quiz Module. Define Key Terms. Describe the main objectives of various anti-trust acts. Calculate a Herfindahl index to measure concentration. Describe economic and social regulation. Describe the theories on why the government intervenes in business activity. 14 Quiz Exam III (Modules 8-12, Chapters9-11 and 13-14) Part IV. Resource Markets (Modules 13-16) Date Competencies Chapter Contents Module. Define Key Terms. Graphically illustrate resource market demand and supply. Calculate elasticity of resource demand and supply, Marginal Revenue Product (MRP), and Marginal Factor Cost (MFC). Describe equilibrium in a resource market. Determine how many resources are hired using MRP=MFC. 15 Threaded Discussion Quiz Module. Define Key Terms. Describe the backward-bending labor supply curve. Define and give examples of compensating wage differentials. Describe theories of discrimination. Describe anti-discrimination laws. 16 Threaded Discussion Quiz Module. Define Key Terms. Determine equilibrium in the capital market. Calculate return on capital and return on stock. Describe how values of stocks and bonds are determined. 17 Assignment Quiz Module. Define Key Terms. Define externality and give examples of positive and negative externalities. Describe the Principle of mutual exclusivity. Describe the government's role in environmental policy. Describe the Coase Theorem. List political and social reasons why some countries are poorer than others. Discuss the transition from socialism to capitalism. 18 Threaded Discussion Quiz Exam IV (Modules 13-16, Chapters 15-18)

Paper For Above instruction

Microeconomics is a fundamental branch of economic theory that examines how individual agents — such as households, firms, and governments — allocate scarce resources to satisfy their unlimited wants. The course outlined provides a comprehensive introduction to the core principles and concepts of microeconomics, emphasizing both theoretical understanding and practical application within real-world contexts.

The initial modules focus on foundational concepts, including the Price System, scarcity, opportunity costs, and the production possibilities curve (PPC). These are vital for understanding how markets function and how resources are allocated efficiently. For instance, constructing and analyzing PPCs illustrate the trade-offs and opportunity costs associated with different production choices, a crucial concept in economics. The introduction to demand and supply graphs, along with shifts and equilibrium analysis, equips students with tools to interpret market dynamics—how prices are determined and how they respond to external shocks or policy changes.

Subsequent modules delve into more specific market structures and behaviors, such as perfect competition, monopoly, and imperfect markets. Understanding market structures is essential because the behavior of firms—including pricing and output decisions—varies significantly depending on market type. For example, perfect competition assumes many small firms with no market power, while monopolies involve single firms with considerable control over prices. Distinguishing these structures helps explain real-world phenomena like price setting, barriers to entry, and market power.

The course also emphasizes elasticity of demand, utility maximization, and cost analysis, which are critical for firm decision-making processes about pricing, output, and resource utilization. Elasticity measures how responsive demand is to price changes, influencing how firms strategize pricing policies. Utility analysis, including the concepts of marginal and total utility, informs about consumer behavior and decision-making under constraints such as budgets.

Further, the curriculum explores resource markets, emphasizing the supply and demand for inputs like labor and capital. The backward-bending labor supply curve illustrates how wages influence labor supply, balancing work incentives against leisure. Theories of discrimination, externalities, and government regulation address societal issues—highlighting the role of policies aimed at correcting market failures, promoting fairness, and protecting environmental quality.

This educational journey culminates in the understanding of how externalities and public policies influence economic outcomes, as well as the reasons behind economic disparities among nations. The course thereby prepares students to analyze and evaluate economic policies, market performances, and societal welfare through analytical tools and critical thinking skills developed during the coursework.

In summary, this principles of microeconomics course equips students with a robust understanding of the decision-making processes at individual and firm levels, the functioning of markets, and the impact of government interventions. These insights are essential not only academically but also for engaging as informed citizens and economic agents in our increasingly complex economy.

References

• Boyes, W., & Melvin, M. (2011). Microeconomics (9th ed.). Houghton Mifflin Company.
• Mankiw, N. G. (2014). Principles of Economics (7th ed.). Cengage Learning.
• Krugman, P., & Wells, R. (2018). Microeconomics (5th ed.). Worth Publishers.
• Samuelson, P. A., & Nordhaus, W. D. (2009). Economics (19th ed.). McGraw-Hill Education.
• Perloff, J. M. (2017). Microeconomics (8th ed.). Pearson.
• Pindyck, R. S., & Rubinfeld, D. L. (2013). Microeconomics (8th ed.). Pearson.
• Friedman, M. (2002). Price Theory. Transaction Publishers.
• Carlton, D. W., & Perloff, J. M. (2005). Modern Industrial Organization. Pearson.
• Pigou, A. C. (1920). The Economics of Welfare. Macmillan.
• Coase, R. H. (1960). The Problem of Social Cost. Journal of Law and Economics, 3, 1-44.