ECON 2023 - Principles of Microeconomics

Description
This course covers concepts related to the elasticity of demand, consumer utility, production and costs in firms, and market behavior. Economic principles are used to analyze the role of unions, environmental quality, public goods and property.

Pre-Requisite
Completion of ENGL 1013 and MATH 0103, or higher-level Mathematics course (excluding MATH 1313) with a grade greater than or equal to a C, or has received an appropriate math placement score (see placement chart).

3 Credit Hour(s)

Contact Hours
45 lecture hours

3 Faculty Load Hour(s)

Semesters Offered
Fall, Spring, Summer

ACTS Equivalent
ECON2203 (ACTS) - Principles of Microeconomics

Grade Mode
A-F

Learning Outcomes
Students completing this course will:

Explain and graph relationships of quantity supplied and quantity demanded to price, non-price determinants, effects of price floors/ceilings, and consumer & producer surplus
Explain and graphically illustrate elasticity of demand and/or supply using midpoint method
Contrast effects of differing elasticity on total revenue, tax policy outcomes, labor force availability, and other consumer or producer responses.
Differentiate between explicit and implicit costs, accounting versus economic profit, fixed and variable costs, shape of various cost curves and profit maximizing level of output.
Identify four major market structures by their defining characteristics
Illustrate various ways to address externalities, and examine history of antitrust policy in U.S.
Calculate costs of production and illustrate graphically, using cost and production functions to properly illustrate the relationship of diminishing marginal productivity, marginal revenue, and marginal cost to profit maximization under four major market structures.
Apply law of comparative advantage to international trade problems, including currency exchange rate effects.

General Education Outcomes Supported
• Students gain greater awareness of cultural perspectives. • Students demonstrate informatin literacy. • Students can achieve mathematical literacy. • Students develop higher order thinking skills.

Standard Practices
Topics list

Overview of Economic Principles
Elasticity
Consumer Choice
Cost Curves
Market Structure
Regulation and Anti-Trust
Public Choice
Labor Markets
Poverty
International Trade

Learning activities

Assignments
This course requires additional work that may need to be completed out of class or in a virtual or on-campus lab.

Assessments

Exams
Homework Assignments
Presentations
Written Exam
Embedded questions assessing math and higher order thinking skills in Knewton exam(s)
Essay assignment to assess Global Perspectives and Written Communication skills

Grading guidelines

A = 90-100
B = 80-89
C = 70-79
D = 60-69
F = 59 & below