Microeconomics online class
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aswwwwsaswww.docxMicroeconomics
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, 1-877-620-6606 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. ReferencesNone.
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 1
1. Define Key Terms
2. Describe the Scientific Method
3. Describe the concept of scarcity and how it relates to economic goods, economic bads and free goods.
4. Define Key Terms.
5. Construct and describe a productions possibilities curve (PPC).
6. Calculate marginal opportunity costs
7. Describe the concept of comparative advantage as it relates to specialization.
1, 2
Threaded Discussion
Assignment
Quiz
Module 2
1. Define Key Terms.
2. Construct demand and supply Curves from demand and supply schedules.
3. Identify factors that shift demand and supply curves and the direction in which they are shifted.
4. Determine equilibrium price and quantity.
5. Determine the impacts on equilibrium due to shifts in the demand and supply curves.
3
Assignment
Quiz
Module 3
1. Define Key Terms.
2. Construct demand and supply Curves from demand and supply schedules.
3. Identify factors that shift demand and supply curves and the direction in which they are shifted.
4. Determine equilibrium price and quantity.
5. Determine the impacts on equilibrium due to shifts in the demand and supply curves.
4
Threaded Discussion
Quiz
Module 4
1. Define Key Terms.
2. Describe the general economic role of the government.
3. Describe the Public Sector of the Economy.
5
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 5
1. Define Key Terms.
2. Calculate price elasticity of demand, arc elasticity, and total revenue.
3. Describe the shapes of demand curves in terms of elasticity.
4. List determinants of price elasticity of demand.
6
Assignment
Quiz
Module 6
1. Define Key Terms in Chapter 7 and 7 A.
2. Calculate marginal and total utility.
3. Describe the substitution and income effects.
4. Describe why the demand curve slopes down.
5. Describe a budget line.
6. Describe Consumer Equillibrium.
7, 7 A
Assignment
Quiz
Module 7
1. Define Key Terms
2. Calculate and graphically display total, average, and marginal physical products.
3. Calculate Average Total Cost and Marginal Cost.
4. Describe the difference between short-run and long-run average total cost.
5. 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 8
1. Define Key Terms
2. Calculate economic profit and accounting profit.
3. Determine profit maximization using MR=MC rule.
4. Describe the four product market structures and their characteristics.
9
Assignment
Quiz
Module 9
1. Define Key Terms.
2. Illustrate the market and individual firm demand curve for perfect competition.
3. Determine output level for profit maximization for a perfectly competitive firm using MR=MC.
4. Calculate a perfectly competitive firms shutdown price and break-even price.
5. Describe the perfectly competitive firm's short-run and long-run supply curves.
10
Assignment
Quiz
Module 10
1. Define Key terms
2. Explain how a monopoly is created.
3. List barriers to entry.
4. Illustrate the shape of a monopolist's demand curve.
5. Determine profit maximization of output level for a monopolist using MR=MC.
6. Compare and contrast a monopolies with perfectly competitive firms.
11
Assignment
Quiz
Module 11
1. Define Key terms.
2. Describe where technological change comes from.
3. Describe standards wars.
13
Threaded Discussion
Quiz
Module 12
1. Define Key Terms.
2. Describe the main objectives of various anti-trust acts.
3. Calculate a Herfindahl index to measure concentration.
4. Describe economic and social regulation.
5. 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 13
1. Define Key Terms
2. Graphically illustrate resource market demand and supply.
3. Calculate elasticity of resourve demand and supply, Marginal Revenue Product (MRP), and Marginal Factor Cost (MFC).
4. Describe equillibrium in a resource market.
5. Determine how many resources are hired using MRP=MFC.
15
Threaded Discussion
Quiz
Module 14
1. Define Key Terms
2. Describe the backward-bending labor supply curve.
3. Define and give examples of compensating wage differentials.
4. Describe theories of discrimination.
5. Describe anti-discrimination laws.
16
Threaded Discussion
Quiz
Module 15
1. Define Key Terms.
2. Determine equillibrium in the capital market.
3. Calculate return on capital and return on stock.
4. Describe how values of stocks and bonds are determined.
17
Assignment
Quiz
Module 16
1. Define Key Terms
2. Define externality and give examples of positive and negative externalities.
3. Describe the Principle of mutual exclusivity.
4. Describe the government's role in environmental policy.
5. Describe the Coase Theorm.
4. List political and social reasons why some countries are poorer than others.
5. Discuss the transition from socialism to capitalism.
18
Threaded Discussion
Quiz
Exam IV (Modules 13-16, Chapters 15-18)
