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Econ 1 Principles of Microeconomics

Fall 2022 Online

Course Description:

This course introduces the concepts and tools of microeconomic analysis. It investigates the problems that result from scarcity and how individuals and groups make decisions, given scarcity. The primary areas of focus are: markets and prices, marginal analysis, the decision-making processes of individuals and firms, industrial organization and resource markets. These principles can be used to analyze such things as government economic policies, environmental issues, the distribution of income, anti-trust policy, and international trade.

Student Learning Outcomes

SLO 1) Define and explain the fundamental economic problem of scarcity and its consequences - choice, cost, and economizing.

SLO 2) Use a production possibilities diagram to show and explain the concepts of limits, choice, cost, efficiency, and economic growth

SLO 3) Construct a supply and demand model and use it to explain how prices are determined in markets.

Learning Objectives

Upon completion of this course, the student will be able to:

1. Define and explain the fundamental economic problem of scarcity and its consequences - choice, cost, and economizing.

2. Use a production possibilities diagram to show and explain the concepts of limits, choice, cost, efficiency, and economic growth.

3. Construct a supply and demand model and use it to explain how prices are determined in markets.

4. Employ supply and demand diagrams to evaluate the consequences of legally imposed prices (ceiling and floor prices).

5. Calculate the elasticity coefficient for supply or demand in a market and interpret the result.

6. Differentiate the alternative definitions of profit, implicit and explicit costs; and use them to calculate profit given the appropriate data.

7. Apply the law of diminishing returns to show, calculate, and explain costs in the short run.

8. Define, explain and evaluate the different market structures.

9. Determine a firm's profit maximizing (or loss minimizing) quantity and the price given cost and revenue data, for each of the market types.

10. Critically evaluate the efficiency differences between purely competitive industries and monopolies.

11. Assess and interpret the market factors that determine the prices and quantities in resource markets.

Required Textbooks:

Alex Tabarrok and Tyler Cowen, Modern Principles: Microeconomics, 5th edition., Worth Publishers, (with Achieve)

Free Supplementary Videos:

At www.mruniversity.com, students can find free instructional videos to supplement course content.

Prerequisite: Math 353

Honor Code: Please observe a policy of academic integrity. Cheating and Plagiarism will not be tolerated. If such action is observed, the dean will be notified immediately.

Attendance:

It is the student’s responsibility to drop themselves from the course. Instructor also reserves the right to drop students who don’t register for Achieve and complete the first week’s assignments by the due date.

Grading Policy: Your final grade will be a function of the following categories:

Exam 1- 12.5%

Exam 2- 12.5%

Exam 3- 12.5%

Exam 4- 12.5%

Homework- 50%

Standard Grade Scale Applies A~ 90%-100%

B~ 80%- 89.99%

C~ 70% -79.99%

D~ 60%-69.99%

F~ Below 60%

Achieve: Students are required to purchase the online software platform Achieve. They must register their Achieve code through the Canvas portal associated with our course. Students can acquire Achieve in one of two ways. The first way is to purchase the textbook from the student bookstore which includes an access code to Achieve. Alternatively, students can purchase Achieve through the Achieve link on Canvas.

Achieve Registration Instructions: https://www.youtube.com/watch?v=nyInY7J5wSQ&t=2s&ab_channel=MacmillanLearning

Homework: Weekly homework will be found on Canvas. Achieve is fully integrated with Canvas which means that all your assignments can be accessed through Canvas. There are 3 kinds of graded assignments: Chapter Homework, Learning Curves, and EconoFacts. These types of assignments all have a due date attached to them which signifies that they will count towards your grade. Each assignment is weighted the same. I will drop your 5 lowest assignments throughout the semester. Because of this policy I will not adjust homework scores on a case by case basis. Read the assigned chapters and watch the lectures prior to attempting the week’s homework. All HW will be due Sunday night at 11:59 PM. No late HW is accepted

Optional Recommended Assignments: I will also post many optional assignments on Canvas for you over-achievers (pun intended). These assignments (videos, practice quizzes, end of chapter questions) do not count towards your grade but they are great preparation for the exams. There is no due date for these assignments.

Exams: Four exams will be administered throughout the semester. Exams will be administered on Canvas through Proctorio. Students will need to use Google Chrome for exams and download the Proctorio Chrome extension. Proctorio is a remote proctoring software that uses student webcams to monitor test-taking activity. Access to a computer with webcam is required in this course. See course outline below for exam dates to make sure you can attend the exam dates. There are no makeup exams without prior documentation of a schedule conflict or medical excuse. It is at the instructor’s discretion to grant a makeup exam. Missed exams will result in a 0 score.

Communication: The best way to reach me is via email and office hours, provided at the top of the syllabus. I check my email frequently so generally I will be able to respond promptly. Please contact me with questions or concerns about the course.

Accommodations: Irvine Valley College makes reasonable accommodations for qualified students with documented disabilities. If you have a disability that qualifies under the Americans with Disabilities Act (ADA), impacts your work for this class, and necessitates accommodations, you should contact Disabled Students Programs and Services (DSPS) at 949-451-5630 or Student Services Center SC 171 for information on appropriate policies and procedures. Disabilities covered by ADA may include learning, psychiatric, physical disabilities, or chronic health disorders, among others. Students can contact DSPS if they are uncertain whether a medical condition/disability qualifies, or if they feel they may have a learning disability.