Midlands
Technical College
Social & Behavioral Sciences
COURSE TITLE: Principles of Microeconomics TELEPHONE: 738-7755 (W)
776-3739(H)
E-mail: HINESB@MIDLANDSTECH.EDU
PREREQUISITES: ECO 210 CLASSROOM: WM 453
CLASS HOURS: TR – 9:35-11:00 A.M. . OFFICE: WM 407
12:45-2:10 P.M.
OFFICE HOURS:
TEXT: Microeconomics, McConnell & Brue, 17th Ed., McGraw-Hill, 2008
COURSE DESCRIPTION: This course includes the study of the behavior of households and firms,
including demand and supply, elasticity, theories of consumer behavior, profit maximizing behavior of business firms in different market structures, taxation including efficiency effects of specific taxes, analysis of market failure, the operation of factor markets including theories of wage determination, and analysis of markets for agricultural products and healthcare.
COURSE OBJECTIVES: Upon successful completion of this course, each student will be able to:
a. Explain the role of price as the principal allocator of resources in a market style
economy.
b. Demonstrate an understanding of the concept of elasticity as a measure of the
responsiveness of producers and consumers to changes in price and income.
c. Explain the concept of marginal utility and in analyzing the maximizing behavior of self-interested consumers.
d. Explain the determinants of the typical business firm’s production costs and their role
in making profit-maximizing price and output decisions.
monopoly, oligopoly, and monopolistic competition.
ECO 211 Page
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g. Explain the concept of market failure and the role of government in compensating for the
resulting efficiency losses.
h. Explain the unique character of the market for agricultural products, problems that have resulted in government intervention, outcomes of that intervention, and recent major changes in farm policy.
i. Explain the economics of taxation.
U.S., major health care issues, and proposed reforms.
ATTENDANCE: Students are required by department policy to attend at least 85% of scheduled class meetings. Therefore, the maximum number of allowable absences for this class is four(4). There is no such thing as an excused absence. A student who exceeds the allowable number of absences will be withdrawn and assigned a grade of “W” or “WF” according to college policy. Students who are not present when the roll is called, or leave class early, will be considered absent for purposes of the attendance policy. Students are responsible for all material covered or announcements made during any period of absence.
GRADE SCALE:
A = 90-100
B = 80-89
C = 70-79
D = 60-69
F = Below 60
GRADE COMPUTATION: Each student’s final grade will be determined by the average of four(4) unit tests. Each test will count as 25% of the final grade. Students are required to be present for all tests. No student is entitled to a makeup test. Makeup tests will be provided only in those exceptional cases where the student provides clear and convincing evidence of a serious illness or emergency, which absolutely precludes attendance. The burden of proof rests with the student and the final decision is within the sole discretion of the instructor.
STUDENTS WITH DISABILITIES: If special accommodations are needed for any student with a disability, the student should contact the Disabilities Resource Center for assistance. Documentation regarding a specific disability is required. Confidentiality of all information will be maintained.
Important Dates:
May 5-11 - Final
Exams
COURSE CONTENT: The following schedule is provided to assist students in planning course workload. It is tentative and subject to announced change at the discretion of the instructor.
WEEK ASSIGNED READING TOPIC
1 Chapter 3 Review of Demand and Supply
2 Chapter 6 Elasticity and Government-Set Prices
3 Chapter 7 Consumer Behavior
4 Test # 1
Chapter 8 The Costs of Production
5 Chapter 8 (continued)
6 Chapter 9 Pure Competition
7 Test #2
Chapter 10 Monopoly
8 Chapter 11 Monopolistic Competition and Oligopoly
9 Chapter 17 (pp. 336-343) The Economics of Taxation
Chapter 19 Agriculture: Economics and Policy
10 Test #3
11 Chapter 13 The Demand for Resources
12 Chapter 14 Wage Determination
13 Chapter 21 Economics of Healthcare
14 Chapter 24 International Trade
Test # 4