Microeconomics

Syllabus

Required Text

Gwartney, Stroup, Sobel, and Macpherson (2013). Microeconomics BA 201. 15th edition.
Mason, OH: South-Western/Cengage

ISBN 9781337036115

Course Description
This course provides the undergraduate student with an introduction to microeconomics. It
provides the student with a sound foundation in economic thinking that is central to business.
Topics that are covered include supply and demand, opportunity costs, elasticities, utility theory,
the economic concept of the firm, the relationship between costs and capital in the short-run and
in the long-run, competition, monopoly, anti-trust laws, and public and private
goods. Prerequisite: None.

Course Objectives
Following successful completion of this course, you will be able to:
Describe the field of economics and its core assumptions
List the eight guideposts of economic thinking
Describe the variables that influence supply and demand
Illustrate and explain market equilibrium
Demonstrate how shocks move the market to new equilibria
Describe when and how government intervention can improve economic outcomes and
efficiency
Explain how the apply economic analysis to collective decision-making
Explain how consumer choice contributes to demand
Explain the concept of elasticity and its effect on consumers and producers
Describe how businesses are organized and incentives they face
Explain the economic role of costs in both the short and long run
Explain the market setting for price making firms
Describe the differences between firms with low and high barriers to entry
Understand and describe the market for productive resources
Explain the relationship between productivity and earnings
Explain how gains from trade benefit society as a whole
Explain why trade restrictions lead to economic inefficiency
Tentative Schedule
Review Readings
Review Lecture 1 "Economics Introduction"
Review Lecture 2 "Two Main Economic Systems"
Week 1
Review Video Lecture 3 "The Economic Approach"
Complete Discussion "Introduction"
Complete Assignment "Taxes"
Review Readings
Review Lecture 1 "Supply and Demand"
Review Lecture 2 "Equilibrium"
Week 2
Review Video Lecture 3 "The Market Process"
Complete Discussion "Price Floor & Price Ceiling"
Complete Assignment "Products"
Review Readings
Review Lecture 1 "What Role Does Government Play"
Review Lecture 2 "Market Failure"
Week 3
Review Video Lecture 3 "The Role of Government"
Complete Discussion "Market Failure and Government Failure"
Complete Assignment "Recessions"
Review Readings
Review Lecture 1 "Utility"
Review Lecture 2 "Price Elasticity"
Week 4 Review Video Lecture 3 "Consumer Choice"
Complete Discussion "Substitutes"
Complete Assignment "Marginality"
Complete Midterm
Review Readings
Review Lecture 1 "Costs"
Review Lecture 2 "Competitive Markets"
Week 5
Review Video Lecture 3 "Cost and Supply"
Complete Discussion "Explicit Cost and Implicit Cost"
Complete Assignment "Total Cost"
Review Readings
Review Lecture 1 "Four Market Structures"
Review Lecture 2 "Price Takers and Searchers"
Week 6
Review Video Lecture 3 "Price Searcher Markets"
Complete Discussion "Market-Pricing Power"
Complete Assignment "Market Demand"
Review Readings
Review Lecture 1 "Circular Flow of Economic Activity"
Review Lecture 2 "Competitive Markets"
Week 7
Review Video Lecture 3 "Cost and Supply"
Complete Discussion "Explicit Cost and Implicit Cost"
Complete Assignment "Total Cost"
Week 8 Review Readings
Review Lecture 1 "Circular Flow of Economic Activity"
 Review Lecture 2 "Competitive Markets"
Review Video Lecture 3 "Cost and Supply"
Complete Discussion "Explicit Cost and Implicit Cost"
Complete Assignment "Total Cost"
Complete Final

Expected Student Workload

The following table outlines the academic effort required to be successful in this course. While
the times in the table are approximate, it is presented to help you with your time management.
Please note, depending on your background knowledge and experience of the course subject
and your academic capabilities, these times will vary. If you have any questions or concerns,
please direct them to your instructor or student advisor.

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.8
Online Discussions 3.0
Assignments 0.0
1 Readings 2.4
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.9
Online Discussions 3.0
Assignments 0.0
2 Readings 2.2
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
 Readings/Lectures
0.6
Online
Discussions 3.0
Assignments 0.0
3
Readings 2.1
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.7
Online Discussions 3.0
Assignments 2.0
4 Readings 1.1
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.8
Online Discussions 3.0
Assignments 0.0
5 Readings 2.4
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
6 Online Readings/Lectures 0.7
Discussions 3.0
 Assignments
0.0
Readings 2.8
Discussions 2.0
Preparation
Assignments 3.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.7
Online Discussions 3.0
Assignments 0.0
7 Readings 2.5
Discussions 2.0
Preparation
Assignments 3.0
Clinical/Lab Hours 0.0

Estimated Hours
Week Type of Activity Activity
Required
Readings/Lectures 0.9
Online Discussions 3.0
Assignments 2.0
8 Readings 2.1
Discussions 2.0
Preparation
Assignments 6.0
Clinical/Lab Hours 0.0

** The numbers listed in the chart above are rounded to the nearest whole

Grading Policy
Assignment Percentage
Discussions 40%
Assignments 40%
Midterm 10%
Final Project 10%