Syllabus, Econ 2106: Principles of Microeconomics

Prerequisites: Math 1111

Catalog Description: ECON 2106 provides a systematic study of human and firm behavior within the context of the production, distribution, and consumption of goods.

Course Objective: The goal of ECON 2106 is to provide an introduction to the economic way of thinking and to the economist's view of the world. the course attempts to develop a student's ability to think analytically about the economic forces at work in society. Students learn both a specific set of analytical tools and how to apply them to current policy issues.

Method of Instruction: ECON 2106 is taught through a combination of lecture, discussion, homework, and examinations. Class interaction allows the students to discover the strengths and weaknesses of alternative policy recommendations.

Text and Other Materials Required: Economics, first edition, by Paul Krugman and Robin Wells. Website: http://bcs.worthpublishers.com/krugmanwells_econ/default.asp

This syllabus is designed as a general guide to course content. Each instructor will provide a more detailed description of assignments, requirements, and evaluation methods. Students are responsible for the information contained in the Academic Honesty policy found in On Campus.

Course Learning Outcomes

The student should be able to:

1. define the concept of Scarcity.
2. define Opportunity Costs, demonstrate how they affect economic decisions, and identify these costs in a given economic decision.
3. explain and apply the concepts of Marginal Benefits and Marginal Costs to determine optimal economic decisions for both consumers and firms.
4. describe the Benefit-Cost Principle (e.g., take an action as long as the marginal benefits are greater than the marginal costs), and should be able to apply the principle in a given economic decision.
5. accurately explain the way in which economists use the following adjectives and the relationships among them: marginal, average, total, fixed, variable, and sunk. The student should also be able to determine in a given economic decision which costs and benefits are relevant (e.g., marginal) and which are not (e.g., sunk).
6. recognize and interpret a Demand Curve and a Supply Curve, and should be able to identify the underlying determinants of each.
7. describe the concepts of Excess Demand, Excess Supply and Equilibrium Quantities and Prices, and should be able to predict changes in each as a result of changes in the underlying determinants of market demand and supply or government intervention.
8. differentiate between a Change in Demand (Supply) and a Change in the Quantity Demanded (Supplied).
9. define the general concept of Elasticity for different variables in the demand or supply function (e.g. own, cross, income, etc.), and should be able to describe the effect of a given elasticity on economic outcomes (e.g., revenues, tax burden, policy choices, etc.).
10. identify the differences between a perfectly competitive market and an imperfectly competitive market and the implications of each for economic outcomes.
    

The course outline below provides a general plan for the course; deviations may be necessary.