Principles of Microeconomics: Course Syllabus and Study Guide

Course Overview

This course provides an introduction to microeconomics, focusing on the behavior of individual economic agents such as consumers and producers. It covers fundamental concepts including demand and supply, market equilibrium, elasticity, production and costs, market structures, factor markets, market failures, and international trade.

Key Topics and Chapter Outline

• Ch. 1: The Principles and Practice of Economics - Introduction to economic thinking, scarcity, and opportunity cost.

• Ch. 2: Economic Science: Using Data and Models to Understand the World - Economic models, data analysis, and scientific approach.

• Ch. 4: Demand, Supply, and Equilibrium - Determinants of demand and supply, market equilibrium, and price mechanisms.

• Ch. 6: Sellers and Incentives - Producer behavior, supply decisions, and incentives.

• Ch. 7: Perfect Competition and the Invisible Hand - Market efficiency and competitive markets.

• Ch. 8: Trade - International trade and comparative advantage.

• Ch. 9: Externalities and Public Goods - Market failures, externalities, and public goods.

• Ch. 10: The Government in the Economy: Taxation and Regulation - Government intervention, taxation, and regulation.

• Ch. 11: Markets for Factors of Production - Labor and capital markets.

• Ch. 12: Monopoly - Monopoly power and pricing.

• Ch. 13: Game Theory and Strategic Play - Strategic decision-making in economics.

• Ch. 14: Oligopoly and Monopolistic Competition - Imperfect competition and market structures.

Course Objectives

• Scarcity and Opportunity Cost: Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.

• Supply and Demand: Identify determinants of supply and demand; demonstrate the impact of shifts in market supply and demand curves on equilibrium price and output.

• Utility Maximization: Summarize the law of diminishing marginal utility; describe the process of utility maximization.

• Elasticity: Calculate supply and demand elasticities, identify determinants of price elasticity, and demonstrate the relationship between elasticity and total revenue.

• Production and Costs: Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.

• Market Structures: Identify the four market structures by characteristics; calculate and graph the profit-maximizing price and quantity in output markets using marginal analysis.

• Factor Markets: Determine the profit-maximizing price and quantity of resources in factor markets under perfect and imperfect competition using marginal analysis.

• Market Failure and Government: Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.

Course Schedule

Grading Breakdown

Important Microeconomics Concepts

• Scarcity: The fundamental economic problem of having limited resources to meet unlimited wants.

• Opportunity Cost: The value of the next best alternative foregone when making a decision.

• Supply and Demand: The relationship between the quantity of a good that producers wish to sell and the quantity that consumers wish to buy.

• Elasticity: A measure of how much quantity demanded or supplied responds to changes in price or other factors. Formula:

• Marginal Utility: The additional satisfaction gained from consuming one more unit of a good or service.

• Production Function: The relationship between inputs and outputs in production. Example Formula: where is output, is labor, and is capital.

• Market Structures: Includes perfect competition, monopoly, oligopoly, and monopolistic competition.

• Externalities: Costs or benefits that affect third parties not directly involved in a transaction.

• Public Goods: Goods that are non-excludable and non-rivalrous, such as national defense.

• Government Intervention: Policies such as taxation and regulation to correct market failures.

Course Logistics and Policies

• Attendance: Online attendance is based on assignment completion. Failure to submit assignments before the census date results in withdrawal.

• Communication: Use MCC email for all course-related communication. Instructor responds within 24 hours on business days.

• Late Work: Late work is not accepted unless pre-approved for rare circumstances.

• Behavioral Expectations: Respectful conduct and regular attendance are required.

Required Textbook

• Microeconomics by Acemoglu, Laibson, List (3rd Edition, Pearson)

• ISBN: 978-0-13-579861-4

Contact Information

• Instructor: Jacob Samarron, MBA, MS

• Email: jsamarron@mclennan.edu

• Office: BT 203

• Office Hours: Monday & Wednesday 10:00 AM to 11:00 AM; Online T/TH 10:00 AM – 12:30 PM

• Zoom ID: 304 587 9925 (by appointment)

Additional info: This syllabus covers all major microeconomics topics listed in the provided chapter titles and is directly relevant for exam preparation and course success.