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1 COURSE: Principles of Microeconomics. ECON& INSTRUCTOR: Instructor: Dr. Mark Zerr Phone (360) , Office: Room 2322, 1620 Edward P. Smith Drive, Aberdeen, WA CATALOG INFORMATION ECON& Credits. Micro Economics Recommended Preparation: ECON& 202 Prerequisite: MATH 060; READ 080; or instructor permission. An introduction to microeconomics. A study of the decision-making processes of individual economic units including businesses and consumers. Basic theoretical tools are applied to problems of current interest. 5 lecture hours. Satisfies social science distribution area B requirement or specified elective for the AA degree. TEXTBOOK/RESOURCES: Text: Principles of Microeconomics. Libby Rittenberg and Timothy Tregarthen. Flatworld Knowledge ACADEMIC INTEGRITY: GHC Student Handbook Statement: Students at Grays Harbor College are expected to exhibit honesty and integrity in their academic endeavors. As members of the college community we all benefit from an open, honest education environment and therefore, we all bear a responsibility to encourage and promote academic integrity. DISABILITIES STATEMENT: GHC is committed to providing qualified students with a disability an equal opportunity to access the benefits, rights, and privileges of college services, programs and activities, in the most integrated setting appropriate to the student s needs, in compliance with the Americans with Disabilities Act, Section 504 of the Rehabilitation Act of 1973 and RCW 28B (State of Washington Laws of 1994, Chapter 105). GHC will provide reasonable accommodations/academic adjustments, including core services, to qualified students with disabilities. The purpose of this policy is to identify the rights and responsibilities of students under ADA/504 and to establish clear guidelines for seeking and receiving reasonable accommodations/academic adjustments. To receive reasonable accommodations/academic adjustments, students are responsible for requesting accommodations and documenting the nature and extent of their disability in a timely manner. Information is available in the Student Support Center in the 100 building. W DAY STATEMENT: W Day, the final day to officially withdraw from a course, is the Thursday of the eighth week (Thursday of the fifth week for summer quarter). Students who do not withdraw by that date will receive the grades they have earned, regardless of whether they are attending the course or completing the work. Students who are considering withdrawal are strongly advised to consult with the instructor, advisor and financial aid prior to withdrawing. Students must complete a Drop/Add form and turn it in to the Office of Admissions and Records to officially drop a class. The only withdrawals allowed after W Day are total withdrawals. Withdrawal from one or more classes may negatively impact

2 financial aid. Students should check with the Financial Aid Office regarding their individual situation. It is the responsibility of the student to turn in the completed drop/ add form to the Office of Admissions and Records. TEACHING/LEARNING METHODS: Methods will include lecture, readings, written homework projects as well as quizzes and exams for assessment and learning purposes delivered utilizing CANVAS instructional system. GRADING SYSTEM: Method of Evaluation: Grading will be based on the following: Weekly quizzes (25%), Mid-term Exam (25%), Homework Essay Questions (25%) and Final Exam (25%). (Note: The Canvas Grades link will be reflecting only quiz and test scores; homework credit is shown via replies to homework submits.) COURSE POLICIES: Attendance at all class sessions is expected and one point deducted from the 10 available attendance points for each roll call missed in excess of five days. Use of electronic devices not permitted without instructor permission or disabilities letter of accommodation. Extra credit work will not be available. COURSE SCHEDULE: Week 1 Economics as the Study of Making Choices of Consumption and Production Week 2 Supply and Demand Theory and Application Week 3 Efficiency Maximization and Elasticity Concept Week 4 Theory of Cost and Production in Competitive Markets Week 5 Non-competitive Markets: Monopoly and Oligopoly Week 6 Monopolistic Competition Week 7 Interest Rates and Capital Markets Week 8 Public Finance and Public Choice Week 9 Anti-trust and Business Regulation Week 10 Economics of the Environment, Inequality and Poverty COURSE OBJECTIVES/CONTENT: Topics include:

3 Course Content: Defining Economics : The Field of Economics : The Economists Tool Kit Demand and Supply : Demand : Supply : Demand, Supply, and Equilibrium Applications of Demand and Supply Putting Demand and Supply to Work Government Intervention in Market Prices: Price Floors and Price Ceilings The Market for Health-Care Services Elasticity: A Measure of Response The Price Elasticity of Demand Responsiveness of Demand to Other Factors : Price Elasticity of Supply Markets, Maximizers, and Efficiency The Logic of Maximizing Behavior : Maximizing in the Marketplace : Market Failure The Analysis of Consumer Choice The Concept of Utility Utility Maximization and Demand Indifference Curve Analysis: An Alternative Approach Consumer Choice Production and Cost

4 Production Choices and Costs: The Short Run Production Choices and Costs: The Long Run Competitive Markets for Goods and Services Perfect Competition: A Model : Output Determination in the Short Run : Perfect Competition in the Long Run Monopoly The Nature of Monopoly :The Monopoly Model :Assessing Monopoly The World of Imperfect Competition Monopolistic Competition: Competition Among Many Oligopoly: Competition Among the Few : Extensions of Imperfect Competition: Advertising and Price Discrimination Wages and Employment in Perfect Competition The Demand for Labor : The Supply of Labor Labor Markets at Work Interest Rates and the Markets for Capital and Natural Resources Time and Interest Rates Interest Rates and Capital Natural Resources and Conservation Imperfectly Competitive Markets for Factors of Production : Price-Setting Buyers: The Case of Monopsony Monopsony and the Minimum Wage

5 Price Setters on the Supply Side Antitrust Policy and Business Regulation Antitrust Laws and Their Interpretation : Antitrust and Competitiveness in a Global Economy : Regulation: Protecting People from the Market The Economics of the Environment : Maximizing the Net Benefits of Pollution : Alternatives in Pollution Control LEARNING OUTCOMES: Define the concept of scarcity. Recognize and interpret a demand curve, supply curve, and identify the underlying determinants of each. Define and identify with graphs, the relationships of supply and demand in a market Differentiate between a change in demand (also supply) and a change in the quantity demanded also (supplied) and the market effects on price and quantity Define opportunity costs and demonstrate how they affect economic decisions in a given situations Explain and apply the concepts of marginal benefits and marginal costs to determine optimal economic decisions for both consumers and firms. Describe the benefit-cost principle and apply the principle in a given economic decision. Explain the way in which economists use the following concepts and the relationships among them: marginal, average, total, fixed, variable, and sunk. Describe the concepts of excess demand, excess supply and equilibrium quantities and prices, Define and predict shortages and surpluses as a result of changes in the underlying determinants of market demand or supply as well as government intervention.

6 Define the general concept of elasticity for different variables in the demand or supply function Identify the differences between a perfectly competitive market and an imperfectly competitive market and the implications of each for economic outcomes. Define and identify The short run theory of production Explain The law of diminishing marginal utility Explain consumer behavior using marginal utility theory Explain consumer equilibrium Describe price elasticity of demand, cross elasticity of demand, income elasticity of demand Define and identify the concepts of productive and allocative efficiencies Explain the production function concept Describe perfect competition, monopoly, oligopoly and monopolistic competition Describe short run and long run equilibrium under perfect competition Describe short run and long run equilibrium under monopoly Describe short run and long run equilibrium under monopolistic competition Describe short run and long run equilibrium under oligopoly

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