COURSE OUTLINE SCHOOL: DEPARTMENT: School of Business Economics PROGRAM (if applicable): COURSE TITLE: Principles of Microeconomics COURSE CODE: ECON 104 TOTAL COURSE HOURS: 45 PRE-REQUISITES/CO-REQUISITES: COURSE ELIGIBILITY FOR PRIOR LEARNING ASSESSMENT AND RECOGNITION (PLAR): None Yes ORIGINATED BY: Aurelia Best, Ph.D. DATE: June, 2008 APPROVED BY: Chair/Dean It is the responsibility of students to retain all course outlines for the purpose of applying for transfer of credit to other educational institutions. A fee may be charged for further copies. 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 1
Course Description: This course introduces the student to the principles of microeconomics. The course will examine the behaviour of individual consumers and business firms as they try to deal with the fundamental economic problem of scarcity. The course examines some of the big ideas that recur throughout economics such as opportunity cost, marginal decision-making, the role of incentives, and the efficiency of market allocations. The course examines how prices are established by supply and demand conditions in the various types of market structures, and why it is sometimes necessary for government to become involved in the market. Course Learning Outcomes: Upon successful completion of this course, the student will have demonstrated the ability to: 1. Define the nature of the economic problem. 2. Describe and illustrate basic economic concepts of scarcity, choice and opportunity cost. 3. Describe, illustrate and apply market principles of demand and supply. 4. Identify the major factors affecting demand for and supply of commodities. 5. Explain, measure and apply the concept of elasticity of demand for and supply of a product. 6. Describe various aspects of consumer.demand: including consumer surplus and price discrimination. 7. Explain the factors that affect the production of an individual firm, and the relationship between a firm s productivity and its costs. 8. Describe the behaviour of the profit maximising firm under various types of market structures: pure competition, monopoly, oligopoly, and monopolistic competition. 9. Explain and apply the model of competitive wage determination. 10. Analyze market failure and evaluate the role of government in the market. 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 2
Essential Employability Skills: This course supports the students ability to: communicate clearly, concisely and correctly in the written, spoken, and visual form that fulfills the purpose and meets the needs of the audience. respond to written, spoken, or visual messages in a manner that ensures effective communication. execute mathematical operations accurately. apply a systematic approach to solve problems. use a variety of thinking skills to anticipate and solve problems. locate, select, organize, and document information using appropriate technology and information systems. analyze, evaluate, and apply relevant information from a variety of sources.. interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals. manage the use of time and other resources to complete projects. Prior Learning Assessment And Recognition Process(es): This course is eligible for prior learning assessment: The challenge process is as follows: 1. Challenge Examination. Policies: Statement of Accommodation: All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. It is College Policy to provide accommodation based on grounds defined in the Ontario Human Rights Code. Accommodation may include changes or modifications to standard practices. Students requiring accommodation based on Human Rights grounds should talk with their teacher(s) as soon as possible. Details are available at the Information Centre at each campus. Faculty Consultation: 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 3
Teachers are available to see students outside of class time and students can contact teachers via voice mail, email or through their department office. Information regarding how to contact teachers will be provided at the beginning of the course and is also available in the department office. Other Policies: Students should be familiar with the College Policy on Dispute Resolution which covers students rights, responsibilities and the Academic Appeal process. For further information consult the Academic Matters Section in the full-and continuing education calendars. The Academic Appeal Application form is available from any Registrar s Office Human Rights: It is the policy of the College that all programs will strive for a learning, teaching and work environment that promotes inclusion, understanding and respect for all students and employees, consistent with the Ontario Human Rights Code and the College's Dispute Resolution Policy and Procedures. Course Policies: A student who misses a test or fails to submit an assignment on the due date will receive a grade of U on that portion of the course. The instructor may administer additional evaluations to ensure that the final course grade fully reflects the student s achievement. The policy relating to academic dishonesty as outlined in the students rights and responsibilities code of conduct and procedures will be fully enforced. Probationary Policy: A revised Probationary Policy is currently near completion. Please contact your academic department for details. Evaluation and Grading System: MyEconLab 10% Class Assignments 10% Group Project 10% Midterm Examination 30% Final Examination 40% Total 100% Attendance Students are strongly encouraged to attend all classes. For test purposes, students are responsible for all information taught, discussed and assigned in class. 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 4
Use of Dictionaries Students are permitted to sue a bilingual paper dictionary during tests and exams. The invigilator reserves the right to examine the dictionary for any supplementary notations. FINAL EXAMINATION POLICIES Students are obliged to produce official photo identification at any time during the semester when requested to do so by any professor. The official piece for full-time students is the Centennial Student Card. Continuing Education students do not have Centennial Student Cards, and so may use other forms of photo identification, such as a driver s license. Students must put their official photo-id cards (or other photo ID, in the case of CE students) in full view when writing a test or examination, whether in the classroom or in the gym. Full-time students who do not have official photo-id will be permitted to write the examination with a substitute photo-id but they will be required to produce a photo-id within 24 hours or examination results will be void. Text And Other Instructional/ Learning Materials: Microeconomics with MyEconLab (in-class edition) Author: Elijah James Pearson Prentice Hall ISBN 978-0-13-206678-5 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 5
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 1 The Subject Matter of Economics Chapter 1 Explain the subject matter of economics Define and classify resources and incomes paid to resources Explain the scientific method Differentiate between different variables Differentiate between microeconomics and macroeconomics 2 Useful Mathematical Tools Chapter 2 Use functional notation to express relationships among variables Differentiate between a dependent and an independent variable Use a graph to show a relationship among variables Define and calculate the slope of linear and non-linear curves 3 The Economic Problem: Scarcity and Choice Chapter 3 Calculate the percentage change in variables Explain the relationship between scarcity, choice and opportunity cost Explain the importance of opportunity cost in decisionmaking Explain and apply the concept of the production possibilities curve Explain the circular flow model Explain the fundamental economic problem COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) MyEconLab 1 MyEconLab 2 Assignment 1 MyEconLab 3 Assignment 2 GROUP PROJECT WILL BE ASSIGNED 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 6
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 4 Demand, Supply and Prices: Basic Concepts Chapter 4 Differentiate between demand and quantity demanded Differentiate between supply and quantity supplied Identify the factors affecting demand Identify the factors affecting supply Explain market price determination and the effects of changes in demand and supply 5 Elasticity Chapter 5 Understand, measure and apply the concept of elasticity of demand Identify the factors that affect elasticity of demand Understand, measure and apply the concept of cross price elasticity and income elasticity Identify the determinants of price elasticity of supply Analyze the uses of the elasticity concept 6 Application of Demand and Supply Analysis Chapter 6 Explain consumer surplus and producer surplus Distinguish between price floors and price ceilings Explain the effects of price ceilings and price floors Analyze the effects of production quotas Analyze the effects of excise taxes Case study Case Study COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) MyEconLab 4 Assignment 3 MyEconLab 5 Assignment 4 MODULE ONE OF PROJECT IS DUE AND MUST BE GIVEN TO THE INSTRUCTOR IN CLASS MyEconLab 6 Assignment 5 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 7
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 7 MIDTERM EXAMINATION 8 The Theory of Production The Costs of Production Chapter 8 Chapter 9 Lists the objectives of the firm Explain short run and long run production costs Describe the production function Describe and calculate the relationships total, marginal, and average product Explain the law of diminishing returns Explain the least-cost combination of inputs Differentiate between explicit and implicit costs Analyze costs in the short run Describe the relationship between marginal cost and marginal product, and between average variable cost and average product Analyze costs in the long run Explain returns to scale and 9 The Firm: Organization and Finance Chapter 10 economies of scope Describe various forms of business organization State the advantages and disadvantages of each form of business organization Explain the use of organization charts Describe business financing Case Study Movie: The Corporation COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) MyEconLab 8 MyEconLab 9 Assignment 6 MyEconLab 10 Assignment 7 MODULE TWO OF PROJECT IS DUE AND MUST BE GIVEN TO THE INSTRUCTOR IN CLASS 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 8
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 10 The Firm in Pure Competition Chapter 11 Describe the four market structures Analyze output decisions in a purely competitive firm Analyze the importance of a purely competitive model Analyze long-run industry adjustments in pure competition 11 The Theory of Monopoly Chapter 12 Explain the reasons for the existence of monopoly Describe the demand and marginal revenue for a firm in monopoly Describe the profit level of a monopolist Compare and contrast monopoly and pure competition Analyze monopoly regulation and price discrimination Analyze the effects of taxes on monopoly 12 Monopolistic Competition and Oligopoly Chapter 13 Describe the demand and marginal revenue of the firm in monopolistic competition Describe equilibrium in monopolistic competition Analyze the effects of advertising Explain oligopolistic pricing and output Analyze cartels and other forms of collusion Describe the concept of Case Study Case Study COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) MyEconLab 11 Assignment 8 MyEconLab 12 Assignment 9 MyEconLab 13 Assignment 10 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 9
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED 13 The Market for Resources Income Distribution and Poverty 14 The Economics of Environmental Protection REVIEW contestable markets Chapter 14 Explain and use the model of competitive wage determination Explain the collective bargaining Chapter 15 process Analyze the effects of labour unions in the labour market Explain the model of rent determination distinguish between rent an transfer earnings Explain how interest rates are determined Describe the economic role of profits List the criteria for income distribution Explain how inequality can be measured Describe income distribution in Canada List the reasons for income differentials Analyze various methods used to alleviate poverty Chapter 17 Describe the main sources of market failure Explain the nature of economic externalities Describe the concept of public good. Evaluate the role of government in the light of market failure Describe the concept of openaccess and the common-pool Case Study Case Study COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) MyEconLab 14 MyEconLab 15 Assignment 11 COMPLETED GROUP PROJECT IS DUE AND MUST BE GIVEN TO THE PROFESSOR IN CLASS. MyEconLab 17 Assignment 12 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 10
WEEK TOPIC/CONTENT READINGS LEARNING OUTCOMES INSTRUCTIONAL STRATEGIES USED problem Apply economic analysis to the problem of pollution Explain the Kyoto Protocol 15 FINAL EXAMINATION COURSE EVALUATIONS (TESTS & ASSIGNMENTS USED) 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 11
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POLICY STATEMENTS College Policies The following statements are selected from Centennial College policies approved by the Board of Governors. Student Responsibilities Students are expected to know the contents of the course outline and to discuss with the professor any areas where clarification is required. Students should keep all course outlines for each course taken at Centennial College. These may be used to apply for transfer of credit to other educational institutions. A fee may be charged for additional or replacement copies. Other Policies Students should familiarize themselves with all College Policies that cover students rights, responsibilities, and the Academic Appeal process. For further information, consult the Academic Matters Section in the full-time and continuing education calendars. The Academic Appeal Application form is available from any Enrolment Services (Registrar) Office. Proof of Student Status Students are obliged to produce official photo identification at any time during the semester when requested to do so by any professor. (The official piece is the Centennial Student Card.) Continuing Education students do not have Centennial Student Cards, and so they may use other forms of photo identification, such as a driver s license, health card, or other government-issued photo identification. Final Examinations When writing a test or examination, students must put their official photo-id cards in full view, for review by the invigilator. Students who do not have official photo-id will be permitted to write the examination with a substitute photo- ID, but they will be required to produce photo-id at the program or department office within 24 hours or the next business day following the examination, or else the examination results will be void. Faculty Consultation Professors are available to see students outside of class time. Students can contact professors via voice mail, email, or through their program or department office. Information regarding how to contact teachers will be provided at the beginning of the course and is also available in the program or department office. Human Rights Statement It is the policy of the College that all programs will strive for a learning, teaching, and working environment that promotes inclusion, understanding and respect for all students and employees, consistent with the Ontario Human Rights Code and the Centennial College's Statement of Diversity. Probationary Policy Please contact your academic department for details 27/08/08 THIS COURSE ADHERES TO ALL COLLEGE POLICIES (See College Calendar) Page No. 13
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