Course Description
This course will focus on the fundamentals of microeconomics. It introduces basic microeconomic concepts and analysis, the interaction of supply and demand, theories of the firm and individual behavior, opportunity costs, positive and normative economics, tradeoffs, comparative advantage, marginal analysis, efficiency & equity, and market failure. The course emphasizes the invisible hand and price system, as well as the importance of incentives and resource allocations. (3 credits)
Prerequisite
- None
Student Learning Outcomes (SLOs)
Students who successfully complete this course will be able to:
- Describe consumer behavior.
- Describe firm behavior.
- Analyze different types of market structures.
- Explain how to apply economic concepts to a range of policy questions.
- Discuss and apply the workings of the supply and demand model.
- Utilize economic tools to analyze economic policies.
Course Activities and Grading
| Assignments | Weight |
|---|---|
Discussions (Weeks 1-8) | 32% |
Quizzes (Weeks 1-7) | 20% |
Homework Assignments (Weeks 3 & 6) | 20% |
Final Exam (Week 8) | 28% |
Total | 100% |
Required Textbooks
Available through Charter Oak's online bookstore
- Mankiw, N. Gregory. Principles of Microeconomics. 10th edition. Cengage Publishing Company, 2024. ISBN-13: 978-0-357-72286-2
Course Schedule
Week | SLOs | Readings and Exercises | Assignments |
1 | 1,2,3,6 | Topics: Ten principles of economics; thinking like an economist; Interdependence & the gains from trade
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2 | 1,3,4 | Topics: The market forces of supply & demand; elasticity and its application; the theory of consumer choice
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3 | 1,2,4,5,6 | Topics: Supply, demand and government policies; Consumers, producers and the efficiency of markets; Externalities
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4 | 2,4,6 | Topics: Applying the costs of taxation; Public goods and common resources; Designing the tax system
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5 | 2,3,5 | Topics: Cost of production & Firms in competitive markets
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6 | 2,3,4 | Topics: Monopoly & Monopolistic competition
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7 | 1,2,4 | Topics: Oligopoly & Markets for the factors of production
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8 | 1,2,4,6 | Topics: Earnings and discrimination; Income Inequality and Poverty
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Final Exam | |||
COSC Accessibility Statement
Charter Oak State College encourages students with disabilities, including non-visible disabilities such as chronic diseases, learning disabilities, head injury, attention deficit/hyperactive disorder, or psychiatric disabilities, to discuss appropriate accommodations with the Office of Accessibility Services at OAS@charteroak.edu.
COSC Policies, Course Policies, Academic Support Services and Resources
Students are responsible for knowing all Charter Oak State College (COSC) institutional policies, course-specific policies, procedures, and available academic support services and resources. Please see COSC Policies for COSC institutional policies, and see also specific policies related to this course. See COSC Resources for information regarding available academic support services and resources.