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ECO 104: Microeconomics

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:

  1. Describe consumer behavior.
  2. Describe firm behavior.
  3. Analyze different types of market structures.
  4. Explain how to apply economic concepts to a range of policy questions.
  5. Discuss and apply the workings of the supply and demand model.
  6. Utilize economic tools to analyze economic policies.

General Education Outcomes (GEOs)

Please check the applicable GEOs for this course, if any, by outcomes at GEO Category Search, or by subject area at GEO Discipline Search.

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. 8th edition. Cengage Publishing Company, 2018. ISBN-13: 9781305971493

Optional Resources

  • Sapling Learning-Sapling.com. Additional resource with understanding material.

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

  • Readings:
    • Chapters 1, 2 & 3
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 1 Quiz

2

1,3,4

Topics: The market forces of supply & demand; elasticity and its application; the theory of consumer choice

  • Readings:
    • Chapters 4, 5 & 21
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 2 Quiz

3

1,2,4,5,6

Topics: Supply, demand and government policies; Consumers, producers and the efficiency of markets; Externalities

  • Readings:
    • Chapters 6, 7 & 10
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 3 Quiz
  • Submit Week 3 Assignment - Circular Flow Diagram & Labor Market

4

2,4,6

Topics: Applying the costs of taxation; Public goods and common resources; Designing the tax system

  • Readings:
    • Chapters 8, 11 & 12
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 4 Quiz

5

2,3,5

Topics: Cost of production & Firms in competitive markets

  • Readings:
    • Chapters 13 & 14
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 5 Quiz

6

2,3,4

Topics: Monopoly & Monopolistic competition

  • Readings:
    • Chapters 15 & 16
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 6 Quiz
  • Submit Week 6 Assignment - Government Expenditures & Opportunity Cost

7

1,2,4

Topics: Oligopoly & Markets for the factors of production

  • Readings:
    • Chapters 17 & 18
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Week 7 Quiz

8

1,2,4,6

Topics: Earnings and discrimination; Income Inequality and Poverty
  • Readings:
    • Chapters 19 & 20
  • Read assigned chapters
  • Participate in the Discussions
  • Review the Lecture material
  • Complete the Final Exam
  • Complete Course Evaluation

Final Exam
Chapters: All
SLOs: All