MICRO-ECONOMICS (ECO 2023)
PRE-REQUISITE: ECO 2013 (MACRO-ECONOMICS)
INSTRUCTOR: HERM BAINE
TERM III SESSION 1I – May 12 – June 24, 2009
MON-TUES-WED-THUR
TEXTBOOK: ECONOMICS: 14th Edition, Roger Leroy Miller, Pearson Education
(Addison-Wesley Series)
PREREQUISITE: See Professor
NOTE: A Study Guide is included with the new book.
COURSE DESCRIPTION: An introductory course stressing microeconomic theories. Topics studied include the theory and application of supply and demand elasticity; theory of consumer demand, utility; production and cost theory including law of diminishing returns; the firm’s profit-maximizing behaviors under market models ranging from pure competition to pure monopoly; the theory of income distribution; comparative advantage, trade policies, exchange rates, balance of payments, and other international issues.
COURSE OUTCOMES:
Upon successful completion of this course, students should be able to critically comprehend and evaluate the behavior and interrelationship of individual decision-making units(households, firms and government)..
1.0 The students should be able to critically comprehend and understand the fundamentals of economic analysis, as well as the role and functions of government in a modern mixed economy.
2.0 The students should be able to calculating elasticity and apply the concept in various supply and demand situations.
3.0 The students should be able to apply the analytical basis of consumer behavior in using goods and services.
4.0 The students should be able to determine the theoretical optimum behavior of the firm as it seeks to maximize total profit in the various market models ranging across the competitive spectrum, from pure competition to pure monopoly.
5.0 Students should be able to write clearly and coherently in describing base production theory, the marginal productivity theory of income distribution, and the relationship of the latter to theories of rent, wages, interest, and profit.
6.0 The students should be able to describe the theories and problems of international trade, in developed and developing economies as well as the history and present status of the international payment system.
7.0 The student shall submit for all units that require research, analysis and evaluation, comparison and differentiation among concepts, their written work in college-level, text format that adheres to fundamental spelling, grammar, and syntax, as taught in standard English courses.
COURSE OUTLINE:
Assignments:
| Week | Date | Topic |
| 1 | May 12 | Orientation Introduction to Microeconomics Course |
| May 13 | Ch. 21Demand and Supply Elasticity | |
| May 14 | Ch. 20 Consumer Choice | |
| 2 | May 18 | Ch. 22 Rents, Profits and the Financial Environment of Business |
| May 19 | Ch. 23 The Firms: Cost and Output Determination | |
| May 20 | EXAM 1 (21,20,22,23) | |
| 2/3 | May 21-26 | Ch. 24 Perfect Competition |
| May 25 | Holiday | |
| May 27 | Ch. 25 Monopoly | |
| May 28 | Ch. 26 Monopolistic Competition | |
| 4 | Jun 1 | Ch. 27 Oligopoly and Strategic Behavior |
| Jun 2 | EXAM 2 (24,25,26,27) | |
| Jun 3 | Ch. 28 Regulation and Antitrust Policy in a Global Economy | |
| Jun 4 | Ch. 29 The Labor Market: Demand, Supply and Outsourcing | |
| 5 | Jun 8 | Ch. 30 Unions Labor Market Monopoly Power |
| Jun 9 | EXAM 3(28,29,30) | |
| Jun 10 | Ch.31 Income, Poverty and Health Care | |
| Jun 11 | Ch. 32 Environmental Economics | |
| 6 | Jun 15 | EXAM 4 (31,32) |
| Jun 16 | Hand-Outs – Technology, Research & Development and Efficiency | |
| Jun 17 -18 | Ch. 9 Global Economic Growth and Development | |
| Jun 22 | Ch. 33 Comparative Advantage and Open Economy | |
| Jun 23 | Ch. 34 Exchange Rates and the Balance of Payments | |
| 7 | Jun 24 | FINAL EXAM (9,33,34) |
SPECIAL ASSIGNMENTS:
Will come from the Wall Street Journal, Business Week, Fortune and Internet. Other business newspapers and magazines may be used.
REQUIRED ASSIGNMENTS:
Will come from the textbook and outside business or economic sources.
ATTENDANCE POLICY:
All students will attend class except for illness or emergencies. If you should miss more than three classes, please contact your instructor. All students are expected to be in class on time.
Instructor will report student non-attendance. If you stop attending class prior to withdrawal date, you will be administratively withdrawn from class and receive a W or, if it is your third attempt, an F.
If you stop attending class after the withdrawal date, you will receive a WF that will then be computed as an F in your GPA. To avoid this situation, you should remain an active learner in this class and always communicate extenuating circumstances to me. Ongoing communication with the instructor is critical to your course success.
MAKE-UP TESTS:
Only one make-up test is permitted. Check with your instructor for available time for make-up test.
FINAL GRADE:
There will be five tests of equal value. Extra assignments, attendance and recitation will also be considered.
GRADING SCALE:
A 100 – 90
B 89 – 80
C 79 – 70
D 69 – 60
F 59 – 0
OFFICE HOURS: 12:20 -1:20 p.m. MTWH
If you should need to contact me, my office is in Building 9/154, phone is (954) 201-6548 or Email: HBaine@broward.edu. If more time is required to take the exam, let the professor know in advance, so a time may be set up for you.