Course Title: Principles of Microeconomics

Course Prefix & Number:  ECON2302

Section Number:  500

Semester/Year: Fall 2019

Semester Credit Hours: 3

Lecture Hours: 3

Lab Hours: 0

Course Description (NCTC Catalog): 

Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade.

Course Prerequisite(s): None

Required Materials:

McConnell, Brue & Flynn.  Microeconomics:  Principles, Problems & Policies

(ebook with Connect Plus with Learn Smart) 

McGraw Hill 21st edit

Provided via Inclusive Access

Inclusive Access is a partnership between NCTC and McGraw-Hill Education, to provide the best learning resources on the first day of class. Students can gain access to McGraw-Hill’s adaptive online platforms with the latest version of the eBook at a discount. If students would like to purchase a physical copy of the textbook, they can order a discounted loose-leaf version through the bookstore.

Students will automatically be enrolled in Connect upon registration for this course.  The access fee will be billed via your NCTC account.  Students wishing to opt out of this process should follow the instructions below.

Students who drop before the add/drop date will have their book fees credited back to their student account, and students who remain in the course will be charged a materials fee by the school to have continued access of the online platforms.  If you remain enrolled in the course but wish to opt-out of access to the book please email the NCTC Bookstore with your name and student number to 1263mgr@follett.com.  This program means students no longer need to swipe their credit cards to get their course materials and instructors can rest assured that all students will have the same edition of the textbook and access to the same resources.

Connect Access:  The textbook, LearnSmart, and Connect activities are all maintained within the McGraw-Hill Connect System.  Students will need to complete their registration in Connect through Canvas on the first day of class, as assignments are due immediately.

Name of Instructor:

Melissa Blankenship

Campus/Office Location:

FM 107

Telephone Number:

972-899-8400 x8504

E-mail Address:

mblankenship@nctc.edu

At the successful completion of this course the student will be able to:

Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.

Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.

Summarize the law of diminishing marginal utility; describe the process of utility maximization.

Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.

Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.

Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.

Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.

Describe governmental efforts to address market failure such as monopoly power, asymmetric information, externalities, and public goods.

Demonstrate the benefits of free trade using the concept of comparative advantage.

Graded Course Elements

Percentage or Point Values

Homework/LearnSmart/Discussion Boards

20%

Quizzes

20%

Projects

20%

Exams 

40%

The 2 lowest homework grades will be dropped.  The lowest quiz grade will be dropped.  No late assignments will be accepted.  The lowest exam grade will be dropped.  For an extra credit point, email me a picture of a duck.  No makeup exams are given – you must check the schedule and notify me at the beginning of the course if you have a conflict with an exam date.  A cumulative Assessment Quiz will serve as your capstone assessment for the course.  StudentsMUST complete the Assessment Quiz in order to have their lowest exam grade dropped.  The Assessment Quiz may not be dropped.

Extra credit assignments are NOT guaranteed and will be given at the discretion of the instructor.  Any extra credit will be assigned to enhance the learning experience and not simply to raise a grade.

CANVAS/CONNECT ACCESS:  All students must have complete access to Canvas for the entire semester.  It is the student’s responsibility to have access to the internet at all times, as well as having all needed programs to complete an online course.  Students are not to give any other person access to his/her Canvas account. Students can be removed from the online course immediately for violating this rule.  Once a student has given another person access to his/her Canvas account, the credibility of any work becomes questionable.

Assignments must be submitted via Canvas/Connect.  No assignments will be accepted via email.