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. 21  Demand and Supply Elascticity

 

              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 Efficirncy

 

           Jun  17 -18   Ch. 9  Global Economic Growth and Development

                                                                                                 

                                                                                                                                                                                                                     

 

7          Jun  22         Ch. 33  Comparative Advantage and Open Economy

 

           Jun  23          Ch. 34  Exchange Rates and the Balance of Payments                                                                                                                                                               

           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.