ECON 1510 - Microeconomics

Academic Division: Business, Industry and Technology
Academic Discipline: Economics

Assistant Dean: Vincent Palombo PhD

3 Credit(s)
This course of study focuses upon how the condition of scarcity affects the decisions of individuals, households, and business firms in their roles as producers and consumers. In particular, the price mechanism is addressed at length and explained by the conceptual and graphical representations of supply and demand. Applications of such concepts as elasticity of demand, as well as marginal cost and revenue calculations are used by the student to determine optimum pricing, profit, and revenue strategies for the firm. The advantages and disadvantages of relative economies of scale in both the long-run and short-run are explored. The market conditions of monopoly, oligopoly as well as perfect competition are analyzed with the goal of giving the student an understanding and appreciation of their socio-economic implications. (TAG# OSS004) UG OSS004

3 Lecture Hour(s);

Required Prerequisite Course(s): MATH 0084 (minimum grade of C-) or qualifying placement test scores

College Wide Outcomes

College-Wide Learning Outcomes	Assessments - - How it is met & When it is met
Communication – Written
Communication – Speech
Intercultural Knowledge and Competence
Critical Thinking	Cost Structure of the Firm - Critical Thinking VALUE Rubric – Week 9
Information Literacy
Quantitative Literacy	Elasticity of Demand Calculation – Quantitative Literacy VALUE Rubric – Week 9

Student Learning Outcomes for Course

Outcomes	Assessments – How it is met & When it is met
1. Recognize how economics is a social science that draws conclusions based on hypothesis, theories, and data in order to understand human behavior under scarcity.	Lecture and chapter content examination Week 1
2. Apply basic microeconomic terms and concepts, including scarcity, equilibrium, efficiency, equity, positive and normative economic assertions, comparative and absolute advantage.	Lecture and chapter content examination Weeks 2 & 15
3. Discuss the fundamental economic question of the social allocation of scarce resources.	Lecture and chapter content examination Weeks 1, 3,10, 11,15
4. Explain the concepts of opportunity cost and the production possibility frontier.	Lecture and chapter content examination In-class group practice assignments On-line practice assignments Weeks 1 & 2
5. Illustrate supply and demand analysis including the concept of market equilibrium, price controls and externalities.	Lecture and chapter content examination On-line practice assignments Weeks 3, 4, 5, 6, 9, 10, 11
6. Analyze the mechanics and the effects of government intervention (regulation, taxation and subsidies) in markets.	Lecture and chapter content examination Short written essay on this topic Weeks 4, 6, 11, 12
7. Define the theory of Consumer Behavior and the terms of utility, marginal utility and consumer/producer surplus.	Lecture and chapter content examination Week 7
8. Define the concept of economic elasticity and mathematically apply the concept of Elasticity of Demand to illustrate the Revenue Maximization Rule.	Lecture and chapter content examination Weeks 5 & 6
9. Recognize the cost structure of the firm and apply the Profit Maximization Rule [i.e. Q such that MR = MC].	Lecture and chapter content examination Weeks 9 & 10
10. Identify profit-seeking firm behavior in competitive markets.	Lecture and chapter content examination Weeks 9 & 10
11. Identify profit-seeking firm behavior in imperfect markets.	Lecture and chapter content examination Weeks 10 & 11
12. Differentiate between monopoly, monopolistic competition and oligopoly.	Lecture and chapter content examination Weeks 10 & 11
13. Demonstrate how the markets for resources operate and how the determination of wage rates, and rates of interest and rent are derived.	Lecture and chapter content examination Weeks 12, 13 &14
14. Discuss and track trends in International Trade.	Lecture and chapter content examination Week 15
15. Use principles of economic reasoning to critically evaluate specific examples of real world circumstances to predict economic outcomes.	Class discussion and graded in-class group assignments throughout the semester Weeks 9, 10, 11 & 13

Standard Grading Scale
93-100 A

90 - 92 A-

87- 89 B+

83 - 86 B

80 -82 B-

77- 79 C+

73 - 76 C

70 -72 C-

67- 69 D+

63 - 66 D

60 -62 D-

00- 59 F

Statement on Diversity
North Central State College believes that every student is a valued and equal member of the community.* Every student brings different experiences to the College, and all are important in enriching academic life and developing greater understanding and appreciation of one another. Therefore, NC State College creates an inclusive culture in which students feel comfortable sharing their experiences. Discrimination and prejudice have no place on the campus, and the College takes any complaint in this regard seriously. Students encountering aspects of the instruction that result in barriers to their sense of being included and respected should contact the instructor, assistant dean, or dean without fear of reprisal.

*Inclusive of race, color, religion, gender, gender identity or expression, national origin (ancestry), military status (past, present or future), disability, age (40 years or older), status as a parent during pregnancy and immediately after the birth of a child, status as a parent of a young child, status as a foster parent, genetic information, or sexual orientation,

Standard NCSC Course Policies
Important information regarding College Procedures and Policies can be found on the syllabus supplement located at this link