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|ECO101 - Microeconomics|
Catalog Description: Introduces microeconomic theory, with emphasis upon the concepts of consumer and business firm behavior, demand and supply, value, production, distribution, general equilibrium and welfare. Focuses on problems of resource allocation, income distribution, labor unions and industrial organizations, and government regulation. It is recommended that the college's reading and math requirements have been met.
Lecture: 3 hrs.
Course Student Learning Outcomes (CSLOs):
Upon successful conclusion of the course, students will be able to demonstrate in writing, orally, or through unit tests the following knowledge and skills:
1. Summarize the economic concept of scarcity.
2. Define opportunity cost based upon the concept of scarcity.*
3. Define the three elements of the production function.*
4. Summarize consumer behavior as graphed by the demand curve.
5. Summarize business firm behavior as graphed by the supply curve.
6. Define the three categories of price elasticity and how each impacts demand
7. Define diminishing returns as represented in the graphs of marginal utility,
and marginal product.
8. Derive economic efficiency, (cost minimization), from marginal cost set equal
to average total cost.
9. Derive profit maximization from marginal revenue set equal to marginal cost.
10. Derive loss minimization from the analysis of average revenue and average
11. Define perfect competition, monopolistic competition, oligopoly, and
monopoly, and the role each plays in output market structure.
12. Derive the demand curve in the input market from the analysis of the demand
curve in the output market.
13. Derive earnings maximization from the analysis of marginal revenue product
and marginal factor cost.
*This course objective has been identified as a student learning outcome that must be formally assessed as part of the College's Comprehensive Assessment Plan. All faculty teaching this course must collect the required data (see Assessing Student Learning Outcomes form) and submit the required analysis and documentation at the conclusion of the semester to the Office of Assessment and Special Projects.
I. Unit I: Introduction to Microeconomics
II. Unit II: Product Market Basics
III. Unit III: Product Markets
IV. Unit IV: Factor Markets
V. Unit V: Microeconomic Applications
Effective Term: Summer 2006