House Bill 2504

Spring 2011 Course Syllabus

ECON-2302-73 (Prin Economics - Micro)

Faculty Information
SemesterSpring 2011
InstructorBoudreaux, Lowell Anthony
Phone(409) 984-6389
E-mailboudrla@lamarpa.edu
Department
Business, Math, and Science
Chair:Glenda Dupuis
Telephone:(409) 984-6316
E-mail:dupuisgm@lamarpa.edu
Office
Hours:M-F 11:00a-1:00p
Building:Bookstore & Faculty Offices (PAFO)
Room #:112
Course Information
Course ID #10447
Course Subject-Number-SectionECON-2302-73
Course TitlePrin Economics - Micro
Course Description Introduction to economic principles; allocation of resources; determination of output and prices; distribution and managerial economics.
Course Prerequisites Basic skills competency in reading required, ready access to a computer, basic computer skills, Internet access with e-mail, e-mail skills, Internet navigation skills, file management skills. Software: Windows 95, Word 97, Excel 97, Access 97, and PowerPoint 97 (or newer).
Required Textbooks Required Economics by McConnell and Brue, Eighteenth Edition, McGraw-Hill, ISBN 978-0-07-337569-4; MHID 0-07-337569-1
Learning Objectives •Define Economics.

•Explain what economic principles are and how they are derived.

•List eight economic goals and give examples of conflicting and complementary goals.

•Define the economizing problem.

•Identify the four economic factors of production and income associated with each.

•Explain the concepts of allocative efficiency, productive efficiency and full production.

•Describe in detail the production possibilities curve.

•Differentiate between supply/demand, graph supply/demand curves, and state the Law of Demand and Supply.

•List the major determinates of demand and supply.

•Explain the concept of equilibrium price and quantity.

•Differentiate between economic and normal profits.

•Explain the three forms of business.

•Define and explain the differences between spillover benefits and cost.

•Identify the major sources of revenues and expenditures for local, state and federal government.

•Define price elasticity of demand, explain the meaning of elastic, inelastic, and perfectly inelastic demand, and list the determinates of demand

•Use total revenue changes to determine elasticity of demand.

•Explain income elasticity and its relationship to normal and inferior goods.

•Explain cross elasticity of demand and its relationship to substitute and complementary goods.

•Define marginal utility and state the law of diminishing marginal utility.

•State the utility maximizing rule and use it to determine consumer spending.

•Distinguish between implicit and explicit cost and between normal and economic profits.

•Compute marginal, average, and total product, fixed, variable and total cost.

•Explain the difference between marginal and average cost.

•Distinguish between the long and short run in profits and cost.

•List the causes and explain economies and diseconomies of scale.

•Describe the characteristics of a purely competitive firm, and compute average, total and marginal revenue.

•Explain the long run equilibrium position for a competitive firm.

•Differentiate between productive and allocative efficiency and how it is achieved in a purely competitive firm.

•Describe the characteristics of a pure monopoly, and compute marginal revenue for a pure monopoly.

•Describe the differences between a discriminating and nondiscriminating monopoly.

•Explain the two pricing goals of monopoly regulation and the dilemma of regulation.

•List the characteristics of monopolistic competition, explain the reasons for excess capacity and discuss nonprice competition.

•List the characteristics of oligopolistic industries.

•Describe and compare the four-firm concentration ratio and the Herfindahl index.

•Identify the three models of oligopolistic price-output behavior.

•Differentiate between homogenous and differentiated oligopolies and overt and covert collusion.

•Explain price leadership, cost-plus pricing, and the two theories of advertising.

•Explain marginal-revenue of product and marginal-resource cost and explain the MRP schedule.

•Find the least cost and profit maximizing combination of resources.

•Differentiate between real and nominal wages and show how equilibrium wages are determined.

•Explain the effects of labor unions on wages and the difference between inclusive and exclusive unions.

•List factors behind wage differentials and describe various salary systems.

•Discuss economic rent, rent differentials, and rents cost to the individual.

•Differential between real and nominal interest rates.

•Describe how the interest rates are established and its effect of investment.

Major Assignments Chapter 1: Limits, Alternatives, and Choices

Chapter Quizzes and Assignment

Chapter 2: The Market System and the Circular Flow

Chapter Quizzes and Assignment

EXAM I

Chapter 3: Demand, Supply and Market Equilibrium

Chapter Quizzes and Assignment

Chapter 4: The U.S. Economy: Private and Public Sectors

Chapter Quizzes and Assignment

EXAM II

Chapter 6: Elasticity, Consumer Surplus and Producer Surplus

Chapter Quizzes and Assignment

Chapter 8: The cost of Production

Chapter Quizzes and Assignment

EXAM III

Chapter 9: Pure Competition

Chapter Quizzes and Assignment

Chapter 10: Pure Monopoly

Chapter Quizzes and Assignment

EXAM IV

Chapter 11: Monopolistic Competition and Oligopoly

Chapter Quizzes and Assignment

Chapter 12: The Demand for Resources

Chapter Quizzes and Assignment

EXAM V

Chapter 13: Wage Determination

Chapter Quizzes and Assignment

Chapter 14: Rent, Interest, and Profit

Chapter Quizzes and Assignment

EXAM VI

Discussion Topics Assignments are due when specified by the instructor. If you miss a daily or homework assignment, you will be given a grade of 0 for that assignment.
Attendance Policy Research has shown a cause and effect relationship between attendance and college success Students are expected to read assignments, answer objectives, use on-line resources, participate in on-line chat discussions and complete other learning activities assigned by the instructor in order to achieve course objectives. A calendar will be provided to the student learner. Quizzes, exams and assignments will be made available for selective release to the student learner at specific times and for limited durations. Students who fail to observe course time constraints will be penalized. Under special circumstances, make-up opportunities will be given.
Determination of Final Grade DETERMINATION OF FINAL GRADE:

Assignments                 

35%

Quizzes 35%

ExamI

5% Exam II 5% Exam III 5% Exam IV 5% ExamV

5% Exam VI        

5%

Each student will have the opportunity to earn 3% of extra credit, which can be used to supplement their total possible score. Extra credit projects and activities will be assigned throughout the semester.

Final Exam Date May 18, 2011 - 12:00 AM
Campus Policies
Lamar State College - Port Arthur

Mission Statement

Lamar State College-Port Arthur is an open-access, comprehensive public two-year college offering quality instruction leading to associate degrees and a variety of certificates. The college, a member of The Texas State University System, has provided affordable, quality educational opportunities to residents of the Southeast Texas area since 1909.Lamar State College-Port Arthur embraces the premise that education is an ongoing process that enhances career potential, broadens intellectual horizons, and enriches life. The faculty, staff, and administration share a commitment to a mission characterized by student learning, diversity, and community service. The foundations for student success include compensatory education programs designed to fulfill our commitment to accommodate students with diverse goals and backgrounds, technical education programs that provide for the acquisition of the skills and demeanor necessary for initial and continued employment, and a core curriculum that develops the values and concepts that allow the student to make a meaningful contribution in the workplace or community. Student achievement is measured by the completion of courses and programs of study, successful performance following transfer to a baccalaureate program, and the attainment of individual goals.

Lamar State College-Port Arthur operates in the belief that all individuals should be:

* Treated with dignity and respect;

* Afforded equal opportunity to acquire a complete educational experience;

* Given an opportunity to discover and develop their special aptitudes and insights;

* Provided and opportunity to equip themselves for a fulfilling life and responsible citizenship in a world characterized by change.

 College Grading Scale

90-100A
80-89B
70-79C
60-69D
Below 59F

(Some specialized programs may have different grading scales)

 

 Academic Dishonesty

Academic dishonesty in any form will not be tolerated.  Please consult the student handbook for consequences of academic dishonesty.  These policies will be strictly enforced.

 

 Facility  Policies

        No food, drinks, or tobacco products are allowed in the classroom.

        Only students enrolled in the course are allowed in the classroom.

        Cell phones and/or pagers are allowed ONLY on vibrate mode. Leaving the classroom to answer a page or phone call may constitute an absence or a tardy.

 

 Special Considerations

         The American with Disabilities Act (ADA) is a federal anti-discrimination statute that provides comprehensive civil rights for persons with disabilities. Among other things, this legislation requires that all students with disabilities be guaranteed a learning environment that provides for reasonable accommodation of their disabilities. If you believe you have a disability requiring an accommodation, please contact the Special Populations Coordinator, Room 231, in the Madison Monroe Building. The phone number is (409) 984-6251.

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