Principles of Microeconomics Fall 2002 Instructor: Dr. Marilyn Pugh Syllabus and Course Information Return to Dr. Pugh's Home Page Office: Chesapeake Hall 108B
Welcome to Principles of Microeconomics OnLine section! We are using a web course management system for this course called Blackboard 5, a system which is easy to use and quite powerful. The web site is located at http://pgcconline.blackboard.com. You will not be able to login to the course until August 22. However, the PGCC DL web site provides a link to the Blackboard Manual at http://www.pgcconline.com/FAQsOnline.htm and some frequently asked questions. Or you can access the Blackboard 5 Level One Student Manual directly to find out more about how to use Blackboard 5. If you are having problems, please email me or call me or the distance learning help desk at DistanceLearn@pgcc.edu. You can also preview the McConnell/Brue Textbook Site which we will be using furing the semester. No userid or password is required. Although you cannot access the Blackboard "classroom" until August 22, you can look under Online Courses at my website at http://academic.pgcc.edu/~mpugh and tour the various links. Login Steps: 1. Go to Prince George's Community College's
Blackboard site at http://pgcconline.blackboard.com.
jsmi0408 Your password will be: your full 9digit Social Security Number (no spaces and no hyphens). For example, John Smith's password will be 123456789 4. The College recommends that you immediately change your password. To change your Blackboard password, follow these steps: i) Login to Blackboard using
your given username and password.

Course Description:
This course is an introduction to microeconomic analysis, emphasizing the study of the basic concepts and principles of microeconomic theory so that these tools may be used to give the student an understanding of the decisionmaking of individuals and firms in the capitalist market place and to help the student analyze microeconomic issues. Topics covered include the actions of firms attempting to maximize profits in four different types of markets: perfect competition, monopoly, monopolistic competition, and oligopoly. The rule for profitmaximization, the profitmaximizing price and output level, and market efficiency in the short run and long run will be addressed for each of the output markets. The course then looks at different resource markets (pure competition, monopsony, and bilateral monopoly) to determine the profitmaximizing behavior of the firm in each of these markets. Broad Course Objectives: 1. To provide students with a foundation
in the principles of microeconomics necessary for the intermediate level
theory and issues courses.
Course Outcomes: At the end of the semester students should be able to: 1. Use the supply and demand mechanism to determine the effect of a change in the economy on the equilibrium price and quantity of a particular good. 2. Compute the price elasticity of demand and be able to determine the effect of a change in price on quantity demanded and total revenue. 3. Demonstrate an understanding of which determinants of price elasticity account for an elastic demand versus an inelastic demand. 4. Use the consumer choice model to find the utility maximizing quantities of several goods for a particular consumer with a given income and with given tastes and to then derive a demand curve showing the utilitymaximizing quantities of the good demanded at various prices. 5. Demonstrate an understanding of the relationship between marginal utility and total utility. 6. Use the total, fixed and variable cost equations as well as the total revenue equation to word problems for a firm that is attempting to profitmaximize. 7. Use graphs showing the average total and variable cost curves and the marginal cost curves to find total cost, total variable cost, and total fixed cost. 8. Demonstrate an understanding of the difference between short run and long run costs. 9. Describe and find the level of output where the Law of Diminishing Returns sets in. 10. Answer questions about the relationship between total, average, and marginal costs. 11. Compare and contrast perfect competition, monopoly, monopolistic competition, and oligopoly in terms of number of firms, type of output, barriers to entry, economic efficiency, and long vs. shortrun profitability. 12. Find the profitmaximizing level of output and price, both numerically and graphically for perfect competition, monopoly, monopolistic competition, and oligopoly. 13. Differentiate between diminishing returns and returns to scale and give examples of each. 14. Distinguish between economic profit, normal profit, and economic loss. 15. Explain what is meant by a derived demand for resources and find the demand for a resource given the marginal product of the resource and the price of the output produced. 16. Find the profitmaximizing level of inputs and their price for purely competitive and monopsonistic resource markets. Required Materials: Textbook:
Software:
You need to have the following personal productivity
software installed on your computer:
Optional Materials: Walstad, William and Bingham, Robert. Study Guide to Accompany McConnell and Brue Microeconomics. Fifteenth Edition, 2002, McGrawHill, Inc. (Students from previous semesters highly recommend buying the Study Guide.) Note: The McGrawHill Online Learning Center
and Textbook site which we will use for the course contains many study/learning
aids and tools.
Spring 2001 Course Requirements Total Points: 600
Grade: A: 540  600
B: 468539 C: 390467
D: 300389 F: 0299
Class Organization Discussions The Discussion List Area will be used to discuss questions about the week's course material or exercise. If someone posts a question and you can add some insight, you are expected to respond. I will monitor the discussion and if I find the class is confused or going offtrack, I will make some responses to get the discussion back on track. EMails You may email me if you have questions, particularly about procedures. I will look at my emails at least 7 times a week. Please be aware that I am working a fulltime job and will not have time to be looking at my email every hour. I also have a personal life. If you have questions about content, the Discussion List Area is there for that purpose and your learning community should work together to solve content questions. If I become overwhelmed with emails, I will divide the class into groups, and assign a leader for the group each week. Then if you have a question, you will be required to communicate with the other people in the group first. If no one in your group can answer your question, your leader of the week should send me an email and I will respond in the Discussion List area for all to see. Homework Exercises There will be 7 exercise sets to help you understand
the material. While the course is selfpaced, there will be a due
date on these and the answers will be posted after the due date.
If you have not handed in the assignment by the time the answers are posted,
I will not accept your homework. Notice that I count only the top
5 homework assignments toward your grade, so you can miss 2 or drop your
2 lowest grades.




August 26, 2002 
Review Chapter 1 p. 312 "The Nature and Method of Economics" 1A "Graphs and their Meaning" Chapter 2 pp. 2225 "The Foundations of Economics" and "Economics: Employment and Efficienty" Full Employment and Full Production" Quiz 1 
    . Quiz due 09/09/02 

September 2, 2002 
Exercise 1 
09/11/02  2 a.m. 
September 9, 2002 
Chapter 4 Quiz 2, Chapters 3 and 4 
Quiz due 09/23/02  2 a.m. 
September 16, 2002 
Exercise 2 Quiz 3 
 Quiz due 9/30/02  2 a.m. 
September 23, 2002 
Exercise 3 Quiz 4 
 Quiz due 10/07/02  2 a.m. 
September 30, 2002 
Exercise 4 
10/08/02  2 a.m. 
October 7, 2002 
Quiz 5 (Chapter 9) Chapter 10 Pure Competition 
10/16/02  2 a.m.  
October 14, 2002 
Exercise 5 Quiz 6 
Quiz due 10/28/02 2 a.m. 
Week 9

Chapter 11 Pure Monopoly



Week 10

Chapter 12 Monopolistic Competition
and Oligopoly



Week 11

Chapter 14 


Week 12

Chapter 14, continued

Quiz due

Week 13

Chapter 15, continued

Quiz due

Week 14

Chapter 16 Rent, Interest, and Profit

Quiz due

Week 15 
Catch Up Week 

December 1013 
PGCC: Academic Testing Center new TS temporary building adjacent to Largo Student Center 
12/13/2002  4:30 pm
No Extensions Allowed!  