The purpose of this course is to give the student an understanding of the decision-making of individuals and firms in the capitalist market place and how to apply these micro economic principles as tools to analyze microeconomic issues.
The student will:
1. Know the nature
of the economic problem
2. Learn how to read and use graphs
3. Understand the concept of opportunity cost and its applications
4. Understand the forces of supply and demand in a competitive marketplace
5. Understand the effects of government intervention in a competitive market
6. Know the concept of elasticity and its applications
7. Understand the theory of consumer choice
8. Understand marginal analysis
9. Learn the various production costs
10. Be able to differentiate between total, average, and marginal
11. Be able to distinguish between the short run and the long run
12. Be able to distinguish the four different types of output markets
13. Understand profit-maximization behavior in each of these types of markets
14. Be able to use a graph to read and depict the profit-maximizing level of output, the
profit-maximizing price, total revenue, total cost, and profit or loss
15. Be able to determine if a firm that is making a loss in the short run should stay in
business or shut down
16. Be able to apply microeconomic concepts learned above to factor markets
BROADCAST SCHEDULE: Starts
PGCC Cable, Saturdays 12 pm 1 pm
Mondays 7am 8 am 9/11
Wednesdays 11pm 12pm 9/13
Be sure to check out the authors website: http://www.worthpublishers.com/tregarthen
A. Tregarthen, Timothy, and Rittenberg, Libby, Microeconomics,
2nd ed., Worth
B. Wyatt, Ranita, Telecourse Guide for Choices and Change: Microeconomics, Worth
Textbook and Telecourse Guide may be purchased at the Largo Campus Bookstore. The bookstore is open Monday through Thursday, 9 am to 8 pm and Fridays, 9 am to 5 pm.
Read the textbook and telecourse guide materials as assigned before viewing
related TV presentation
B. Attend the Orientation session on Friday, September 1
C. View 15 TV presentations
D. Prepare all telecourse guide lessons for your own use and review each lesson
E. Complete homework assignments
F. Complete 3 take-home exams and 1 final comprehensive exam
Attend periodically scheduled on-campus sessions during the semester. Sessions will be from 5:30 7:30 on the day the take home exams are due and there will be one review session before the final exam. The first three meetings will be in my office and will give you the opportunity to get last minute help from me or from the other students before handing in the tests. The final review session will be scheduled in a classroom to be announced. Meetings will be October 10, November 1, November 21, and December 7.
TESTING AND GRADING:
The course will have four exams, three take-home and one comprehensive final.
Exam 1 Chapters 1-4
due Tuesday, October 10
Exam 2 Chapters 5-8 due Wednesday, November 1
Exam 3 Chapters 9-11 due Tuesday, November 21
Final Exam Chapters 8-14 in Accokeek Hall, December 8-13
The final exam will be taken in the Testing Center in Rm. 201 Accokeek Hall, 2nd floor.
Testing Center Hours:
Monday thru Thursday: 8:00
a.m. 8:45 p.m.
Friday 8:00 a.m. 3:45 p.m.
Saturday 8:30 a.m. 3:45 p.m.
Each of the first three exams will count 100 points; the final will count 150 points. Therefore, there is the possibility of 450 points in the course.
A 405-450 points
F below 270
CHAPTER DATES SUBJECT
Economics: The Study of Choice
2 9/9-9/15 Confronting Scarcity: Choices in Production
3 9/16-9/22 Demand and Supply
4 9/23-9/29 Applications of Demand and Supply
TEST due 10/10
Elasticity: A Measure of Response
6 10/7-10/13 Markets, Maximizers, and Efficiency
7 10/14-10/20 The Analysis of Consumer Choice
8 10/21-10/27 Production and Cost
TEST due 11/1
Competitive Markets for Goods and Services
10 11/4-11/10 Monopoly
11 11/11-11/17 The World of Imperfect Competition
TEST due 11/21
Wages and Employment in Perfect Competition
13 11/25-12/1 Interest Rates and the Markets for Capital and Natural
14 12/2-12/8 Imperfectly Competitive Markets for Factors of Production
FINAL 12/8-12/13 Accokeek Hall 201