BU109 Syllabus
Course Name: BU109 Microeconomics - 3 Credits
Department: Business
Prerequisite: EN111 or permission of instructor
Contact Information:
Instructor: Larry Ellis
E-mail: DocDistance07@cox.net
Office Hours: You can e-mail at anytime.Course Description:
This course is setup in 15 Modules, which allows you 15 weeks to complete. Modules begin on Monday and end on Sunday.Course Objectives:
Principles of Microeconomics will explore the branch of economics that deals with the behavior of individual households and firms, where it will focus its analysis on the individual. It will inquire why do firms produce what they manufacture? How do they price their goods and services? How do markets work? What distinguishes competitive from noncompetitive markets? How are resource prices, such as wages, rates, interest rates, and rents, determined? How do firms make profits? What determines people's demands for goods and services?The student will be able to:
- Compare and contrast: scarcity and choice, microeconomics and macroeconomics, and positive and normative economics, capital and consumer goods.
- Define opportunity cost, the law of increasing costs, and the inverse relationship between price and quantity demanded.
- Explain how changes in demand, supply, and equilibrium prices are related to each other.
- Explain the concept of price elasticity of demand.
- Distinguish between elastic, inelastic, and unit elastic ranges on demand curves. Define supply elasticity in the short run and in the long run.
- Explain what is meant by the term marginal utility and draw graphs to represent indifference curves and budget constraints.
- Describe the impact of a price floor on a market and the concept of parity pricing.
- Describe the way unlimited liability affects a sole proprietorship, distinguish between fixed costs and variable costs, and derive marginal cost from total cost.
- Explain why the marginal revenue equals marginal costs and utilize cross elasticity of demand to define markets.
- Contrast oligopoly and monopolistic competition, explain why profit can persist under monopoly conditions, and draw graphs to represent short and long run equilibrium in perfect competition.
- Distinguish between balanced and unbalanced oligopoly, and describe the advantages and drawbacks of each type of regulation.
- Explain how deregulation can lead to lower prices for consumers. Distinguish between a pure public good and a near public good, and explain the difference between external costs and external benefits.
Class Materials:
Gottheil, Fred. Principles of Microeconomics. 5th ED. Cincinnati, OH; South Western College Publishing, 1999. ISBN 0-759-39548-9Supplementary Reading:
Supplementary readings will be assigned by the instructor. Additional readings of cases, articles, and books are encouraged and expected.Disability-Related Accommodations:
If you have a need for disability-related accommodations or services, please inform the instructor. Reasonable and effective accommodations and services will be provided to the student if requests are made in a timely manner, with appropriate documentation, and in accordance with federal, state, and college guidelines.Plagiarism and Cheating:
Academic dishonesty will not be tolerated and will be met with the appropriate reprisal when detected. The instructor reserves the right to fail any student for cheating on any assignment or plagiarizing (copying) the work of others. Students who cheat or plagiarize may be disciplined by the BMCC Administrative Board.BMCC Policies:
All students please review the following policies and proceduresStudent Handbook : (http://www.bmcc.edu/StudentServices1/Handbook/index.html).
Drop or Add a Class : (http://www.bmcc.edu/StudentServices1/Handbook/index.html#course).
Book Refund and Book BuyBack Policies:(http://www.bmcc.edu/StudentServices1/vbookstore.html)
Billing or an outstanding bill: (http://www.bmcc.edu/StudentServices1/Handbook/billingProcedures.html).
Information about class schedules and transcripts:(http://www.bmcc.edu/StudentServices1/Handbook/transcripts.html).Attendance and Class Participation:
Since this class in an online forum, it is important to keep current and check in on a regular basis. It is my policy for students to post a message to me once a week. In your post you will include your response to the weekly discussion question that I will post in your e-mail at the beginning of the week.Assignments:
Assignments will be assigned within the appropriate modules. Take note that not all modules have assignments. All assignments are due by midnight (EST) of the specified date. Assignments turned in late will be deducted 3% on the first day and 1% for each additional day. If there are circumstances where you will be late in turning in your assignment, please contact me in order for us to arrive at a compromised solution. Assignments will be evaluated for both form and content. All written assignments should follow the APA format.
The following link might be of some assistance to you: http://www.psych-central.com/APAwrite.htmQuizzes, Midterm, and Final Exam:
There will be quizzes at the end of each module that pertain to the chapters covered within that module. The Midterm will be cumulative of Chapters 1-10 and the Final exam will be cumulative of Chapters 11-21.Extra Credit:
Students may have an opportunity to earn extra credit by doing additional assignments (Extra Credit can earn a maximum of 15 points). Please contact me prior to doing extra assignments so we can discuss your grade and determine what's associated with the extra work.Grading Scale:
PERCENTAGES:
Final: 20% Midterm: 20% Assignments: 15% Quizzes: 45%
A 94 - 100% B 80 - 83% D+ 67 - 69% A - 90 - 93% C + 77 - 79% D 63 - 66% B + 87 - 89% C 74 - 76% D - 60 - 62% B 84 - 86% C - 70 - 73% F 59 and below Syllabus Acknowledgement:
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