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ECN 221 S14 Syllabus - ECN 221-004 PRINCIPLES OF...

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ECN 221-004 PRINCIPLES OF MICROECONOMICS Spring 2014 INSTRUCTOR: Dr. Pete Schuhmann OFFICE: Cameron 220-F PHONE: 962-3417 OFFICE HOURS: MW 9:30 - 10:30 E-MAIL: [email protected] TH 11:00 - 3:00 COURSE WEBSITE: http://www.csb.uncw.edu/people/schuhmannp/ecn221.htm RECOMMENDED TEXTBOOKS: 1. Principles of Microeconomics, by Frank & Bernanke, any edition, Irwin/McGraw-Hill. 2. Principles of Microeconomics, by N. Gregory Mankiw, any edition, Cengage Learning. 3. Introduction to Microeconomics, by Edwin G. Dolan, any edition, BVT Publishing. 4. Principles of Microeconomics, by Case & Fair, any edition, Prentice Hall. COURSE DESCRIPTION Analysis of decision making processes and economic equilibrium for the consumer and the individual firm at an introductory level. PREREQUISITES MAT 111. Knowledge of graphing techniques, basic high school algebra, and an introductory understanding of derivatives is assumed. COURSE LEARNING OBJECTIVES The primary objective of this class is to learn the principles of microeconomic theory. In learning about and applying economic concepts, ideas, and tools, you will also develop a new way of thinking critically. The subject matter is a core component of the Cameron Business School curriculum and serves as a foundation for further study in all Business School departments. As we learn the material, I hope you will realize that economics is not about mundane issues. Rather, economics is fundamental to just about everything in life. If you apply yourself and work hard, you will leave here with knowledge and intuition that you will use every day (really). STUDENT LEARNING OUTCOMES (SLO’S) : The course contains an introduction to economic analysis in microeconomics. The main theme is the analysis of markets and the system of markets that make up the economy. We will examine the role of prices in the allocation of resources. Students should be able to understand and use the fundamental tools of economic theory to analyze and explain market phenomena. Within this broad agenda, specific learning outcomes are highlighted below: SLO1: The student will be able to describe and explain the following terms concepts, methods, and principles: a) opportunity cost b) the principle of comparative advantage and gains from trade c) the principle of diminishing marginal benefit and the law of demand d) the principle of increasing costs and the law of supply e) market equilibrium f) the price elasticity of demand g) the price elasticity of supply h) the perfectly competitive model i) the profit-maximizing condition j) economic surplus k) monopoly l) market failure m) consumer behavior n) oligopoly.
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SLO2: Students will learn how to identify and measure alternative categories of benefits and costs and demonstrate how such values affect economic decisions. Students will learn how to use consumer and producer price and quantity data to critically analyze the effects of changes in exogenous factors on market outcomes. Students will also learn to use market data to calculate elasticity measures in order to describe consumer and producer responses to changes in price.
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