Principles of Microeconomics

Econ 160

Fall 2021

8/30/2021 to 12/20/2021

Online

Section     21267

 

Instructor: Peter de Luca                              Email address: peter.de-Luca@CSUN.edu

Phone:  818 281 6764

Office hours: Mon & Wed at 11 AM,  Sat & Sun at 6:00 PM

TEXT: 

Slavin, Stephen L.  Microeconomics 12^th Ed., McGraw-Hill; Required.  

You can use older versions from the 9^th edition to the 11^th edition.

You can get this book used on Amazon at a very low price for about $15

You can also get at at Chegg.com

I will provide the first few chapters for you as PDF’s in the course.

COURSE DESCRIPTION AND OBJECTIVES:

Description (Econ 1 – Principles of Microeconomics):

This course introduces the concepts, tools, and methods of Microeconomics. Microeconomics focuses on the principles of economic analysis and decision making from the viewpoint of the individual consumer, worker, and firm. Emphasis is on the price system allocation of resources and income, supply and demand analysis, the structure of industry, and applications to current economic policies and problems. 

 

 

 

STUDENT LEARNING OUTCOMES :

1. Describe and apply the meaning of opportunity costs to production possibility curves
2. Explain the laws of supply and demand and apply the factors that can shift supply and demand curves. Know when movements are along the curves verses shifts in supply and demand curves.
3. Analyze and demonstrate market equilibrium, shortage and surplus, and restoration of market equilibrium.
4. Explain elasticity of demand and supply and analyze the movement of price and quantities to the elasticity of demand and supply for different products.
5. Analyze utility maximization and explain the law of diminishing marginal utility.
6. Describe the effects of price controls on markets, effects of taxes on goods, relationship of elasticity of demand and supply to tax incidence.
7. Describe and demonstrate why perfect competition is more efficient than monopolies and oligopolies.
8. Differentiate between short-run and long-run costs. Demonstrate when a firm needs to shut-down through the analysis of those costs.
9. Explain how firms make decisions according to production theory.
10. Differentiate between monopolies and oligopolies.
11. Describe the realities of monopolistic competition. Differentiate it from the theory of perfect competition and the resource allocations of monopolies and oligopolies.  
12. Allocation of input factors. 

 

FULL SEMESTER LENGTH CLASS DEADLINES:

Full refund if withdrawal is processed on or before Aug. 29, 2021

Prorated refund if withdrawal is processed between Aug. 30 - Nov. 5, 2021

No refund if withdrawal is processed after Nov. 5, 2021

GRADES:  

Grades are based on a percentage of possible points—totaled from assignments, quizzes, and exams, etc.  The grading scale is as follows: 

A = 90–100%   B = 80–89%   C = 70–79% D = 60–69%   F = below 60%

 

Practice and Testing Quizzes:           46%    (The number of points is tentative)

Practice Quizzes: 

There are 11 practice quizzes that cover the same chapter material as the Testing quizzes. These practice quizzes provide immediate feedback from me for most of the questions in them. You can do them as many times as you wish. They are all open book and open notes. But there are time limits. They also have deadlines.

Starting with chapter 6, the practice quizzes will not be worth any points. They are there to prepare you for the testing quiz. 

They are there to prepare you for doing the Testing quizzes, midterm, and final. There is a strong correlation between the practice quizzes and the Testing quizzes, and the midterm and final exams so do them earnestly. 

To be successful in this course, you must focus on the practice quizzes. They will prepare you for the Testing quiz and the midterm and final.  Do them earnestly! Be sure to read my mini-feedback comments for the questions. They will help reinforce the material. They will close usually at 8 PM, four hours before its Testing Quiz closes.

To discourage rushing through a practice quiz, if the student fails the chapter Testing quiz, I will replace the practice quiz score with the chapter Testing quiz score.

Testing Quizzes:   

There are 12 Testing quizzes. They are all open book and open notes.  There are time limits and closing dates that you must keep track of.

You must take the online quizzes by yourself. The quizzes are used by me to determine your progress in the class. The quizzes are an assessment tool, and your grade must reflect your understanding of the material. A quiz must be done in one sitting. You cannot walk away from it.  

Once you submit your quiz, it will then be automatically graded. You will know your score immediately.  If you don’t take the quiz, you will get a zero for it but I will most likely allow you to replace your quizzes with the corresponding chapter scores in your midterm and final exam. I will determine the replacement policy for each student based on their participation in the course. See more information about my replacement policy in the Midterm and Final Exam sections below.  

 

 

 

Midterm Exam:                      27%  (The number of points is tentative)

This exam is open book and open notes. It will cover chapters  4, 5, 6, 7 

The midterm will be given in two parts on two different days. I am doing this to help you with your studying and to improve your results. 

The midterm is structured by chapters. If you didn’t take a quiz, then it will be my decision on replacing that zero or low grade with  your midterm exam score. I will look at your participation in the course to determine whether the zero will be replaced.

Final Exam:                              27%   (The number of points is tentative)

This exam is open book and open notes. It will cover chapters 8, 9, 10, 11,  12, & 14

The final will be given in two parts on two different days. I am doing this to help you with your studying and to improve your results. 

The final is structured by chapters. If you didn’t take a quiz, then it will be my decision on replacing that zero or low grade with  your midterm exam score. I will look at your participation in the course to determine whether the zero will be replaced.

 

 

LECTURE AND EXAM OUTLINE AND SCHEDULE (subject to change)

Week 4:
Chapter 4: Supply and Demand

Week 5: 
Chapter 5: Demand, Supply, and Equilibrium 

Week 6 & Week 7
Chapter 6: The Price Elasticity of Demand and Supply

Week 7 & Week 8:
Chapter 7: Theory of Consumer Behavior

End of  Week 8 and beginning of Week 9:  Midterm: Part 1: Chapters  4, 5  Midterm: Part 2: Chapters 6,  7, & 2 

Week 9: 
 Chapter 8: Cost

Week 10 & 11
 Chapter 9: Profit, Loss, and Perfect Competition

Week 12:
Chapter 10: Monopoly

Week 13: 
Chapter 11: Monopolistic Competition

Week 14: 
Chapter 12: Oligopoly

Week 15: 
Chapter 14: Demand in the Factor Market

Week 16: 
Final:  Part 1: Chapters 2, 8, 9
Final: Part 2: 10, 11, 12, & 14