Philip J Palm
B CUSP 200
Analysis of markets: consumer demand, production, exchange, the price system, resource allocation, government intervention. Recommended: B CUSP 123. Offered: AWSp.
The study of microeconomics is primarily the study of the price system in a market economy and how individuals and firms interact in markets to seek maximum utility or value. This course will explore the theory and principles of microeconomics in the context of a modern mixed economy, where active government intervention shapes the world in which we live and where common policy goals are efficiency and equity.
Student learning goals
Demonstrate basic knowledge and comprehension of economic terminology and concepts.
Explain price theory and the formation of general equilibrium via the functions of demand and supply.
Understand the perfectly competitive market model in structure and outcomes as well as the other industry models of monopolistic competition, oligopoly and monopoly.
Demonstrate problem solving skills in economics by analyzing, discussing, and applying economic models and concepts, including the use of game theory to explain behavior.
Summarize how the efficiency of markets creates social welfare and the conditions under which government intervention is needed to improve efficiency and promote equity.
Explain the impact of globalization, immigration and pollution on firms and industries as well as explain government policy choices in these areas.
General method of instruction
Course discussion of the topics will require a student's active participation and regular attendance. Weekly group discussions and presentations on assigned problem sets will firm up a student's understanding of the content and provide a preparation for demonstrating this comprehension on the quizzes and tests.
A material component of this course will require the use of intermediate algebra, the graphing of functions and the interpretation of such graphs. Prior completion of B CUSP 123 or a similar course is thereby recommended. Also, the use of Microsoft Excel will be a quantitative tool you will use in a variety of disciplines and in most career positions. Excel is used in the class and a basic understanding of it is recommended.
Class assignments and grading
The activities of this course actively engage the student in learning the concepts of microeconomics through class discussion and group problem solving and presentation. Assessment testing via quizzes and tests provide the means to demonstrate a solid individual understanding of these concepts and principles.
A grading rubric is used with the following activity weights:
- Individual class participation (10%) - Group problem sets and presentations (20%) - Random quizzes on recently covered material (10%) - Midterm 1: 15% - Midterm 2: 20% - Final Exam: 25%