Apr 18, 2024  
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College Catalog 2021-2022 [ARCHIVED CATALOG]

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ECON 1170 - Principles of Economics 2

Credit Hours: 3.00

Prerequisites: ECON 1160 

A continuation of the basic principles of economics with an introduction to microeconomic theory. This course of study will include an analysis of supply and demand and the decision-making processes of firms in perfectly and imperfectly competitive markets.

Billable Contact Hours: 3

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OUTCOMES AND OBJECTIVES
Outcome 1: Upon completion of this course, students will be able to demonstrate knowledge of the particular and distinctive economic terminology, concepts, and tools.

Objectives:

  1. Concepts of demand and supply.
  2. The elasticity of demand.
  3. The elasticity of supply.
  4. Marginal and total utilities.

Outcome 2: Upon completion of this course, students will be able to demonstrate the ability to understand and use basic economic quantitative information-statistical data.

Objectives:

  1. Calculate fixed, variable, total, and marginal costs.
  2. Calculate and graph average and marginal cost curves.
  3. Explain the economic and accounting profits.

Outcome 3: Upon completion of this course, students will be able to demonstrate knowledge of a perfectly competitive market structure.

Objectives:

  1. Graph and explain the perfect competitor.
  2. Describe and analyze graphically the firm’s profit-making, break-even, and shut-down conditions.
  3. Analyze the short and long run market conditions.

Outcome 4: Upon completion of this course, students will be able to demonstrate knowledge of a monopolistic market structure.

Objectives:

  1. Graph and explain the monopolist.
  2. Describe and analyze graphically the firm’s profit-maximizing, break-even, and shut-down conditions.
  3. Analyze the short and long run market conditions.
  4. Explain “natural monopoly”.
  5. Describe and analyze limits on monopoly power.

Outcome 5: Upon completion of this course, students will be able to demonstrate knowledge of a monopolistically competitive market structure.

Objectives:

  1. Graph and explain the monopolistic competition.
  2. Describe and analyze graphically the firm’s profit maximizing, break-even, and shut-down conditions.
  3. Analyze the short and long run market conditions.
  4. Explain and give examples of price discrimination.

Outcome 6: Upon completion of this course, students will be able to demonstrate knowledge of an oligopolistic market structure.

Objectives:

  1. Graph and explain the oligopolist.
  2. Describe and analyze graphically the firm’s profit maximizing, break-even, and shut-down conditions.
  3. Analyze the short and long run market conditions.
  4. Define and analyze collusion.

Outcome 7: Upon completion of this course, students will be able to demonstrate knowledge of resource markets.

Objectives:

  1. Inelastic demand for land.
  2. Henry George Theory of Land Rents.
  3. MRP of capital.
  4. Least cost and profit maximizing model for labor.
COMMON DEGREE OUTCOMES (CDO)
• Communication: The graduate can communicate effectively for the intended purpose and audience.
• Critical Thinking: The graduate can make informed decisions after analyzing information or evidence related to the issue.
• Global Literacy: The graduate can analyze human behavior or experiences through cultural, social, political, or economic perspectives.
• Information Literacy: The graduate can responsibly use information gathered from a variety of formats in order to complete a task.
• Quantitative Reasoning: The graduate can apply quantitative methods or evidence to solve problems or make judgments.
• Scientific Literacy: The graduate can produce or interpret scientific information presented in a variety of formats.

CDO marked YES apply to this course:
Communication: YES
COURSE CONTENT OUTLINE

  1. International economics
    1. Comparative advantage vs. Absolute advantage
    2. Exchange Rates
    3. Protectionism vs. Free-trade d) Balance of Payments
  2. Elasticity
    1. Percentage Test/ Total Revenue Test
    2. Supply elasticity
    3. Necessity/luxury goods
  3. Market Structures
    1. Pure competition
    2. Monopoly
    3. Monopolistic competition
    4. Oligopoly
  4. Resource Markets
    1. Labor least cost/ profit maximizing
    2. Union models
    3. Monopsony
    4. Bilateral monopoly
    5. Rents/ inelastic supply
    6. Capital marker
Primary Faculty
Trueman, Mark
Secondary Faculty

Associate Dean
Williams-Chehmani, Angie
Dean
Pritchett, Marie

Official Course Syllabus - Macomb Community College, 14500 E 12 Mile Road, Warren, MI 48088


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