Principles of Microeconomics: Course Structure and Study Guide

Course Overview

This course introduces students to the fundamental principles of microeconomics, focusing on the interactions between individuals, households, and firms within a market-based economy. Key concepts include supply and demand, market structures, resource allocation, government intervention, and international trade. The course is delivered asynchronously via distance learning, with a strong emphasis on self-paced study and competency-based assessment.

Required Materials

• Textbook: Economics Today: The Micro View (Roger LeRoy Miller, Pearson, 2020)

• Pearson MyLab: Online homework, quizzes, and study resources integrated with the textbook

• Blackboard: Course management system for grades, announcements, and exam administration

Course Structure

The course is divided into four units, each covering specific chapters from the textbook. Each unit concludes with an exam, and a comprehensive final exam is administered at the end of the course.

Unit and Chapter Breakdown

• Unit I: Chapters 1, 2, 3, 4

• Unit II: Chapters 5, 19, 20, 21

• Unit III: Chapters 22, 23, 24, 25

• Unit IV: Chapters 26, 28, 31, 32

Chapters 6, 27, 29, and 30 are not included in regular exams but are available for extra credit assignments.

Learning Objectives

• Apply the concepts of scarcity and opportunity cost

• Manipulate the demand and supply model to determine equilibrium price and quantity

• Critically evaluate policy usage in microeconomic markets

• Explain the theory of consumer behavior and the theory of the firm

• Model and explain market structures: perfect competition and imperfect competition

Assessment Methods

Students can progress through the course using one of four routes:

1. Traditional Route: Complete all Pearson MyLab assignments and quizzes (minimum 65% required), then take Unit Exams and Final Exam. Grades are based on exam performance.

2. Competency-Based Route: Pass Unit Challenge Exams (minimum 70%) to skip Pearson MyLab assignments for that unit. Grades are based on Challenge Exam and Final Exam scores.

3. Whole Course Competency Route: Pass the Course Challenge Exam (minimum 70%) to complete the course. Grades are based solely on this exam.

4. Fail-Safe Route: Complete all Pearson MyLab assignments with at least 55% to earn a guaranteed grade of C. No exams required.

Grading Table

Exam Structure

• Unit Exams: 40 questions (10 per chapter), 60 minutes, multiple-choice, proctored online

• Final Exam: 50 questions, comprehensive, 2 sheets of handwritten notes allowed

• Challenge Exams: Optional, allow skipping assignments if passed with 70% or better

Extra Credit Opportunities

• Completing exams and assignments by deadlines (up to 10% of course grade)

• Taking extra credit tests on unassigned chapters (Chapters 6, 27, 29, 30) via Pearson MyLab

Study Methods and Recommendations

Success in this course depends on disciplined study habits and thorough reading of the textbook. The following structured approach is recommended:

1. Skim the chapter to get an overview

2. Read chapter titles, learning objectives, headings, bold terms, and summaries

3. Make a list of key concepts and terms

4. Read the chapter thoroughly

5. Revise your outline/map of the chapter

6. Complete the Study Plan and Sample Tests in Pearson MyLab

7. Do all Homework and Quizzes for the chapter

8. Review your outline/map regularly before exams

Using Pearson MyLab Effectively

• Access personalized Study Plans to identify areas needing improvement

• Utilize unlimited practice problems and learning aids (Help Me Solve This, eText links, graphing tools)

• Review graded assignments and quizzes for feedback

• Watch recommended videos (Khan Academy, Marginal Revolution University) for additional explanations

Testing and Proctoring

• All exams are administered online via Blackboard and require Respondus LockDown Browser and Monitor for proctoring

• Students may use handwritten notes as specified for exams

• Practice Final Exam is available for preparation

Course Policies

• Withdrawals: Students are responsible for withdrawing if necessary; instructor may withdraw students for non-attendance or failure to complete orientation

• Incompletes: Granted only for documented extraordinary circumstances; must have completed two exams with a C or better

• Attendance: Not taken in asynchronous courses, but progress is monitored via assignment completion

Support Services

• Pearson MyLab technical support and accessibility resources

• ACC online tutoring, learning labs, and technology support (including device checkout and WiFi access)

Summary Table: Unit Exams and Deadlines

Key Formulas and Concepts (Examples)

• Opportunity Cost: The value of the next best alternative foregone when making a choice.

• Demand and Supply Equilibrium:

  • Equilibrium price and quantity are determined where demand equals supply.

• Elasticity:

  • Price elasticity of demand:

• Consumer Surplus:

• Profit:

Additional Info:

• Learning objectives for each chapter are available on Blackboard and are directly correlated with exam questions.

• Competency-based routes allow flexible progression based on demonstrated mastery.

• Extra credit can significantly boost grades if deadlines are met.

• Students are encouraged to use all available resources, including videos and study aids, for comprehensive understanding.