Principles of Microeconomics: Course Syllabus and Study Guide

Principles of Microeconomics: Course Syllabus and Study Guide

Course Overview

This course provides an introduction to microeconomics, focusing on the behavior of individual economic agents such as consumers and producers. It covers fundamental concepts including demand and supply, market equilibrium, elasticity, production and costs, market structures, factor markets, market failures, and international trade.

Key Topics and Chapter Outline

• Ch. 1: The Principles and Practice of Economics - Introduction to economic thinking, scarcity, and opportunity cost.

• Ch. 2: Economic Science: Using Data and Models to Understand the World - Understanding economic models and empirical analysis.

• Ch. 4: Demand, Supply, and Equilibrium - Market forces, equilibrium price and quantity.

• Ch. 6: Sellers and Incentives - Producer behavior, supply decisions, and incentives.

• Ch. 7: Perfect Competition and the Invisible Hand - Market efficiency and competitive markets.

• Ch. 8: Trade - International trade and comparative advantage.

• Ch. 9: Externalities and Public Goods - Market failures and government intervention.

• Ch. 10: The Government in the Economy: Taxation and Regulation - Role of government in correcting market failures.

• Ch. 11: Markets for Factors of Production - Labor and capital markets.

• Ch. 12: Monopoly - Market power and pricing strategies.

• Ch. 13: Game Theory and Strategic Play - Strategic decision-making in economics.

• Ch. 14: Oligopoly and Monopolistic Competition - Imperfect competition and market dynamics.

Course Objectives

• Scarcity and Opportunity Cost: Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.

• Supply and Demand: Identify determinants of supply and demand; demonstrate the impact of shifts in market supply and demand curves on equilibrium price and output.

• Utility Maximization: Summarize the law of diminishing marginal utility; describe the process of utility maximization.

• Elasticity: Calculate supply and demand elasticities, identify determinants of price elasticity, and demonstrate the relationship between elasticity and total revenue.

• Production and Costs: Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.

• Market Structures: Identify the four market structures by characteristics; calculate and graph the profit-maximizing price and quantity in output markets using marginal analysis.

• Factor Markets: Determine the profit-maximizing price and quantity of resources in factor markets under perfect and imperfect competition using marginal analysis.

• Market Failure and Government: Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.

Course Schedule

Week	Assignments	Readings	Completion Date
1	Get Started HW & Quiz, Chapter 1 HW & Quiz	Chapter 1	Jan 18, 2026
2	Chapter 2 HW & Quiz	Chapter 2	Jan 25, 2026
3	Chapter 4 HW & Quiz, Exam #1 (Ch. 1, 2, 4)	Chapter 4	Feb 1 & 4, 2026
4	Chapter 6 HW & Quiz	Chapter 6	Feb 8, 2026
5	Chapter 7 HW & Quiz	Chapter 7	Feb 15, 2026
6	Exam #2 (Ch. 6, 7)	Review Quizzes 6 & 7	Feb 22, 2026
7	Chapter 8 HW & Quiz	Chapter 8	Mar 1, 2026
8	Chapter 9 HW & Quiz	Chapter 9	Mar 8, 2026
9	Chapter 10 HW & Quiz	Chapter 10	Mar 22, 2026
10	Exam #3 (Ch. 8, 9, 10)	Review Quizzes 8-10	Mar 29, 2026
11	Chapter 11 HW & Quiz	Chapter 11	Apr 5, 2026
12	Chapter 12 HW & Quiz	Chapter 12	Apr 12, 2026
13	Chapter 13 HW & Quiz	Chapter 13	Apr 19, 2026
14	Chapter 14 HW & Quiz	Chapter 14	Apr 26, 2026
15	Exam #4 (Ch. 11, 12, 13, 14)	Review Quizzes 11-14	May 3, 2026
16	Final Exam	All Quizzes	May 6, 2026

Grading Breakdown

Assignment Type	Description	% of Final Grade	Drops
Homework	One per chapter, found in Brightspace/Pearson	20%	Three lowest grades dropped
Quizzes	One per chapter, found in Brightspace/Pearson	20%	Three lowest grades dropped
Exams	Four exams, each worth 10%	40%	Lowest exam grade dropped
Final Exam	Comprehensive	20%	None

Important Microeconomics Concepts

• Scarcity: The fundamental economic problem of having limited resources to meet unlimited wants.

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

• Supply and Demand: The relationship between the quantity of a good that producers wish to sell and the quantity that consumers wish to buy. Market equilibrium occurs where supply equals demand.

• Elasticity: Measures the responsiveness of quantity demanded or supplied to changes in price or other factors. Formula: $E_d = \frac{\% \text{ change in quantity demanded}}{\% \text{ change in price}}$

• Production Function: Describes the relationship between inputs and outputs in production. Formula: $Q = f(L, K)$ where $Q$ is output, $L$ is labor, and $K$ is capital.

• Market Structures: Includes perfect competition, monopoly, oligopoly, and monopolistic competition, each with distinct characteristics and outcomes.

• Externalities: Costs or benefits that affect third parties not directly involved in a transaction.

• Public Goods: Goods that are non-excludable and non-rivalrous, often provided by the government.

Course Logistics and Policies

• Attendance: Online attendance is based on assignment completion. Failure to submit assignments before the census date may result in being dropped from the course.

• Communication: Use MCC email for all course-related communication. Instructor responds within 24 hours on business days.

• Late Work: Late work is not accepted unless pre-approved for rare circumstances.

• Student Conduct: Respectful behavior and regular attendance are expected.

Required Textbook

• Microeconomics by Acemoglu, Laibson, List (3rd Edition, Pearson, ISBN: 978-0-13-579861-4)

Additional info: This syllabus covers all major microeconomics topics listed in the provided chapter titles and is directly relevant for exam preparation and course success.