Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade. Three hours lecture per week.
Student Learning Outcomes
Upon successful completion of this course, students will:
- Explain the role of scarcity, specialization, opportunity cost, and cost/benefit analysis in economic decision-making.
- Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output.
- Summarize the law of diminishing marginal utility; describe the process of utility maximization.
- Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue.
- Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production.
- Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis.
- Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis.
- Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods.
- Identify the benefits of free trade using the concept of comparative advantage.
Required Textbooks
McConnell, el. al. Microeconomics, 22 edition, McGraw-Hill. The department has negotiated better prices, but those can only be purchased through the bookstore. The textbook and Connect code version has an ISBN 1-978-1-656-3745-3. Just the Connect code with the e-book version of the textbook is: 978-1-265-60955-9Students should check with their instructors about additional section-specific required texts. Students should check with their instructors about additional section-specific required texts.
ISBN-10
ISBN 1-978-1-264-11228-9
Evaluation Standards
The final course grade will be calculated based upon exams, varying assignments, and quizzes that the instructor may choose to include. Instructors may include participation grades and attendance as factors in determining course grades, at their discretion.
A = 90% - 100%
B = 80% - 89%
C = 70% - 79%
D = 60% - 69%
F = less than 60%
Required Institutional Core Learning Outcomes
Communication (COM), Critical Thinking (CT), Empirical & Quantitative Reasoning (EQR), Social Responsibility (SR)
Disabilities
ADA Statement:
Any student with a documented disability (e.g. learning, psychiatric, vision, hearing, etc.) may contact the Office on the Weatherford College Weatherford Campus to request reasonable accommodations. Phone: 817-598-6350 Office Location: Office Number 118 in the Student Services Building, upper floor. Physical Address: Weatherford College 225 College Park Drive Weatherford, TX.
Academic Integrity
Academic Integrity is fundamental to the educational mission of Weatherford College, and the College expects its students to maintain high standards of personal and scholarly conduct. Academic dishonesty of any kind will not be tolerated. Academic dishonesty includes, but is not limited to, cheating on an examination or other academic work, plagiarism, collusion, and the abuse of resource materials including unauthorized use of Generative AI. Departments may adopt discipline specific guidelines on Generative AI usage approved by the instructional dean. Any student who is demonstrated to have engaged in any of these activities will be subject to immediate disciplinary action in accordance with institutional procedures.
Hope Statement
Any student who faces challenges securing basic resources such as food, clothing, or housing and believes this may affect their performance in their course of study is urged to contact the Director of Student Resources, Dr. Deborah Cregger, for support at (817) 598-6444. Her office is on the first floor of Student Services. If the student prefers, they may contact their instructor, who can reach out on their behalf. Weatherford College also provides the Coyote Pantry. The Pantry maintains boxed and canned foods for students in need. The location of the Coyote Pantry is two blocks west of the Weatherford campus at the Baptist Student Ministry (118 E. Park Ave., Weatherford). Pantry hours are Mon-Thurs. 8:30 am-4:30 pm and Fri. 8.30 am-12:00 pm (817-599-6586).
Revised
Fall 2021
Last Modified
Wednesday, September 15, 2021, 8:38 AM