Micro Economics BUS2353 Dual Enrollment
URGENT NOTE:
This should only be done AFTER you have enrolled in the class and have a held and approved seat. Thank you!
This Dual Enrollment course (3.0 credits)
This is an introductory course stressing microeconomic theories. Topics studied include the theory and application of supply and demand elasticity; theory of consumer demand, utility; production and cost theory including law of diminishing returns; the firm's profit-maximizing behaviors under market models ranging for pure competition to pure monopoly; the theory of income distribution; comparative advantage, trade policies, exchange rates, balance of payments, and other international issues. This course will take students 2-3 hours outside of class each week
Prerequisites: Macro Economics
In order to receive any Dual Enrollment credits from PBAU you must go to Dual Enrollment PBAU Registration and follow the directions precisely.
Required Materials: Economics McConnell & Brue 19th Edition ISBN: 0073511447 / 9780073511443
Can be purchased here:
Categories: Dual Enrollment; Economics
Target Levels: Grade 10; Grade 11; Grade 12
High School Credits: 0.5
College Credits: 3
Walter Jominy
Tuition and Class Schedule by Academic Term:
Fall 2 (Oct 14-Dec 9)
Tuition and Fees
PBAU Fee for DE: $60.00
Paid Security Guard Fee for Safety of Students: $25.00
Tuition Fee: $595.00
Section 1: Walter Jominy (wjominy@gmail.com) (Open)
Thu 6:00 PM - 9:00 PM
Topics and Objectives
1. Elasticity of Demand and Supply
— TLW Define the concept of price elasticity of supply and demand and illustrate with suitable diagrams.
— TLW Calculate the coefficient of elasticity in various supply and demand situations.
— TLW Explain the total revenue effect of price changes under conditions of:
Elastic Inelastic Unit-elastic demand
— TLW Identify properties of goods and services which affect the elasticity of supply and demand.
2. Consumer Utility and Costs
— TLW Explain the concepts of utility, total utility, and marginal utility.
— TLW Define the Law of Diminishing Marginal Utility and illustrate with specific examples
— TLW Use utility theory to explain and illustrate total utility maximizing, with a limited budget constraint.
— TLW Discuss explicit and implicit costs and how these relate to normal profit vs. economic profit.
— TLW Define and illustrate the Law of Diminishing Returns in Production
— TLW Describe and illustrate with diagrams the firm's family of short-run and long run cost curves
3. Market Structure
— TLW Describe and illustrate with diagrams the firm's profit-maximizing behavior, in particular MR=MC, under the following:
Market conditions of pure competition, Pure monopoly, Monopolistic competition, Oligopoly
4. Demand for Resources
— TLW State the condition that must be satisfied if a firm is in a least-cost or maximum profit
— TLW Define "derived demand" and "economic rent" and explain importance of interest rates.
— TLW Explain the influence of the substitution-effect and income-effect upon the labor supply curve.
5. Government
— TLW Differentiate between the economic and non-economic functions of government
— TLW Explain the concept of spillovers, their impact on resource allocation, and the corrective actions needed.
6. Income Inequality and Health Care
— TLW Discuss current dynamic forces impacting labor markets, e.g. unions, monopsony, healthcare.