IRVINE VALLEY COLLEGE
Office B271, Telephone: (949)
Office Hours: TTh 9:00-9:30 a.m., 3:30 -- 4:30 p.m., and Saturday 10 a.m. to noon in Classroom B118
SYLLABUS AND COURSE OUTLINE
Microeconomics studies the behavior
of households and business firms; the role of government in a market system;
taxation; economic models that include supply and demand, competitive labor
markets, international trade, and distinctive market structures.
We employ basic mathematics skills
and use graphs extensively in this course. Your textbook, Chapter 1
Appendix “Working with Graphs and Formulas” will help you gain practice to
become comfortable with graphs.
STUDENT LEARNING OUTCOMES: Upon completion
of this course, you will be able to:
1. Define and
explain the fundamental economic problem of scarcity and its consequences -
choice, cost, and economizing;
2. Use a production
possibilities diagram to show and explain the concepts of limits, choice, cost,
efficiency, and economic growth.
3. Construct a supply and
demand model and use it to explain how prices are determined in markets.
4. Employ supply and demand
diagrams to evaluate the consequences of legally imposed prices (ceiling and
5. Calculate the elasticity
coefficient for supply or demand in a market and interpret the result.
6. Differentiate the
alternative definitions of profit, implicit and explicit costs; and use them to
calculate profit given the appropriate data.
7. Apply the law of diminishing
returns to show, calculate, and explain costs in the short run.
8. Define, explain and
evaluate the different market structures.
9. Determine a firm's
profit maximizing (or loss minimizing) quantity and the price given cost and
revenue data, for each of the market types.
10. Critically evaluate the efficiency
differences between purely competitive industries and monopolies.
11. Assess and interpret the market
factors that determine the prices and quantities in resource markets.
Microeconomics Resource Guide, 5th edition, 2013, new and unused, by Martha Stuffler
outlines course lectures, organizes the structure and format of classroom
presentations. Each student must use their own copy of the Resource Guide
during each class to record lecture notes, complete problems, perform graphical
analysis and participate in problem solving and class discussions. In
addition, the Guide provides hundreds of practice problems and homework
The textbook, Core Microeconomics,
3rd edition 2014, Eric P. Chiang, supplements the course lectures, but does not
need to be brought to class.
A calculator (or you may use your cell phone) and the Resource Guide
must be brought to every lecture.
Three Scantron Forms No. 882 for the three exams.
Access to your IVC email account (or forward your IVC email, my webpage has
instructions) and MySite.
ASSESSMENTS: Exams are application-oriented and in-depth
using multiple choice, short-answer, essay, and graphical analysis based on
material covered in lectures and if assigned, outside readings. Students
must complete all parts of the three exams or earn an "F" grade for
Students must complete all exams on the date and time with the class for
which they are registered. The instructor does not give make-up
exams. If you cannot attend your scheduled exam with advance notice to
the instructor, you may take the exam early. If you miss an exam, since
no midterm score may be dropped for grade calculation, you must drop the course
or earn an "F".
points = 100%
Homework assignments are tear-out
sheets in the back of the Resource Guide. They are collected at the
beginning of class on the due date. Late assignments, if accepted, will
bear opportunity costs of a decreased point value. Any assignment not
turned in to the instructor during class and later discovered in the
instructor's mailbox will be late or may not be accepted.
No late assignments will be accepted
for any reason if these assignments have been returned to any class.
Missed assignments may not be made up.
GRADING: Total possible points for the
course are 400:
A = 360 or more
points (90% or higher)
B = 320 to 359
points (80% but less than 90%)
C = 280 to 319
points (70% but less than 80%)
D = 240 to 279
points (60% but less than 70%)
F < 240 points
than 60% or for cases
of academic dishonesty)
Academic dishonesty includes turning
in work that is not your own; removing test questions or other test material
from the classroom; discussing test material with students who have not taken
the exam; looking at another student's assignment or test and copying their
answers, etc. Students should read and understand this syllabus and the
Student Code of Conduct in the class schedule.
The instructor retains graded
materials that have not been returned to students for 90 days after grades have
been posted. If any student wishes to review these materials used for
grade determination, the student must contact the instructor before this
ATTENDANCE: Students are responsible for all
lecture material and assignments given. If you miss class, ask another
student to get assignments, fill in Resource Guide notes, and gain any
other information missed. Your instructor does not provide a copy of
notes that you have missed.
If you decide to drop the course, it
is your responsibility to drop the course through Admissions and Records.
Deadlines for dropping courses are shown in the class schedule. Any
student who does not complete the course and does not drop the course will earn
the grade of "F". The instructor reserves the right to drop any
student who misses more than three classes.
EDUCATIONAL PHILOSOPHY: A student learns best when
he/she knows what is expected and is presented with a challenge. I will
do my best to present complex material in a simplified manner. I need your
classroom participation to know whether or not you grasp the material. I
do not believe in surprises on exams, but they will test your knowledge
in-depth. I will help every student who is sincerely trying to pass the
course. You may reach me by phoning my office or meeting with me during
office hours or by appointment. Please do not hesitate to ask for help at
any time during the semester.
INSTRUCTOR MESSAGES: If you need to reach me, call
my office telephone (949) 451-5759 during office hours or leave a voice mail
message. I will return your call as soon as possible. Meet with me
during my office hours or by arranged appointments. Please do not leave
messages for me with office staff.
SUGGESTIONS FOR SUCCESS:
1. Attend each class meeting and complete the
lecture material required in the Resource Guide.
2. Complete the Practice Questions and
Assignments in the Resource Guide.
3. Use Launch Pad which comes with the recommended
textbook for this course for practice problems and quizzes to identify areas
where you need more study.
4. Tape record lectures, replay to reinforce
5. Ask questions during lectures.
6. Expect to spend 6 and dedicate 6 hours in home
study per week to be successful in this course.
7. Form study groups to discuss and apply concepts.
8. Read the Resource Guide material and the
textbook within 24 hours AFTER the lecture. Reread the material at least
once before exams.
9. When assigned, read lessons and chapters covering
supply and demand and elasticity five times—they are very challenging
10. Students unsuccessful or dissatisfied on first exam
should meet with me to discuss their progress.
READING ASSIGNMENT AND TEST SCHEDULE: This schedule is tentative
and is subject to change at the instructor's discretion based on the pace that
we are able to maintain.
Chapters are listed for the textbook
and Lessons are for the Resource Guide.
Unit One: Read Chapters 1-4.
13, and Lessons 1-4
1/Day 1 – Lesson 1 Introduction to
2/Day 2 – Lesson 2 Production Possibilities
3/Day 3 – Lesson 3 Supply and Demand
4/Day 4 – Lesson 4 Market Failure
5/Day 5 – Lesson 4 and Unit One Test
Unit Two: Read Chapters , 5, 6, 13 and Lessons 5-9
6/Day 6 – Lesson 5 International Trade
7/Day 7 – Lesson 7 Consumer Choice
8/Day 8 – Lesson 6 Elasticity
Week 9/Day 9 – Lesson 8 Income, Taxes and Govt.
10/Day 10 – Lesson 9 and Unit Two Test
Unit Three: Read Chapters 7-10
and Lessons 10-14
Week 11/Day 11 – Lesson 9 Production, Costs, and Profits
Week 12/Day 12 – Lesson 10 Perfect Competition
Week 13/Day 13 – Lesson 10 Perfect Competition
14/Day 14 – Lesson 11 Monopoly
Week 15/Day 15 – Lesson 12 Oligopoly and Game Theory
16/Day 16 – Lesson 13 Monopolistic
For the 8 week course, each class day covers one week of course
material for a comparable 16 week class. The final exam will be held on
the last class meeting.
My lectures and course materials, including power point presentations,
tests, outlines, and similar materials, are protected by US copyright laws. I
am the exclusive owner of the copyright for those materials I create. You may
take notes and make copies of course materials for your own use. You may not
and may not allow others to reproduce or distribute lecture notes and course
materials publicly whether or not a fee is charged without my express written
consent. Similarly, you own copyright in your original papers and exam essays.
If I am interested in posting your answers or papers, I will ask for your