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Master Syllabus

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Administrative Unit: Business Administration Department
Course Prefix and Number: ECON 294
Course Title: Microeconomics
Number of:
Credit Hours 3
Lecture Hours 3
Lab Hours 0
Catalog Description: Introduction to specific economic units and to individual markets and individual interactions within an economy. Prerequisite: Sophomore standing. G.E.
Prerequisite(s) / Corequisite(s): Sophomore standing.
Course Rotation for Day Program: Offered Fall and Spring.
Text(s): Most current editions of the following:

By McConnel & Brue (McGraw-Hill)
Economics Today: The Micro View
By Miller (Pearson)
Microeconomics: Principles and Tools
By O'Sullivan & Sheffrin (Pearson)
Principles of Microeconomics
By Case & Fair (Pearson)
Microeconomics: Principles and Policy
By Baumol & Blinder (Thomson/South Western)
By Acemoglu, Laibson, List (Pearson)
Principles of Microeconomics
By Krugman & Wells (Worth)
By Colander (McGraw-Hill)
Course Objectives
  • To understand the economic concepts of individual and firm decision making.
  • To understand the four types of market structure and analyze their impact on competition within an economy.
    Measurable Learning
  • Explain what the study of economics involves and be able to differentiate between the disciplines of macroeconomics and microeconomics.
  • Draw supply and demand curves and manipulate these curves when performing economic analysis.
  • Explain the concept of elasticity. Explain the concepts of price elasticity of demand, price elasticity of supply, income elasticity, and cross-price elasticity.
  • Explain the theory of consumer choice. Identify factors that enhance or limit consumer rationality.
  • Differentiate among the terms: normal profit, economic profit, accounting profit. Be able to calculate each of these measures and explain their significance in economic decision-making.
  • Demonstrate the relationship between marginal productivity and marginal cost for a firm. Explain the importance of marginal revenue and marginal cost in identifying a firm’s optimal output point.
  • Identify the four types of market structure. Describe the characteristics of each and explain the relationship between cost structures and market structures for various industries.
  • Explain the demand for resources in an economy and describe how resource payments (i.e., wages, rents, interest, and profits) are determined.
  • Explain progressive, regressive, and proportional tax regimes. Analyze key U.S. taxes (e.g., Federal income tax, Social Security tax, property tax, sales tax) using this framework.
  • Explain the history and philosophy of U.S. anti-trust legislation.
  • Explain the underlying economics of health care in the U.S.
    Topical Outline:

    This course includes a written and oral presentation component.

  • Define economics
  • Supply and demand
  • Elasticity
  • Consumer choice
  • Production and cost decisions
  • Market structures
  • Demand for resources
  • Taxes, government, and market imperfections
  • Anti-trust policy and regulation
  • Economics of health care


    Recommended maximum class size for this course: 35

    Library Resources:

    Online databases are available at You may access them from off-campus using your CougarTrack login and password when prompted.

    Prepared by: Diane Suhler Date: February 13, 2015
    NOTE: The intention of this master course syllabus is to provide an outline of the contents of this course, as specified by the faculty of Columbia College, regardless of who teaches the course, when it is taught, or where it is taught. Faculty members teaching this course for Columbia College are expected to facilitate learning pursuant to the course objectives and cover the subjects listed in the topical outline. However, instructors are also encouraged to cover additional topics of interest so long as those topics are relevant to the course's subject. The master syllabus is, therefore, prescriptive in nature but also allows for a diversity of individual approaches to course material.

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