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Business Administration

BUS 1103 Microeconomics

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BUS 1103  MICROECONOMICS


Syllabus


Prerequisites: BUS 1101 Principles of Business Management


Course Description:


This is an introductory course in Microeconomics. In this course, we will learn about basic elements of consumer and firm behavior, different market structures and their effects on welfare, and the direct and indirect role of the government in determining economic outcomes.


Required Textbook and Materials:


OpenStax EconomicsPrinciples of Economics. OpenStax CNX. May 18, 2016 http://cnx.org/contents/69619d2b-68f0-44b0-b074-a9b2bf90b2c6@11.330

Software Requirements/Installation

  1. A reliable internet connection
  2. Microsoft Office Suite (including Word and Excel) or Open Office Suite (including Writer and Calc) and a pdf reader.

Learning Objectives and Outcomes:


Upon completion of the course, a student will be able to

  1. Apply the critical thinking skill learned in this course to deal with economic problems
  2. Identify the direction of price movements when the market environment changes
  3. Realize the unintended consequences of well meaning government intervention in markets
  4. Identify market structures and its effect on market efficiency
  5. Realize the distinction between equity and efficiency
  6. Active role of the government in situations of market failures

Course Schedule and Topics


 This course will cover the following topics in eight learning sessions, with one Unit per week. The Final Exam will take place during Week/Unit 9 (UoPeople time).


Unit 1: Introduction to Economic Principles
Topics:

  • Economics as a social science and its applications
  • Difference between micro end macro economics
  • Marginal analysis—economic logic
  • Mathematical Prerequisites: Graphs and slopes
  • Choice under Scarcity: PPF and Opportunity Cost
  • Globalization


Unit 2: Economic Models: Supply and Demand
Topics:

  • Definition and Example of demand and supply curve.
  • Difference between quantity demanded and demand.
  • Equilibrium; definition and examples.
  • Shifts of the demand and supply curves under environmental changes.
  • Examples of non-equilibrium situations, like price ceiling and price floors.
  • Consumer Surplus
  • Producer Surplus and efficiency
  • Dead weight loss due to taxation

Unit 3: Elasticity

Topics:

  • Price Elasticity of demand: Definition and examples
  • Income Elasticity, Cross price Elasticity : Definition and examples
  • Price Elasticity of Supply
  • Relationship between Elasticity and revenue and taxation


Unit 4: Consumer Choices
Topics: 

  • Introduction to Consumer Choices
  • Total Utility and Diminishing Marginal Utility
  • Choosing with Marginal Utility
  • Utility Maximization Rule
  • How Changes in Income and Prices Affect Consumer Choices
  • Demand Curves and Marginal Utility

Unit 5: The Theory of the Firm

Topics:

  • Explicit and Implicit Costs, and Accounting and Economic Profit
  • The Structure of Costs in the Short Run
  • The Structure of Costs in the Long Run 

Unit 6: Market Structures: Perfect Competition and Monopoly
Topics:

  • Perfect competition and the assumptions needed to fulfill the conditions
  • Examples from the real world in competitive markets
  • Profit maximizing conditions in a  competitive market
  • Shut down condition-long run and the short run
  • Relationship between short run supply and marginal cost curve
  • Competitive markets and the Zero Profit condition in the long run
  • Monopolies and the assumptions needed to fulfill the conditions of a monopoly
  • Examples from the real world of monopoly markets and sources of monopoly power
  • Profit maximizing conditions of monopolies
  • Efficiency losses due to monopoly markets

Unit 7: Monopolistic Competition and Oligopoly

Topics:

  • Other market structures: monopolistic competition, Oligopoly
  • Differences between the three major market structures and the similarities
  • Various models of Oligopoly
  • Examples of monopolistic competition
  • Real-Life examples of the three major market structures

Unit 8: Poverty and Economic Inequality

Topics:

  • Lorenz Curve and its implications
  • Absolute measures, relative measures of Inequality and their difference
  • Demographics of Poverty and Inequality in the United States
  • Income inequality globally

Unit 9: Final Exam



Study Guide


Unit 1: Introduction to Economic Principles

  • Read the Learning Guide and Professor's Notes.
  • Respond to the Discussion Forum Question.
  • Respond to at least three Discussion Forum answers written by your fellow students.
  • Complete the Self-Quiz.
  • Complete and submit the Written Assignment for Unit 1.
  • Complete Learning Journal Tasks.
  • Complete the “Self-Check Questions” at the end of Chapters 1 and 2 of the text. (The answers are after Appendix D in the book.) 

Unit 2: Economic Models: Supply and Demand

  • Peer Assess Unit 1 Written Assignment 
  • Read the Learning Guide and required readings for Unit 2.
  • Respond to the Discussion Forum Question for Unit 2.
  • Respond to at least three Discussion Forum answers written by your fellow students.  
  • Complete and submit the Written Assignment for Unit 2
  • Complete the Self-Quiz for Unit 2.
  • Make entries to the Learning Journal for Unit 2.
  • Complete the “Self-Check Questions” at the end of Chapters 3 and 4 of the text. (The answers are after Appendix D in the book.) 

Unit 3: Elasticity

  • Peer-assess Unit 2 Written Assignment  
  • Read through the Learning Guide and the Reading Assignment
  • Complete the Discussion Assignment by posting in the Discussion Forum
  • Respond to three of your fellow classmates’ posts in the Discussion Forum
  • Take and submit the Self-Quiz
  • Take and submit the Graded Quiz
  • Complete the “Self-Check Questions” at the end of Chapter 5 of the text. (The answers are after Appendix D in the book.)

Unit 4: Consumer Choices

  • Read the Learning Guide and required readings for Unit 4.
  • Respond to the Discussion Forum Question for Unit 4.
  • Respond to at least three Discussion Forum answers written by your fellow students. 
  • Complete and submit the Written Assignment for Unit 4
  • Complete the Self-Quiz for Unit 4.
  • Make entries to the Learning Journal for Unit 4.
  • Complete the “Self-Check Questions” at the end of Chapter 6 of the text. (The answers are after Appendix D in the book.) Do not hand these in.

Unit 5: The Theory of the Firm

  • Peer Assess Unit 4 Written Assignment.
  • Read the Learning Guide and required readings for Unit 5.
  • Respond to the Discussion Forum Question for Unit 5.
  • Respond to at least three Discussion Forum answers written by your fellow students.
  • Complete and submit the Written Assignment for Unit 5.
  • Complete the Self-Quiz for Unit 5
  • Make entries to the Learning Journal for Unit 5
  • Complete the “Self-Check Questions” at the end of Chapter 7 of the text. (The answers are after Appendix D in the book.) Do not hand these in.


Unit 6:
 Market Structures: Perfect Competition and Monopoly

  • Peer Assess Unit 5 Written Assignment
  • Read the Learning Guide and required readings for Unit 6.
  • Respond to the Discussion Forum Question for Unit 6.
  • Respond to at least three Discussion Forum answers written by your fellow students.
  • Complete and submit the Written Assignment for Unit 6
  • Complete the Self-Quiz for Unit 6
  • Complete the Graded Quiz for Unit 6
  • Make entries to the Learning Journal for Unit 6
  • Complete the “Self-Check Questions” at the end of Chapters 8 and 9 of the text. (The answers are after Appendix D in the book.) Do not hand these in.

Unit 7: Monopolistic Competition and Oligopoly

  • Peer Assess Unit 6 Written Assignment 
  • Read the Learning Guide and required readings for Unit 7
  • Respond to the Discussion Forum Question for Unit 7
  • Respond to at least three Discussion Forum answers written by your
  • fellow students. 
  • Complete and submit the Written Assignment for Unit 7
  • Complete the Self-Quiz for Unit 7
  • Make entries to the Learning Journal for Unit 7
  • Complete the “Self-Check Questions” at the end of Chapter 10 of the text. (The answers are after Appendix D in the book.) Do not hand these in.

 

Unit 8: Poverty and Economic Inequality

  • Peer Assess Unit 7 Written Assignment
  • Read the Learning Guide and required readings for Unit 8
  • Respond to the Discussion Forum Question for Unit 8
  • Respond to at least three Discussion Forum answers written by your fellow students.
  • Complete the Self-Quiz for Unit 8
  • Make entries to the Learning Journal for Unit 8
  • Complete the “Self-Check Questions” at the end of Chapter 14 of the text. (The answers are after Appendix D in the book.) Do not hand these in.


Unit 9: Final Examination

  • Prepare for and submit the final examination.
  • The final exam will take place in Week 9. (Exact date and other details will be announced.)

 


Course Requirements


Assignments
There is an Assignment to be completed for each of the study units in this course except for Unit 8. You will be required to upload your assignments by the indicated deadline and in addition, to assess three of your classmates’ assignments according to the instructions provided. Failure to submit assignments may result in failure of the course.

Discussion Forum
There are Discussion Forum questions to be completed for each study unit in this course. In each unit, you will be required to post your response to the question in the forum. In addition, you must provide constructive commentary on at least three of your peers’ postings and rate their work between one and five according the guidelines provided.

Discussion Forums are only active for the relevant learning week and it is not possible to contribute to a discussion forum once the learning week has come to an end. Failure to participate in the Discussion Forums may result in failure of the course.

Course Forum
The Course Forum is the place to raise issues and questions relating to the course. It is monitored by the instructors. It is a good place to meet fellow students taking the same course. While it is not required to participate in this forum, it is highly recommended.

Classroom Forum
The Classroom Forum is a small forum available only to students in the same classroom or group. Participation in this forum is an excellent way to get to know your peers and is also a platform for raising issues and questions relating to the course. While it is not required to participate in this forum, it is highly recommended.

Learning Journal
The Learning Journal is a tool for self-reflection on the learning process. In addition to completing directed tasks, you should use the Learning Journal to document your activities, record problems you may have encountered and to draft answers for Discussion Forums and Assignments. The Learning Journal should be updated regularly (on a weekly basis), as the learning journals will be assessed by your instructor as part of your Final Grade.

Quizzes
For each unit of work, there is a self-quiz consisting of multiple choice and True/False questions.. You will have multiple attempts to take the quiz and improve your results. The results of the self-quiz do not count towards your Final Grade. There are also two graded quizzes in the course, one in Unit 3 and the other in Unit 6 It is recommended that you complete the self-quiz to ensure that you have adequately understood the course materials.

Final Examination
The Final Exam will take place during Week/Unit 9, following the completion of eight units of work. The format of the Final Exam is similar to that of the quizzes, and may contain a combination of different question types. You will have one attempt to take the exam, and it will be graded electronically.
Specific instructions on how to prepare for and take the Final Exam will be provided during Week 8 (located inside the Unit 9 Learning Guide). Final Exams must be taken without the use of course learning materials (both those inside and outside the course). If particular materials are allowed for use during the exam, these will be noted in the exam’s instructions.


Policies


The University has established the following grading scale. All faculty members are expected to comply with this scale:

Grade Scale Grade Points
A+ 98-100 4.00
A 93-97 4.00
A- 90-92 3.67
B+ 88-89 3.33
B 83-87 3.0
B- 80-82 2.67
C+ 78-79 2.33
C 73-77 2.00
C- 70-72 1.67
D+ 68-69 1.33
D 63-67 1.00
D- 60-62 0.67
F Under 60 0.00


Grades will be based on a standard 100-point scale with the following values and ranges:

Grading Components and Weights

Learning Journal 10%
Written Assignments 25%

Discussion Forums

25%

Graded Quizzes (2)

20% (10% each)

Final Exam 20%
TOTAL 100%


Grade Appeal
Final Grades may be appealed when you believe that the grade you have been assigned for a course is unjust or unfair. For more information on the Grade Appeal procedure, please refer to the Student Handbook.

Participation
Non-participation is characterized by lack of assignment submission and/or inadequate contribution in discussion forum postings.

  • Assignments must be submitted on or before the deadline. A course time-line is provided in the course schedule. The instructor will specify the deadline for each assignment.
  • Occasionally there may be a legitimate reason for submitting an assignment late. Most of the time late assignments will not be accepted, and there will be no make-up assignments. Students should review the Late Assignment Policy appearing in the Student Handbook.

Any student showing non-participation for 2 weeks (consecutive or non-consecutive) is likely to automatically fail the course.

All students are obligated to inform their instructor in advance of any known absences which may result in their non-participation.

Academic Honesty and Integrity

When you submit any work that requires research and writing, it is essential to cite and reference all source material. Failure to properly acknowledge your sources is known as “plagiarism” – which is effectively passing off an individual’s words or ideas as your own. University of the People adheres to a strict policy of academic honesty and integrity. Failure to comply with these guidelines may result in sanctions by the University, including dismissal from the University or course failure. For more information on this topic, please review the Academic Integrity Policy in the University Catalog.

Unless otherwise stated, any materials cited in this course should be referenced using the style guidelines established by the American Psychological Association (APA). The APA format is widely used in colleges and universities across the world and is one of several style and citation formats required for publication in professional and academic journals. Purdue University’s Online Writing LAB (OWL) is a free website that provides excellent information and resources for understanding and using the APA format and style. The OWL website can be accessed here: https://owl.purdue.edu/owl/purdue_owl.html

Code of Conduct
University of the People expects that students conduct themselves in a respectful, collaborative and honest manner at all times. Harassment, threatening behavior, or deliberate embarrassment of others will not be permitted.

Any conduct that interferes with the quality of the educational experience is not allowed and may result in disciplinary action, such as course failure, probation, suspension, or dismissal. Please see the Student Handbook for more information.