Illinois Valley Community College
Economics
Course Number and Title: ECN 2002 Principles of Microeconomics
Session: Winter Semester 2008
Instructor: David Gordon (B323)
Phone Number: (815) 224 - 0393 (email David_Gordon@ivcc.edu)
Office Hours: Mon. 11:00 A.M. 1:00 P.M.
Tues. 1:45 P.M. 2:30 P.M.
Wed. 11:00 A.M. - 1:00 P.M.
Thurs. 1:45 P.M. 2:30 P.M.
Fri. 11:00 A.M. 1:00 P.M.
Credit Hours: Three
Prerequisites: TBA.
Textbook: Principles of Microeconomics,8th ed. , Prentice Hall Publishing,
by Case and Fair.
Periodicals: Wall Street Journal (Optional)
Barrons (Optional)
Rationale:
The main goal of the course is to introduce the student to the fundamentals of economics, including the tools and models used by economists to study various microeconomic problems. Students need to see how prices are thought to be determined, including their own labor services.
Course Objectives:
Upon completion of the course the student should have a firm grasp of the following topics:
1) The language of economics.
2) Thorough knowledge of forces that affect supply and demand.
3) Market equilibrium and disequilibrium.
4) Demand elasticity.
5) Utility and its role in economics.
6) Economic methodology.
7) Theory of consumer behavior.
8) Production and cost theory on the short run.
9) Production and cost theory in the long run.
10) Theory of perfect competition.
11) Theory of monopoly.
12) Analysis of imperfectly competitive markets: oligopoly and monopolistic competition.
13) Input pricing: labor and land.
14) Capital markets and the investment decision.
Course Evaluation Information:
Evaluation:
Exam #1 15%
Exam #2 20%
Exam #3 20%
Exam #4 20%
Assignments/Quizzes 10%
and attendance
WSJ project 15%
Make-up exams will be given only in cases of documented
illness or qualifying emergencies.
Homework assignments:
Homework assignments will consist of problems in your textbook and supplemental problems given in the form of handouts.
Exams:
Exams will consists predominately of problems and other objective questions. The dates of the exams will be announced at least two weeks ahead of time.
Wall Street Journal Project:
You will be required to read the Wall Street Journal and produce an economic report on a predetermined industry and the companies within that industry. The report will be presented in class in the form of a Powerpoint presentation. More information will be given on this project within the first week of class. (Depending on class size this might be a group or individual project.)
Grades:
An average of 90% or above on all coursework guarantees an A, an average of 80% - 89% guarantees a B, etc.
Attendance:
I will formally take attendance. Attendance is STRONGLY encouraged for two main reasons: firstly, my exams closely parallel the topics emphasized in my lectures, secondly, part of your final grade will be based on your attendance.
Withdrawal Procedure:
If you wish to withdraw from the class you must notify me in person. The withdrawal deadline is listed in the school catalog.
Tentative Schedule of Exam Material:
Week #1: Introduction and Chapter 1 (The Scope and Method of Economics)
Week #2: Chapter 2 (Scarcity and Choice)
Week #3: Chapter 3 (Demand, Supply and Market Equilibrium)
Week #4: Demand, Supply and Market Equilibrium continued. EXAM #1.
Week #5: Review of exam and Chapter 4 (The Price System, Demand and Supply, and Elasticity)
Week #6: Elasticity continued. Chapter 5 (Household Behavior and Consumer Choice)
Week #7: Chapter 6 (The Production Process)
Week #8: Production continued. EXAM #2.
Week #9: Review of exam and Chapter 7 (Short Run Costs and Output Decisions)
Week #10: Chapter 8 (Costs and Output Decisions in the Long Run)
Week #11: Chapter 12 (Monopoly and Antitrust Policy)
Week #12: Monopoly and antitrust continued. EXAM #3.
Week #13: Review of exam and Chapter 13 (Monopolistic Competition and Oligopoly)
Week #14: Chapter 9 (Input Demand: Labor and Land Markets)
Week #15: Chapter 10 (Input Demand: The Capital Market and the Investment Decision)
Week #16: Chapter 10 continued.
Week #17: Review and EXAM #4.
If you are a student with a cognitive, physical or psychiatric disability you may be eligible for academic support services such as extended test time, texts on tape, note taking services,
etc.... If you are interested in receiving academic support services, please contact the Special
Populations Office at 224-0284, office B-204.