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Course Design Guide ECO/365 Version 4

Syllabus
School of Business ECO/365 Version 4 Principles of Microeconomics
Copyright 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved.

Course Description This course provides students with the basic theories, concepts, terminology, and uses of microeconomics. Students learn practical applications for microeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum.

University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Colander, D. C. (2010). Economics (8th ed.). New York, NY: McGraw-Hill. All electronic materials are available on the student website.

Week One: Fundamentals of Microeconomics


Details
Objectives 1.1 Differentiate between macroeconomics and microeconomics. 1.2 Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 1.3 Determine how elasticities affect pricing and purchasing decisions. Read Ch. 1 of Economics. Read Ch. 4 of Economics. Read Ch. 5 of Economics. Read Ch. 6 of Economics. Read Ch. 7 of Economics.

Due

Points

Reading Reading Reading Reading Reading

Course Design Guide ECO/365 Version 4

Reading Discussion Questions

Read this weeks Electronic Reserve Readings. Respond to weekly discussion questions. To earn full credit for DQ participation you must post 2 or more posts on EACH of 4 or more days excluding the weekly summary Each weeks summary should reflect how the weeks content could be applied to your place of work, prior place of work, your personal economic decisions, or some current event in the news. Please do NOT just make it a long list of textbook topics Research the University Library and Internet, and select a recent news article concerning trends in consumption patterns of a specific product, such as gasoline, oil, grain, or coffee. The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns: Note. Do not use this article for your assignment. Hauser, C. (2011, August 24). Sales of new homes fell again in July. The New York Times. p. 6. Retrieved from EBSCOhost. Write a 700 1,050-word paper in which you do the following: Analyze the basis for the trends in consumption patterns, as discussed in the article you selected. Consider the utility derived from a product or service mentioned in the article. Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Assume that supply remains the same. Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. Assume that demand remains the same. In your opinion, is demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? Support your determination of the price elasticity of demand with a reference. DQ#1 due by 1/31; DQ#2 by 2/2 Due on 2/4 1.5

Weekly Summary

0.5

Graded Activities and Preparation Article Analysis

2/4

Format your paper consistent with APA guidelines.

Week Two: Production and Cost Analysis

Course Design Guide ECO/365 Version 4

Details
Objectives 2.1 Describe the relationship between the number of inputs and the law of diminishing marginal productivity. 2.2 Analyze the relationship between productivity and the cost of production. 2.3 Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs. 2.4 Analyze the effect of changes in marginal revenues and costs on a firms profit-making potential. Read Ch. 12 of Economics. Read Ch. 13 of Economics. Read Ch. 19 of Economics. Read Ch. 19W of Economics. Read Ch. 20 of Economics. Respond to weekly discussion questions. To earn full credit for DQ participation you must post 2 or more posts on EACH of 4 or more days excluding the weekly summary

Due

Points

Reading Reading Reading Reading Reading Discussion Questions

DQ#1 due by 2/7; DQ#2 by 2/9 2/11

1.5

Weekly summary

Each weeks summary should reflect how the weeks content could be applied to your place of work, prior place of work, your personal economic decisions, or some current event in the news. Please do NOT just make it a long list of textbook topics Complete the Supply and Demand Simulation located on the student website. Write 700 - 1,050-word paper of no more than summarizing the content. Address the following: Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as macroeconomic or microeconomic. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts? For each shift, analyze how it would affect the equilibrium price, quantity, and decision making. How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?

0.5

Individual Supply and Demand Simulation

2/11

15

Course Design Guide ECO/365 Version 4

How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity? Relating to the simulation, explain how the price elasticity of demand affects a consumers purchasing and the firms pricing strategy.

Format your paper consistent with APA guidelines. Learning Team Reflection Production and Cost Analysis Discuss this weeks objectives with your team. Relate them in some way to team members work or personal experiences, or current events in the business press or news about the economy Prepare a 350- to 1,050- word paper detailing the findings of your discussion. 2/11 2

Week Three: Market Structure


Details
Objectives 3.1 Compare various market structures and their characteristics. 3.2 Evaluate the effectiveness of competitive strategies within market structures. 3.3 Determine profit-maximizing strategies based on market structure analysis. Read Ch. 3 of Economics. Read Ch. 14 of Economics. Read Ch. 15 of Economics. Read Ch. 16 of Economics. Respond to weekly discussion questions. To earn full credit for DQ participation you must post 2 or more posts on EACH of 4 or more days excluding the weekly summary DQ#1 due by2/14; DQ#2 by 2/16 2/18 1.5

Due

Points

Reading Reading Reading Reading Discussion Questions

Weekly Summary

Each weeks summary should reflect how the weeks content could be applied to your place of work, prior place of work, your personal economic decisions, or some current event in the news. Please do NOT just make it a long list of textbook topics

0.5

Course Design Guide ECO/365 Version 4

Learning Team Current Market Conditions Competitive Analysis

Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the products potential success. The analysis will focus on your primary competitor in the products market. Select a potential competitive organization and a product in that organization. Write a 1,400 1,750-word paper of no more than analyzing the current market conditions. Address the following topics: A short history of the organization and a description of their product Factors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers. Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements. o o o o Price elasticity of demand Technological innovation The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity Cost structure Factors affecting variable costs, including productivity and others that change the supply of and demand for labor Factors affecting fixed costs

2/18

12

Make recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costs. Format your paper consistent with APA guidelines. Learning Team Reflection Market Structure Discuss this weeks objectives with your team. Relate them in some way to team members work or personal experiences, or current events in the business press or news about the economy Prepare a 350- to 1,050- word paper detailing the findings of your discussion. 2/18 2

Course Design Guide ECO/365 Version 4

Week Four: Public Policy in Economics


Details
Objectives 4.1 Analyze the effect of externalities on market outcomes. 4.2 Differentiate among horizontal, vertical, and conglomerate mergers. 4.3 Analyze the effect of government interventions, taxation, and regulations on economic behavior. Read Ch. 8 of Economics. Read Ch. 18 of Economics. Read Ch. 21 of Economics. Read Ch. 21W of Economics. Respond to weekly discussion questions. To earn full credit for DQ participation you must post 2 or more posts on EACH of 4 or more days excluding the weekly summary DQ#1 due by 2/21; DQ#2 by 2/23 2/25 1.5

Due

Points

Reading Reading Reading Reading Discussion Questions

Weekly Summary

Each weeks summary should reflect how the weeks content could be applied to your place of work, prior place of work, your personal economic decisions, or some current event in the news. Please do NOT just make it a long list of textbook topics For this assignment, you will choose from the following options: o o Option 1: Differentiating Between Market Structures in Kudler Option 2: Differentiating Between Market Structures in an Organization of Your Choice

0.5

Individual Differentiating Between Market Structures

2/25

20

Read the instructions in the University of Phoenix Material: Differentiating Between Market Structures located on the student website and select one option to complete the assignment. NOTE: the separate Table, comparing the 4 types of structures must be imported INTO the paper itself, so you will send a total of only ONE attachment; sending two separate attachments will incur a 25% point deduction Learning Team Reflection Public Policy in Economics Discuss this weeks objectives with your team. Relate them in some way to team members work or personal experiences, or current events in the business press or news about the economy Prepare a 350- to 1,050- word paper detailing the findings of your discussion. 2/25 2

Course Design Guide ECO/365 Version 4

Week Five: Global Competition


Details
Objectives 5.1 Determine the effect of global competition on an organizations strategies for maximizing profits. 5.2 Analyze the effect of global competition on the relationship between management and labor. Read Ch. 2 of Economics. Read Ch. 9 of Economics. Read Ch. 17 of Economics. Read Ch. 22 of Economics. Read Ch. 23 of Economics. Respond to weekly discussion questions. To earn full credit for DQ participation you must post 2 or more posts on EACH of 4 or more days excluding the weekly summary DQ#1 due by 2/28; DQ#2 by 3/2 3/4 1.5

Due

Points

Reading Reading Reading Reading Reading Discussion Questions

Weekly Summary

Each weeks summary should reflect how the weeks content could be applied to your place of work, prior place of work, your personal economic decisions, or some current event in the news. Please do NOT just make it a long list of textbook topics Resource: Economics Click the link to the Final Examination on the student website available from the end of Week Four through the end of Week Five. Complete the Final Examination. You have one attempt to complete the exam, which is timed and must be completed in 3 hours. Results are auto-graded and sent to your instructor. Management has recognized the effect of changes in the real-world competitive environment and government policies on other industries and anticipates similar events occurring in their industry, so they ask you for a report considering the following points. Write 1,400 1,750-word paper of no more than in which you describe how each of the following are or potentially will affect your industry or one with which you are familiar: New companies entering the market, mergers, and globalization, on pricing and the sustainability of profits: Identify the type of merger activity in your industry or one with which you are familiarhorizontal, vertical, or conglomerateand explain why

0.5

Individual Final Examination

3/4

15

Learning Team Competitive Strategies and Government Policies

3/4

15

Course Design Guide ECO/365 Version 4

you made that choice. Current and expected government policies and regulations, including taxes and regulations in place to address issues related to externalities Global competition on the decisions made by management with regards to change in labor demand, supply, relations, unions, and rules and regulations in your chosen industry

Recommend how the industry you chose may respond to each of the previous points. Format your paper consistent with APA guidelines. Learning Team Reflection Global Competition Discuss this weeks objectives with your team. Relate them in some way to team members work or personal experiences, or current events in the business press or news about the economy Prepare a 350- to 1,050- word paper detailing the findings of your discussion. 3/4 2