Assignment 2

Algonquin College of Applied Arts &
Technology
Microeconomics
Business Administration - Core

Course Number: Co-Requisites: Pre-Requisites:
ECO2305 N/A N/A
Applicable Program(s): AAL: Core/Elective:
Multiple Programs Multiple Levels Multiple Core/Elective
Prepared by: Colin Kovacs, Coordinator - Economics
Approved by: Keith Seymour, Chair
Approval Date: Wednesday, May 30, 2018
Approved for Academic Year: 2018-2019
Normative Hours: 45.00
Course Description
Knowledge of contemporary microeconomics issues is essential to understanding the world we live in. Students
examine fundamental microeconomic principles with an emphasis on the use of economic models to analyze
economic developments accurately and objectively. Students examine the role of prices and competitive markets in
the allocation of resources, firm behaviour and market structures, as well as evaluate the effects of government
intervention in the economic marketplace.
Relationship to Vocational Learning Outcomes
This course contributes to your program by helping you achieve the following Vocational Learning Outcomes:
0216E01FWO - Business Administration

0216E07PWO - Business Administration
VLO 1 Evaluate the impact of global issues on an organization’s business opportunities by using an
environmental scan. (T, A,)
VLO 14 Identify and apply discipline-specific practices that contribute to the local and global community
through social responsibility, economic commitment and environmental stewardship. (T, A,)
0216E09FWO - Business Administration
VLO 1 Evaluate the impact of global issues on an organization's business opportunities by using an
environmental scan*. (T, A,)
© 2018 Algonquin College of Applied Arts & Technology ECO2305 - Microeconomics, Page 1/13
0216G01FWO - Business Admin - International Business

0216G03FWO - Business Admin - International Business
VLO 1 Conduct an environmental scan to evaluate the impact of world issues on an organization’s
international business opportunities. (T, A,)
1438Q01FWO - GAS - One Year - Pre-Business Studies
VLO 1 Develop, through general knowledge gained in a wide range of subjects, insight into both self
and society. (T, A,)
VLO 4 Examine and evaluate various aspects of our changing society to assist in developing a sense of
personal and social responsibility as a citizen in society. (T, A,)
1438Q07PWO - GAS - One Year - Pre-Business Studies
VLO 1 Develop, through general knowledge gained in a wide range of subjects,insight into both self and
society. (T, A,)
VLO 1 Develop, through general knowledge gained in a wide range of subjects,insight into both self and
society. (T, A,)
0216A01FWO - Business Admin - Accounting
VLO 6 Analyze and evaluate, within a Canadian context, the impact of economic variables, legislation,
ethics, technological advances and the environment on an organization's operations. (T, A,)
0216A02PWO - Business Admin - Accounting

0216A07PWO - Business Admin - Accounting
ethics, technological advances and the environment on an organization’s operations. (T, A,)
0216A09FWO - Business Admin - Accounting
ethics, technological advances and the environment on an organization's operations. (T, A,)
VLO 10 Identify and apply discipline-specific factors that contribute to the local and global community
0216K01FWO - Business Administration - Finance
ethics, technology and the environment on individuals’ and/or organizations’ operations. (T, A,)
0216L01FWO - Business Admin - Supply Chain & Oper Mgt
VLO 10 Monitor relevant trends, emerging technologies, and local and global economic, political and
environmental issues to enhance work performance and guide management decisions. (T, A,)
VLO 14 Identify and apply discipline-specific practices that contribute to the
local and global community through social responsibility, economic commitment and
environmental stewardship. (T, A,)
0216L03FWO - Business Admin - Supply Chain & Oper Mgt
VLO 10 Monitor relevant trends, emerging technologies, and local and global economic, political and
environmental issues to enhance work performance and guide management decisions. (T, A,)
VLO 14 Identify and apply discipline-specific practices that contribute to the
local and global community through social responsibility, economic commitment
and environmental stewardship. (T, A,)
0216M01FWO - Business Admin - Human Resources

0216M02PWO - Business Admin - Human Resources
0216M09FWO - Business Admin - Human Resources
0216X01FWO - Business Administration (Core)
VLO 16 Take into account the impact of the economic, social, political, and cultural variables which affect
a business operation. (T, A,)
0216X02PWO - Business Administration (Core)
VLO 16 Take into account the impact of the economic, social, political,
and cultural variables which affect a business operation. (T, A,)
0216X07PWO - Business Administration (Core)
0216X09FWO - Business Administration (Core)
0216D01FWO - Business Admin - Marketing

0216M07PWO - Business Admin - Human Resources
Relationship to Essential Employability Skills
This course contributes to your program by helping you achieve the following Essential Employability Skills:
EES 3 Execute mathematical operations accurately. (T, A,)

EES 4 Apply a systematic approach to solve problems. (T, A,)
EES 5 Use a variety of thinking skills to anticipate and solve problems. (T, A,)
EES 7 Analyze, evaluate and apply relevant information from a variety of sources. (T, A,)
Course Learning Requirements/Embedded Knowledge and Skills
When you have earned credit for this course, you will have demonstrated the ability to:
1.) Define economics and explain the basic principles of economics.

illustrate the role of scarce resources and unlimited wants in economics
learn and apply the concept of opportunity cost
learn how incentives can influence peoples behaviour
know how to construct and use the Production Possibilities Curve model
2.) Analyze how competitive markets allocate resources.

know how to construct and use the Demand / Supply model
calculate and interpret various measurements of elasticity
3.) Analyze the effects of government intervention in the marketplace.

evaluate and illustrate the impact of price controls in the marketplace
analyze and illustrate the impact of taxes in the economic marketplace
4.) Analyze the theory of firm behaviour.

calculate and interpret various costs of production
analyze and illustrate competitive firm behaviour
analyze and illustrate monopoly firm behaviour
5.) Assess the distribution of income in Canada today.

analyze income trends in Canada
know the definition of poverty and accurately interpret the issue of poverty in Canada
6.) Show how environmental considerations can be addressed within a market economy.
identify negative externalities
evaluate the role of public policy in environmental protection
Learning Resources
Required Textbook:
Sexton, R., Fortura, P., & Kovacs, C. (2016). Exploring Microeconomics, 4th Canadian Edition. Toronto, ON:
Nelson.
On-Line Resource:
MindTap - Digital Learning Tool
Learning Activities
• attending lectures and reading the required course textbook;
• participating in class discussions and demonstrations by both asking and answering questions;
• submitting on-line assignments for grading and feedback;
• submitting in-class assignments for grading and feedback;
• monitoring media coverage of economic events;
• confirming your understanding of course content by successfully completing textbook problems and supplemental
exercises;
• seeking additional assistance during faculty consultation hours; and
• answering a combination of multiple choice and problem questions on in-class evaluations.
Evaluation/Earning Credit
The following list provides evidence of this course's learning achievements and the outcomes they validate:
Assignment(s) (25%)
Validates Outcomes: CLR 1, CLR 2, CLR 3, CLR 4, EES 3, EES 4, EES 5
Quiz(zes)/Test(s) (75%)
Validates Outcomes: CLR 1, CLR 2, CLR 3, CLR 4, CLR 5, CLR 6, EES 3, EES 4, EES 5, EES 7
Students are expected to meet evaluation and completion deadlines as stated in course outline and course section
information documents. In circumstances where evaluation and/or completion deadlines are missed or student
performance has been affected by a temporary or permanent disability (including mental health), interim or
retroactive accommodations may be considered. In such instances, please consult your course faculty member. For
other situations where deferral of evaluations may be warranted, please refer to college policy AA21.
Prior Learning Assessment and Recognition
Students who wish to apply for prior learning assessment and recognition (PLAR) need to demonstrate competency
at a post-secondary level in all of the course learning requirements outlined above. Evidence of learning
achievement for PLAR candidates includes:
• Challenge Exam
Grade Scheme
Final Grade Mark Equivalent Numeric Value Final Grade Mark Equivalent Numeric Value
A+ 90% - 100% 4.0 A 85% - 89% 3.8
A- 80% - 84% 3.6 B+ 77% - 79% 3.3
B 73% - 76% 3.0 B- 70% - 72% 2.7
C+ 67% - 69% 2.3 C 63% - 66% 2.0
C- 60% - 62% 1.7 D+ 57% - 59% 1.4
D 53% - 56% 1.2 D- 50% - 52% 1.0
F 0% - 49% 0 FSP 0 0
Course Related Information
Course Section Information (CSI)

For information specific to a particular section of this course, see the Course Section Information (CSI) form posted
to the Blackboard site for that section (located under the Course Information tab). Designed to accompany this
course outline, the CSI form includes, but is not limited to:
- faculty contact information;
- detailed break-down of the evaluation components;
- tentative weekly workload schedule; and
- list of important due-dates for the course.
Retain this Course Outline

It is the responsibility of the student to retain course outlines for possible future use to support applications for
transfer of credit to other educational institutions.
Respect for Confidentiality

Students are required to respect the confidentiality of employer, client and/or patient information, interactions, and
practices that occur either on Algonquin College premises, or at an affiliated clinical/field/co-op placement site.
Concerns regarding clients, patients, and/or employer practices are to be brought to the attention of the program
coordinator, or designated field/clinical/co-op placement supervisor so that they may be resolved collaboratively.
Such concerns are not to be raised publically either verbally, in writing, or in electronic forums. These matters are to
be addressed through established program communication pathways.
Program Coordinator
Colin Kovacs, WB423c, 613-727-4723 ext.5836, kovacsc@algonquincollege.com
ECO2305: Microeconomics
Course Schedule
Chapter 1: Role and Method of Economics
1.1 Economics: Brief Introduction
1.2 Economic Theory
1.3 Scarcity
1.4 Opportunity Cost
1.5 Marginal Thinking
1.6 Incentives Matter
1.7 Specialization and Trade
1.8 The Three Economic Questions Every Society Faces
Chapter 2: Scarcity, Trade-offs, and Growth

2.1 The Production Possibilities Curve
2.2 Economic Growth and the Production Possibilities Curve
2.3 Market Prices Coordinate Economic Activity
2.4 The Circular Flow Model
Chapter 3: Supply and Demand

3.1 Demand
3.2 Shifts in the Demand Curve
3.3 Supply
3.4 Shifts in the Supply Curve
Chapter 4: Bring Supply and Demand Together

4.1 Market Equilibrium Price and Quantity
4.2 Changes to Equilibrium Price and QUantity
4.3 Price Controls
Chapter 5: Elasticities
5.1 Price Elasticity of Demand
5.2 Total Revenue and Elasticity of Demand
5.3 Other Demand Elasticities
5.4 Price Elasticity of Supply
5.5 Elasticity and Taxes
Chapter 7: Production and Costs

7.1 Profits: Total Revenues Minus Total Costs
7.2 Production in the Short Run
7.3 Costs in the Short Run
7.4 The Shape of the Short Run Cost Curves
7.5 Cost Curves: Short Run and Long Run
Chapter 8: Competition
8.1 The Four Major Markets Structures
8.2 An Individual Price Taker’s Demand Curve
8.3 Profit Maximization
8.4 Short-Run Profits and Losses
8.5 Long-Run Equilibrium
8.6 Long-Run Supply
Chapter 9: Monopoly
9.1 Monopoly: The Price Maker
9.2 Demand and Marginal Revenue in Monopoly
9.3 The Monopolist’s Equilibrium
*skip sections 9.4, 9.5, and 9.6
Chapter 11: Input Markets and Income Distribution

11.5 Income Distribution
11.6 Poverty
*skip section 11.1, 11.2, 11.3, and 11.4
Chapter 12: Market Failure and the Environment

12.1 Externalities
12.2 Negative Externalities and Pollution
*skip sections 12.3, 12.4 and 12.5
Program Related Information

Policy on course assignments, tests, exams:
Tests and Exams:
All tests and final exams are to be written at the scheduled time.
In cases of a medical or compassionate issue which prevents the student from writing, the professor is to be
informed prior to the class by email where possible and accompanying documentation may be required in order for
the test/exam to be rescheduled.
Exams and tests not written at the scheduled date and time during the semester may be written during Final
Assessment Week (week 15) at the discretion of the Professor.
Assignments:
Assignments are due at the date and time specified by the Professor and in the format specified by the Professor
(hard copy in class, Digital Drop Box through Blackboard, etc.). All late assignments will be subjected to an
immediate 20% penalty. The student may submit the work within one week of the due date with no further penalty.
After one week the assignment will not be accepted and a mark of zero will be recorded.
Please note: Online assignments are due as scheduled and will not be accepted after the due date. Class
presentations are to be done at the date and time scheduled.
Other exceptions to this policy may be outlined on your individual course assignment. Please read all assignment
instructions carefully.
IT IS THE RESPONSIBILITY OF THE STUDENT TO ENSURE THAT ASSIGNMENTS ARE SUBMITTED ON TIME
AND IN THE APPROPRIATE MANNER
Progression Policy
Students must successfully complete 50% of their term courses, in order to progress to the next level. Students who
do not meet this requirement will be required to stop out for one semester before continuing studies in General Arts
and Science.
Department Related Information
School of Business Procedures

The School of Business Procedures file is located under “Course Information” in your course Brightspace site.
These procedures are specific to School of Business programs and either cover issues not included in College
Policies and Directives or elaborate on them.
Student Academic Responsibilities

Each student is responsible for:
• Knowing the due dates for marked out-of-class assignments.
• Knowing the dates of in-class marked assignments and exercises.
• Maintaining a folder of all work done in the course during the semester for validation claims in cases of
disagreement with faculty.
• Keeping both paper and electronic copies of all assignments, marked and unmarked, in case papers are lost or go
missing;
• Regularly checking both Brightspace announcements as well as one's Algonquin e-mail account for important
messages from both professor and college administration.
• Participating in on-line and classroom exercises and activities as required.
Exemptions
Exemptions may be granted to students who have successfully passed an equivalent course at a post-secondary
institution. If you wish to apply for an exemption contact the coordinator of the course for academic advice. To apply
for an exemption, you must contact the Registrar’s Office before the deadline listed on your timetable.
Withdrawing From The Course

The last date for withdrawing from courses without academic penalty is printed on your timetable. The student is
responsible for notifying the instructor and completing the appropriate form for withdrawal with the College Registrar.
Software Copyright
In the past few years, the Copyright Act has been updated to cover computer software. If the police lay charges
against someone infringing copyright, the maximum penalties for a
summary conviction are "a fine not exceeding $25,000 or imprisonment for a term not
exceeding six months or both." The maximum penalties for an indictable conviction are "a fine not exceeding one
million dollars or imprisonment for a term not exceeding five years or both." Making a copy of software package for
your own use, other than a backup copy of package that you have purchased as allowed in your license agreement,
would make you liable for the above penalties.
Harassment/Discrimination/Violence
Harassment, discrimination and violence will not be tolerated. Any form of harassment (sexual, racial, gender or
disability related), discrimination (direct or indirect), or violence, whether towards a professor or amongst students,
will not be tolerated on the college premises. Action taken will start with a formal warning and proceed to the full
disciplinary actions as outlined in Algonquin College policy. For further information, refer to the Student Instaguide or
get a copy of the official policy statements from the Student Association (Directive A8).
Plagiarism Detection Software

"Turnitin" and "Safe Assign" plagiarism detection software is in use in the School of Business. Professors may
require students to submit their work for review. Students are accountable to Plagiarism Policy AA20 found at
http://www2.algonquincollege.com/directives/policy/plagiarism/
Retention of Student Work

Students are advised that original, electronic, or copied samples of their work may be retained for the purpose of
program quality review by assessment panels. Unless students have otherwise granted permission, anonymity will
be respected for all work retained for the purpose of quality review. Original work samples, may be retained with
student agreement and will be returned to students upon request.
Academic Probation or Withdrawal from Academic Program

As per College Policy AA14, which can be found at http://www3.algonquincollege.com/directives/policy/aa14-
grading-system/
"A student is on academic probation when the term cumulative grade point average falls below
1.7, or when a student carries 2 or more "F" grades. A student on academic probation may
continue in the program, subject to conditions set by the Academic Administrator. In some
cases, there may be program specific progression requirements which supersede the foregoing.
The transcript message reads:
Academic Probation - Please see your Program Coordinator"
"A student on probation may be required to:

a. reduce his/her course load,
b. withdraw from full-time status within the program, or
c. withdraw completely from the program.
A student required to withdraw completely from Level 01 must reapply through the Ontario
College Application Services. A student required to withdraw from an advanced level of the program must have the
approval of the Academic Administrator prior to resuming his/her studies."
College Related Information
Email
Algonquin College provides all full-time students with an e-mail account. This is the address that will be used when
the College, your professors, or your fellow students communicate important information about your program or
course events. It is your responsibility to ensure that you know how to send and receive e-mail using your Algonquin
account and to check it regularly.
Students with Disabilities

If you are a student with a disability, you are strongly encouraged to make an appointment at the Centre for
Accessible Learning to identify your needs. Ideally, this should be done within the first month of your program, so
that a Letter of Accommodation (LOA) can be provided to your professors. If you are a returning student, please
ensure that professors are given a copy of your LOA each semester.
Retroactive Accommodations
Students are expected to meet evaluation and completion deadlines as stated in course outline and course section
information documents. In circumstances where evaluation and/or completion deadlines are missed or student
performance has been affected by a temporary or permanent disability (including mental health), interim or
retroactive accommodations may be considered. In such instances, please consult your course faculty member. For
other situations where deferral of evaluations may be warranted, please refer to college policy AA21.
Academic Integrity & Plagiarism

Adherence to acceptable standards of academic honesty is an important aspect of the learning process at Algonquin
College. Academic work submitted by a student is evaluated on the assumption that the work presented by the
student is his or her own, unless designated otherwise. For further details consult Algonquin College Policies AA18:
Academic Dishonesty and Discipline and AA20: Plagiarism
Student Course Feedback
It is Algonquin College’s policy to give students the opportunity to share their course experience by completing a
student course feedback survey for each course they take. For further details consult Algonquin College Policy
AA25: Student Course Feedback
Use of Electronic Devices in Class

With the proliferation of small, personal electronic devices used for communications and data storage, Algonquin
College believes there is a need to address their use during classes and examinations. During classes, the use of
such devices is disruptive and disrespectful to others. During examinations, the use of such devices may facilitate
cheating. For further details consult Algonquin College Policy AA32: Use of Electronic Devices in Class
Transfer of Credit
It is the student’s responsibility to retain course outlines for possible future use to support applications for transfer of
credit to other educational institutions.
Note: It is the student’s responsibility to refer to the Algonquin College Policies website for the most current
information at http://www.algonquincollege.com/policies/
Legend
Terms
•ALO: Aboriginal Learning Outcome
•Apprenticeship LO: Apprenticeship Learning Outcome
•CLR: Course Learning Requirement
•DPLO: Degree Program Learning Outcome
•EES: Essential Employability Skill
•EOP: Element of Performance
•GELO: General Education Learning Outcome
•LO: Learning Outcome
•PC: Program Competency
•PLA: Prior Learning Assessment
•PLAR: Prior Learning Assessment and Recognition
•VLO: Vocational Learning Outcome
Assessment Levels
•T: Taught
•A: Assessed
•CP: Culminating Performance

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Algonquin College of Applied Arts &

Business Administration - Core

Relationship to Vocational Learning Outcomes

0216E01FWO - Business Administration

0216E09FWO - Business Administration

0216G01FWO - Business Admin - International Business

1438Q01FWO - GAS - One Year - Pre-Business Studies

1438Q07PWO - GAS - One Year - Pre-Business Studies

1438Q09FWO - GAS - One Year - Pre-Business Studies

0216A01FWO - Business Admin - Accounting

0216A02PWO - Business Admin - Accounting

0216A09FWO - Business Admin - Accounting

0216K01FWO - Business Administration - Finance

0216L01FWO - Business Admin - Supply Chain & Oper Mgt

0216L03FWO - Business Admin - Supply Chain & Oper Mgt

0216M01FWO - Business Admin - Human Resources

0216M09FWO - Business Admin - Human Resources

0216X01FWO - Business Administration (Core)

0216X02PWO - Business Administration (Core)

0216X07PWO - Business Administration (Core)

0216X09FWO - Business Administration (Core)

0216D01FWO - Business Admin - Marketing

Relationship to Essential Employability Skills

EES 3 Execute mathematical operations accurately. (T, A,)

Course Learning Requirements/Embedded Knowledge and Skills

1.) Define economics and explain the basic principles of economics.

learn how incentives can influence peoples behaviour

2.) Analyze how competitive markets allocate resources.

calculate and interpret various measurements of elasticity

3.) Analyze the effects of government intervention in the marketplace.

analyze and illustrate the impact of taxes in the economic marketplace

4.) Analyze the theory of firm behaviour.

analyze and illustrate competitive firm behaviour

analyze and illustrate monopoly firm behaviour

5.) Assess the distribution of income in Canada today.

evaluate the role of public policy in environmental protection

Validates Outcomes: CLR 1, CLR 2, CLR 3, CLR 4, EES 3, EES 4, EES 5

Prior Learning Assessment and Recognition

A- 80% - 84% 3.6 B+ 77% - 79% 3.3

B 73% - 76% 3.0 B- 70% - 72% 2.7

C+ 67% - 69% 2.3 C 63% - 66% 2.0

C- 60% - 62% 1.7 D+ 57% - 59% 1.4

D 53% - 56% 1.2 D- 50% - 52% 1.0

Course Related Information

Course Section Information (CSI)

Retain this Course Outline

Respect for Confidentiality

Chapter 1: Role and Method of Economics

Chapter 2: Scarcity, Trade-offs, and Growth

Chapter 3: Supply and Demand

Chapter 4: Bring Supply and Demand Together

Chapter 7: Production and Costs

Chapter 11: Input Markets and Income Distribution

Chapter 12: Market Failure and the Environment

Program Related Information

1438Q01FWO - GAS - One Year - Pre-Business Studies

Tests and Exams:

Department Related Information

School of Business Procedures

Student Academic Responsibilities

Withdrawing From The Course

Plagiarism Detection Software

Retention of Student Work

Academic Probation or Withdrawal from Academic Program