ECONOMICS 212 - PRINCIPLES OF ECONOMICS II (MICROECONOMICS)

Anne Arundel Community College

Spring 2010  

 Instructor: Dennis C. McCornac, Ph.D., Associate Professor of Economics

   Office: Room 321, Careers Building, Arnold Campus   

Phone Number: 410-777-1255   E-Mail: dmccornac@aacc.edu

Office Hours: Monday, Wednesday and Friday from 9:30 am to 10:00 am and from 11:00 am to 12:00 pm; Tuesday and Thursday from 1:15 pm to 2:00 pm. and by appointment.

Course Description: This course deals with (1) the study of the theories of household and firm behavior, equilibrium analysis, market structure, pricing, economic efficiency, and social welfare; and (2) the applications of microeconomics theory to solve real problems faced by actual decision makers in industry and government.

Objectives: At the conclusion of this course the student will be able to:

1.  Demonstrate an in-depth knowledge of demand and supply Elasticities

2.  Understand the theory of consumer behavior and be able to both relate to the theory of consumer demand and analyze policy issues.

3.  Describe the theory of production (short and long run) and how it relates to the theory of costs (short and long run).

4.  Explain how the theory of consumer demand and the theory of costs unite to form the theory of the firm under conditions of pure competition, monopolistic competition, oligopoly, and monopoly.

5.  Describe the theoretical mechanics of factor markets and how they explain factor income distribution under various combinations of competitive conditions.

6.  Understand the role of capital markets.

7.  Describe the theories of absolute and comparative advantage and how they serve as the basis for understanding why nations choose to trade.

8.  Explain the forces that influence international currency markets and how exchange rates are established.

Required Text: The required text is Principles of microeconomics, Economics  212, Anne Arundel Community College. This text is only available in the bookstore and is a Black and White edition complete with study guide based on the text Microeconomics: Principles, Problems, and Policies, by Campbell McConnell, Stanley Brue and Sean Flynn and Published by McGraw-Hill/Irwin. (Please be aware that chapter numbers in the AACC text may differ from those in the MICroeconomics, Principles, Problems and Policies text. The content, however, is the same).

http://connect.mcgraw-hill.com/class/dmccornaceconomics212live  

Required Readings: The required readings from the text and lecture notes relating to each chapter are on the Course Outline web page. The exercises and problem sets at the end of each chapter should be considered part of your reading assignment. It is suggested that you bring the notes to class on the day they will be discussed.  YOU ARE EXPECTED TO COMPLETE ALL REQUIRED READINGS BEFORE COMING TO CLASS.

Additional Text and Additional Readings: Additional readings will be put on the additional articles web page. You are also expected to read a daily or weekly news source (Economist, The Washington Post,  International Herald Tribune, The Wall Street Journal and news pages of YahooFinance, Google, CNN etc.) looking for articles that relate to microeconomic issues.

Practice Problems: Practice problems will be posted on the course webpage. These assignments are NOT graded and are NOT part of your grade.  Please work on these assignments throughout the semester as practice for taking the exam. 

A Little Advice: Economics is an analytical subject. You cannot master it by simple memorization, nor can you survive by last minute cramming. You must understand concepts and develop the ability to apply them in the solutions of various problems. This takes practice and requires you to read the textbook and notes as well as STUDY the material. The course material is cumulative (new concepts build on old ones), so it is absolutely essential that you keep up on a daily basis. If you have questions be sure to ask them at the earliest opportunity in lectures or during office hours.

Grading Scale:

 Websites: