MCCCD Program Description

Microeconomic Principles

Course: ECN212

First Term: 2024 Fall

Lecture 3.0 Credit(s) 3.0 Period(s) 3.0 Load
Subject Type: Academic
Load Formula: S - Standard Load

Description: Microeconomic analysis including the theory of consumer choice, price determination, resource allocation and income distribution. Includes non-competitive market structures such as monopoly and oligopoly; and the effects of government regulation.

MCCCD Official Course Competencies
1. Define key vocabulary in economics. (I) 2. Discuss foundational economic principles. (I) 3. Describe the determinants of supply and demand, and their effects on equilibrium price and quantities. (II) 4. Evaluate economic efficiency using marginal analysis. (II) 5. Interpret a price elasticity coefficient using economic data. (III) 6. Analyze the relationship between changes in prices and a firm’s revenue given the price elasticity coefficient of a good. (III) 7. Predict a consumer`s optimal behavior/choices using utility theory. (IV) 8. Explain the relationship between a firm`s production and costs. (V) 9. Contrast market structures based on their salient features, expected outcomes and potential policy implications. (VI) 10. Predict a firm`s optimal behavior/choices using producer theory. (VII) 11. Apply market theory to the unique features of resource markets. (VIII) 12. Examine policy recommendations to correct for market failures. (IX)
MCCCD Official Course Competencies must be coordinated with the content outline so that each major point in the outline serves one or more competencies. MCCCD faculty retains authority in determining the pedagogical approach, methodology, content sequencing, and assessment metrics for student work. Please see individual course syllabi for additional information, including specific course requirements.

MCCCD Official Course Outline
I. Major Concepts in Economics A. Definition of economics B. Real world economics applications C. Economic decision making D. Four categories of economic resources E. Production possibilities curve II. Supply, Demand, and Markets A. The Law of Demand 1. Demand vs quantity demanded 2. Factors that cause demand curves to shift B. The Law of Supply 1. Supply vs quantity supplied 2. Factors that cause supply curves to shift C. Market equilibrium price and equilibrium quantity 1. Market efficiency 2. Consumer and producer surplus D. Price controls on a market, Deadweight loss III. Price Elasticity A. Elasticity measurements B. Elasticity and consumer behavior C. Elasticity and firm revenue D. Real-world policy applications IV. Utility Theory and Consumer Behavior A. Goal and constraints of the consumer B. Diminishing marginal utility C. Consumer behavior/choice V. Production and Costs A. Marginal product, average product, and diminishing marginal returns B. Production and costs in the short-run and the long-run C. Producer`s marginal, average, and total costs of production D. Economic costs vs accounting costs VI. Types of Market Structures VII. Producer Behavior in the Short- and Long-run A. Perfect Competition B. Monopoly C. Monopolistic Competition D. Oligopoly VIII. Resource Markets A. Marginal productivity analysis B. Labor markets C. Other productive resources (e.g., land, capital) IX. Market Failure A. Types of market failures B. Private costs vs social costs C. Private benefits vs social benefits D. Government address of market failure

MCCCD Governing Board Approval Date: June 27, 2023

All information published is subject to change without notice. Every effort has been made to ensure the accuracy of information presented, but based on the dynamic nature of the curricular process, course and program information is subject to change in order to reflect the most current information available.