Course Design Guide
School of Business
ECO/365 Version 4
Principles of Microeconomics
Copyright © 2011, 2008, 2007, 2006 by University of Phoenix. All rights reserved.
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.
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.
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
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.
Read this week’s Electronic Reserve Readings.
Respond to Week 1 discussion questions. See pages 7-8 of this document.
Participate in class discussion.
Non-graded Activities and Preparation
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.
Format your paper consistent with APA guidelines.
Week Two: Production and Cost Analysis
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 firm’s profit-making potential.
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