Course Lecturer Name(s): Gregory Renwick
Course Director Name: Gregory Renwick
Course Lecturer(s) Contact Information: grenwick@sgu.edu; ext. 3361
Course Director Contact Information: grenwick@sgu.edu; ext. 3361
Course Lecturer(s) Office Hours: By appointments only
Course Director Office Hours: Open & by appointment
Course Lecturer(s) Office Location: N/A
Course Director Office Location: Online
Course Support: Nikisha Thomas and Nichole Phillip, 439-2000 extn 3823
Course Management tool: To learn to use Sakai, the Course management tool, access the link https://apps.sgu.edu/members.nsf/mycoursesintro.pdf
Course Description:
Economics is the study of how people and societies allocate resources among competing demands. This course offers an introductory treatment of the microeconomics theory which focuses on decision making at the level of the individual and the firm. The course will begin with the theory of the consumer, which explains the production decisions of firms to maximize profit and remain competitive in the market. The reason for market failure will also be examined. The government’s intervention to correct market failure will be assessed with particular attention to its effectiveness and relevance.
Course Objectives:
- The primary aim is to familiarize students with the basics of conventional economic theory and to lay the foundation for further study in economics.
- To provide students with the basic tools that will allow them to better appreciate economic decision making and economic policy in the real world.
- Introduce students to the economic way of thinking that will lead to and understanding of the role and importance of economics as a social science.
Student Learning Outcomes:
At the end of the course students should be able to:
- Understand the role and importance of microeconomics.
- Recall the basic terminology utilized in micro economics.
- Apply basic economic concepts to real world economic situations.
- Appreciate the various methods used by economists to analyze economic problems.
- Begin the process of recognizing the merits and limitations of the economic way of reasoning.
- Use a learned set of analytical and problem solving skills.
Program Outcomes Met By This Course:
PO.1 – Be able to apply microeconomic analysis to everyday problems in real world situations, to understand current events and evaluate specific policy proposals and to evaluate the role played by assumptions in arguments that reach different conclusions to a specific economic or social policy problem.
PO.2 – Be able to analyze problems and address problems in policy applications that impact society.
PO.3 – Students are expected to understand how to use empirical evidence and interpret statistical results to evaluate the validity of an economic argument.
PO.4 – Be able to communicate effectively in written, oral and graphical form about specific issues and to formulate well-organized written arguments that state assumptions and hypotheses supported by evidence.
PO.5 – Students are expected to develop critical and quantitative thinking skills specific to microeconomic and related social issues
SAS Grading Scale: Grades will be assigned as follows:
A = 89.5% or better
B+ = 84.5 - 89.4%
B= 79.5 - 84.4%
C+ = 74.5 - 79.4%
C = 69.5 - 74.4%
D = 64.5 - 69.4%
F = 65% or less
Course Materials:
Text: Campbell, R. McConnell & Stanley L. Brue “Microeconomics: Principles. Problems &
Policies” McGraw Hill, Inc.
Miller, R, ‘Economics Today- The Micro View’ Pearson Inc.
Supplementary Readings/Resources: “The Economist”
“Eastern Caribbean Central Bank economic & financial review. “CANA Business: The financial magazine of the Caribbean community”
Course Grading Requirement:
|
Attendance & Participation online |
10% |
|
Assignments |
20% |
|
Midterm Exam |
35% |
|
Final Exam |
35% |
Course Requirements:
Attendance and class participation is important Completion of all assignments & exams.
Course Schedule:
Weeks 1 and 2: The Nature of Economics
- Introduction to Economics.
- The fundamental problem in Economics.
- Scarcity.
- Economic resources.
- Opportunity costs.
Week 3, 4 and 5: The Theory of the Consumer
- Demand issues.
- Supply issues.
- Market equilibrium.
- Elasticity.
- Consumer Choice
Week 6: The Theory of the Firm- Production and cost in the shortrun
- Profit and costs.
- Choices available to the firm.
- Production function in the short-run.
- Cost variation in the short-run.
Week 7: Production and cost in the long-run
- Profit maximization and cost minimization
- The principal of substitution.
- Long-run cost curves.
- Technological change.
Week 8: Mid-Term Exam
Week 9: Perfect Competition
- Competitive market structure and firm’s behaviour
- The theory of perfect competition
- Short-run decisions under perfect competition
- Long-run decisions under perfect competition
Week 10: Imperfectly Competitive Markets
- Short-run monopoly cost and revenue.
- Short-run monopoly profit maximisation
- Long-run monopolistic equilibrium.
- Cartels as monopolies
- Price discrimination in monopoly
Week 11: Imperfectly Competitive Markets continued
- Monopolistic competition
- Oligopoly
Week 12: Market Failure and Government’s intervention
- Causes and symptoms of market failure
- Rationale for government intervention.
- Government intervention.
Week 13/14: Resource markets
- Land
- Labour
- Capital
Week 15: Course Review
Week 16: Final Exam
School of Arts and Sciences Master Syllabi — Info for All Sections
Academic Integrity
The St. George’s University Student Manual (2019/2020) states as follows:
“Plagiarism is regarded as a cardinal offense in academia because it constitutes theft of the work of someone else, which is then purported as the original work of the plagiarist. Plagiarism draws into disrepute the credibility of the Institution, its faculty, and students; therefore, it is not tolerated” (p. 48).
Plagiarism also includes the unintentional copying or false accreditation of work, so double check your assignments BEFORE you hand them in.
Be sure to do good, honest work, credit your sources and reference accordingly and adhere to the University’s Honor Code. Plagiarism and cheating will be dealt with very seriously following the university’s policies on Plagiarism as outlined in the Student Manual.
Your work may be subject to submission to plagiarism detection software, submission to this system means that your work automatically becomes part of that database and can be compared with the work of your classmates.
The St. George’s University Student Manual (2019/2020) states as follows:
“Students are expected to attend all classes and or clinical rotations for which they have registered. Although attendance may not be recorded at every academic activity, attendance may be taken randomly. Students’ absence may adversely affect their academic status as specified in the grading policy. If absence from individual classes, examinations, and activities, or from the University itself is anticipated, or occurs spontaneously due to illness or other extenuating circumstances, proper notification procedures must be followed. A particular course may define additional policies regarding specific attendance or participation” (p. 9).
The St. George’s University Student Manual (2019/2020) states as follows:
“All matriculated students are expected to attend all assigned academic activities for each course currently registered. Medical excuses will be based on self-reporting by students. Students who feel they are too sick to take an examination or other required activity on a specific day must submit the online SAS medical excuse, which is available on Carenage. Students are only allowed two such excuses a year. Upon consultation with the Director of University Health Service, the third excuse will result in a mandatory medical leave of absence. The policies regarding make-up examinations are at the option of the Course Director” (p.46).
For additional specific examination policies and procedures, refer to the St. George’s University Student Manual (2019/2020), pages 31 through 37.
The St. George’s University Student Manual (2019/2020) states as follows:
“A student with a disability or disabling condition that affects one or more major life activities, who would like to request an accommodation, must submit a completed application form and supporting documentation to the Student Accessibility and Accommodation Services (SAAS) located in the Dean of Students Office. It is highly recommended that students applying for accommodations do so at least one month before classes begin to allow for a more efficient and timely consideration of the request. If a fully completed application is not submitted in a timely fashion, an eligibility determination may not be made, and accommodations, where applicable, may not be granted prior to the commencement of classes and/or examinations” (p. 8).
It is the responsibility of the student to read and understand the policies, laws, rules and procedures that while they could affect your grade for a course, have not been specifically outlined in the course syllabus. These are contained in the St. George’s University Student Manual.