AE 100 - Microeconomics

3 Credits
Outline Effective Date: Academic Year 2025/2026
Revised Date: Aug 12, 2025
Date Approved: Aug 12, 2025

Lecture Hours: 42

Course Description:
This course deals with the economic principles underlying production, markets, and the national economy. Agricultural examples are used throughout.

Rationale:
This is a required course for the Agribusiness, Agricultural Sustainability, and the Crop Technology students. Production, markets, and national economies operate according to certain principles whether or not we understand those principles. Employees who are knowledgeable and skillful in microeconomics analysis are invaluable assets to employers in the private and public sector.

Prerequisites: None
Corequisites: None

Course Learning Outcomes:
A student who successfully completes the course will have reliably demonstrated the ability to

explain the relationship of opportunity cost to scarcity and choice.
base market strategies on an understanding of market supply and demand.
describe some of the limitations in demand and supply for agricultural products.
calculate price elasticities and explain how they affect consumption or production decisions.
interpret the importance of marginalization (e.g. marginal cost, benefits, revenues, and profits) in economic decision-making.
outline basic market analysis.
identify when markets fail to achieve efficiency and evaluate the need for policy intervention.
describe economic rent and explain how it determines the value of income from land, capital, and labor.

Required Resource Materials:
Hubbard, R. G., O’Brien, A. P., Serletis, A., & Childs, J. (2018). Microeconomics

(2nd Canadian ed). Pearson.

Optional Resource Materials:
None

Conduct of Course:
This course consists of 42 hours of lecture. The standard procedure for each topic in the course is as follows: a handout giving the basic concepts are made available for individual study, a lecture is used to explain the concepts in class, an example using the concepts is worked through in class, an assignment is used for individual practice with some class time available.

Classroom and laboratory attendance is considered vital to the learning process and as significant to the students’ evaluation as examinations and reports.

Students having a combination of excused and/or unexcused absence of 20 percent or higher for the scheduled course hours will be required to withdraw and will automatically receive a “RW” (required withdrawal) for the course, regardless of any other evaluation results. (RW is a failing grade.).
An excused absence is one that is verified with your instructor. Verification should be prior to the absence or the next class day following the absence. Verification of the absence may take the form of a note from your doctor/College nurse regarding illness, or a note from another instructor regarding a field trip or other activity, or authorization by your instructor. An unexcused absence is anything NOT verified by the instructor prior to the absence or the next class day following the absence.

NOTE: Any exceptions to the above attendance policy (e.g. timetable conflicts, work-related issues) must be approved in writing by the Department Chair prior to the beginning of the course.

It is the students’ responsibility to know their own absentee record.

Normal hours are 8:30 a.m. to 6:30 p.m., with potential for evening courses, exams or extended field trips. Students are expected to be available for classes during these times.

Content of Course:
Unit 1- Economic basics: supply and demand

Unit 2- Markets in action

Unit 3- Firms in economics

Unit 4- Microeconomic foundations

Unit 5- Market structure, market power, and strategy

Unit 6- Labor markets, public choice, and the distribution of income
Course Assessments:
There are practice assignments for this course. In order to successfully complete this course, all assignments must be completed.

These assignments are evaluated on three criteria. All assignments must be handed in on time, complete, and neat.

Assignments	20%
Exam 1	20%
Exam 2	25%
Final Exam	35%
Total	100%

Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.
“Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”

Course Pass Requirements:
A minimum grade of D (50%) (1.00) is required to pass this course.

Letter	F	D	D+	C-	C	C+	B-	B	B+	A-	A	A+
Percent Range	0-49	50-52	53-56	57-59	60-64	65-69	70-74	75-79	80-84	85-89	90-94	95-100
Points	0.00	1.00	1.30	1.70	2.00	2.30	2.70	3.00	3.30	3.70	4.00	4.00

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

Copyright©LAKELAND COLLEGE.
2602 - 59 Avenue, Lloydminster, Alberta, Canada T9V 3N7. Ph: 780 871 5700
5707 College Drive, Vermilion, Alberta, Canada T9X 1K5. Ph: 780 853 8400
Toll-free in Canada: 1 800 661 6490 E-mail: admissions@lakelandcollege.ca

Here at Lakeland College, we acknowledge that the land we gather on is the traditional homeland, hunting, and ceremonial gathering places of the First Nations, Métis and Inuit. The Plains Cree, Woodland Cree, Saulteaux, Blackfoot, Métis, Dene, and Nakota Sioux people have practiced their culture and languages on Treaty 6 and Métis Region 2 territories for generations and were the original caretakers of this land. Many First Nation, Métis and Inuit peoples call this land home today and have done so for millennia. We would like to acknowledge the history we have created together on this land, and to be thankful for the opportunity to walk together side-by-side in friendship, learning from our past, and promoting positive relationships for the past, present and future.