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EC 142 Principles of Economics II (Micro)
Moore, Keith L.


PRINCIPLES OF ECONOMICS II (MICRO)

Classroom

Park University

 COURSE SYMBOL AND NUMBER

EC 142

COURSE TITLE

Principles of Economics II (micro)

SEMESTER COURSE BEING TAUGHT

Fall I, 2004

FACULTY MEMBER AND TITLE

Keith Moore – Assoc. Professor of Economics

Park Downtown Campus

934 Wyandotte

Kansas City, MO 64105

OFFICE HOURS - By appointment

OFFICE TELEPHONE NUMBER

816.842.6182x223

FACULTY PARK EMAIL ADDRESS/    ALTERNATE EMAIL ADDRESS

Keith.Moore@park.edu                                      klmoore@toto.net

DATES OF THE TERM

August 23 – Oct. 17, 2004

CLASS SESSION DAYS/SESSION TIME

Wednesdays, 5:30 PM

CREDIT HOURS

3 credit hours

MISSION STATEMENT

The mission of Park University, an entrepreneurial institution of learning, is to provide access to academic excellence, which will prepare learners to think critically, communicate effectively and engage in lifelong learning while serving a global community.

VISION STATEMENT

Park University will be a renowned international leader in providing innovative educational opportunities for learners within the global society.

COURSE DESCRIPTION

A study of the market mechanism and the organization of production and distribution activities in society. A major focus is on the determination of prices of goods and factors of production. Analysis of the firm as the main institution in the market.

EDUCATIONAL PHILOSOPHY

The instructor’s educational philosophy is based on the introduction of new ideas and concepts from the textbook, various writings, and the web, and a development of those ideas through lecture and dialogue. For certain more difficult ideas and concepts there will be specific applications to enhance and clarify the students’ understanding and appreciation of same.

OBJECTIVES

  • Discuss the methods used in economic theorizing and their relationships with policy economics.
  • Explain the interaction of independent and dependent variables and how this interaction affects the slopes of the lines used to graphically portray these variables.
  • Discuss the concepts of scarce resources and unlimited wants within the framework of the "economizing problem."
  • Discuss the assumptions which support the production possibilities curve.
  • Explain the structure and the behavior of the production possibilities model.
  • Discuss the concept of circular flow and understand these flows within the context of the circular flow model.
  • Discuss the law of demand, the determinants of demand, changes in prices and quantities and in demand itself.
  • Discuss the law of supply, the determinants of supply, changes in prices and quantities and in supply itself.
  • Explain the concept of market equilibrium and its relationship to surpluses and shortages.
  • Discuss the concepts of private property, freedom of enterprise and choice, self-interest, and competition
  • Discuss the functional distribution of income and the personal distribution of income.
  • Discuss the interaction of the private sector and the public sector within a mixed economy.
  • Discuss the impact of the so-called "Asian tigers" on the international trading community.
  • Describe the process through which currencies are exchanged in the world markets.
  • Discuss the concepts of price elasticity, income elasticity and cross elasticity.
  • Explain elasticity, inelasticity, and unitary elasticity as they relate to the midpoint formula and the total-revenue test.
  • Discuss the income effect and the substitution effect of a price change.
  • Explain the relationship between marginal utility and total utility, the law of diminishing marginal utility, and the allocation of income based upon the utility-maximizing rule.
  • Discuss explicit and implicit costs, normal and economic profits, the short and long run, and fixed vs. variable costs.
  • Discuss long-run average cost and its relationship to economies and diseconomies of scale.
  • Describe the characteristics of a purely competitive firm and determine levels of output for the competitive firm when given the costs of production and specific market prices.
  • Describe the characteristics of the pure monopoly and determine levels of output for the pure monopoly when given costs of production and market demand.
  • Compare and contrast pure competition and monopolistic competition.
  • Describe a non-collusive oligopoly and its price-output behavior utilizing the kinked-demand curve model.
  • Discuss product differentiation as it relates to monopolistically competitive firms and oligopolies.

 TEXTBOOK

Macroeconomics, 15th Edition, by Campbell R. McConnell and Stanley L. Brue. McGraw-Hill, 2002.

            ISBN  0-07-234036-3 (hardback only)

 ACADEMIC HONESTY

“Academic honesty is required of all members of a learning community.  Hence, Park will not tolerate cheating or plagiarism on tests, examinations, papers or other course assignments, Students who engage in such dishonesty may be given failing grades or expelled from Park.”

PLAGIARISM

“Plagiarism – the appropriation or imitation of the language or ideas of another person and presenting them as one’s original work – sometimes occurs through carelessness or ignorance. Students who are uncertain about proper documentation of sources should consult their instructors.”

ATTENDANCE POLICY

Instructors are required to keep attendance records and report absences.  The instructor may excuse absences for cogent reasons, but missed work must be made up within the term of enrollment.  Work missed through unexcused absences must also be made up within the term of enrollment, but unexcused absences may carry further penalties.  In the event of two consecutive weeks of unexcused absences in a term of enrollment, the student will be administratively withdrawn, resulting in a grade of “F”.  An Incomplete will not be issued to a student who has unexcused or excessive absences recorded for a course.  Students receiving Military Tuition Assistance (TA) or Veterans Administration (VA) educational benefits must not exceed three unexcused absences in the term of enrollment. Excessive absences will be reported to the appropriate agency and may result in a monetary penalty to the student.  Reports of F grade (attendance or academic) resulting from excessive absence for students receiving financial assistance from agencies not mentioned above will be reported to the appropriate agency.

LATE SUBMISSION OF COURSE MATERIALS

The instructor will not accept assignments late.  Assignments not submitted on the due date will receive a grade of “zero”.

COURSE ASSESSMENT

Four projects, class participation and final examination.

DISABILITY GUIDELINES

Park University is committed to meeting the needs of all students that meet the criteria for special assistance.  These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal.  It is Park University’s policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the American with Disabilities Act of 1990, regarding students with disabilities and, to the extent of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply.  Additional information concerning Park University’s policies and procedures related to disability can be found on the Park University web page:  www.park.edu/disability.

COURSE TOPICS/DATES/ASSIGNMENTS

Aug.  6 - Introduction

Sep.  1  - Chapters 1, 2, 3 - Review of basic economic principles.

Sep.  8  - Chapters 20 and 21 - Elasticity and Marginal Utility. Take-home Exam

Sep. 15 - Chapters 22 & 23 (first half) - Production and Short-run Costs

Sep. 22 - Chapters 23 (remaining) - Short-run and Long-run Costs

Sep. 29 - Second Examination

Oct.  6 - Chapter 24, 25 & 27 – Monopoly,  Monopolistic Competition, Oligopoly, Demand for Resources.

Oct. 13 - Third Examination

GRADING PLAN

  • 90 through 100 - A
  • 80 through   89 - B
  • 70 through   79 - C
  • 60 through   69 - D
  •   0 through   59 – F