Textbooks can be purchased through the MBS bookstore
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. 3:0:3
Educational Philosophy: The instructor's educational philosophy is to engage the learner's interest through lectures, readings, quizzes, examinations, and writings. The instructor will challenge the learner to explore the subject not only as a subject but as a citizen.
Learning Outcomes:-Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilites model.
-Explain the process by which equilibrium price and quantity of good are attained using demand and supply analysis.
-Show graphically and explain how price elasticity of demand varies along a linear demand curve; compare this relationship between price elasticity of the demand and slope of a demand curve.
-Show graphically the marginal cost, average variable cost curves; explain the shape of each curve.
-Show graphically the long-run average total cost curve and explain economicies of scale, diseconomies of scale and constant returns to scale.
-Show graphically the long-run profit maximizing output of a perfectly competitive firm, a monopolistic firm and a monopolistically competitive firm; discuss the economic efficiency of each industry type.
Course Assessment: There will be two major examinations: a mid-term exam and a comprehensive final exam. Additionally, students will be expected to monitor the current business and economic press and to be able to make informal presentations to the class on current economic news germane to the course.
Grading: 45% - Mid-Term exam
45% - Final Comprehensive exam.
10% - Class participation.
Classroom Rules of Conduct: Just as in the business or organizational world courtesty in being on time is greatly valued so being on time to class is greatly valued. Vigorous participation in class discussions is encouraged - yet in a spirit which respects the opinions of others.
Course Topic/Dates/Assignments: Week 1 - Chapters 1, 2, 3
Week 2 - Chapters 4, 5, 6
Week 3 - Chapters 7, 8, 9
Week 4 - Chapter 10 - Mid-Term Exam
Week 5 - Chapters 11, 12, 13
Week 6 - Chapters 14, 15, 16
Week 7 - Chapters 17, 18
Week 8 - Chapter TBA - Final Exam
Academic Honesty:Academic integrity is the foundation of the academic community. Because each student has the primary responsibility for being academically honest, students are advised to read and understand all sections of this policy relating to standards of conduct and academic life. Park University 2005-2006 Undergraduate Catalog Page 85-87
Plagiarism:Plagiarism involves the use of quotations without quotation marks, the use of quotations without indication of the source, the use of another's idea without acknowledging the source, the submission of a paper, laboratory report, project, or class assignment (any portion of such) prepared by another person, or incorrect paraphrasing. Park University 2005-2006 Undergraduate Catalog Page 85-87
Attendance Policy:Instructors are required to maintain attendance records and to report absences via the online attendance reporting system.
Park University 2005-2006 Undergraduate Catalog Page 89
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 Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Park University is committed to meeting the needs of all learners that meet the criteria for special assistance. These guidelines are designed to supply directions to learners 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 learners 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:
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