SYLLABUS – EC142: Principles of Microeconomics
School of Business and Management
Fall I 2005
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COURSE TITLE: Principles of Microeconomics
COURSE SYMBOL AND NUMBER: EC 142
COURSE DESCRIPTOR: A study of the Microeconomics of product and resource markets, role of government along with issues and policies.
CLASS SESSION: S 1:00 p.m.- 6:00 p.m.
COURSE OBJECTIVES: At the conclusion of this course it is expected that a student will be able to:
- Discuss the tradeoffs faced by an economy and how this relates to the concept of opportunity cost using the production possibilities model.
- Explain the process by which the equilibrium price and quantity of a good are attained using demand and supply analysis.
- Show graphically and explain how price elasticity of demand varies along a given linear demand curve; compare this to the relationship between price elasticity of demand and the slope of a demand curve.
- Show graphically the marginal cost, average total cost, and average variable cost curves; explain the shape of each curve.
- Show graphically the long-run average total cost curve and explain economies 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 TEXTBOOK: Principles of Economics, 16thedition, by McConnel, 2004
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.
Incomplete grades will only be given due to unusual or emergency circumstances. Any incomplete must be completed by the end of the following semester.
Grades will be based on the following:
3 - Exams @ 100 points each
At the end of the course, your accumulated points will be converted to grades based on the following scale:
90% - 100% = A
80% - 89% = B
70% - 79% = C
60% - 69% = D
below 60% = F
If at the end of the course, if a significant number of students have not earned total points in the 90% - 100% range, the scale may be adjusted.
Missed Examinations: Make-up examinations will not be given. Each student may drop their lowest exam grade during the semester. If an exam is missed then that will be the exam that is dropped for the final grade calculation
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: (Subject to Change)
Supply and Demand: Elasticities
The Costs of Production
Test #1(Chapters 20-23)
Monopolistic Competition and Oligopoly
Technology, R&D, and Efficiency
Test #2(Chapters 24-26)
The Demand for Resources
Rent, Interest, Profit
Test # 3 (Chapters 27-29)